set & forget - daily

Hi guys/ladies,

as I don't have much time during the day, which strategy would you recommend to me - trading London or U.S. breakouts, ...?

thanks!

how about coin toss ,
head go long with 100pips tp/sl
tail go short with 100pips tp/sl

ok, this is the way you are trading.

someone else?

If you don't have enough time to trade, you didn't have enough time to seriously learn something about Forex. So no matter which strategy you try, you'll eventually lose your money. Go to Systems forum. What do you see? Tens of threads...if there was a profitable technique for all there would be only one thread with a million posts. Watch your charts, try different strategies by your own, develop your own system. Pay attention especially to price action.

VSA works on all time frames.

http://www.forexfactory.com/showthread.php?t=157629

Gez

no, but watever you do , it ll not beat the result of wat i ve proposed...

Not being sure what time zone you are in, you might try looking at the daily and/or weekly charts. They move slower and you have more time to make a decision, whilst you go about your daily life.

While it may be true, that trading daily charts requires a larger stop loss and that may not sound encouraging, it is also true that you can trade small lot sizes, and while demoing anyway, you can build confidence in your trading plan.

Don't expect ANYthing to happen quickly. Daily and weekly charts move slowly, but their signals a significantly more reliable. I like the NY close which is what I get at FXDD but there are many brokers that offer the same thing. Most demo stuff is free so training costs can be very low.

There really is no such thing as a "set it and forget it" way to trade. You must learn and be vigilant. If you already have a method of trading then you can back test it on a day chart to see how it fits. If you do not yet have a method of trading there are several here on this forum.

I personally like price action and lean heavily toward good market analysis.

Hope this helps a little...I'm certain you'll find it more usefull than you last reply.

Try this one..... seems like it worked for this guy.
http://www.forexfactory.com/showthread.php?t=85855

Low maintenance, easy to trade.

my two cents ....

learn to trade reversal bars, such as inside bars, engulfments, and pin bars. These are very reliable signals on the Daily time frame. You'll see any one of these signals more often than not.

Mr. Maheswara, sorry but I need to drop you another line =)

Look, I understand all of this. I don't need to explain you since when I've been trading and working in brokerage businees, nor how long in forex market ) but be sure, I know all the details about it quite well.

Thanks for input guys! I've read about two famous breakout strategies here on ff, some others also.... I could count posts in each of them and decide which is more attractive to majority, sure.
But I am sure there are also some other interesting ones, I missed.

Daily breakout.

Draw a bunch of trendlines using weekly and daily charts. Zoom to hourly if you want to micromanage. Place orders beyond the trendline, use 1/2 of the daily ATR as a stop and add to your trades periodically.

Seriously, people make this too hard.

If your stop is less than 100 pips away, you can't set & forget on a daily basis. Trade size should be equal to or less than your account balance.

I'm up 66% since Dec 8 trading this way live. I have demo accounts that are doing better or worse, depending on when they started and which pairs I'm testing, but all of them are in significant profit. I've demoed variations on this theme since last summer so I feel comfortable with it.

I am live trading "Daily95 pips" (hopefully you know it) with a slight variation, including also ATR and resistance points... but still looking for some improvement

I like maheswara's idea, it would work best for an armature like yourself. 95 pips daily is going to be an account killer for you, since it will require you to use judgment you clearly have not yet developed.

My advice... get off the forum and go read some books.

All the best,
MM

95 pips never worked for me.

Just draw a bunch of horizontal lines. If the candles keep approaching your line, and then backing away, that's a support or resistance.

If the line is below the current price, open a short order about 20-30 pips below the line. Place some short orders below that if you like. Don't use more than 10:1 leverage on any one pair, including the additional orders.

Now you're done.

Practice for a while and you'll figure out which pairs are best for you, and which ones really obey the S/R. You can get fancy and use fibs, or draw trend lines, but nothing beats a horizontal line for easy.

set and forget. This is the best method in my opinion. You will have a much bigger chance of success as long as you have a statistical edge. By setting and forgetting you will have a huge psychological advantage over day traders who sit and nurse their trades, shitting their pants trading off their emotions, closing trades early and getting in late etc etc.

Well how about if you consider a strategy that will eventually take up more of youre time, if it is the case that is seems to work out in the little time that you are using it.

I always consider a strategy totally worthless if i cant confirm that it functions well, not a very strange demand one might think. So you should always choose one that you can confirm works right? So in the little time you have, say half an hour here and half an hour there, you could just look around, consider it working, because it is. Then if you find something that seems smart, try it on youre vacation for a couple of days.

I think that you dont really need to find a strategy that you can use while you work, because if you DO find a good strategy, you dont need youre regular job. If you did need youre regular job, the strategy isnt good enough. At least thats how i thought, and its seems to work out fine for me, and i think we are pretty much alike all of us humans, we want the same thing. So really: consider the time you look for a viable strategy, as youre trading worktime, and i promise i wont tell youre clients/boss that you arent doing youre actual job at working hours

One strategy I use for trading is using support and resistance levels. At the beginning of the week I look where there is strong support or resistance and place my trades to fade those levels. I set my stop and tp and at the end of the week I look what my profit or loss was. If you want to trade more short term look for levels on the 1 hour chart that provide strong support and resistance and set your orders.

just a suggestion.

What does the term "fade" mean in this quote?

James 16 Thread nuff said.

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

What I mean by "fade" is "trading against the level" you short at resistance and go long at support.