So for a new trader what is required to become know for intra day trading like
For just how long to maintain 1 trade
How many pips to target
Which indiors to use
and Which Pivot Points to be used?
So for a new trader what is required to become know for intra day trading like
For just how long to maintain 1 trade
How many pips to target
Which indiors to use
and Which Pivot Points to be used?
All these questions will be answered when you loe a system and set up you feel comfy with.
Goal is usually determined by a risk/reward ratio. If your transactions are only generating 50% win rate. You know your risk reward has to be atleast 1:2. Meaning, you risk 10 pips per transaction and goal 20 pip return.
This is why demo testing is so important when you do indeed find a system you trust and would like to keep trading.
Best of Luck
Oh, if I could only be certain about this fact, I would stick with it for a couple months as my main practicing pair.
I will check older charts and check that out. Thank you very much for your time along with your recommendation.
usmanp and Forexnuts. Thank you guys for helping.
Thank you, fxty.
I have not tried any of these systems. Do you have a easy one to recommend for beginners like myself? One which doesn't have a lot of indiors and distractions?
Thank you.
Learn candlesticks patterns and naked chart first, learn how to spot the chart itself without anything pure blank chart is all u need, even after years of trading, all experienced traders drop back into pure charts,, no indiors, no boilinger bands, nothing all , just utilize horizontal line is all u need.
Novices should learn how to make things easy, by studying price action, and seeing just how one candles move to another, what does each candle claims about the price itself, and also the volatility during different sessions.
After learning price actions with basic support and resistance aka demand and supply, then simply u find suitable indiors which are not lagging.
Instance like ema, sma, but nothing known as what ma cross what ma all are nonsense and postpone indiors.
Know about price action candle overlapsing exactly what ma will shows what result, reject what ma will reveals what result, do not ever listen or learn about 7 cross 21 etc, all are slow and delayed indiors.
Rsi, cci and even boilinger bands are stuff which junked up the charts and myths which the brokers and market wants you to understand.
Know about fibo and trendline, and every fibo rules.
Do paper trading seriously if u wish to learn. Only until you're confident with your own system, u laid out the rules and get started trading on very modest amount like 0.01. Then gradually move up once u found consistency and minding of rules such as stop loss to handle your trading plogy and ethics.
Try to see nial fuller's site, google it , it shares about price action and suggestions about trading management such as plogy etc..
Most novices neglected since they dun have rules, and always use the assumption if only if only if only however end up blowing off all of their live accounts to brokers in an issue of time.
5percent, great recommendations, will use it for myself also.
What about that
These assumptions would be the requirements of a trading egy, which trader has, aren't they? Why is that thought I don't understand. Or are you saying this one associated with the subject - choice of pairs to exchange?
It's the fine line between trading - gt; with discipline and trading system/plan
rogue trading with luck and anyway implementation with trader's feelings.
And rogue trading will meet mc and stop call in an issue of time and use the if only if only I'd do so this
in actuality, currency moves how it's, against usd against jpy, down, cross -relation, co-rrelation etc etc. finally inter-linked, but investing in a pair that is technically satisfied would be aud/usd according to my recommendation for him, in comparison to eur/usd etc., perhaps jpy pairs.
That's my advice for him.
Thank you for the detailed answer.
I have spent the previous year studying only the things you mentioned, candlestick and chart patterns, Fibonacci, trends etc.. A fantastic man like you gave me this advice when I started out in late 2011, and that I followed that guie for all this year. I'm really glad I did, by the way.
Now I feel like there's another degree, I feel as if there's something missing and I am trying to find out it. Probably what's missing is connecting all these items together concerning price action. I will more frequently look at the AUDUSD as you advoed, since you say they tend to be a technical pair.
Thank you