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@valianus, just to be clear, in my previous post I didn't want to say that you should not (nor that you should) take up scalping. For all I know, currency scalping may be perfect for you. Or it may not.
I just wanted to suggest you look around and get a view of the whole trading landscape before deciding how to do it, and perhaps give different things a try. Ultimately, you will have to do something of course, and if it's scalping, then that's what you should do. It's totally individual. Some traders do scalp well, after all.
But you should find out more first. That's all I meant. And no, scalping is not that easy, which is another thing to know.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Can you help answer these questions from other members on NexusFi?
@bobwest
Okay thanks man ! In your personal opinion what is the easiest trade method I can start with ? I have no experience and maybe some advice to know where starting should be good !
Thanks ,
You need to find something that works for your mindset. I'm sure you already tried a few indicators etc. Find something you like and maybe post about that if you want to brainstorm in making it better. In the end tho, it has to be your method.
So you really want something definite, do you? OK, but I'm going to dodge a little.
I'm not really going to tell you an easy trade method to start with. There isn't any. Here are some ideas, and you can follow up if you like them and want to know more:
- Find out about how to determine a trend.
- Find out what "support" and "resistance" mean, why they form, and how different traders use them. Price tends to go between definite levels, often determined by previous turning points or potentially significant prior levels like yesterday's high or low, today's open, etc.
- Look to whether you want to trade between levels (ranging markets) or as levels are broken (trending markets.) Both work, both are different.
- Get some trading software that will put up a price chart and see how these features play out. If you currently have a broker, they will supply the software and the data. If not, that's another huge area, but for now, you can look at free sources of price data and charts, such as TradingView (Google them.) Any free price data will be delayed, usually for 15 minutes, so you can't trade with it. But you can do simulated trading in some packages, which is a start.
- In this context, very short-term scalping is trading small movements within tight ranges. If you are going to focus on larger moves, whether bigger ranges or trends, you are not scalping (in any of the multiple definitions of "scalping.")
Read some books. There are too many out there to recommend, but Mark Douglas is well-thought-of. You might also see if he has YouTube webinars out there. I think he does. Others may want to add in some suggestions.
Speaking of webinars, view some of the Trading Webinars here on FIO. On the main page, under "Trading Webinars," there is a huge library of webinars that have been given here by guest speakers, going back years. Try some.
Start to follow some trading journals. Just pick some that often show up in the New Posts list (there's a list on the main page near the chatbox, and a link at the main page for new posts you haven't yet read.) Get to know who is trading in a way that you like. You can post questions in their threads and they will typically respond helpfully.
Use the Search box (upper right corner of every page) to find threads and posts in topics that you want to know more about.
Etc.
-----------------
I did dodge your request, right? I meant to.
You asked for starting points, and these may be good as a start. But no one can just give you an easy method to make money in the markets. If there were such a thing, everyone in the world would be a millionaire, and they aren't.
Others may want to jump in with some other suggestions. People will try to help, but the work is really going to be up to you.
Good luck, and keep us posted of your progress.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I've been trading futures micro currencies for a few years now, and would advise you to avoid forex for the reasons mentioned above. I do scalps (5-10 ticks in my personal book,) some of which turn into swing trades for 2-3 days.
Trade any of the CME micro contracts to keep your risk low while you are figuring it out. EUR/USD is really the only micro currency with enough liquidity to scalp. The index micros have no issues with getting in and out of trades.
It will take a lot of time, determination and effort, more than most people are prepared to put forth. The markets will kick you to the ground and stomp on your balls relentlessly with no mercy LOL... it will never be an easy gig, but with enough of the right stuff it can be done.
I presume you have the basics like a platform and a broker with a demo account that you can practice on? If not, tradingview is a free platrform with access to live forex data. There are many other options but tradingview is a good place to start. If you want something more than that then a bloke called @mattz might be able to help you.
I think your decision to trade forex is a good one. People get excited and emotional about futures vs forex but its the best place to learn because when you go live you can learn with pennies. In terms of a starting methodology, a great starting point is 'the scalpers journey' which you wil find in the elite journal section. Its trading on a futures exchange but dont worry about that for now, you can acheive the same thing on forex.
Start your own journal and begin documenting everything you are going through. People on this forum will help you.
Good luck. I look forward to reading your journal.
Excellent suggestion. I was thinking of mentioning threads to look at, and this is the one that made the most sense. It has a comprehensible methodology that is not too complex, although some of the terms and ideas may be unfamiliar at first.
Well, it's time to step into the light. I've lurked around BMT and futures.io for a couple of years now, wandering through the journals of others, sampling indicators, hearing stories of gains and losses and feeling quite at home. I came here …
The thread starter, @michaelleemoore, no longer posts very often and may not be available for questions, but most of it should be comprehensible, and you can skim along over the unfamiliar parts, keeping track of things to look into further later. Michael did change his methodology later, to something much less rule-based, but the original rule-centered material may give you something to grab hold of to start. As @Grantx said, this was used for crude oil futures on the CME exchange, but will apply as well to other markets. The thing would be to learn the principles and see it in action, then adapt it to a market you will trade.
You do need to be aware that no method can be followed successfully without you taking it into your own world and making it your own... and, who knows? You may not like it anyway. But it's a more definite start if you want to look into it.
So the big thing... getting to bed early and getting up early. Yes, this was accomplished, and I feel great about it. A solid week with good results each day... some very good trading, some not-so-hot trading, but I won't complain about +153T total …
You will find that every trader has a different slant on the market, a different way to approach it, a different method, etc. But some things will always be be the same: have a plan and follow it; control your losses and your emotions; be aware of your own weaknesses and stay in control of them, or, if you can't, stop trading until you can. Methods differ, the mental game is pretty much the same.
Hope this is useful to you.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Thank you for the mention @Grantx. I am not sure of the software of choice, but we can connect third party of choice (Like Tradingview) to Spot FX or Futures. The choice is yours.
My colleagues correctly stated that spreads do matter, so depending on your style, we will make best efforts to match you with the right FX clearing broker. In case you decide on Futures, we will also find the proper clearing based on your experience and capital traded.
Also, if you are going into short term trading, make sure you are familiar with the right execution orders appropriate for your style, and how to use the software for the implementation of these orders. We can always help you with that if you reach out.
Thanks,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
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