Let's start with indicators - there have been times, I had my chart full of them, but that's rubbish, too many of them give whipsaws, reasons not to trade etc, I don't like them, have removed one by one. To me RSI, OSMA, bands or whatever popular indis are evil, doing as much damage as being helpful. F*ck them.
Less is more, I have 1 indi giving me entry, another helping it and others for useful info:
1) Main indicator Daily_Trend
2) T3_clean to help Daily Trend
3) Spread
4) Candle clock
5) Session High/Low (helps to see London breakout)
6) FF Calender with alarm, so I don't forget news and get caught in a bad trade by accident
7) minichart showing USDX and DJI (Dow) in every chart, because they have huge impact, specially on Yen and I trade x/jpy a lot.
General rules:
1) Stick to the rules, the system isn't Holy Grail (what a disapointing fact) and you stick straightly to rules until you know the system and places where you can make exeptions. I'd say it would be at least 3 weeks learning and trading the systems and getting to a min 70% winners.
Be patient, patient and patient- wait for valid signal, you get them, don't be greedy to enter earlier to get more pips, don't teas the system and your luck.
2) Use M15 (later can move to M5 to get in trade earlier, but LATER, not in a first week).
3) Don't trade dead market or Daily Trend being quite flat, no angle, no clear direction chosen. Other half of NY, sometimes all Asia and start of Frankfurt can be too dead to trade. So just don't.
Keep an eye on charts about London opening - market chooses direction, try to get on board. Volatility, nice Daily trade indi angles and arches are your friends.
Entry and exit, timing matters:
Template&indis
Less is more, I have 1 indi giving me entry, another helping it and others for useful info:
1) Main indicator Daily_Trend
2) T3_clean to help Daily Trend
3) Spread
4) Candle clock
5) Session High/Low (helps to see London breakout)
6) FF Calender with alarm, so I don't forget news and get caught in a bad trade by accident
7) minichart showing USDX and DJI (Dow) in every chart, because they have huge impact, specially on Yen and I trade x/jpy a lot.
General rules:
1) Stick to the rules, the system isn't Holy Grail (what a disapointing fact) and you stick straightly to rules until you know the system and places where you can make exeptions. I'd say it would be at least 3 weeks learning and trading the systems and getting to a min 70% winners.
Be patient, patient and patient- wait for valid signal, you get them, don't be greedy to enter earlier to get more pips, don't teas the system and your luck.
2) Use M15 (later can move to M5 to get in trade earlier, but LATER, not in a first week).
3) Don't trade dead market or Daily Trend being quite flat, no angle, no clear direction chosen. Other half of NY, sometimes all Asia and start of Frankfurt can be too dead to trade. So just don't.
Keep an eye on charts about London opening - market chooses direction, try to get on board. Volatility, nice Daily trade indi angles and arches are your friends.
Entry and exit, timing matters:
Template&indis
