Once a day Traders

Here is what I do when I'm pressed for time. Super Easy:

1) Open an 8 hour chart.

2) Apply a slow stochastics technical indicator to the chart. Parameters are 14,3,8; thats K,D, and K slowing respectively.

Note: if you don't know how to use Slow Stochastics go here to learn.

3) When the market is overbought. You place a sell stop order 3 pips below the low of the previous bar. Stop is placed 4 pips + the spread above the high of the previous bar. Limit is at your discretion.

4) Oversold would be just the opposite of overbought.

5) Hint: Look at the weekly chart first to get some idea of what the longer term trend is. It's ok to take counter trend trades, keep in mind that they usually tend to be much smaller moves than trades that are going with the trend. Always wait for price to turn before entering a trade.

Hope this helps.

I have seen alot of posts on many different forums. What I typically see are two things. First are the crafty old timers who seem to know everything about forex except how to make any money. Second are newcomers (I hate the word newbie) to the forex market.
What I have found to be for the most part lacking is any sound trading advice.

Having said that the first thing you have to know about trading is that you need a strategy that works, PERIOD! without that everything else you try; be it robots, money management, R/R whatever doesnt matter it wont work.

Ok so you say thats brilliant, now tell me something I dont know. No, problem. The second thing you need to know is that you are going to have to develop a successful trading strategy that you can implement. In other words a plan that fits your particular lifestyle and your tolerance for risk. This is very important. I mean how much time do you have to devote to trading forex, and when? Same deal with risk some guys can take it and some guys can't. Only you can decide what you can live with!

I can tell you this, it was very hard for me to day trade. The stress was too much UNTIL!!! I developed a trading strategy that worked for me. Once I did this the stress went away. I execute the plan and follow through, no problems.

If you want to trade successfully the two things you most definitely have to do are; develop a sound trading strategy (one that works) Two, fit this strategy to your lifestyle and personality.

Oh and one last thing stop dreaming, yes if you think that you are going to get the answers here for free, I think you are dreaming. Think about it! If you worked long and hard on some trading stategy that worked really well would you just go into a forum and give it away for free? Why do you think that anyone else would?

thanks for the brain cereal. i think thats the best way you could have explained finding a strategy.


live a dream

I'm into price action. I believe price gives me the truth about where the market has been and may want to go. I also use time as a function of trading. I believe this is alomost as important. As a matter of fact time ties entirely into my money management.

Using both time and price, you can identify price levels where there may be an imbalance of supply and demand.

If price rallies into a level only to stay briefly before rocketing south, you can be reasonably sure that there is more supply at that level than demand. This means that the next time price reaches that level, there could be a stack of sell orders there.

It doesn't always work out like this, which is why I like to make my TP three times larger than my SL.

Don't trade into larger time frame levels (levels that are described in the second paragraph of this post). An example is be wary of a supply level on the 1h when the daily is nearing a demand level.

Partially agree with you.
Every article, site says about "you need a trading plan". Some of they says about how should be a trading plan. Some of they says bout " need a tested trading plan". To test a trading plan doesn't really says how long need to test... and the market change over the time. Maybe something worked in 2007 doesn't work now.
Some of us have heard , readed a plan, a setup. We are wondering if is working for us or can we do it. We are asking advices / review for that or giving our experience. So in my opinion there are working / tested methods / plans. How efficient are they vs others... is another question, but I can give you 2 setups which works, and are free:

A few pips gain, very safe: -i am not trading this, i don't like it in my current broker, but with an ECN I will do it. It is important to know and exercise, and when you meet the setup, you just know and it depends on you to apply your knowledge or not. Requires to much watching the monitor for those a few pips. I would suggest as complementary setup and with SL.
http://www.forexfactory.com/showthread.php?t=156633

Another one:
http://www.forexfactory.com/showthread.php?t=80290
Almost good setup. Compatible about what is saying in Jesse Livermore -Reminiscences Of A Stock Operator(my Bible), just the TP should be changed, I am trading other ways.

Also I have posted working setups: London close and the ranging.
http://www.forexfactory.com/showthre...60#post4255460
I am trading they on live account.

I don't know "all about forex", I am to far away.
Just started to have a positive balance after a few years of exercising, I need to learn a lot also to become trader as my first profession I need min 20.000 usd.

And you have completely right here: when you have a trading plan the stress is gone. When stress is gone you can make better trades.

This is looking pretty good to me right now. 1/16/11 16:25 pm
Sell on a stop @ 1.3311, stop 1.3461, TP 1.3011

Stopped out (150)

Trade is not quite there yet. this is a 1:3 rr I may change it to 1:2 lets see how it pans out?

Sell on a limit @ 132.35, stop 132.85, TP 130.85
closed at 131.17 118 pips

This is what Im doing with the EUR/JPY


sell on a stop @110.01, stop 111.05, TP 107.93
stopped out (104)

I think the EUR/USD is going up. I look for support around 1.3370ish If I get Im buying. Looking to take profits around 1.3640ish
buying on a stop @ 1.3488 stop 1.3410 limiit TBD (to be determined)
stopped out (78)

Going long at market time is 12:17 am stop is 130.51 limit TBD
entry 131.14 stop 131.57 limit TBD
closed out 132.08 +94

Buy on a stop @110.68, stop 110.21 limit TBD
placing my stop @110.90 TP 111.63
+95