Haven't posted anything up here for a couple of weeks, as I have been sitting on the sidelines re-couping and re-thinking my strategy trying to find my niche. I have come to the conclusion the best avenue for testing a new strategy and new markets is by demo trading. Using fake money on a real time trading platform in order to gain confidence and "learn the ropes" so to speak.
I have found a free 30 day trial demo account with FXCM and currently trialing trading EUR / USD , AUD / USD and USD / JPY. I will post my strategy soon however it revolves around trading on support / resistance levels, 16 ema, bollinger bands and candle stick reversal patterns on a 5 minute chart.
I have been trading for a week now and just under breaking even, I have found that in order to become a consistent trader you must know what type of trader you are. This may sound pretty obvious but it is vital. what I mean by this is, if you are a scalper enter and exit the market quickly take quick profits and leave. If you are a longer term intraday trader and looking for 40 pips in each trade don't try and enter during a phase when you are not likely to get this movement from the market.
At first I thought scalping would a good fit for my personality, making quick trades with my "fingers on the trigger", although my first trades did pick the market movements the majority of the time, I found myself wanting to hang on and let my profits run, (which is normally a good thing) however the tight ranges of scalping meant profits where minimal.
One of my better trades was trading the USD / JPY on Friday night which i snagged 46 pips, entering short at 101.343 and exiting at 100.878. I will post this above with commentary.
I have found a free 30 day trial demo account with FXCM and currently trialing trading EUR / USD , AUD / USD and USD / JPY. I will post my strategy soon however it revolves around trading on support / resistance levels, 16 ema, bollinger bands and candle stick reversal patterns on a 5 minute chart.
I have been trading for a week now and just under breaking even, I have found that in order to become a consistent trader you must know what type of trader you are. This may sound pretty obvious but it is vital. what I mean by this is, if you are a scalper enter and exit the market quickly take quick profits and leave. If you are a longer term intraday trader and looking for 40 pips in each trade don't try and enter during a phase when you are not likely to get this movement from the market.
At first I thought scalping would a good fit for my personality, making quick trades with my "fingers on the trigger", although my first trades did pick the market movements the majority of the time, I found myself wanting to hang on and let my profits run, (which is normally a good thing) however the tight ranges of scalping meant profits where minimal.
One of my better trades was trading the USD / JPY on Friday night which i snagged 46 pips, entering short at 101.343 and exiting at 100.878. I will post this above with commentary.
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