Beginners trading strtegy ??

#1 (**permalink**) 03-11-2008, 01:28 AM

Hello There!!
I need to know what simple strategy I need to employ base on the following facts.

I am a newbie
1. I have an access to FXCM practice plarform.
2. I can only place practice trades early in the morning 4:30 - 6:00 am. than leave for work, while at work entry positins w/ stop and limits are unattended.
3. Home by 3:30pm to look at the results.

A- What time charts I need to study in the morning ( monthly, weekly, daily, hourly etc.)
B- What pivots points (PP) I should use on what charts/ using Peter Bains trading strategy. His strategy is to place daily PP on 15min. chart and weekly PP on daily chart and also placing weekly PP on 60min charts. I basicly need to scale it up or similar to my time frame charts as mentioned above.
C. What technical indicator(s) I should use.

At this point I want to keep it simple. Master this techniqe first and than move to higher level. I also dont care about profits that much since I am paper trading. As you may know one can learn a lot from loosing games than from winning games. My tennis coach at ASU (AZ State Univ.) told me that many times.

Thank You RudyJ

delords · #2 (**permalink**) 04-07-2008, 06:06 AM

There is a system i want to recommend to you that i think will help you out on this,since you only had the chance to trade short periods,and would not monitor it until you are back from work,then you have to be sure of the orders you are placing,
you can get these trading system that will give you signals of trades you can enter and make good profits even without monitoring it,just set your take profit level and stop loss and when it gets to your take profit level it gives you your profit without you needing to close the order.
you can also create your own signals with the system and you can use it to practice on a demo account to be sure of it before going live,also if you are not happy with the system there is a guaranteed refund
so try it out
Click here to get the trading signal system