Which way now?

[Clarkie73]

Like a lot of people new to the idea I am both extremely excited and petrified by the forex market. I have read the "babypips" introduction to trading, and am wondering where to go from here. Having read and searched lots of different forums and websites. I am of the opintion that day trading through scalping method using Price action and candlesticks with support and resistance indicators is the way to go for my particular circumstances. Ideally I am looking to trade first thing in the morning and potential lunchtime (time permitting). What are some good books I can read or sites I should look at in order to make that next step and form my own trading strategies? Any advice is greatly appreciated.

Standing on the edge ready to jump.

 

[foredog]

If you can trade first thing in the morning then have a look at PHIL NEWTONS breakout thread on this site, he trades a system on the open regarding cable moving out of the range of the asian session, might be a good place to start.

 

[Clarkie73]

If you can trade first thing in the morning then have a look at PHIL NEWTONS breakout thread on this site, he trades a system on the open regarding cable moving out of the range of the asian session, might be a good place to start.

Thanks for the speedy response. I have try tracking down Phil Newtons Asian breakout trading through the key word search with out success. Could you point me in the right direction.?

 

[foredog]

http://www.trade2win.com/boards/for...5-phil-newton-s-range-break-out-strategy.html

 

[c_c405]

Take a trade or two

Like a lot of people new to the idea I am both extremely excited and petrified by the forex market. I have read the "babypips" introduction to trading, and am wondering where to go from here. Having read and searched lots of different forums and websites. I am of the opintion that day trading through scalping method using Price action and candlesticks with support and resistance indicators is the way to go for my particular circumstances. Ideally I am looking to trade first thing in the morning and potential lunchtime (time permitting). What are some good books I can read or sites I should look at in order to make that next step and form my own trading strategies? Any advice is greatly appreciated.

Standing on the edge ready to jump.

Ready to jump is not getting you wet. Take a look at the charts.

Pick your pair and make a decision
Set your stops and come back later (4hours or so) and see if you did good

Every new trader reaches this point where they have read everything they can set their eyes on and processed all the information - The problem is that without doing it you will not be able to develop a strategy.

Use a demo account to get the hang of it

My advice is to use wide enough stops - Don't pick your account to death with 30 pip stops. If your wrong your wrong. Don't cry about it. If you have read a million disclaimers about not investing money you cant' afford to lose - Pay attention to them! The sooner you say goodbye to that money the better off you will be - Harden yourself against losing the money - Detach your emotions from it - Don't invest survival money!

Cheers

 

[KillPhil08]

I find that monday mornings contains the direction of the move for the rest of the day. Kinda like a trend setter.

After the overnight range usually the market has to - close the gap - breakout.

Watch next monday morning there will be a huge move as usual .

Good luck on your quest.

 

[Clarkie73]

Ready to jump is not getting you wet. Take a look at the charts.

Pick your pair and make a decision
Set your stops and come back later (4hours or so) and see if you did good

Every new trader reaches this point where they have read everything they can set their eyes on and processed all the information - The problem is that without doing it you will not be able to develop a strategy.

Use a demo account to get the hang of it

My advice is to use wide enough stops - Don't pick your account to death with 30 pip stops. If your wrong your wrong. Don't cry about it. If you have read a million disclaimers about not investing money you cant' afford to lose - Pay attention to them! The sooner you say goodbye to that money the better off you will be - Harden yourself against losing the money - Detach your emotions from it - Don't invest survival money!

Cheers

Thanks for the advice, I will be demo trading for the next few months.

 

[Clarkie73]

I find that monday mornings contains the direction of the move for the rest of the day. Kinda like a trend setter.

After the overnight range usually the market has to - close the gap - breakout.

Watch next monday morning there will be a huge move as usual .

Good luck on your quest.

Thanks for the advice.