What strategy should a newbie use?

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What strategy should a newbie use?

Postby COLGEN » Fri Feb 05, 2010 5:01 am

Hi everyone,

This is my first posting, therefore I thought to start off with the most obvious question: What strategy should a newbie be using when starting out on his forex journey?

I have spent thousands on a training course to be taught about pivot trading...don't I feel like a fool now after learning more about it free on the internet...but while everyone is recommending this strategy or that strategy, there isn't a whole lot of evidence to support any particular strategy e.g. test results.

My goal is to live off my forex trading. I'm looking for regular, consistent wins each day. I'm prepared to sit in front of the monitor all day, if necessary (at least until my wife decides otherwise...). I do, however, believe in 'layering' i.e. having a longer term, medium term and short term strategy in play at all times. I just haven't found the perfect strategy for me.

I've gone through various systems from various forums - the past 6 months has been spent reading, testing and losing...mostly losing, if truth be told!

I'm not an expert, I'm a learner. I'm here to learn from anyone willing to share their experience. I'm an (unemployed) accountant by profession, therefore I'm into statistics...I would appreciate greatly if anyone offering suggestions of strategies would offer some stats to support the success of the strategy.

I believe that Forex is the way forward for me and my family, and I'm 100% committed to making this work. I'll be eternally grateful for any assistance that the members of this forum are willing to offer me.

Thanks and Kind Regards
Colin
Riding the choppy seas on a ship of hope
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Re: What strategy should a newbie use?

Postby Ghaz » Fri Feb 05, 2010 6:39 pm

hey Colin,

I know your feelings. I am a newbie too. When I were you, I would look for a VERY simple strategy to learn to make some profits. It dont have to be much, but you should understand how it works. I use one of Teodosis Systems (I think they are under SIMPLE Strategies ;-D).
I see when to enter etc. but it is not easy to set a stop loss....but I will learn it with this forum.
Another FINE strategie is the 3 duck system (google for it). It is the simpliest system I know and it works. When you wont get it, Forex is not the right for you :lol:
I think the most difficult part is NOT the system. The USER is it. Money Management is more importent. There are thousands of funtionally systems. You have just to search. What are your preferences?


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Re: What strategy should a newbie use?

Postby bsn193 » Sat Feb 20, 2010 12:36 pm

Hello, I second this question. It'd be nice to know which strategies on this forum, have been the most successful.
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Re: What strategy should a newbie use?

Postby spike » Sun Feb 28, 2010 1:35 pm

Sam Seiden of Online Trading Academy, and former employee of the Chicago Mercantile Exchange, gave me a great strategy that I have used for a couple of years with 50% success. It involves using a 50 period ema to determine trend and a stochastic to determine entry points. I have used this strategy on stocks and Forex in multiple time frames. It's very consistent, but it does give up more losers when the trend is changing. Not to worry, you can tweak for that situation.

I speak more about the strategy and the concept in my latest podcast.

Right Click the link below and Save AS to download podcast!
Code: Select all
http://media.libsyn.com/media/rkassulker/sosTraders_002.mp3


If you want to see sam describe it directly, go to:
http://transcripts.fxstreet.com/2008/02/using-cci-and-s.html
Spike, the Forex Answer Man
http://sosTraders.com
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Re: What strategy should a newbie use?

Postby PKN172 » Sat Jan 15, 2011 8:05 am

Stoch(5,3,3) with EMA(5)&EMA(13) sometimes Stoch(5,3,3) with EMA(14) with Volumes Indicator try it.....
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Re: What strategy should a newbie use?

Postby SharpForex » Mon Jan 17, 2011 6:35 pm

Take a look at Edward's "Midnight Setup" strategy. Look under Advanced Strategies # 1. Although he lists this under advanced, it is a very clean and simple strategy giving very consistent results. Apart from a trading strategy, the number one priority for newbies is money management and developing the discipline to apply it consistently. Get your head around this subject and you will discover that the vast majority of forex traders fail not because of a poor trading strategy, but because they do not apply sound money management. Control your risk, and just about any trading strategy will give you results!
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Re: What strategy should a newbie use?

Postby SharpForex » Tue Jan 25, 2011 8:46 pm

Update!
I have been testing the Midnight Setup on my live account since 17 Jan 2011, and can confirm that this strategy offers excellent potential. To date I have made 18 trades resulting in 4 losses and 14 winners, for a 17.8% increase on my account funds (2.22% per trading day). I have been employing this strategy across all currency pairs using ATR to calculate range and using 50% of this as my profit target. If you are looking for a simple and effective startegy, Edward is definitely on a winner with this one.
Cheers!
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Re: What strategy should a newbie use?

Postby tradefx9 » Wed Mar 30, 2011 12:31 am

In opinion, newbies may use "Trade Forex based on Technical Analysis", The Forex market responds well to technical analysis due to its high volume and high volatility. A Forex trader could trade many pairs almost exclusively utilizing technical analysis as long as an awareness of potentially market-moving economic events is maintained. A Forex technical trader may choose to remain on the sidelines of the market while fundamental forces are likely to predominate.
http://www.tradingadvantage.com >> Learn About Futures Trading
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Re: What strategy should a newbie use?

Postby Leighto » Sat Jun 04, 2011 1:07 am

Hi,
Newbies may use Trade Forex based on Technical Analysis, The Forex market responds well to technical analysis, due to its high volume and high volatility. A Forex trader could trade many pairs, almost exclusively utilizing technical analysis as long as an awareness, of potentially market-moving economic events is maintained.
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Re: What strategy should a newbie use?

Postby paul cruza » Wed Aug 08, 2012 6:16 am

Well, one of the best thing is to learn the basics. Then trade and practice more using demo accounts. Be prepared by formulating some good strategy by using demo account. Stay on demo until you fully understand and mastered the things that a trader must know before trading on a real account.

Another thing is that even if you are already using real account, never give up using demo accounts. demo account are best when you are going to test your strategies on forex. This is to make sure that even if you lose you won't lose much money. :D










COLGEN wrote:Hi everyone,

This is my first posting, therefore I thought to start off with the most obvious question: What strategy should a newbie be using when starting out on his forex journey?

I have spent thousands on a training course to be taught about pivot trading...don't I feel like a fool now after learning more about it free on the internet...but while everyone is recommending this strategy or that strategy, there isn't a whole lot of evidence to support any particular strategy e.g. test results.

My goal is to live off my forex trading. I'm looking for regular, consistent wins each day. I'm prepared to sit in front of the monitor all day, if necessary (at least until my wife decides otherwise...). I do, however, believe in 'layering' i.e. having a longer term, medium term and short term strategy in play at all times. I just haven't found the perfect strategy for me.

I've gone through various systems from various forums - the past 6 months has been spent reading, testing and losing...mostly losing, if truth be told!

I'm not an expert, I'm a learner. I'm here to learn from anyone willing to share their experience. I'm an (unemployed) accountant by profession, therefore I'm into statistics...I would appreciate greatly if anyone offering suggestions of strategies would offer some stats to support the success of the strategy.

I believe that Forex is the way forward for me and my family, and I'm 100% committed to making this work. I'll be eternally grateful for any assistance that the members of this forum are willing to offer me.

Thanks and Kind Regards
Colin
paul cruza
 
Posts: 7
Joined: Wed Aug 08, 2012 6:07 am

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