{quote} That is a good point that every trader should keep in mind. Whatever advice youre given, in the end its you who decides when and what to trade.
Ignored
yes it is we do, and things we have to prioritize in before plunging into trading forex trading by trying to prepare for what we do as we did with the demo account can do with the discipline to keep going in the discipline in carrying trade forex its and without a preparatory
to trade in forex trading should have maximum knowledge and experience further for success if we want to get. it may be that we have to do in running forex trading business is by learning to prepare all sorts of ways to get consistent profits obtained
Ignored
Knowledge and experience is mostly needed in FX traing for ensuring success. I admit it. But despite of god trading knowledge that’s not possible at all to lead a successful trading life without having a reliable support form a credible trading broker, because the broker can affects the result of our trading with certainly.
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Additional Username
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Joined Mar 2017
|209 Posts
Broker is important but not a big deal at all that you have explained. Broker provides just us a platform nothing to do without it. But trading knowledge, trading discipline money management and much more inevitable parts of trading we have to acquire which is very supportive to lead a successful trading life with certainly.
If your trading based off support and resistance trendlines and supply and demand what is the best way to find trades
Ignored
Absolutely, support and resistant is the most important parameter of the market trend! In addition, I identify S/R levels manually by using horizontal and trend lines of the market; I don’t use any indicator for support/resistant!
Broker is important but not a big deal at all that you have explained. Broker provides just us a platform nothing to do without it. But trading knowledge, trading discipline money management and much more inevitable parts of trading we have to acquire which is very supportive to lead a successful trading life with certainly.
Ignored
I agree, broker just make sure a trading platform but besides this, they are able to affect the result of our trading. So we can’t ignore the importance of right broker choosing.
Forex has caused large losses to many inexperienced and undisciplined traders over the years. You need not be one of the losers. To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging forex trading.
I suggest you to consider all time frame support and resistance first like fibonacci and pivot point. For time frames it depends by your way to trade. I use D1 and H1 mainly.
This question is so hard. Anyway, you can only know when to trade if you have put a lot of effort in to practicing. Your experience will tell you when and when not to enter the market.
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Additional Username
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Joined Sep 2017
|217 Posts
Well, I select my trading pair according to my personal trading strategy! Basically, in my live trading account I am trading with 8 major currencies! In addition, my daily trading target is only 15 pips, in average I get my daily target so comfortably by using these 8 currencies! When I get final conformation then I open this trade in order to my trading plan! My strategy provides me 65-70% success ratio.
Well, I select my trading pair according to my personal trading strategy! Basically, in my live trading account I am trading with 8 major currencies! In addition, my daily trading target is only 15 pips, in average I get my daily target so comfortably by using these 8 currencies! When I get final conformation then I open this trade in order to my trading plan! My strategy provides me 65-70% success ratio.
Ignored
May I know, details about your trading strategy? What’s the list of ingredients of your trading strategy? What’s your future plan or new trading pairs with your strategy?
{quote} I agree, broker just make sure a trading platform but besides this, they are able to affect the result of our trading. So we can’t ignore the importance of right broker choosing.
Ignored
Yes it is. That’s why we traders should choose the accurate trading platform which is more appropriate to the concept of trading that will be used.
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Additional Username
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Joined Dec 2015
|3,529 Posts
I, personally, trade the popular trading pairs and in order to find good entries and exits I use candlestick analysis in conjunction with Bollinger Bands and trend lines.
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Additional Username
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Joined Mar 2017
|490 Posts
In my trading, I use a fixed list on trading instrument! In addition, I have selected this list in my practice account according to the practice list! And, I don’t trade in my live trading on any unknown trading pair! On the other hand, my strategy helps me to know, when to trade!
According to what I found in years of trading, if You trade with trend (buy strong sell stronger or sell weak buy weaker) and if using a high leverage, it is important to use some oscillator-type indicatorfor entry and exit(unless you can read a lot from formation and shapes of candles).
Good is RSI or MACD (some traders use Stochastic as well ).
Take one of them. Don't look on every oscillator -it will make You very confused.
To enter well the long trade the oscillator should be quite low (e.g. RSI[20] < 30)
To enter well the short trade the oscillator should be quite high (e.g. RSI[20] > 70)
Otherwise it might be too late if this will be not extremaly long-lasting move.
Moving average is not the best idea, as often when the price is breaking the MA it has a half or more of the move already done.
Better idea is to use for example lower bollinger band (MA - StdDev) as MA for long positions
or in opposite, use higher bollinger ( MA + StdDev) as MA for short positions.
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Joined Mar 2017
|490 Posts
That’s way, I do technical and fundamental analysis regularly! In addition, when I get suitable entry point according to my trading analysis only then I open my new trade position, otherwise I wait for the suitable condition of the market!
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Joined Jul 2020
|135 Posts
Making money from this market is the main motto of every trader. But it is not so easy. You need to be very learned and educated to make profit from this market.
In the beginning, I found it difficult to identify support and resistance levels. But now because I know, I want to tell you that they are very important indicators. You can clear a lot of your doubts on the basis of these.
