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I am trying to make a start in trading Forex and I have had many starts in the last few years and I find that my biggest issue is actually a few things one of which is trying to put away the time each day to read and understand the charts and what they are telling me. I am in Sydney and my work day commences as the charts are closing and by the time I get to the office things happen and I do not get a chance to analyse the markets. I really like the idea of the double Bollinger Band strategy and I am trying to understand this. I looking for ideas from other traders that are somewhat successful in their trading journey that also have busy jobs as to how they approach their analysis and also what notes do you take when you analyse the charts?
I know some time ago a person advised me to take notes and write down what was happening in the markets everyday and this would assist with the analysis. I am looking for some advice and some guidance and also some ideas as to what works for everyone.
I would appreciate your ideas on this one.
Thank you
Hi Edward,
Have you tried the below system? It is much easier. It is mechanical, so that I won’t cost you lots of time and brain energy, and its success rate is good:
Stochastic, RSI and MACD Positions in a Bollinger Bands Squeeze Breakout
Thanks Vahid, I like the look of Bollinger Bands especially the dual bands where the 1 SD and 2 SD are used. I am currently watching a couple of pairs to see where they are headed. I will read the article and I will come back with some questions if that is okay.
https://www.luckscout.com/our-profitable-forex-trading-strategy/ Go to the link for assistance
Earlier today I looked at the charts and observed the close of yesterday’s candle closed above the 1 standard deviation line using the dual bollinger band strategy. On seeing this I entered the market with two trades on GBPUSD and GBPJPY. I have checked my charts a couple of times since I entered these trades and they have both gone backwards and now I have just looked again and they are both recovering so I will need to sit tight and see if they head in the right direction during the US session. I have done this with a demo account as I have not done any trading with dual bollinger bands.
Wish me luck.
It seems that I read the instructions incorrectly and the charts as well. I will go back to the drawing board and try again.
I am determined to get this.
Adding to my story and demo trade. I let the trade go and it seems that overnight the Pound recovered and I am now not very far away from my entry point and then hopefully during todays US session it may turn positive. Lets wait and see what happens during tonights trading.
Update on my demo trading, the GBPJPY trade has turned positive overnight and now I will let it run and see if it breaks my take profit line. GBPUSD trade which stopped out the other day, I have found that the pair turned around in overnight trade and it appears that I needed to set my stop loss better and I would have been in positive territory with this one.
I will see how the GBPJPY trade goes next week.
I hope everyone has a good weekend.
How did you fair in the end Edward?
It can take a long time finding a strategy that works for you as everyone is different. The Bollinger Band squeeze has always proved quite effective though in generating a return. Its all about practice and patience
I just restarted my forex trading journey due to several failed attempts. I am practicing the Luckscout forex trading strategy with my demo account. I hope to make headway and become a consistent profitable trader.
“I know some time ago a person advised me to take notes and write down what was happening in the markets everyday and this would assist with the analysis”
Simplicity is the key but our mind refuses to accept what it simple and if it becomes complex, our mind begins to look the simple way. This is my observation in this market.
if you are doing double Bollinger band, simple follow the stipulated rules until you mind get acquainted with it. This will help you create metal picture of the chart.
Follow a specific time frame with the strategy. what guides me is this question.
1. is it a valid set up based on the SIGNAL I FOLLOW? if yes
2. Do i have a better entry level? if yes
3. Do i have a stop loss level, If yes
4. Execute and set stop loss and take profit.
So KISS(Keep It Simple Stupid) is the key.
I like the comment above.I have tried this Fired thing before but I got caught with the wrong things and the wrong people. There are so.many so called gurus that sell you an idea on how you can get super rich trading Forex.I have been advised to be careful of them.I will look into that.
I have tried to trade before but I didn’t have much understanding of its so I lost everything after that I was scared of everything to do its again because it’s was scams
I am trying to learn from last five years. I was not successful ,but i try to put more time to learn support and resistance lines and trend lines along with candlestick patterns on weekly and monthly time frames. My results have improved a lot. I am doing in demo account as well small positions in live account.