Trading System Suggestions..?

Hi everyone,

I seriously need some help to get me started on a trading system/strategy. I mentioned in my other post yesterday that ive been from one system to another. Ive had a look on your forums and there seems to be lots of great systems. Problem is which one do i choose..?

Keeping in mind that money management, patience and discipline is necessary for any trader are there any systems that you guys would recommend for me to start off on..?

Thanks for any help
Staccato

This would purely depend on what you would prefer, would you prefer analytical systems, or Mechanical systems?

Jumping from one system to another will not get you very far. My only advice is have a look around, and just do what feels right for you, everyone has their own preferences on what kind of systems they prefer to trade with, you just have to find your preferred system type.

Learn to make money on a coin toss. Once you can make money on a coin toss, then any system with a positive expectancy will work for you.

To be honest im not really sure what i really want and need. Im not looking for an automated system (robot) that just manufactures money as i sleep because i know that there is no such thing that exists.

I just wanna be able to follow set rules and trade what i see being sure that im at least 70% of the time right.

I hope that helps understand what im looking for

What system do you use Pharoah?

THanks

If you dont know what you want or need then how do you expect someone else to come up with the answer for you? Trading involves more than just reading a forex for dummies book, you are going to have to get in there yourself and find the right system that fits you, not what fit Pharoah, or myself, or RR. Take advantage of the trading system section and find something that works for you, test the different systems. The trick is to find some that you think fit your personality and then try them out, only then will you know what works for you. To help narrow the search only look for threads that are rated 4 and 5 star and have a few thousand replies (if not more), or find a few favorite authors around here and follow them around to what threads they visit.

There is no short answer. The right system/model will usually hit you like a lightning bolt, it will open your eyes to a possible future. From there the game is all yours.

Like the fat cat said to Alice: "If you don't know where you want to go, you're already there."

Quote:
Originally Posted by staccato http://cdn.forexfactory.com/images/buttons/viewpost.gif
To be honest im not really sure what i really want and need. Im not looking for an automated system (robot) that just manufactures money as i sleep because i know that there is no such thing that exists.

I just wanna be able to follow set rules and trade what i see being sure that im at least 70% of the time right.

I hope that helps understand what im looking for http://cdn.forexfactory.com/images/s.../yim/happy.gif

What system do you use Pharoah?

THanks

If you dont know what you want or need then how do you expect someone else to come up with the answer for you? Trading involves more than just reading a forex for dummies book, you are going to have to get in there yourself and find the right system that fits you, not what fit Pharoah, or myself, or RR. Take advantage of the trading system section and find something that works for you, test the different systems. The trick is to find some that you think fit your personality and then try them out, only then will you know what works for you. To help narrow the search only look for threads that are rated 4 and 5 star and have a few thousand replies (if not more), or find a few favorite authors around here and follow them around to what threads they visit.

http://cdn.forexfactory.com/images/buttons/quote.gif



hi. i'm a rookie too but i think i feel more comfortable swing trading and day trading. Can any body point me in the right direction where i could find good swing trading, pivot trading and day trading systems to try out? Thanks.

Hi Staccato,

I think the amswers you got in here so far have not really been helpful.. I understand where you are coming from as I have been only trading fx for 4 months now. I am still on demo but I was asking myself the very same question as you until recently. System after system after system. I've been through most of them. I believe that this is a perfectly natural process for learning the ups and down of FX trading. In fact I don't believe one can progress until you have dabbled in as many systems as possible. It has been a true education for me to have tried these systems and I have learned alot. Even though I haven't settled on my own style yet I do believe that I am close to getting to the next stage. This forum is a wonderful place to learn in and I have spent hundreds of hours reading as much of it as I can. I understand what Pharoh means when he says that you won't get anywhere jumping from system to system and although I respect his ideas and input entirely as he adds so much to this forum on other threads that I have to disagree with him on this point. So for what its worth let me tell you what I think but bear in mind that I am only a newbie too so..

I believe that after spending hundreds of hours and many late nights and early mornings sifting my way through the fx world that I now have a basic understanding and respect for the risk and reward of FX trading. I am only now starting to really grasp the concept of proper money management. I still don't fully understand the meaning of disapline as applied in the fx world.. As far as I can see its very different to any other kind I've ever experienced. My emotions are all over the place...fear even more so...and my greed is a complete disaster..however, I do believe that I am improving because now I am aware that I I have all these problems that have to be addressed before I can harbour any dreams of being a successful trader. For what its worth I would recommend that you try as many systems as you can (on demo of course) and get a true feel for what you are going to take on. Its a very tough fx world out there and your journey will be a long one. Also you should read as much as you can about emotions, disapline patience physcology, fear, greed..etc and then read something about actually placing trades......... I have read time and time again about people that have blown account after account. LISTEN TO THEM.. They are speaking from experience and try to learn from their mistakes. Start on demo until you are profitable and when you do decide to go live for Gods sake keep it small.. Live trading is so much different from demo. I have only live traded a few times and I was all over the place because really I wasn't ready and my money management was all over the place.. Finally, I think today was one of my eureka days..the reason for this is that I joined a trading room. I can only say that I learned more today in the 4 hours I was in there than I have over the last month on my own... The room I joined is on a site called cashmechanics and it is free to join, however they do assk you to eventually open your live account through them when the time is right. They are a referral agent for FXCM. I use FXCM on demo anyway and had intended opening a spread bet account with them either way. Anyway the point is that no matter which trading room you choose to join as there are loads of them out there to give to free trials I think you should join one straight away. Even if you only visit once and get a feel of how you are supposed to be thinking and feeling and interpreting the charts it is invaluable. I traded with a guy called Steve today who is a true gentleman and answered any questions I had straight away. I even made 25 pips from trading along side him. Only took two fairly quick scalps in four hours (16 and 9 pips) and I was only using my demo account but I was delighted as I fully understood why I was getting in and out of both trades... By the way I don't mean to promote that trading room but its only one I've ever been in and it was free..Sure what more could I ask for... Anyway, please understand that these are only my thoughts about my journey and I am only a FX baby and have alot to learn. But I understand exactly how you feel about trying to find a working system and although I disagree with the tone of the answers you got from the other members, I do have to agree with them when they say that you need to develop and manipulate yourself into a trader and not just follow any one system.... I hope my thoughts are helpful and hopefully someday (a good few years probably) you and I can offer some useful advice to the next wave of FX wannabies... Good luck and happy learning........... Blinkers.............

So, did you find a system in the end or are you still looking?

I am now trading a system only using the CCI indicator set at 14 (standard). I am having some success and am managing to break even or make a slight profit. However I only managed to really refine it last week so haven't been using it long enough to know for sure. Also, from Friday last I have been placing most of my trades on a live account but am keeping it small...(1 euro a pip)... I have found that this has completely changed my focus and made me really choose my trades wisely. I found that on demo I was a very loose trader and my discipline was not improving at all.. I finally think that I am getting to terms with trading and feel I have moved on a stage in the last few weeks. I don't mean to repeat myself but going in to a live trading room every day as I mentioned in my other post has changed my whole approach and I couldn't recommend it enough for any other newbie like myself out there... Its almost like having your own teacher there with you helping you along. Even if it is not a profitable trading room the lessons I have learnt are invaluable... (Actually as it happens the trading room I use is slightly profitable so far) In another few months if I am profitable I will post my results and method up here but for now there is enough info on FF to keep newbies busy for years to come and also far more experienced and knowledgable traders with far more valuable contributions to make than I... Anyway good luck to you mate and I hope your trading goes well....

Blinkers..........

Hello again everyone

I would like to thank you for your input on this subject.

After a few weeks of researching different systems i don't think i have been able to find something that id like to start off with immediately although i have learned something about myself as a rookie trader.

- I don't think im a trader that likes to trade higher TF's as this would naturally require a much higher S/L. Would preferably go for the 30min or 1hr charts. I do know that trading the day charts has some advantages like - you needn't be glued to your computer. But since im un-employed atm i don't mind checking my charts every hour or so.

- Im also learning how effective S&R is when it comes to trading, esp on higher TF's like day charts. A simple resistance bounce could result in 100's of pips over a few hours to half a days time.

- The use of Fibonnaci has also sparked some interest in me on how highly profitable traders use this tool.

- Lastly i don't think most EA's are an effective way to trade as they just can't read the news etc etc.

Putting this all together, i have learned a lot since the start of this thread and im definitely beginning to learn a lot more as each day goes by.

However if there are any systems over here that work on the principle of S&R, Fib's, Pivot Points etc im gladly willing to look into them as i haven't researched all the systems upto date.

Thanks again
Staccato

I think it's over 2 years period now and I still have not found the perfect system for me. It's good for you that you started to defined your own trading style as for me I'm having some trouble adopting one system thus jumping from one method to another. I just don't know the reason perhaps I'm looking for a system called holy grail.

ForexBoy,

I first got interested in trading forex early this year when i saw some adds on google. Since then ive spent 6-8 months trying to find what you call a holy grail. To be bluntly honest with you, i don't think that there is anything that exists like that and every full time trader knows that.

Ive been doing a lot of research on different systems here. As soon as i find something that works for me well, ill let you know.

Cheers
S

Thank you for your feedback Staccato perhaps we are just alike when it comes to a preferred trading style thus I'll be waiting for a good system that you will definitely going to share with me.

As for the holy grail thing, I already given up looking for such methods because I'm finally convinced that it does not exist.

Hi Guys,

If you are still trying out systems..I think SPGM is well worth a read... It may not suit you but still a useful tool to carry with you...

Blinkers........

What does SPGM stands about? Anyway, I'm interested about it so kindly provide more details about the system. Thanks.

Your welcome mate. We're all looking for the same thing anyway and that's to make money together and do it well

Here ive found the thread for the SPGM system..Seems interesting, might have a read through it today..

http://www.forexfactory.com/showthre...highlight=SPGM

Cheers

Sorry mate, I should have explained a bit more.. Its one of the systems here in FF..just do a search at the top of the page and you'll finf it easy enough.. I won't go into the details about it here as its all explained in the thread but I have been having some success with it lately.. It stands for Simple Pips Generating Machine.... There are four pdf docs with the system but I find SPGM 3 the best but all four are very useful... Good Luck...