new trader strategies
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Hi Guys, I've been playing around with a demo account for a while now and want to try trading with real money, just wondering whether anyone had some tips or strategies they could recommend i try.
In the demo i've mainly been buying GBPUSD and selling after waiting overnight when its had a chance to mature/increase. Would love some pointers on how i can maximize my income based o this fundamental tactic.
Cheers in advance!
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Membre depuis: 05/11/2013
I recommend some short-term trading in addition to you current strategy, while your current strategy can yield significant gains it can also yield significant losses if you forget to implement stop-loss. Short-term trading can get you quick returns and minimise losses, HOWEVER your gains will also become smaller because of the shorter time frame. My advice is to try marginalising risks with short-term trading, though profits wont be so great it boosts your potential income rather than idley waiting.
I' am sure others share my opinion, but im also interested to hear what others think about this.
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When invested in a real account forex use the following techniques: the Commodity Chanel Index (CCI 50) the Stochastic oscillator the Exponential Moving Average, These techniques are very useful and opotunamente detect market trends, for better investments.
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Hello to FXSTAT.I'm new at forex,your posts are very informative.Thanks.
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Originally posted by MargaretLekkerWhen invested in a real account forex use the following techniques: the Commodity Chanel Index (CCI 50) the Stochastic oscillator the Exponential Moving Average, These techniques are very useful and opotunamente detect market trends, for better investments.
Thanks for your suggestions it has been a very educational read for me, i've done some research and while I have understood 2/3 of the tools youve suggested i was hoping someone could elaborate more on EMA.
While i have understood SMA i dont understand how someone should calculate the extra weight they should place on new data compared to the historical data. If someone could explain this to me in a bit more detail i would be very grateful! Thanks :)
PS. For anyone curious;
CCI is basically a technical analysis tool to determine when a currency is over bought/sold. Formula is CCI=(Price/Moving Average)/(0.015xDeviations).
Stochastic Osillator is a technical momentum indicator comparing a currency's closing priceto its price over a given time period, and sensitivity is adjusted by the moving average. Forumula is %k=100[(most recent closing price-L14)/(H14-L14)]. FYI L14 is low of 14 previous trading sessions and H14 is highest price traded during same 14 trading period.
MA (or SMA) is the mean of some trading points i.e. (1.2+1.3+1.4)/3 days = MA, EMA is the same except more weight is given to the newer data. What i dont understand is how do you know what weight to give the newer data? Again Many Thanks guys!
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Originally posted by MargaretLekkerWhen invested in a real account forex use the following techniques: the Commodity Chanel Index (CCI 50) the Stochastic oscillator the Exponential Moving Average, These techniques are very useful and opotunamente detect market trends, for better investments.
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I have also found MACD indicator to be very useful in seeing trends similiar to CCI but backed by bar charts as well... By the way im trying to design an effective EA for the first time, can any traders with some experience in this bestow some wisdom on a humble rookie pleaaaaaase
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Membre depuis: 07/11/2013
Originally posted by cheesyfinger
PS. the computer will calculate it for youe... go to insert, indicators, and select EMA
Hi the program will calculate that, it is under:
insert>indicators>EMA
I have found MACD indicator to be very useful in seeing trends similiar to CCI but backed by bar charts as well... By the way im trying to design an effective EA for the first time, can any traders with some experience in this bestow some wisdom on a humble rookie pleaaaaaase