Hi,
My question is very basic: Do I need a system?
Does everybody trade with some kind of system like if x crosses y while z is above m etc.?
My basis for asking this question:
Before I placed my first trade I read and researched for a couple of months and took a seminar (a bank near me held a free one which was quite good).
I opened a demo-account and started placing trades. I concentrated on EUR/USD, GBP/USD and USD/YEN (which got dumped after a lot of losses in this pair). I traded without any indicators as I have read a lot on these forums about trading with indicators vs. without them.
Before any trade I determine the longterm trend, the weekly trend and the current trend. I plot in resistance and support-levels (short and longterm) and if I like the way the candles are going I place a trade with stop-loss and limit order, or just the stop-order and then monitor the trade for when to take profit.
Sometimes when I feel there is a lot of volatility I plot in the Fib. retracement lines provided by my broker and ride it the other way or if the pair is ranging for a bit I will follow the candles and trade both ways between the resisitance and support lines.
All in all I have placed 22 trades (12 wins/10 losses) in 12 days.. some of them intraday others lasting around 12-20 hours. The account hasn't been below the initial "investment".
I kind of like trading like this "without" any indicators and I know this is a very small sample to ask this kind of question but: Is this a viable way to trade or have I just had a lot of beginners luck?
I have traded a $50.000 demo account and its up to $53.710 by now. Each trade has been 1 std. lot. with 20-40 pip stops and between 1:2 and 1:3 RR-ratio.
My future strategy (starting new demo-account when I have all the details in place) will be heavily based on the MM of http://forexfactory.com/showthread.php?t=39514 which is one of the best post I have read in a forex-forum.
Thank you for any input and have a nice weekend.
Jesper
My question is very basic: Do I need a system?
Does everybody trade with some kind of system like if x crosses y while z is above m etc.?
My basis for asking this question:
Before I placed my first trade I read and researched for a couple of months and took a seminar (a bank near me held a free one which was quite good).
I opened a demo-account and started placing trades. I concentrated on EUR/USD, GBP/USD and USD/YEN (which got dumped after a lot of losses in this pair). I traded without any indicators as I have read a lot on these forums about trading with indicators vs. without them.
Before any trade I determine the longterm trend, the weekly trend and the current trend. I plot in resistance and support-levels (short and longterm) and if I like the way the candles are going I place a trade with stop-loss and limit order, or just the stop-order and then monitor the trade for when to take profit.
Sometimes when I feel there is a lot of volatility I plot in the Fib. retracement lines provided by my broker and ride it the other way or if the pair is ranging for a bit I will follow the candles and trade both ways between the resisitance and support lines.
All in all I have placed 22 trades (12 wins/10 losses) in 12 days.. some of them intraday others lasting around 12-20 hours. The account hasn't been below the initial "investment".
I kind of like trading like this "without" any indicators and I know this is a very small sample to ask this kind of question but: Is this a viable way to trade or have I just had a lot of beginners luck?
I have traded a $50.000 demo account and its up to $53.710 by now. Each trade has been 1 std. lot. with 20-40 pip stops and between 1:2 and 1:3 RR-ratio.
My future strategy (starting new demo-account when I have all the details in place) will be heavily based on the MM of http://forexfactory.com/showthread.php?t=39514 which is one of the best post I have read in a forex-forum.
Thank you for any input and have a nice weekend.
Jesper