Kreslik.com - traders community since 2006

Hi mates,

I'm a newbie trader and have been learning about the Forex market for the past 5 months on a demo account with oanda. I have a couple of questions for experienced traders on the forum.

FYI, I'm currently studying day-trading strategies to be used in the early hours of the Japan session. I'm located in Toronto but since I have a day-time job, I can catch only the first few hours of Japan. Also I wont be able to start with more than $5000 when I go live.

1- In the Japan session (7-11 EST), market is moving pretty slowly and trendless most of the time (I get the trend from 30min chart and trade in 5min chart) and as a result of low volatility, indicators are not as reliable. I'm getting a little frustrated with this, so I was wondering if anybody else in my situation can make reasonable winning trades/pips within these hours. Also I can't go for short term trading due to the size of my account and the fact that I won't be able to watch the market in the daytime Europe and New York. Any advice is greatly appreciated.

2- I would like to backtest my strategies but I don't know programming. well I know the basics as I used to write simple programs in Pascal but I haven't touched that for a few years. So for someone with little programming experience who is still doing demo to learn, what provider do you guys think is the best for backtesting.

thanks,
Omid

In your situation consider using an expert advisor (mechanical system) as a second strategy.

Which pairs do you trade? during japanese session us/european currencies are slow but yen, aud/nzd and sometimes gbp/jpy are moving pretty well.

consider also strategies requiring only 15 min of work daily - for example simple daily breakouts, you put orders at 17-20 est and thats all.

Hi dot.

I watch USD/JPY, EUR/JPY, AUD/USD and GBP/JPY. but haven't looked at NZD pairs yet. Also I'm learning MQL4 to automate my trades when I can't watch the market.

thanks for your advice. I'll look into break out techniques for this time frame. BTW, do you know any decent book or course about MQL4 for beginners? I have googled but didn't find anything but a few so-called courses which are more like a dictionary than an educational course.

Omid