Advice on strategies

[Trade4Money]

Hi,

I have been on a couple of trading courses which have all left me scratching my head. They have taught me about technical and fundamental analysis but not really how to bring it all together into a usable strategy. I feel I have a lot of components but with no plan on how to put them all together. There seem to be a lot of courses out there offering training on profitable trading but there is no way to find out how good they are with out spending a lot of money (which unfortunately I don't have).

I work long hours so I am looking for an end of day strategy or one for the FX to trade in the evenings. Can anyone please offer me some useful advice or help. I am not looking to make millions (well I will be but just not righ now) so realistically I would be happy to make a small amount of profit each day.

Many thanks.

 

[ampro]

I guess all your courses have done is offer you a basic intro into what's out there & what you might wanna start exploring. I doubt they've achieved anything other than surface scratching?

a good start might be to begin putting a basic plan of action together? why not pop into the Knowledge Lab via the home page, and have a wander around the Tim Wilcox article - Trading Plan Template. Good a place as any to begin concocting your blueprint.

there are as many strategies as there are folks trading. What has made an initial impact on you 'post courses'? any fave timeframes, instruments? Once you've made some headway in devising a plan of action, you'll then have some idea as to how you might attack your chosen trading route.

plenty of decent info within these walls by the looks, rip thru the menu & explore the various threads pertaining to your line of enquiry, might be surprised what you stumble across!

good luck.

 

[JonnyT]

Advice number 1: Do not trade FX in the evenings as it tends to be dull
Advice number 2: You will not make profit every day, you have to mentally accept losses
Advice number 3: 99% of discretionary traders end up bombed out. The ones that last are the ones that follow systematic systems even if it is all in the head
Advice number 4: There is no holy grail. Markets change and systems stop working. You have to continually evolve
Advice number 5: Spend the next year trying the Dow Future in the evenings using simulated trading. You might then understand how difficult it is to make money from trading.

JonnyT

 

[Trdr]

'Elliott Wave Principle : Key to Market Behavior' by Frost and Prechter explains a theory of Price Movement, try your library or purchase. Trading is based on analyzing price movement, with fundamental or technical analysis, or a charting program generating B/S signals, or a signals service that provides B/S trades, or combination. Depending on the fx broker you use the Daily close will be 10/11pm UK time which is when you'd be entering/closing Day-to-Days trades.

The charts are the GBP/USD Daily and illustrate the use of
1: Bollinger Bands which virtually all free charts provide
2: the Standard Error Channel which may not be available and Fibonacci Price Levels tool which may or may not be user configurable
3: combined
4: MetaStock Trading System code found at: http://trader.online.pl/MSZ/!-MSZ-index-en.html under C - 'Combining Trend and Oscillator Signals'
5: as 4 on 5min chart with Relative Momentum Index and Stochastic Oscillator Indicators.

While the lines and arrows and colored price bars all look good on the chart (TS signals often go off and on till a second bar has closed before remaining on) you need to study how they and the price movement interact and change; along the way determine what you consider to be B/S signals they may or may not generate, and, how you will trade those signals, and, what money management principles you'll apply to trades.
D-t-D trading requires a higher trading-to-account margin ratio and stop loss amount compared with intraday trading because of the daily price range that has to be accomodated particularly at the intial trade entry period. While trends can last days/weeks, the price can bounce up and down without offering a new useable B/S signal, it's important to wait for the completion of a wave/trend in the attempt to begin the new trade with a new wave/trend which theoretically potentially will provide a profitable trade.
Several charting programs permit coding of Trading Systems and Indicators: MetaStock, TradeStation, Sierra Chart, AmiBroker, and the free MetaTrader program.