Two Heads are Better Than One | Forex Factory

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Two Heads are Better Than One

  • #1
  • First Post: Jan 29, 2009 7:34am Jan 29, 2009 7:34am
Good day all,
i am a new trader,barely a month old now, but i am finding it difficult to get a trading strategy,right now,i only use pending orders,in respect to the news of the currencies in the FF calendar, and i seem to be making a lot of losses because the market keeps retracing against me.
So please i need help in this any one with a very good,detailed and easy to understand technique should please share with me,i will really appreciate it
Thank you and all the best of trading luck
  • #2
  • Jan 29, 2009 7:51am Jan 29, 2009 7:51am
Hi there, new trader.

First of all - trading the news was always difficult. You should stay away from it. Because you are a noob.
News trading today is more difficult than it was a year ago or so. The market doesn't seem to respond to the indicators like it supposed to be.
I'm not surprised you've been whipsawed all the time.
There are many threads at FF regarding news trading btw. You can learn alot.

You want to find tradeable systems? Then look, and observe those threads. For sure you'll find some. But you have to be aware that you'll need a lot of time to become a real good trader. Also, for noobs a great page is babypips.com. It's worth a look.

How to find a good system? Well, that depends on what you expect to be: scalper, swing- or positiontrader. Regardless of that my experience tells me how to detect a good one: If the developer is talking about price action than it's definetely worth a close look.
If the developer is talking about various combinations of fancy indicators, experts with thousands of backtest periods - than it's crap. Total crap. Especially on the long run.
42
  • #3
  • Jan 29, 2009 7:54am Jan 29, 2009 7:54am
finish babypips.com, then start reading a lot of threads here on forexfactory, go to the trading systems, try out a few, test them, then you will develop your own system from the many systems you have read, a system which suits you and your trading personality, test the system and in a year from know, if you are serious about this, and put effort and time into it you could become profitable. best of luck on your journey
Twitter: @forexpokerpro
  • #4
  • Jan 29, 2009 9:10am Jan 29, 2009 9:10am
thanks really appreciate it,the site seems to be very useful and educative
  • #5
  • Oct 1, 2017 5:24am Oct 1, 2017 5:24am
Trading the news was constantly troublesome. You should avoid it. Since you are a noob. News trading today is more troublesome than it was a year prior or somewhere in the vicinity. The market doesn't appear to react to the pointers like it expected to be. I'm not astounded you've been whipsawed constantly. go to the trading frameworks, experiment with a couple, test them, at that point you will build up your own particular framework from the numerous frameworks you have perused, a framework which suits you and you're trading identity, test the framework and in a year from know, whether you are not kidding about this, and put exertion and energy into it you could end up noticeably productive.
  • #6
  • Oct 1, 2017 6:13am Oct 1, 2017 6:13am
I don't think there's such a thing as a simple strategy when it comes to trading the news. One needs a good understanding of fundamental analysis in order to do that. My advice is to focus on technical analysis, which does provide simple strategies to follow.
  • #7
  • Oct 7, 2017 4:27pm Oct 7, 2017 4:27pm
Technical analysis is easy too and the market always follow the pattern unless it is being bombarded with any news so when ever we see the market getting crazy it is most of the times when we see some important news released against or in favor of the underlying currency.
  • #8
  • Oct 11, 2017 6:57am Oct 11, 2017 6:57am
Quoting kenasmic
Good day all, i am a new trader,barely a month old now, but i am finding it difficult to get a trading strategy,right now,i only use pending orders,in respect to the news of the currencies in the FF calendar, and i seem to be making a lot of losses because the market keeps retracing against me. So please i need help in this any one with a very good,detailed and easy to understand technique should please share with me,i will really appreciate it Thank you and all the best of trading luck
If you are a new Forex trader then you should start from demo; practice enough trade on there! Then if you can identify any good system for you! Then you should start live trading otherwise not!
  • #9
  • Oct 13, 2017 9:47am Oct 13, 2017 9:47am
Quoting kenasmic
Good day all, i am a new trader,barely a month old now, but i am finding it difficult to get a trading strategy,right now,i only use pending orders,in respect to the news of the currencies in the FF calendar, and i seem to be making a lot of losses because the market keeps retracing against me. So please i need help in this any one with a very good,detailed and easy to understand technique should please share with me,i will really appreciate it Thank you and all the best of trading luck
I agree with everyone's thoughts - stay away from news trading. When I started out, I did the same. It's not just the volatility, the spreads are stupidly big.

A "simple" strategy for you to get dab your toes in is trading a pullback in the current trend for a continuation:

Rules

1) Use 3 MAs (short, medium long) to establish trend. In an uptrend you are looking for the short MA to be underneath and closest to price, then the medium and finally the long (reverse for downtrend)

2) Wait for a pullback to one of the MAs (short or medium most of the time) and look for a signal that price will continue in the direction of the trend. Signals could be using an indicator like RSE, Stoch etc. or price action like a pin bar. Could even use fractals.

3) Set stop below the low and look for a minimum of 2:1 reward to risk

Hope it helps. Need anymore clarity let me know.
Never stop investing. Never stop improving. Never stop doing something new
  • #10
  • Oct 19, 2017 8:10am Oct 19, 2017 8:10am
I finished Babypips a month ago. Anyone has a recommendation of something else to read?
  • #11
  • Feb 8, 2018 1:16pm Feb 8, 2018 1:16pm
Quoting Sladix
I finished Babypips a month ago. Anyone has a recommendation of something else to read?
Use the search option of this forum! There have so many useful content on the technical & fundamental analysis.
  • #12
  • Feb 22, 2018 11:07pm Feb 22, 2018 11:07pm
Quoting kenasmic
Good day all, i am a new trader,barely a month old now, but i am finding it difficult to get a trading strategy,right now,i only use pending orders,in respect to the news of the currencies in the FF calendar, and i seem to be making a lot of losses because the market keeps retracing against me. So please i need help in this any one with a very good,detailed and easy to understand technique should please share with me,i will really appreciate it Thank you and all the best of trading luck
I see it's an old thread. I hope now you are doing well. I am writing for those newbies who have same kind of questions. Don't look for strategy so early. Trading is all about being skilled. Learn how everything works. Learn the candlesticks first. Try to build your own strategy. Find out what you understand the most.
  • #13
  • Feb 26, 2018 3:34am Feb 26, 2018 3:34am
As for me, I very much regret that I haven't found a good teacher and adviser who would help me understand how things work in forex. I had to learn everything myself, and if I had had a kind of a teacher, I would most probably have lost much less money.
  • #14
  • Apr 1, 2019 9:53am Apr 1, 2019 9:53am
Quoting Hunterr
As for me, I very much regret that I haven't found a good teacher and adviser who would help me understand how things work in forex. I had to learn everything myself, and if I had had a kind of a teacher, I would most probably have lost much less money.
That’s the reality; good mentors are not available here; I see many new traders are seeking for Forex mentor.
  • #15
  • Apr 1, 2019 11:24am Apr 1, 2019 11:24am
im kind of in this same position, i do a lot of reading and have a fair bit of understanding but when it comes to putting a strategy together i seem to hit a brick wall. i think i find it all a bit overwhelming.
  • #16
  • Apr 4, 2019 11:44am Apr 4, 2019 11:44am
Quoting walpants
im kind of in this same position, i do a lot of reading and have a fair bit of understanding but when it comes to putting a strategy together i seem to hit a brick wall. i think i find it all a bit overwhelming.
Have you tried using ready strategies?
  • #17
  • Last Post: Jan 6, 2021 1:31pm Jan 6, 2021 1:31pm
If you can't believe in yourself, you can't be satisfied with anything in life. No matter how much you learn to trade from others, it is never possible to trade profitably unless you create a good strategy within yourself.
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