Hi guys, I have been having quite a rough time with forex. I am having a bunch of fun mind you, but I am getting beat up. I am glad for this community as it provides me with inspiration how people fall and get back up. I know I will get there but I just need some help. It turns out I have a knack for picking the opposite direction of the market. 80% if what I place, hits the stop loss. Granted, that I am only trading a demo until I get good, but I still cannot seem to understand a few things.
1. I took a forex course and understand that the market waves etc. However, How can I tell from the daily/4hr chart if the market is going up or down? For example, when the market retraces, sometimes it completes a full fibonacci wave. In that wave sometimes I think that it is a reversal, A lower hi or a lower low or vice versa. This confuses me as I do not know if the market is still going up or down and therefore, which way to buy.
2. How do you enter the market after a indicator has been shown to you. For example, I have been trying out bagovino's method and sometimes i get stopped out after the initial cross. When is it safe to get back in? When I view the charts sometimes after I get stopped out, I watch the market and it carries through to a huge trend.
3. Suppose I do get in at the right time, how do I know when to place more lots on a trend?
4. Money management - When I am not able to watch the market, sometimes I make a profit but by the time I look at the market again, I have suffered a loss. How can I get out of the market before I lose money without watching it. Do I need some form of EA for MetaTrader?
thanks guys.
1. I took a forex course and understand that the market waves etc. However, How can I tell from the daily/4hr chart if the market is going up or down? For example, when the market retraces, sometimes it completes a full fibonacci wave. In that wave sometimes I think that it is a reversal, A lower hi or a lower low or vice versa. This confuses me as I do not know if the market is still going up or down and therefore, which way to buy.
2. How do you enter the market after a indicator has been shown to you. For example, I have been trying out bagovino's method and sometimes i get stopped out after the initial cross. When is it safe to get back in? When I view the charts sometimes after I get stopped out, I watch the market and it carries through to a huge trend.
3. Suppose I do get in at the right time, how do I know when to place more lots on a trend?
4. Money management - When I am not able to watch the market, sometimes I make a profit but by the time I look at the market again, I have suffered a loss. How can I get out of the market before I lose money without watching it. Do I need some form of EA for MetaTrader?
thanks guys.