I just wanna share something, so spare me my language, I am neither an essay writer nor an Englishman.
I believe most of the traders here are in my situation, having a full time job yet do not have much time to trade, waiting for setup, or learning, etc. I read books, forex sites, threads about systems, etc, but none beat having my own personal trading style.
I do not have a mechanical system, my head filled of different systems i read, but I only draw some basic trendlines, S/R, Fibo, MACD but visualize my systems I learned on my chart, to plan my trades. I enter trades with flexibility aka randomness with the time allow me to close it in few minutes or weeks later. Good entry is important, but planning good exit is more important, because if you miss it, you get the chance to close it 2nd, or 3rd time.
The more i trade, the more i love FX, and the more i never stop learning. Making money is secondary, loving and having an interest on it is primary.
I will go straight to the point where beginners like me with not much time to spare should take note of the few points while trading, provided that you include your own money management:
1. Look for a pair you like or prefer, concentrate it, monitor it, and trade it.
2. Alternatively, look at all pairs and find the trending pair to trade.
3. Take note of opening session and closing session, then observe how they react during those sessions. They are usually the point of reversal or trend continuation. (Eg, Europe session, London session, US session, Asian session)
4. Take note of calendar events, some of them create reversal and minor S/R.
5. Every trade need some breathing space for the price to move. Having a stop loss is not MM, but having a stop loss is the amount of money you are comfortable to lose.
If you dont understand what i mean, i'll gave you an example.
Eg, Open a chart on Eur/Usd, draw vertical lines of all opening sessions, look at them, observe and tell yourself what you see.
Eg2, change the time frame to H4, then look for where those big candles occurred, and take note of the time.
Eg3, change the time frame to M5, and see how those calendars event affect the price.
That will be enough to make a decent small winnings per month or weeks. I know nothing about fundamental, but I am still reading. I am still learning other technical analysis hoping to integrate into my style of system.
I believe most of the traders here are in my situation, having a full time job yet do not have much time to trade, waiting for setup, or learning, etc. I read books, forex sites, threads about systems, etc, but none beat having my own personal trading style.
I do not have a mechanical system, my head filled of different systems i read, but I only draw some basic trendlines, S/R, Fibo, MACD but visualize my systems I learned on my chart, to plan my trades. I enter trades with flexibility aka randomness with the time allow me to close it in few minutes or weeks later. Good entry is important, but planning good exit is more important, because if you miss it, you get the chance to close it 2nd, or 3rd time.
The more i trade, the more i love FX, and the more i never stop learning. Making money is secondary, loving and having an interest on it is primary.
I will go straight to the point where beginners like me with not much time to spare should take note of the few points while trading, provided that you include your own money management:
1. Look for a pair you like or prefer, concentrate it, monitor it, and trade it.
2. Alternatively, look at all pairs and find the trending pair to trade.
3. Take note of opening session and closing session, then observe how they react during those sessions. They are usually the point of reversal or trend continuation. (Eg, Europe session, London session, US session, Asian session)
4. Take note of calendar events, some of them create reversal and minor S/R.
5. Every trade need some breathing space for the price to move. Having a stop loss is not MM, but having a stop loss is the amount of money you are comfortable to lose.
If you dont understand what i mean, i'll gave you an example.
Eg, Open a chart on Eur/Usd, draw vertical lines of all opening sessions, look at them, observe and tell yourself what you see.
Eg2, change the time frame to H4, then look for where those big candles occurred, and take note of the time.
Eg3, change the time frame to M5, and see how those calendars event affect the price.
That will be enough to make a decent small winnings per month or weeks. I know nothing about fundamental, but I am still reading. I am still learning other technical analysis hoping to integrate into my style of system.
The only winner is the one who survive the longest...
