DislikedThanks to everyone for the good words..but i am sacred it may be too late.My parents,friends,every one around all think i am an unserious person,they never believed the idea of online money making...they had no idea about forex even whenever i explain..they all say i am a lazy person cos i sit behind the computer all day trading....Ignored
This is the basic guideline that was taught to me (in Indonesian time/ +7 GMT):
1. Morning - probably just trade Yen. If the difference between today's high or low is less than 38, don't come in yet, as the Yen is prone to changing trend.
2. Afternoon - 1 PM - 2:30 PM if any of the 3 Musketeers (GU/ AU/ EU) break yesterday's high/ low, you can go in with the trend. The best indications will be if the 3 Musketeers break high or low ard the same time.
3. 2:30 PM - 3:00 PM don't trade...prone to volatility.
4. Risk management as mentioned by Worm Boy...VERY IMPORTANT
5. Go with the trend...for newbie scalping is what usually kill us. Don't be afraid to put a Stop Loss. I use yesterday's high or low +/- 2 pips as my S/L.
6. When in doubt (listen to Gershwin) don't come in. It's still money in the pocket. Forex world is a bottomless pit and endless sky...there will always tomorrow. Today's high might be tomorrow's low...
Hope that'll help. Sorry seniors, I don't know much reading graphs...
Please feel free to add or criticize...Thanks