Trading strategy for me

Take your 100 and open an acct at Oanda. You can trade at a level of penny (US) a pip or less. Pick a single pair - (EUR/USD) and set your leverage to 10:1. Then trade a a penny a pip. The key is to last long enough to survive the learning curve. Don't be stupid and risk all or u will lose it in 2 days.
Locate the james16 thread (as prev mentioned) and study PA and S/R. If you last long enough you'll learn how you react to the markets and a system will evolve. Read - and then read some more, study and ask yourself how bad you want this.
Pick up a book on Market Structure (Larry Harris' Book is excellent) and study it. Read, Read, Read....
Pick up the e-book BWILC - google this - it will start you out w/ good habits and a common sense approach to trading.

Above all - don't be an idiot; stick to the penny a pip trading or even less - do not lose more than 1% on a single trade - be disciplined on this point or your lost.

edit - one final note- do not study why people lose- study why they win - why they are winners - hell w/ why they lose. they lose cause their losers - learn to be a winner.

good trading system for any new trader. don't trade, if you don't put in the hard work yourself you wont become a successful trader. you aint going to get nothing handed to you on a gold plateur. do you see doctors on forums asking how do i perform this operation or this or that exactly no you dont. you are not going to do any good unless you get off your bums do some research and not just on forums no if buts or maybes. there is more to forex and trading any market than going to a forum looking up a super dooper moving average money making machine strategy. what did traders do before the internet and computers they certainly had no indicators then. and i bet they dont use them now.

regards damien

mrgreen,
I disagree with you on your comment "edit - one final note- do not study why people lose- study why they win - why they are winners - hell w/ why they lose. they lose cause their losers - learn to be a winner". I think there is a great deal of info. that can benefited from learning why traders lose and the mistakes they made, esp. from the ones that eventually became successful - it's part of the path to becoming a winner. Many a great traders lost money before losing, but they shouldn't be labeled "losers", which is what you're implying.

Eagle4x:
I think we are actually saying the same thing in different manners. They were losers until they learned to win. How they became winners is worth studying; not why they were losers.
Livermore said it best in ROASO
It takes a man a long time to learn all the lessons of all his mistakes. They say there are
two sides to everything. But there is only one side to the stock market; and it is not the
bull side or the bear side, but the right side. It took me longer to get that general
principle fixed firmly in my mind than it did most of the more technical phases of the
game of stock speculation.
< -------- >
I didn't mean to get off the track like that, but I can't help it when I think of my first few
years in Wall Street. I know now what I did not know then, and I think of the mistakes
of my ignorance because those are the very mistakes that the average stock speculator
makes year in and year out.

Nubcake said it more crudely and sysyncly:
http://cdn.forexfactory.com/images/icons/icon1.gif psychology... scorpions... pies in the sky.......

Posted May 12, 2010
psychology... scorpions... pies in the sky.... all scapegoats for those who can't admit that they just haven't got their shit together

i believe that with proper strategy and implementation even a newbie can make a lot more than loses even in one day....

There are contraditions everywhere. Read about different types of traders - technical, non-technical (such as price action, etc.,), fundamental, combination, as well as other types, and if you wish to venture there, the non-conventional. You will find passionate posts by those in each camp that swear their way is the best way, but you have to decide for yourself what you think is best to start off with and go from there. However, you may likely change from whatever you start off with, for example, from technical trader to fundamental trader - it's just part of the process of evolving. I started off as fundamental trader (with non-farm payroll), and main reason decided to change was many times the intuitive movement that was expected after the news announcement actually went in the opposite direction. I guess you could say I was more of a "news" trader since it was actually short term movements I was trading. There are fundamental traders that trade based on longer term implications on currency markets, such as based on interest rates. But before developing a strategy, the next step after deciding what type of trader you want to be is to educate yourself from this forum as well as others, books, etc. There's a host of topics to study in this area, such as which timeframe to trade, etc. you'll just have to glean those out yourself - no one is going to hand it all to you on a silver platter - work for it, and it's hard work, and it may take several years. So, after you feel you've educated yourself sufficiently, then try to develop your own strategy - don't buy others, don't buy robots. Let's say after your "education" that you decided that you want to become a technical trader. Study different indicators and a find few that you like that work best on the timeframe you selected (KISS), and demo trade it manually. If the manual testing performs well, then you may consider hiring a programmer to automate it for you. But you'll need to be able specify to specify parameters, such as conditions for long/short entry, for long/short exit, mm features, etc. (no, the programmer isn't going to do it for you). And that's another involved part of educating yourself, but hey - it will be your OWN system, and you'll understand it more than someone elses. If you don't understand something, first use the FF search engine, or google it, and if you don't find an answer, just post a question - there are alot here who want to help. If either your manual trading or automated system is profitable (read 1st post of J16 thread regarding this), then the next hurdle is trying to find a broker who won't rheem you a new one before going live. While I know the following is by no means all encompassing, here are a few pointers I have:

1) start with eur/usd, educate yourself on it.
2) don't start trading with shorter timeframes.
3) trade only during market hours for pair you're trading.
4) don't fight the trend.

So, there's some "nuts and bolts", i.e., a framework for you to get started - so take it an go with it!

thanks for the help guys

i will develop my own system and trade on it for a few months if it all goes right then i will use it in real account

You sound like I was a short time ago. Read this http://www.forexfactory.com/showthread.php?t=27286 He is a senior trader that has been incredibly helpful to me. He is one of the true big traders on the forum.

In my opinion, each trading strategy depends on the character he has. So each trader should have his strategy for making profit in his trading activity.

Make a good plan and choose the best strategy to make money in this lucrative market.

There are many types of strategies available in the Forex market. Among these strategies, I give the highest priority to technical analysis. Market context is an essential element for trading. If you do not know the market movement, how to make a profit from the market. First of all, you need to know if the market is volatile. It is not possible to trade in the volatile market situation. If there is an impulsive market, it can be traded.

No one has ever got success in trading by borrowing strategy. A strategy becomes successful when it is well tuned with you trading personality and emotions. Trading is not an easy task to do You have to do a lot of research and experiment to find a working strategy.

Strategy works but not every strategy works for everyone. What works for you, may not work for me. A trader needs to find a strategy that works for him. It takes a lot of time to test strategies.

Trading strategies are always very important for traders in that a trader without a strategy they will just be trading with luck. The best and good traders always ene dot have a trading strategy. When you have a strategy you learn to be disciplined because the strategy will also make you come up with a trading plan. Some traders lose very fast and in the beginning because they do not have any trading strategy or even a trading plan. When you have a strategy you are better off than that person that does not. You are able to handle forex much better than when you do not have a strategy. Coming up with a strategy is also best doen when you have knowledge which means you will have to learn which will be of benefit to you.

Coming up with a trading strategies is something that every forex trader has to do whether they are new to forex trading or not. It is something this difficult for some people and quite easy fortoehrs. Anyone can come up with a reading strategy btu what really matters is how good your trading strategy is. You need to come up with an idea of who you are going to make your trading strategy effective. A tradigns tarteguy should be able to make you accomplish your trading goals or get you close to them. If it can't do that when it is not worth it adn rather let go of it. You always need to do an analysis of the market and also evaluate yourself first before you come up with that strategy.

Hello all,

Very interested in this topic, are there any resources you would recommend which detail other peoples trading plans ?

I don't plan to copy a someone else's, however It would be nice to have a full picture of what other trading plans are like, so I can better develop my own.

Im a super rookie, reading up on everything trading, using a demo account at the moment.

Yeah, copy trading is a great option for those who find it hard to formulate their own trading strategy.