The last couple of weeks I’ve started trading for my self at eToro instead of just copying other traders. Before I started trading I read a lotm studying a lot of charts and trying out different things with EAs in meta trader.
I have tried a lot of indicators, and a lot of different strategies (mostly based on moving averages) but it doesn’t really work that well according to me. It might be that I do something wrong, but I just cant get a nice result from it. So I just throw every indicator away except moving average 200.
So the last two weeks I’ve been trading after work and sometimes from work and have done 14 trades and lost 6 of the and right now i have two trades with a good profit. The profit have been around 10% in two weeks which is way better than my copied traders. I know that two weeks of trading doesn’t say anything, but I still feel like I’ve started to crack it a bit.
Since I started with forex I’ve been thinking a lot of the lagging indicators and in the back of my mind I had this feeling that it would never work for a long period of time. So right now i’m just using candle stick charts and a currency strength meter.
I start the trading session by looking at the strength meter and try to find one strong and one weak, for example a strong dollar and weak euro. Then I go in to the chart, draw support/resistance for different time frames (usually 4h, 1h and 30 min) and see if if can find a interesting reversal or break. If I find anything i will use the support and resistance to place TP and SL. And this seems to work, my last 10 trades are 8 wins.
In my mind it should be harder, but who know….
As a side note. I had the intention of starting trading on a demo account this time as well, but I just cant stay focused when there is no money involved, it’s not fun or interesting. But if you are like me, start small. Right now I lose a maximum of 2 dollars on each trade which is not much, but enough to keep it interesting.