Resolved Question
I finished reading the lessons on babypips...now what?
I finished all the lessons on babypips.com which was really, really helpful and insightful. I have also opened a MT4 demo account too but thats where I need help. Im guessing the next step is picking a pair, time frame, and then indicators and research? How many indicators is recommended? I have already set up a chart of the EUR/USD and have been looking at the 1D and 4H. The indicators I have added are the RSI, Stochastic and Par. I am trying to add a MACD indicator but for some reason only one moving average shows up; I thought there was supposed to be 2. Am I on the right track? Obviously research before I enter a trade and follow my risk/money management rules but is that all there is to it? When do I add or use other indicators? When do I apply Fibo/Elliot Wave levels to my graph?
11 months ago
Best Answer - Chosen by Voters
You are on the right track. I would suggest using indicators ONE AT A TIME. Once you learn how that indicator moves with price, you can try another or add more. Of course, there is also the danger of using TOO many indicators.
Why don't you look at some of the trading systems in the BabyPips.com forum? There are some great systems there that use some popular indicators.
11 months ago
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Yes you are in the right track but when you try to trade by the book sometime you get confused and scared because is a lot of information. Chose one indicator, the one that you understand better and feel comfortable, and try to analyze the graphic, also remember to pay attention to the fundamentals aspects of the pair you are trading.
Try reading daily analyzes provide by your broker or other forex traders analysts. Be discipline and be patience, once you start trading you will know when to use other indicators and when to enter or exit a position.
Good luck.
10 months ago
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