When?

[Aul 10]

Hello,

 

I am a beginner in Forex trading. Would anybody share a simple trading strategy with me to help me get started? Basically, I would like to know what are the signs (indicators) to tell me when I should buy/sell? I would really appreciate it.

 

Aul

[torero 10]

To get started, please go to babypips.com and get familiarized with terms and basics. As for strategies, each person have their own way to trade the market. But basically there are 2 types of trading: breakouts and range trading. That's pretty what the market does one or the other.

 

Indicators, you have to find that for yourself and experiment. I don't use indicators so I can't help you with that. Just use support and resistance, daily weekly monthly high/low/open/close would be a good start. Mind also the different market sessions (Tokyo, London, NY times).

 

More questions, ask away.

[Aul 10]

Thank you very much! I will check out that website, and will try to come up with a strategy. If I will not be able to create it, I will ask for more assistance.

[thrunner 10]

OZ has posted a fairly simple but open system right here on TL.

I believe he has also posted it on other forums as well.

 

However, with most of the strategies I have seen have not been analyzed with a strategy performance report and some of the strategies are fairly discretionary (it will say close out trade here because it is going nowhere or don't trade when the volume is 'low'). The OZ strategy has been analyzed using Tradestation here. One conclusion was to not to take the short trades and the long trades can generate a profit factor of about 2.

[Aul 10]

Thank you very much! I will try to understand all this, and give it a try.