building a system but what approach should I take?

[darkink]

Hi,

This is my first post in the forum so be gentle!

Ok so I am looking at building my own system using php and mysql to give me buy and sell signals.

The programming isnt a problem. With loads of experience I should be able to start to knock something up within a couple of months outside work.

The only thing im questioning is what type of system to use. Do I keep it simple and use a moving average system, or maybe look toward fib or elliot wave? Or should I do something completely different.

Any help would be greatly appreciatted, as I dont want to spend ages developing it, only to find out ive gone the wrong way about it.

Thanks,

Darkink

[Norman1]

Hi Darkink,

There are no real right or wrong answers to main questions you have asked here. A trader could develop hundreds of trading ideas/strategies on their journey before becoming successful.

First you should think about what type of trader you are likely to be and what personality type you are. This will have a big effect on what type of system you are likely to trade successfully with. Are you a patient person that is able to sit on a trade for days or weeks and suffer large drawdowns? Or do you like to daytrade and be in and out of the action in minutes or hours?

If you were to develop a system based on fibs or elliot wave, it could take a long time to study these theories before actually finding a way to trade it.

I could go on for pages and pages about this topic. My suggestion is start trading a simple system from a forum before trying to develop your own. This way you may have an idea as to what type of system you are most likely to become profitable with.

Don't expect to get immediate results with your first system. It's a long journey.

Hope this helps.

Norm