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Trading strategy for me

  • #1
  • First Post: May 17, 2010 3:10pm May 17, 2010 3:10pm
i have been through this forums a lot and learned many trading systems, but i was wondering which trading system is good for me to use in real account,
i am soon going to open a mini account with 100$ and i am confused with all this strategy and i'm not so sure on which one to use, can anyone suggest a nice strategy ?




Thanks.
  • #2
  • May 17, 2010 4:55pm May 17, 2010 4:55pm
The best strategy in your case is to save your money, even if it's only $100.
  • #3
  • May 17, 2010 6:32pm May 17, 2010 6:32pm
It sounds like you do not have a trading strategy on hand that you are confident with and you are already planning to open a live account.

My personal suggestion will be to open a demo account and then practice on a few strategies that you like and eventually pick one that is the most profitable for you before you open a mini account.

Trust me, your $100 will be gone in 2 days if you do not have a proper trading system on hand. In fact, I was like you a few years back when I started trading. I open a live account with $2,000 without a proper tested strategy on hand and I was totally wiped out with a month. This happens twice in fact.

Since your question is to recommend you a trading strategy, I will suggest you to learn forex breakout strategy as it is one with a low stop loss but high profit trade and it can be easily executed if you have practice it enough.
  • #4
  • May 17, 2010 7:46pm May 17, 2010 7:46pm
I think best thing to do is develop your own strategy, understand it and test it before going live.
  • #5
  • May 17, 2010 8:14pm May 17, 2010 8:14pm
Quoting eagle4x
I think best thing to do is develop your own strategy, understand it and test it before going live.
I agree eagle. But would also like to add there are so many great strategies out there that a newbie should not reinvent the wheel but build from something that works for someone with a similar strategy.

I learned a great deal from my mentor but "refined" my strategy to my own quirks. So the foundation I learned without reinventing the wheel was from someone already "doing it", and tweaked to my own personality.

Hope that makes sense. And keep at it dranzer! I think this is the best business in the world!!!

My 2 pips.
  • #6
  • May 17, 2010 11:31pm May 17, 2010 11:31pm
Quoting eagle4x
I think best thing to do is develop your own strategy, understand it and test it before going live.
I am a newbie but I don't understand this post. How do I go about developing my own strategy when I am a newbie? There is so much information on the forums but a lot of it contradicts each other. Where are the successful senior traders to show us newbies the ropes?
  • #7
  • May 17, 2010 11:34pm May 17, 2010 11:34pm
Quoting pipjunky
I agree eagle. But would also like to add there are so many great strategies out there that a newbie should not reinvent the wheel but build from something that works for someone with a similar strategy.
.
Which are the great strategies out there? Can you point me in the right direction?
  • #8
  • May 17, 2010 11:57pm May 17, 2010 11:57pm
Quoting cedarone
Which are the great strategies out there? Can you point me in the right direction?
http://www.forexfactory.com/forumdisplay.php?f=71

take your pick
  • #9
  • May 18, 2010 12:07am May 18, 2010 12:07am
Quoting traderjai_inhi
http://www.forexfactory.com/forumdisplay.php?f=71

take your pick
Do they all work? Do they all make profits consistently? Which ones are the best ones. And which is the best one of all of them? Surely there is a system in all of those systems that everyone can use and everyone can make money from it.
  • #10
  • May 18, 2010 12:34am May 18, 2010 12:34am
Sorry, wont wrap it all up and put a pretty bow on it for you. It will take at least a bit of effort on your part.
  • #11
  • May 18, 2010 1:44am May 18, 2010 1:44am
Quoting traderjai_inhi
Sorry, wont wrap it all up and put a pretty bow on it for you. It will take at least a bit of effort on your part.
I am sorry. I wasn't asking for you to wrap it up and put a pretty bow on it but I was asking whether there was a way of sorting out the good systems from the bad systems here. I would have thought the successful traders here would try to help the newbies instead of letting us get burned on unsuccessful systems. Or is it some kind of initiation for traders to lose money before someone helps them.?
  • #12
  • May 18, 2010 2:58am May 18, 2010 2:58am
Quoting cedarone
I am sorry. I wasn't asking for you to wrap it up and put a pretty bow on it but I was asking whether there was a way of sorting out the good systems from the bad systems here. I would have thought the successful traders here would try to help the newbies instead of letting us get burned on unsuccessful systems. Or is it some kind of initiation for traders to lose money before someone helps them.?
A system that works for one person, may not work for another.

Here is something you could play around with on a demo account.

Learn about support and resistance, pivot points and candle stick patterns. Look for the major trend on a time scale like the daily chart. Then drop down to a lower time scale i.e. hourly, 30 mins, 15 mins. Watch for trends going in the opposite direction to the major trend. As it approaches the pivot point or S/R levels look for signs of momentum slowing. Basically you are looking for a good point to join the major trend.

The key to making this successful is to choosing a correct exit strategy (for both profits and losses). With $100 you are very limited and you might be better looking for spread betting type accounts where they double your initial deposit.

A money management strategy with $100 is to try very hard not to lose it all on the first few trades.

Good luck.
  • #13
  • Edited 4:52am May 18, 2010 3:56am | Edited 4:52am
You have to stand up before you can walk - don't start with trying to find strategies. Read 1st post of James 16 forum (in Commercial section), and read this post:

http://www.forexfactory.com/showthread.php?t=39514


Read through other posts in Rookie section and look for similar posts, then read trading discussion forums. Look for posts about the numerous traders that blew accounts to get their perspective. Review babypips.com. There are a myriad of decisions to be made before diving into trading systems, such deciding what kind of trader you want to be (technical, etc.), which timeframe you want to trade, etc. - there will be conflicting opinions, but you have to decide for yourself.

quote=cedarone;3732407]Which are the great strategies out there? Can you point me in the right direction?[/quote]
  • #14
  • May 18, 2010 4:04am May 18, 2010 4:04am
First learn trend, support and resistance, daily pivots, fibonacci. Then think about opening a live account.
I AM WHAT I AM, AND THATS ALL THAT I AM
  • #15
  • May 18, 2010 5:49am May 18, 2010 5:49am
I always find it quite amusing when newbies belive that a strategy is all they need to make money from Day 1.
  • #16
  • May 18, 2010 5:53am May 18, 2010 5:53am
Quoting TJPLD
I always find it quite amusing when newbies belive that a strategy is all they need to make money from Day 1.
Usually they do make money on Day 1 and sometimes Day 2, but often think that little bit of luck is a natural gift to the markets. Its only after the 2nd or 3rd blown account they might actually realise
  • #17
  • May 18, 2010 6:05am May 18, 2010 6:05am
How to progress from newbie to trader:

A) Get hired at a major money center bank

B) Watch late night tv and order redlight/greenlight pretty colors type "winning system"

C) Learn the old fashioned way - hard work, discipline and perserverance by reading anything and everything here on Forex Factory, other trading sites and yes even trading books.

Since I wasn't bright enough for A and too bright for B :nerd:I chose C.
  • #18
  • May 18, 2010 12:01pm May 18, 2010 12:01pm
Quoting ToxicChili
A system that works for one person, may not work for another.

.
I am a trader but new to the forum. Your statement above is a curious statement to make. If a system has been "system-ised" then it should work for everyone in the same way. Thats what a system is.
  • #19
  • May 18, 2010 5:14pm May 18, 2010 5:14pm
Quoting cedarone
I am sorry. I wasn't asking for you to wrap it up and put a pretty bow on it but I was asking whether there was a way of sorting out the good systems from the bad systems here.
Yes, actually you were. Did you even look in that section? Anything on the first page is obviously pretty popular, wouldnt you say? Then there are those pretty little stars (ratings) from 1 to 5 (5 is highest). Try looking into those.

There is also a sticky at the very top of the rookie section called "HELP FOR NEWBIES. WHAT CAN YOU LEARN AT FOREX FACTORY". That might be another good place to look, no?

This is the easy part, it only gets harder from here.

Quoting cedarone
I would have thought the successful traders here would try to help the newbies instead of letting us get burned on unsuccessful systems. Or is it some kind of initiation for traders to lose money before someone helps them.?
Successful traders can spot laziness from a mile away. Anytime I see "recommend me a system" it sets off my detector because it shows that who ever is asking doesn't want to go through the trials and tribulations that the rest have. We don't become successful by having other people tell us what to trade, we become successful by working hard, studying charts, and different methods. Pulling it together and finding what works for us whether that be 400 indicators on a chart or trading pure price action. Now that could be a system used by hundreds of other people or it could be something we made up ourselves. Every real trader has losses (anyone who tells you they dont is full of it and probably hasnt been trading long), embrace it, accept it and learn from them, they arent necessarily a bad thing.

Quoting woodstock99
If a system has been "system-ised" then it should work for everyone in the same way. Thats what a system is.
When was the last time you followed a system to the exact letter? Most people tend to add in a bit of their own flair, making it personal. I always try different settings to see what else may be possible. Plus this is not a centralized market so your broker might show a certain price which would enter you into the market while a different broker may not have reached that price level. This happens quite routinely on the bucketshops.

Quoting SunTrader
How to progress from newbie to trader:

A) Get hired at a major money center bank

B) Watch late night tv and order redlight/greenlight pretty colors type "winning system"

C) Learn the old fashioned way - hard work, discipline and perserverance by reading anything and everything here on Forex Factory, other trading sites and yes even trading books.

Since I wasn't bright enough for A and too bright for B :nerd:I chose C.
This is a path to be followed if you want to succeed.
  • #20
  • May 18, 2010 5:20pm May 18, 2010 5:20pm
Quoting eagle4x
The best strategy in your case is to save your money, even if it's only $100.
true.

practice demo first.
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