New Learner

[jiggy001]

I had a post a month back on this fourm about my intentions to strart forex business some one recommand me to study Forex Trading: Online Currency Trading in the Foreign Exchange Market I done with it:clap:and feel now much more confidence in me that I atleast have some know how about forex
I want to make my plan so please recommand me the following things
1- What time frame I need to focus to set my trade
2- Which trading signals are suppose to be more reliable
3-What kind of tarding plan you guys suggest for new trader
4Which is the more reliable software or trading station

 

[zapisy]

Welcome to hard trading life

Shortly, because we could talk about that for hours


1. Time frame depends mostly on how you want to trade. If you want to trade longer moves, you just need a daily chart, and let say 5 min to find goo entry point. If you want to trade intraday, I would recommend a few time frames, including daily.

let say 1 min to find entry point,
5 min is more important to see the bigger picture
and just look daily for support and resistance points, so you will not be surprised if something goes too far not in your favor

2. Trading signal that I believe in, are Support And Resistance + Volume. Trend line, if u trade trends or looking for change in trends. The rest, like stochastic and other crap is not working, and it's waist of time and money.
Also, important is to follow let say a few stocks from the same sector + indexes. So, if you trade gold, watch the gold futures and at least 2 different stocks that operate on gold. It;s good confirmation of the moves. If you trade Forex, watch all the news about economy and all pairs of currency to find the reason to trade.

3. Trading plan depends on your nature. If you are very impatient, i recommend scalping. If you "do not care" trade trends.

You can enter the trend that already is present.
You can trade breakouts
You can trade patterns
You can trade news
etc.

It all depends on you, and what is your character.

4. For technical analysis, development, and strategy testing, I recommend Tradestation. It's the best.
But for trading you can only use it to trade longer trades, not scalping!

If you want other good broker with fast execution, send me priv., I can recommend you something...

Good luck

Lukas