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could somebody help me?

Discussion in 'Forex Trading Systems and Strategies' started by edo, Jun 18, 2009.

  1. edo

    edo Private

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    could someone tell me what is the best strategy of trading for me?
    i can't watch the trading the whole day..because i have to work...i only can watch it when the japan session ...i can't watch @london and new york session

    do u know what is the best strategy for me??

    thanks !:)
     
  2. 4XTrader2

    4XTrader2 Private

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    Re: Could Someone help me?

    Hello Edo,
    I had the same predicament for the last 7 years of trying to develop a strategy that could work while I am away from the computer or in the evenings trading the Asian session.

    While it is no easy task developing a strategy, it can be done and you can have success at it. You don't say what your level of expertise is so I won't initially propose any strategies. However, ask yourself these questions:
    1. What type of strategy do I want?
      1. Long-term
      2. Mid-term
      3. Short-term
    2. Do I want to allow trades to be open while I am away from the computer?
      1. If yes, then prepare for the use of stop losses and profit targets.
      2. If no, then you just limited yourself to a short-term strategy while sitting in front of the computer.
    3. What is my level of expertise?
      1. Beginner - I hate to tell you this, but first read some books. Seriously, get to know what Forex trading is about, including the risks and rewards. Don't risk your money without knowing what you are getting yourself into.
      2. Amatuer - You've already experienced some action in the Forex market and you like the taste of the action. You should consider reading some very specific books like Ed Ponsi's book "Forex Patterns and Probabilities". Look for ideas in the book that match the type of trading you envision doing.
      3. Experienced or Pro - why would you be asking this question?
    If you answer these questions, then I think you will start yourself down the path to determining the right direction for you and your trading style.
     
  3. Pharaoh

    Pharaoh Colonel

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    4XTrader2's answer is excellent.

    It really does come down to what sort of trading style you want. There's no reason you couldn't day trade or scalp JPY pairs during the Asian session. Alternatively, if you are into long-term position trading, the session you trade shouldn't matter.

    If you want to follow signals, either look for a service that does day trading signals during the hours you are available or you could look for a service that gives set-and-forget signals that match your time.
     
  4. FirePips

    FirePips Private

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    I recommend using long term strategy based on Daily charts. Market moves slowly during Asian session most of the time due to less liquidity and most of intra-day or scalping techniques won't work well.
     
  5. Raimundas

    Raimundas Corporal

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    Most brokers widen spreads during that time period. So, I think most of intra-day or scalping techniques won't work well too.
     
  6. Doug Reo-Cocker

    Doug Reo-Cocker Private, 1st Class

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    You may also want to use an expert advisor (robots) to trade for you while you can't. I think that there are few out there which are worth looking. I base my choosing on this site info: Forex Robots Competition Trading Real Money , they have real money accounts managed by some of the EAs out there, so we can see which EA is worth trying.
     
  7. 4XTrader2

    4XTrader2 Private

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    Personally, I would never let a Robot trade for me unless I am constantly monitoring it. There are too many horror stories about Robots trading an account's equity away. If you do use a Robot, test it for at least 30 days against a trusted demo account. Then test it live but only with micro or mini contracts. Don't trust "Backtesting" statements about any Robot. Forward test it yourself. I have tested dozens of Robots that claimed enormous profits and in forward testing most failed to make a profit and rapidly lost money. An example, I tested one Robot where the claim was that it would make $1,000 per day. In forward testing on a demo account, it actually lost $1,000 per day. I tried it on multiple currency pairs and it consistently lost money contrary to the promoter's claims.

    I always recommend that a person become their own financial expert because there are too many scammers and scams out there trying to divest you of your hard earned dollars. The best preventive to being a victim is to become an expert, do your due diligence, read, study, put the necessary time in to become knowledgeable. If you are not willing to put in the time and effort then you will certainly be more suseptabale to being victimized.
     
  8. Doug Reo-Cocker

    Doug Reo-Cocker Private, 1st Class

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    They are actually doing forward testing on real money accounts on that site, Forex Robots Competition Trading Real Money , not backtests. I believe that those results are worth trusting as they are running their competition for 3 months, would you take a look and tell me what you think?

    thx
     
  9. 4XTrader2

    4XTrader2 Private

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    Hi Doug,
    I looked over the site you suggested and here are my thoughts. First, I am a perpetual skeptic of claims whenver the promoter does not post the trade logs of each robot. They do post summary information but I could not find anywhere on the site where they post trade logs for each robot. Each link takes you to a commercial site where they hawk their wares. There are too many things there which just smack of suspicion.

    If you are inclined to spend the money for a robot, what guarantee does the company give you if you are not satisfied? If it is 30 days money back guarantee with no questions asked, it might give you enough time to test it yourself but realistically you need to be able to generate enough trades (live trades) to have statistically viable results (minimum of 100 trades).

    Do a google search on some of the robots listed to see what reviews you can find and look in the forums for people who are experienced with them. Get their feedback before taking the step of purchasing one. Remember, become your own expert. You will have less chance of being a victim.

    Hope this helps you.
     
  10. Ricex

    Ricex Sergeant

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    New guys and gals please think carefully about what 4XTrader2 is saying, I completely understand the attraction of the idea that a little machine will make you money while you sleep, trust me if it was true I would be bulldozering my way to the front of the queue tossing women and children behind me.... but it's a dream.
    It is the same dream that sells you whiter teeth, thicker hair, and eat all you can whilst getting slim.

    Your brain is all you need, use it wisely and you can make money.
     

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