MetaCoder posted:
   The Higher your TimeFrame = less Technical analysis and more Fundamental
The Lower your Timeframe = More Technical and less Fundamental
Hope this helps someone.


Metacoder.....thanks for the info. I am unsure what you trying to get across to me.

Hi, my history is like this.. the money i loose at my first year of trading was my 'school payment', then i understand that i had to respect the market.
For me this is what i finally found i love to do, (i just closed a restaurante that i had and really didnt like to work on it) I think is a fundamental part of it.
Ive been looking the charts for hours, days and months.
I just use 4 easy indicators, rsi, stochastic, bollinger and heiken ashi, few fundamental to know if there can be a spike on the markets caused of news, always entering my trade with those indicators on 1m, checking suport and resistance on 5, 15 and sometimes 30m ALWAYS ON DAILY tendency, (marked with a heikenashi candle), never against it, accept when my trade became wrong and sometimes close it before my sl.
I hope this can help cause everyone of us is learning... and i hope it is understandable, cause my mother language is spanish

Hi Randall,

You like 10 pips for stop loss, that is OK.
What you will do is to find a system were you can use a 10 pips stop loss.
By your profile you shold try to be a scalper trader.
You will use only very low spread pairs.
It´s pretty hard to back test low time frames, the MT4 platform is very limited, so you have to do it by yourself.
How that is possible?
You will find broker with cent account.
There you will test you, your discipline, your system and everything else with real money.
In a cent account one cent is equal one dollar.
If you start with 20USD your account will show 2000USD.
That is 200 microlots, it´s a very good start for test any system.
When I started there were no cent accounts broker with MT4.
Today I use TradeFort, I put the worst everything in the options, like bad spreads and lot of bad things.
Why that?
Because I want bad things to happen in this account, it is a destrutive test.
If my system can make money in poor conditions, it will make money everywhere.
When the system is OK there is time to find the best broker that I can.
I like to use Forex Peace Army to see coments about the brokers before I open a new account.
A very good broker make a lot o diference.
A excelent broker is much better.
You have to study hard to build a solid ground to what you will do trading.
I am always studing and buying books.
The books I buy at Amazon takes usualy 60 days to get in my house.
Finaly I got a Kindle and that problem is solved.
Today I bought 'Seven Simple Scalping Strategies' for only 0.99USD for kindle, instant delivery.
The reviews from the readers where good.
I am not a scalper, but as I told you before, I am always studing, and if I have to become a scalper to make more money, you may bet I will be.
The book that made me start making money is: 'High Probability trading by Marcel Link (Mar 17, 2003)'
The book that told me that a very good trader may have a 70% drawdown and get back in profit was:' Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders by Curtis Faith'
Forex is hard money and NEVER easy money.
You won´t make money right away before you read it but you will become a much better trader.
The number one skill - DISCIPLINE
The number two skill - RISK MANAGEMENT
Those book will help you with that and much more.
Here in Myfxbook I have two public accounts:
Tradingboy Lab and Tradingboy PAMM.
And more two private.
One private is my cent account and the other is from a client.
I have a webpage: tradingboy.com
A very good place to study for free is Baby Pips.
Best regards.

Tradingboy

I agree and disagree with Splexin. His approach to trade daily is very valid. Price action makes all the sense. But his comments about scalpers just show that he based his opinion on the losing bunch of retail traders and robots. Scalping work wonders, but they key to know when to trade and when not to. Besides knowing how, of course.

Randall, you system sounds like a road to a poorhouse, forgive my cut-to-the-bone tone. 3 pips targets is bad even for most mad scalper, but it's much worse for a system based on 30m bars. 10 pips is pretty small too on this time frame, you will get many stop outs, but with 3 pips tp it is a madness. Look at something like 20 pips stop and 30 pips tp for this time frame. And forget about the mini-bounces, been there, done that, sometimes work, sometimes does not, impossible to build a profitable in a long run system on it.

I recommend you to read some books about the market microstructure and market making if you want to play high-probablity bounces, for example Beat the Dealer book, just google it.

Hi, I think what you need is a strategy that will only target for few pips,
my average target pips was only, 10~25pips, even small pips can give you a living especially when every pip cost $10. Try a strategy that would give you sure profit of 10pips a day, and i think it is not very tough to get.

Focus on one currency pair, and study naked trading.

Please check my blogspot, I put my strategy there and I am planning to post daily analysis there this week to help Newbie traders. With practice and understanding to my analysis, i know i can help them.