Hi, newbie here. I started learning fx trading few months ago, and burnt my $1000 account. I was with fxpro which only allow 0.1 minimum, and switched to axitrader now on my second $1000 account which allow smaller 0.01 lot minimum.
I've read few strategies in here and I noticed many ppl recommended daily chart trading with no more than 0.05 open at any single time, so I'm trying this strategy for now. A month in progress my current equity is at $1100.
Aside from this I've also been trying news trading. I noticed many USD news announcement (red item on calendar) like unemployment rate, PMI etc often causes price spike like this:
That gives me idea where if announcement comes at 15.30, we wait until 15.30 15m bar opens, guess the direction by looking at 80-100pt short spike, and place 1 lot trade in that direction with the hope it will continue 600-700pt. I also placed stop loss immediately to limit risk.
I also checked previous 4-5 same announcement to get the idea about how much spike and whipsaw might happen.
So far I've tried this 4-5 times with mixed result, there's one success where I made $530 gain, but the others failed either due to premature stops or whipsaws.
I often struggle trying to figure out where should I place my stops.
Has anyone succeeded applying this technique for a long term? What can I do to improve this strategy, or should I just forget about it completely ?
I've read few strategies in here and I noticed many ppl recommended daily chart trading with no more than 0.05 open at any single time, so I'm trying this strategy for now. A month in progress my current equity is at $1100.
Aside from this I've also been trying news trading. I noticed many USD news announcement (red item on calendar) like unemployment rate, PMI etc often causes price spike like this:
Attached Image
That gives me idea where if announcement comes at 15.30, we wait until 15.30 15m bar opens, guess the direction by looking at 80-100pt short spike, and place 1 lot trade in that direction with the hope it will continue 600-700pt. I also placed stop loss immediately to limit risk.
I also checked previous 4-5 same announcement to get the idea about how much spike and whipsaw might happen.
So far I've tried this 4-5 times with mixed result, there's one success where I made $530 gain, but the others failed either due to premature stops or whipsaws.
I often struggle trying to figure out where should I place my stops.
Has anyone succeeded applying this technique for a long term? What can I do to improve this strategy, or should I just forget about it completely ?