Best Trading System For Swing Trader

Quoting CarlC

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I think you'll find that most traders define a swing trade as one lasting 2-5 days, yet you're defining your profit target on a daily basis. If you do that you may be adverse to intra-day downturns that swing trading may encounter, which will probably be self defeating (getting out too early).

I think you'll find 30-50 pip daily moves in most of the majors is pretty easy, so you may want to re-define yourself as a day trader rather than a swing trader. Notice I said the moves are easy; capturing them is another thing.

One thread here that seems to be playing out well and is very simple to trade is the High /Low 8 Hours trade, which is a day trading technique.

http://www.forexfactory.com/showthread.php?t=51365

Another idea...

One of the simplest systems you can build on is a moving average crossover system. For swing trading try something like a 5/10 period simple moving average crossover on a daily chart and a 15 or 30 minute chart. When the moving average lines cross on the daily chart that would signal a potential direction change. Then revert to the 15 or 30 minute chart for a more precise entry point, again, based on the moving averages crossing in the same direction as the daily.

Personally, all I use is a MA. I've tried stochastics, MACD, CCI, RSA, etc. and have always come back to the most basic, the MA. I also use daily pivot points to guide me. If I'm long and the price is coming up against a resistance pivot point, I'll probably scale out at that level. Same for short / support.

Sorry I don't have enough time righ now to go into more detail, but I think if you just start out with a SMA, you'll be pointed in the right direction.

CarlC

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Quoting anopueme

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I am running a demo account. I am overwhelmed with the wide varieties of trading systems. Please I was just wondering if someone can tell me the best and easiest trading system for a swing trader. I want a trading system that is easy to understand. I need a trading system that will generate about 30 - 50 per day. I want to try the trading system on my demo account for a month before going live. Please I am counting on you. Thanks.

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