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tell me what you think of my strategy

  • #1
  • First Post: Jun 9, 2006 1:54pm Jun 9, 2006 1:54pm
hey,

i'm a new trader started a couple of months ago...

i'm with fxcm and i think it's a ton better than forex.com

But my strategy is since i'm working
i trade these mainly
aus/usd
usd/jpy
euro/usd

and i use 3 technical indicators:
2 bolinger bands (1 and 2 standard deviation) superimpose over the price..that would creat a buy, sell, or no man's area

macd

and finally rsi

i would look at 60min, 30min, 15min charts and confrim my sell/buy signals. Then i would look at the signals option that fxcm has and see if my approach is right..
i often put a narrow trailing stop (about 10 pip) and limit of usually 20-30. (i'm small scale trader)

if i need more evidence of buy/sell signals, i look at CCI and parabolic sars

i'm currently trying to read up on fundamental techniques as well as look at various candlestick pattersn..i'm reading steve nison's book 2nd edition on candlestick charting..
  • #2
  • Edited 4:27pm Jun 9, 2006 4:10pm | Edited 4:27pm
Read Nison's book three times, then read it a couple more times just to be sure you have it down good. Get your moneys worth on that one. I paid full retail for it and would gladly pay twice that for all the pips it has earned me since I first read it. I still drag it out about once a week just to check on something. It is within arms reach from where I now sit.

As for recomendations:
1) personally I would cut down to one mabie two currency pairs. I would stick with the Euro simply becouse there is more info for beginners out there on the web.

2) Learn to cut loose a few indicators and rely on price action. That is going to take some time, but just stare at bare charts on a demo account for days at a time (trust the old Wizzard, grasshopper, it the Zen Path to Wizzdom) Keep the MACD and The RSI and only peek at the others when you can't stand it any longer. (there is much more going on in a MACD than you may now at first)

3) Cut down to 2 time frames. I would (and I do) pick the 15 and 60min. because of the ancient zen rule of 4x to 5x wins the day. I occationaly go all the way out to week charts and then drill down to hour if I am trying to get perspective of trends or overall support/resistance, but for every day use 2 timeframes 4x to 5x apart works well. I have 2 monitors and keep one on each.

Best of luck and keep on plugging away. Things may get bad, but they always seem to get better if you keep your wits about you.
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #3
  • Jun 12, 2006 11:07pm Jun 12, 2006 11:07pm
Quoting MrWhipple
Read Nison's book three times, then read it a couple more times just to be sure you have it down good. Get your moneys worth on that one. I paid full retail for it and would gladly pay twice that for all the pips it has earned me since I first read it. I still drag it out about once a week just to check on something. It is within arms reach from where I now sit.
Do you suggest Nison's 1st or 2nd book? Or both?

Squid
  • #4
  • Jun 12, 2006 11:16pm Jun 12, 2006 11:16pm
Quoting Squid
Do you suggest Nison's 1st or 2nd book? Or both?

Squid
Never having read his first, but having read the referalls in his second to his first, I think it would be safe to say "His Second"

Beyond Candlesticks.

imho.
  • #5
  • Jun 12, 2006 11:22pm Jun 12, 2006 11:22pm
Quoting Squid
Do you suggest Nison's 1st or 2nd book? Or both?

Squid
Both. The second is a bit more forex specific and the first is more basic. My recomendation is read them in order. (over and over)
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #6
  • Dec 5, 2017 3:47pm Dec 5, 2017 3:47pm
Quoting hilmy83
hey, i'm a new trader started a couple of months ago... i'm with fxcm and i think it's a ton better than forex.com But my strategy is since i'm working i trade these mainly aus/usd usd/jpy euro/usd and i use 3 technical indicators: 2 bolinger bands (1 and 2 standard deviation) superimpose over the price..that would creat a buy, sell, or no man's area macd and finally rsi i would look at 60min, 30min, 15min charts and confrim my sell/buy signals. Then i would look at the signals option that fxcm has and see if my approach is right.. i often put a...
your strategy sucks bitch...

this is my future self telling my old self...

leave forex now!..leave you bastard and trade futures...
  • #7
  • Dec 6, 2017 1:33am Dec 6, 2017 1:33am
Quoting hilmy83
{quote} your strategy sucks bitch... this is my future self telling my old self... leave forex now!..leave you bastard and trade futures...
biting my nails waiting what your 'future self' will advise to your 'today self' 10 years from now

combine that with some time travel, like Back to the Future's "Grey's Sport Almanac" and we shall have Hilmy "Madtrader" Tanner!
there is always, always another trade!!
  • #8
  • Dec 15, 2017 4:26am Dec 15, 2017 4:26am
Quoting hilmy83
hey, i'm a new trader started a couple of months ago... i'm with fxcm and i think it's a ton better than forex.com But my strategy is since i'm working i trade these mainly aus/usd usd/jpy euro/usd and i use 3 technical indicators: 2 bolinger bands (1 and 2 standard deviation) superimpose over the price..that would creat a buy, sell, or no man's area macd and finally rsi i would look at 60min, 30min, 15min charts and confrim my sell/buy signals. Then i would look at the signals option that fxcm has and see if my approach is right.. i often put a...
So, your trading strategy is only based on technical indicators. Do you think, only technical indicators would be enough here? What’s your plan on fundamental events?
  • #9
  • Dec 15, 2017 5:13pm Dec 15, 2017 5:13pm
Nothing
You're going to pay a price for every bloody thing you do and don't do
  • #10
  • Apr 26, 2018 4:42am Apr 26, 2018 4:42am
Quoting hilmy83
hey, i'm a new trader started a couple of months ago... i'm with fxcm and i think it's a ton better than forex.com But my strategy is since i'm working i trade these mainly aus/usd usd/jpy euro/usd and i use 3 technical indicators: 2 bolinger bands (1 and 2 standard deviation) superimpose over the price..that would creat a buy, sell, or no man's area macd and finally rsi i would look at 60min, 30min, 15min charts and confrim my sell/buy signals. Then i would look at the signals option that fxcm has and see if my approach is right.. i often put a...
Then study on the naked chart, it’s much powerful system than the technical tools.
  • #11
  • Apr 26, 2018 3:17pm Apr 26, 2018 3:17pm
Anybody care to check post date before replaying?
Whether you think you can, or you think you can't,you're right. H.F.
  • #12
  • Last Post: Jun 14, 2018 5:38am Jun 14, 2018 5:38am
Quoting GeorgeBaile
{quote} So, your trading strategy is only based on technical indicators. Do you think, only technical indicators would be enough here? What’s your plan on fundamental events?
According to me, any technical indicators, it’s all about temporary , for long term result you have to ensure real fundamental indicators which is really supportive to predict the market most of the time.
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