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Joined Mar 2009
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Status: The Chick Magnet
|187 Posts
Dear All,
Well, I am a real n000b at trading currencies. The approach I follow is to follow the trend. Indicator I use is simple MA(s) on M1 TF. I would like to hear from more experienced trend traders, which indicators they use.
Thanks in Advance!
If it floats, flies, or f%^ks, rent it, it's cheaper.
From what i have seen and any other trader will tell you, for a noob as yourself, 1 min tf will carve you up.
Find a method that you are comfortable with, work it on the weekly/daily. As you grow more consistant with your trades then move down the timeframes, i would spend 3/6 months on each time frame, then you can say you have a handle on it.
Have fun, if you want some help i will point you in the right direction
From what i have seen and any other trader will tell you, for a noob as yourself, 1 min tf will carve you up.
Find a method that you are comfortable with, work it on the weekly/daily. As you grow more consistant with your trades then move down the timeframes, i would spend 3/6 months on each time frame, then you can say you have a handle on it.
Have fun, if you want some help i will point you in the right direction
Regards
Warren
Ignored
The reason for working with M1 is that on higher TF, the price can swing way too much for my tiny account. I am demo trading with 100$ as the initial deposit, because that's what I'll invest when I am going to start trading with real money.
Lastly, is there any mq4 implementation of orderflow? any link where i can download it from?
Thanks!
If it floats, flies, or f%^ks, rent it, it's cheaper.
The reason for working with M1 is that on higher TF, the price can swing way too much for my tiny account.
Thanks!
Ignored
You need to refine either your Thread Title or your goals here.
I'm not aware of any realistic way to trade "the trends" on a 1m TF with any indicator on the planet or with a $100 account, unless you just happen to catch a Bell Ringer entry that goes hundreds of pips. That will be chance, not method in your case.
I caught a 1500 pip short once on EJ from a "scalp" type entry that just kept going and going. I scaled it out at 40 and then again at 100 pips cuz I didn't believe it could keep going. Fortunately, I didn't close it altogether. That final dime of a minilot order went for another 1400 pips... I closed it then cuz I just knew it was the bottom.
That was many hundreds of pips ago higher ago and it was chance, not my patented Entry technique I found on Ebay... My point is I don't expect that to happen again in my lifetime.
What are you trading on your demo? If it's more than you'd trade using decent MM on a $100 account, you're wasting your time now, and your money later. If you're trading strict MM on a $100 demo, then you're a rare demo trader and you might make it...
You need to do some refining of both your technique and your expectations of what is realistic for you. If you are patient enough to stalk the right entries on the right pair with your $100, a nickel could go a long ways and you could feel very good about your results. Eventually. ((You weren't thinking about more than a nickel were you...?))
But it will take an extraordinary amount of patience and discipline with an expectation of unspectacular ROI for that to happen. See if you can learn how to catch pips with a small net first. You may have to leave some of them on the table, but that would be part of your journey.
An alternative is divide the money in half and take your Best Friend in the world out to Dinner twice. The money's the same and it'll only cost you a few hours instead of many many hundreds... and you'll have some good memories to keep.
So you know, I'm essentially an MA trader using pivots and fibs on short TF's. I'm hit and run in principle, but catch a fair number of 40 to +100 pip moves from time to time at the major TL's. Lots of stalking and waiting for those...
