How to Trade Short-Term (Day-Trade)

How to Trade Short-Term (Day-Trade)

From dailyfx.com

For every 10 traders that come to markets, at least 7 of them want to ‘day-trade,’ or as we call it in the forex market, ‘scalp.’ Even though many of these traders are still learning the market or are very new to trading, they know they want to embark on short-term trading. The rationale behind this desire makes sense. After all, for most things in life the biggest rewards are for the hardest workers; those exhibiting the utmost of control and discipline long enough to properly implement their plan or strategy. But trading is much different in the fact that this ‘greater control’ that might be offered by ... (full story)

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Comment #1
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May 2, 2014 2:58am May 2, 2014 2:58am

cuchuflito
Joined Nov 2008 | Status: Member | 390 Comments

Buy a HFT maschine and make millions hunting stops.

Comment #2
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May 2, 2014 4:20am May 2, 2014 4:20am

reldas
| Joined May 2011 | Status: Member | 75 Comments

Interesting article. Basically the suggestion is to use on the 5 min chart three moving averages as follows:-
8ema
96ema (8ema on 1 hr chart 8x12 as there are 12 5 min bars in 1 hr)
408ema(34ema on 1 hr chart 34x12 as there are 12 5 min bars in 1 hr chart)
It is quite a good idea however it is essential to have a very high level of discipline and very good money management and very clearly defined stops and targets otherwise you will get burned.
On MT4 I am not aware of the conversion feature to convert the max However i presume this is the theory behind the guys suggestions.
Happy trading

Comment #3
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May 2, 2014 4:23am May 2, 2014 4:23am

GDR3k
Joined Mar 2011 | Status: Bullish Behavior | 225 Comments

Absolute rubbish.

Comment #4
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May 2, 2014 5:01am May 2, 2014 5:01am

Johno77
| Joined Jun 2013 | Status: Member | 51 Comments

I think I will stick to my good ol' trendlines and formations.

Comment #5
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Edited 7:25am May 2, 2014 5:39am | Edited 7:25am

Mingary
Joined Mar 2011 | Status: I should be on your ignore list | 2344 Comments

Interesting to see what manual system is recommended to lose money in the forex.

Comment #6
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May 2, 2014 6:29am May 2, 2014 6:29am

love.l0ve
| Joined May 2012 | Status: Member | 96 Comments

How to kill yourself

Comment #7
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May 2, 2014 7:48am May 2, 2014 7:48am

reldas
| Joined May 2011 | Status: Member | 75 Comments

Just to clarify myself. I actually do not use indicators as they are all lagging I rely on price action reading candle patterns supply demand from the higher time frames
and am happy with that.
Happy trading

Comment #8
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May 2, 2014 9:16am May 2, 2014 9:16am

okie dokie
| Joined Nov 2011 | Status: Member | 90 Comments

Follow this and become the best kamikaze gambler!

Comment #9
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May 2, 2014 12:08pm May 2, 2014 12:08pm

reldas
| Joined May 2011 | Status: Member | 75 Comments

yer that is awesome to do however if you can read candles you have an edge over the kamikaze guy LOL

Comment #10
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May 2, 2014 12:38pm May 2, 2014 12:38pm

sattirajuk
| Joined May 2014 | Status: Junior Member | 1 Comment

here is the multi time frame indicator which plots higher time frame MA on lower time frame
http://fx-knight.com/smForum/index.php?topic=420.0

Story Stats

Posted: May 2, 2014 12:53am
Submitted by:
Newsstand

Category: Educational News

Comments: 10 / Views: 4,665