Newbie needing some advice

Hello all, and please foregive my ignorances.

I have been demo trading a few different softwares for a few months now and seem to be leaning toward 2 that may be worth my investment. I am obviously very new to all of this, but I have a couple of good friends that refer to themselves as chartists rather than day traders, but... well I'll save that for another time. The reality is that I am looking to get some advice on some shortterms and any systems of trading that will help me in my decission making. I have watched the EUR/JPY and the GBP/JPY quite closely the last week and they seem to be the biggest movers and most often move together, with the EUR/JPY having the smaller spread. So, I have picked my pairs and my software, but can anyone tell me about trading systems and the basics there-in?

Thanks for taking the time, and good pipping.

My choice for top three "system" threads. All are heavy into price action and complement each other well. You don't need to read each entire thread. The gist can be learned in the first few pages but then it's practice, practice, practice.

I like the EUR/JPY too.


J16 --- http://www.forexfactory.com/showthread.php?t=2331


Jacko --- http://www.forexfactory.com/showthread.php?t=27286


No Brainer --- http://www.forexfactory.com/showthread.php?t=86429

I suppose that it's possible to take in account different trading systems but I think everyone has his own strategy of trading's way.

Thankyou both so much for your input and the information that I received. Its good to see that, where there is growth comes wisdom and, although we are all in this for the obvious reasons, atleast there seems to be some level of kinship amongst traders as a whole. Thanks again.

The James 16 one is really good, it’s even legendary in this forums and they’ve even extended to their own community I think.

These two pairs are beasts. They'll destroy your account faster than other pairs. Focus on the Eur until you actually learn something.

Chubspips::::::: dude forget about negative words. it is true that you should focuse in the EUR right know. I've been practicing for a while demo trading, and that does not mean that i'm a f**ing ignorant. What i mean is, keep an eye close to the EUR/USD pair. Even if it is too volatile these days because of the crisis going on around the globe, it is easier to understand than other pairs, but it is not an obstacle for you to analyze or learn about EUR/JPY or GBP/JPY. Go ahead dude! make yourself your own plan and trade. People is always pretending to sound to confident when they give an ¨advice¨ in termos of trading, but in the end, what they do is confusing u. Make your own trip plan! Good luck man

Being an extreme newcomer to what I consider the best business in the world, I want to thank you all for your time and any advice you have to offer. One individual stated that I should make my own plan. That is exactly what I am doing, but if I can avoid pitfalls discovered by others and they are kind enough to offer their experience, wouldn't I be a bit of a fool not to atleast take the time to investigate? Granted that, at the level I am currently, I am only interested in my micro account and, currently, the EUR/JPY has cost more often than it has yielded, it has profitted. Setting entry points and stops and limits, i have found, is becoming easier and easier when my goals are as reasonable as 8 to 25 pips depending on support and resistance. I am a controlled weapon in my opinion and I am interested in making this my future, so, for anyone else that has input, opinions, experiences of great catastrophy or great triumph, or just want to say hey and see how its going for me, Please, PLEASE, feel free to post and I will respond at my convenience. I am no scholar, nor am I a Trump. Infact, I currently live in a friggin trailor. But I have plans and dreams and greater resources financially than I have ever had in my life due to formerly contracting in Iraq. I am a patriot and a supporter of all our current military efforts, so... anyway, enough about me... let's make some money.


"It is times like these, times of great financial uncertainty, that a man is measured not only by what he has done for himself. He is measured seven fold by the willingness he has to share himself with those who ask it of him."
Former President Gerald R. Ford

alrighty then good fellow, that way of thinking makes me think that you have a clear and stable position that is required to make pips in this bussines. My point of view over this subject is to stand by and attack when you feel like to. Right now i'm traying to become better at my scalping strategy by using 1M and 5M frames. I would like to know wich is your way of entering the market. In that way i guess we can set a feedback trend here though. Cheers!

To be completely honest, at this point, I am not using either of these charts to determine entry or exit. My system requires duel monitors and I dedicate one to a 1m chart usisng a history sequential back to a 1H chart for support and resistance and to determine trend. To that I add a MACD with personal modifications and the MACD requires the bottom half of the monitor to see clear crosses.
My second monitor has 4 separate Renko charts with varied box values to further clerrify trend and confirm entry points and define exits. This system is all based on VT Trader.
Now, after doing my homework and checking a couple different sources of information, I determine my direction before opening my charts. When the charts are on, the gun is locked and loaded and I am ready to take a trade. I rarely, until rescently, leave a trade open longer than 20 minutes and until last night, I had never left a trade open overnight... Thank good information and complete faith in my learned method, I woke this morning to a 110 pip move that profitted when I closed it at an 85 actual pip gain. I do not discuss the size of my accounts nor the level at which I trade. Sufice it to say, I made money on the trade.

awsome dude i mean, at the end, what really matters is that. It is about making pips. Your strategy sounds based on a series of good advises from other traders or good sources of information. My strategy until now, is based on candles, Williams % and the MACD. Using most of the time a 5M frame, waiting for the markte to be below the overbought level to get in! i know there's a lot more to learn, but feeling comfortable today, i made 90 pips!

Good to hear. I Trade EUR/USD Mondays and Thursdays to confirm that my method, mood, and mentality are all in check and set a goal of 4 15 pip trades a day on those days. Setting my entries, limits and stops in advance after doing my math and research. I look for spots that, if broken, will make atleast 25 pips and try to take my cut out of the first 17. This is a technique I use primarily to increase my confidence in my research and only on this pair. About 35 to 40% of my trades actually get activated and I never leave unopend trade positions overnight on this pair except for this past monday night and it was, honestly, a test of my ability to trust myself, and although it worked out and wasn't on this pair, I don't think I'm ready for that level of trading yet. I do have a couple secrets in my bag, and would be willing to share in a pm, but not here. I've tested a lot more than I currently use and found out, for my style and time frame, a system that, though it has proven a loser when not utilized proplerly, allows me an accuracy rate somewhere between 31 and 33% over all with trades raining from 8 to 278 pips per trade... that is the best trade I have made and sadly, it was on a micro account and only yielded a dime a pip. A gain is a gain, right... lol... here is my skype contact info if interested. Mike.Findley1

Glad to hear you had a good day and, in the words of Spockpips...lol " Pip long and prosper ".

I believe I have been introduced to a more definitive process for defining my entry and exit points, using the MACD more as confirmation... this new system shows entries for moves and reversals at the point of change. Using overlapped RSI's, one with peramiters set at 14 and one at 34... when the two cross eachother, either above or below the 50% line... well, check it out for yourself. I have been very profitable this last week and I think its a keeper . I have tried to post a section of the graph here, but am having problems, so, the settings I have discussed will eliminate a lot of the choppyness, but you can also use 14 and 6, either way, you will definitely see the crossovers.

WOW, Looks like there will be a Santa in the neighborhood this year after all. Though I still favor the EUR/JPY, I must say that the EUR/USD alone gave me over 900 pips last week and GBP/USD gave me1400 plus. Grand total for the week was 3147 pips. Not bad for a 6 month newbie??? I agree! I have a great system now using two different sets of software simultainiously, each with only 2 pairs, atleast 2 charts per pair and the only common link to all the charts are the candles. I see moves as they develop and my entry points tend to be 30 to 45 seconds into the second candle depending on overbought/oversold conditions. I love my coach...

WOW, Looks like there will be a Santa in the neighborhood this year after all. Though I still favor the EUR/YEN, I must say that the EUR/USD alone gave me over 900 pips last week and GBP/USD gave me1400 plus. Grand total for the week was 3147 pips. Not bad for a 6 month newbie??? I agree! I have a great system now using two different sets of software simultainiously, each with only 2 pairs, atleast 2 charts per pair and the only common link to all the charts are the candles. I see moves as they develop and my entry points tend to be 30 to 45 seconds into the second candle depending on overbought/oversold conditions. I love my coach...

being a new trader in forex is very difficult to understand especially if its not line of your education. i hate math from the first time. but what can i do i want instant money without losing my money in trading.

im attending of my class and its a very interesting idea. im still learning to my coach.easy formula and easy to understand. not bad to study those tactics in forex.

I want forex to be my masterpiece.