Resolved Question
Need help setting up a Begginer's Trading System.
Hi to all the member traders,
I am quite new to this group and this is my first post. I have been learning to spread bet in forex using babypips.com and have dedicated quite a lot of time and effort and am currently trading using a live account with igindex.co.uk
My problem area is the trading platform setup and time frames as in babypips.com it is suggested that its good to use a daily chart and the setup criteria for indicators was suggested as 5 EMA and 10EMA, stochastics 10,3,3, RSI 14. this criteria is being suggested in order to start as a swing trader using daily charts.
I wish to do day trading and hence request any one amongst the experienced members of the group to suggest me with the settings and time frames for technical analysis to suit a day trading criteria.
also like I discussed above that I am with igindex.co.uk at the moment, can anybody suggest if igindex a good choice made by me? or are there any other brokers who are better than them for a complete beginner like me?
thanking you
yours faithfully
SRI
over 2 years ago
Best Answer - Chosen by Voters
Hey there! For day trading, it might be best to focus in on the short time frames, like the 15-min, 30-min and 1-hour charts. These might give you the best signals for intra day trading. You can look for chart patterns, use the Fibonacci tool, support and resistance levels for short term trades. Another option would be to trade the news, although as a beginner, you may need a lot of practice with this. Lastly, dont forget that the longer time frames can still be useful. They can help determine longer term trends and major support / resistance levels. Using a multi time frame analysis would truly benefit your trading. That being said, I suggest you use a demo account for your day trading as you get used it and develop your own trading system and style. You might also wanna check out MeetPips - lots of traders post their day trades there, so you might be able to get some ideas from there. Good luck trading!
over 2 years ago
Answers (2)
You can also check out the beginner's mechanical trading system on the BabyPips site. Its currently a work-in-progress but you can tweak some of the settings depending on your preferences.
Regarding your broker question, you can head right over to the ReviewPips site to check out what other traders have to say about Igindex.
over 2 years ago
Source(s):
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Make sure that igindex.co.uk is registered with either the NFA (US) or the FSA (UK)
Links below
over 2 years ago
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