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Your Single Best Piece of Advice

Discussion in 'Beginners Bootcamp' started by Anita V, May 2, 2011.

  1. dkami

    dkami Sergeant

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    My advice to you before you start trading live would be practice on demo account only trading 1 ccy pair preferably a ccy pair from where you live for eg. if you live in Australia only trade AUDUSD or AUDJPY this way you will have a better understanding of at least one of the economy's;)
     
  2. Iono

    Iono Recruit

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    I use the 60 sma as a direction indicator and magnet, if above only go long if below short trades are in order...many times you will see how it acts as support and will retrace to the 60 then price will go back on track in the direction of its trend...I learned this from top dog trading and there is a Gentlemen by the name of Captain Currency, his method (free) is to look at the price above and below the 60 sma on three different time frames, 15min, 1 hr and 4 hr then take trades in that direction...I'm sure others have their favorite SMA that does similar, just use whatever helps you read the market the best it is all about patience....

    The indicator "FIBO Grid" draws fib levels automatically on the chart as support, pretty dynamic, but it does not read like the fib that you draw with percentages, just support lines, works well I've attached. (first time I've attached an indicator, so if it doesn't work, just search out via Google and download)
     

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  3. Anita V

    Anita V Private

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    That's a great suggestion dkami! What better way to keep up with fundamental analysis than by using a country you reside in. It's so simple and yet I feel like it's genius.

    As for Iono, thanks for the clarification, I'll try the fibo-grid as soon as the markets open up again(if I can get it to work, I don't even have a proper MT4 demo trading account working yet, but that's a separate issue). Support and resistance levels with fibonacci are something I have yet to have the chance to try. Sounds like the sma is just a matter of preference, but also sounds promising.

    Thanks guys!

    Anybody else have good suggestions?
     
  4. jpadventure

    jpadventure Private

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    Don't spend a lot of money, it's unnecessary, you just need to know where to look.

    Take the time to find out what works for other people and build experience, take what you like and build a strategy.

    Test it, if it's profitable, trade it. Have a clear, concise written method of every action taken.

    Grab some psychology books.
     
  5. Iono

    Iono Recruit

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    Maaan, so true so true so true...there is a lot of info out in cyber space and people willing to help as with this site's boot camp and training...there really is no need to pay millions for lessons....so watch out for those witch doctors selling their so called success :p
     
  6. Anita V

    Anita V Private

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    I hear you both, which is why I'm on this forum in the first place. It's just like anything else I suppose, there's no magic formula, no quick fix. You truly have to be willing to learn, you have to practice and you have to be resourceful. Thinking only from a human psychology perspective, it makes sense to want to take the easier route and pay some "guru" to give you his secrets. In any case, I'm not in a position to pay anyone to teach me anything whatsoever. Therefore, I'll be sticking to good solid internet research with a grain or two of salt for good measure.

    You talk about having my methods written on paper, in other words a trade journal. I've been told that by someone else either. I'll definitely start doing that!

    Thanks!
     
  7. jpadventure

    jpadventure Private

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    A journal will help correct repetitive emotional mistakes, it's the emotions that make trading difficult.
    Having a written rule for every action such as, entry, exit, break even will remove emotional trading.

    If you exit or enter because it felt right, that's not trading your plan.
    Every click of the mouse should be because your trading plan said so. : )
     
  8. Anita V

    Anita V Private

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    Alright! Well at this stage I'm really just familiarizing myself with all the different tools and essentially playing around in MT4 and in another web platform. Once I've actually devised a trading strategy I'll definitely be following your advice!
     
  9. Pharaoh

    Pharaoh Colonel

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    Always trust your broker.

    Oh wait, that should be Never trust your broker. :D
     
  10. Anita V

    Anita V Private

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    They're just in it for the money too, you really can't trust anyone it would seem!
     

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