Mikehussey posted: Chris, that’s quite some talk for something with a 2.5 rating on forexpeacearmy!
See on your own dude, never go by rating, although I agree FPA is a good source for a lot of trading info, but still go with your own trial. I tested this tool out on a few of the broker sites, forextime, and then started more aggressive use of autochartist.
I kind of rely on them. Could you tell me why I shouldn’t trust ratings in the first place?
Halexpark899 posted: @harshalgibbs I do, on xm. If you like ichimoku, you would probably also like autochartist. You’d find autochartist for free on Instaforex and IC Markets.
Yeah it is available with some brokers for free. The chart pattern recognition and alert system is useful. Gives me some clarity with support, resistance levels and price forecasts.
I keep struggling to figure out the technical analysis part and I’ve been trying to get better at it. Was recently looking at some fibonacci retracement on MT4. Anyway, are you getting it for free with your brokers?
Trading is not just about tools and measurements. It's a lot about understanding the crowd mentality to work with your account in a way that you can minimise your losses. So, while determining the right position size, you better consider your risk tolerance and the size of the account.
I try to maintain low levels of leverage and none of my trades are complete without the use of trailing stops as it reduces the downside and protects capital. I am a conservative trader and I don’t use brokers other than xm and octafx and never use leverage more than 1:5. I know there is a lot more that I need to do but sooner or later, I’ll get there.
Choosing trade size and leverage to use in forex relies upon the capital in your account and trading experience. It relies upon your position measuring as well. A demo account can help you if you aren't sure about what you are doing. Popular FX trading sites offer demo accounts that can help decide the right path through practice with virtual money.
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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