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Introduction!

  • #1
  • First Post: Feb 18, 2010 3:52pm Feb 18, 2010 3:52pm
Hi all,

Thought I would post a little introduction and ask for opinions on my trading system, if you would even call it a system as it's very simplistic.

My name is Lee, I started learning the Forex about 2-3 months ago, I have read all of Babypips, Forex4Noobs, FXStreet, attended many of the webinars there, and also read thousands upon thousands of forum posts from those places.

I found this website today, and it's just the best! Everything I need in one place to be honest!

I've been demo trading in the 2-3 months that I have been learning, and have been rather succesfull.

I use the Oanda platform. 1 minute candles. Bollinger Bands (Default settings (14,2)) and CCI (Defaul settings also (14)). I generally trade on the bouce but do wait for a confirmation candle, whilst also using the CCI as a confirmation of overbought/sold.

It's proving me succesfull most of the time. What do you guys think? What do you think is better between CCI and RSI?

Thanks for reading,
Lee.
  • #2
  • Feb 18, 2010 4:30pm Feb 18, 2010 4:30pm
howdy Lee. first off, the CCI and the RSI are made to do two totally different things. the CCI attempts to show cycles in trends and the RSI tries to show the relation between the strength of bullish candles and bearish candles. so neither one is "better" it all depends on what you are trying to do.

as for your system, if it works for you, it works for you. thats the one thing you need to learn. some poeple are going to say only this thing works, or only that thing works. but, if it works for you then go with it. as a warning, it works good now, but once you go live it might surprise you how different your results will be.
  • #3
  • Feb 18, 2010 4:53pm Feb 18, 2010 4:53pm
Quoting blacksun1
howdy Lee. first off, the CCI and the RSI are made to do two totally different things. the CCI attempts to show cycles in trends and the RSI tries to show the relation between the strength of bullish candles and bearish candles. so neither one is "better" it all depends on what you are trying to do.

as for your system, if it works for you, it works for you. thats the one thing you need to learn. some poeple are going to say only this thing works, or only that thing works. but, if it works for you then go with it. as a warning, it works good now,...
Thanks for your reply Blacksun1.

The demo platform uses live data, so can you tell me how you mean that my results may be different in live trading? Or are you talking emotional factors?

Would you mind telling what system you use?

Lee.
  • #4
  • Feb 18, 2010 6:08pm Feb 18, 2010 6:08pm
it does use live data, but not neccesarily live prices. things it wont accoutn for are the times spread jumps up or slippage or re-quotes or things like that. these could be especially damaging to you since you trade on such a short term.

as for me, i trade simple support and resistance. i used to be real big into systems and stuff, but now i just look at price points and trad what i think the price will do around those points.
  • #5
  • Feb 19, 2010 8:41am Feb 19, 2010 8:41am
Quoting blacksun1
it does use live data, but not neccesarily live prices. things it wont accoutn for are the times spread jumps up or slippage or re-quotes or things like that. these could be especially damaging to you since you trade on such a short term.

as for me, i trade simple support and resistance. i used to be real big into systems and stuff, but now i just look at price points and trad what i think the price will do around those points.
Thanks!

So you plot your support and resistance and trade once you see confirmation that it has bounce off the line?

I do also plot support and resistance lines on my charts as an additional helping hand.

Lee.
  • #6
  • Feb 19, 2010 1:38pm Feb 19, 2010 1:38pm
Quoting Lee.H
Hi all,

Thought I would post a little introduction and ask for opinions on my trading system, if you would even call it a system as it's very simplistic.

My name is Lee, I started learning the Forex about 2-3 months ago, I have read all of Babypips, Forex4Noobs, FXStreet, attended many of the webinars there, and also read thousands upon thousands of forum posts from those places.

I found this website today, and it's just the best! Everything I need in one place to be honest!

I've been demo trading in the 2-3 months that I have been learning,...
Sounds like you're doing great and have a good grasp. As long as you know when bollinger is trending and not ranging and how to identify that you're on the right track in my opinion.

My 2 pips
  • #7
  • Last Post: Feb 19, 2010 3:48pm Feb 19, 2010 3:48pm
Quoting pipjunky
Sounds like you're doing great and have a good grasp. As long as you know when bollinger is trending and not ranging and how to identify that you're on the right track in my opinion.

My 2 pips
Thanks Pupjunky

What system do you use?

Lee.
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