trading strategy for a beginner

[param]

Hello all,

I am a newbie in forex and is in the process of studying the different aspects of technical analysis.

I did read books and internet forums to understand technical analysis. Started a demo account with FXCM and tried to trade for couple of days and found myself loosing a lot of pips. I realise that i do not have any specific rules/stragtegy to trade and i was just trying to make some judgement from the 5 min charts. BTW, I have been trying to trade on GBP/USD pair.

I have read the trading startegy forum to shape up some strategy, but most of it were too much to digest.

Could you please suggest me some sort of strategy that would fit a beginner and upon which i can build up my knowledge on forex.

Thanks a lot in advance.....

Regards

Param

[elmagd2000]

Originally posted by param

Could you please suggest me some sort of strategy that would fit a beginner and upon which i can build up my knowledge on forex.

Param,

There is no short way to master trading. You can find hundreds of ideas and systems at Trading styles & strategies forum. Have a look and check each one and devlop new ones till you reach the self-fitting trading method.
Good luck,

Hani

[UnderWorld_]

You can trade the 10 and 20 ma crossover in trending markets. It probably doesn't works that good when momentum is low.

Or you can trade trendlines. Draw trendlines from top to top and bottom to bottom. Enter in the direction of the trend when the rate is near the trendline (within 5-10 pip; you can scale in). Stop out when the trend is pierced 10 pip or so. Trade only big trends to begin with and don't enter trades that counter the trend. Exit when the rate is near the bottom of the trend channel, or at support or resistance (tip: install the FXCM newsclient to see S/R).

You can look at the news calendar to see if any big evens are happening that you should avoid (at least in the beginning). Click the definitions to see the importance:

http://biz.yahoo.com/c/e.html

Most important: keep it simple, don't use all those crap indicators, trade only one pair, etc. Read: Mark Douglas - Trading in the Zone.

[Fas]

Hello Param.

Have a look at this site, there are a few methods you can start with.
http://www.trading-forex-systems.com...m-trading.html .

The site was set up by a trader who posts frequently at
http://www.trade2win.com/ .

Fas.

[alvinhan]

Follow the trend. After London market open, watch the movement and open position accordingly. Make quick profit for 10-30 pips before New York market open. Avoid opening position if there is news released for European market, specifically UK.

[CTGJr]

here's a good article

trade the markets

[param]

Hello all,

Thank you for valuable suggestions and advice.
I would study the articles you have suggested and try to evolve a strategy.

I am glad to be a part of this vibrant forum. This forum is blessing to any beginner.

I noticed in most of my loosing trades, i was hit at stop loss as my stop loss was too tight. Is there any thumbrule for placing an effective stoploss, that would filter the noise.

once again thank you all for your time,

warm regards

param

[param]

alvinhan,

terima kasih.......

i miss those satay and teo limo ice...... .

Once again would visit malaysia.......

regards

param