Skytrotter81
Junior member
- Messages
- 12
- Likes
- 0
Hi
As i am sure many of you have read before on these forums i am a new trader looking for a system to trade. Well actually, scrap that. Im a newbie but im trying to develop my own system by reading and learning as many books and forums as i can. One thing i have learnt though is you needto find a trading system that suits yourself.
For this reason i saw it pointless to buy a system to 'get my feet wet' (i hate that phrase!) and am in the process of developing a system that suits my life and personality.
I have been papertrading a weekly system that is set and forget and is basically to do with price action. without going into to much detail i set long and short trades above and below last weeks close on a sunday night and set stop losses to create a series of possible outcomes. The success in the system is setting the right stop losses and the right T.P and good money management.
I am looking to develop this into a day trading system where i find which currency pair is trending the night before, then place these long and short trades above and below the close of the night before. Ideally what i am trying to do is to make sure i trade on a curreny pair that is more likely to carry on in the direction of the trend as what i am finding is price will retrace and take my stop loss more often than not.
This is because im going purely on price action at the moment and not finding the trending pairs. So im looking for a good strategy of indicators to tell me which currency pairs are most likely to carry on trending (the night before) then place my long and short trades and leave.
I was also thinking about maybe setting a take profit or time limit (say 1pm GMT) so im trading the london morning session, and to cut down the risk set my stop lossess at the price i entered?
Any thoughts or help would be great. Im learning and this seems like a good way to do it.
Thanks
Luke
As i am sure many of you have read before on these forums i am a new trader looking for a system to trade. Well actually, scrap that. Im a newbie but im trying to develop my own system by reading and learning as many books and forums as i can. One thing i have learnt though is you needto find a trading system that suits yourself.
For this reason i saw it pointless to buy a system to 'get my feet wet' (i hate that phrase!) and am in the process of developing a system that suits my life and personality.
I have been papertrading a weekly system that is set and forget and is basically to do with price action. without going into to much detail i set long and short trades above and below last weeks close on a sunday night and set stop losses to create a series of possible outcomes. The success in the system is setting the right stop losses and the right T.P and good money management.
I am looking to develop this into a day trading system where i find which currency pair is trending the night before, then place these long and short trades above and below the close of the night before. Ideally what i am trying to do is to make sure i trade on a curreny pair that is more likely to carry on in the direction of the trend as what i am finding is price will retrace and take my stop loss more often than not.
This is because im going purely on price action at the moment and not finding the trending pairs. So im looking for a good strategy of indicators to tell me which currency pairs are most likely to carry on trending (the night before) then place my long and short trades and leave.
I was also thinking about maybe setting a take profit or time limit (say 1pm GMT) so im trading the london morning session, and to cut down the risk set my stop lossess at the price i entered?
Any thoughts or help would be great. Im learning and this seems like a good way to do it.
Thanks
Luke
