Please help
Anggota Sejak Nov 13, 2015
35 pos
Nov 22, 2016 at 15:45
Hi guys, I'm afraid there is no best strategy that fits everyone's needs. Trading microlots is a wise approach if you are new to trading. But you will need to be very patient as you won't be earning a lot per trade. What is your style - intraday or swing?
A knight's tale!
Anggota Sejak Oct 08, 2016
58 pos
Feb 24, 2018 at 10:44
for newcomers Demo trading is really important , but mostly traders don’t believe the importance of this trading place at all , so it would be better if we use mini account instead of demo account.
To change your trading result, just change your thinking.
Apr 04, 2018 at 10:34
It's hard to give advice to new traders when you don't know what level of trading experience and trading knowledge they have. But I can tell you what worked or me 7 years ago.
Many new traders tend to trade the smaller time frames like 1 to 15 minutes, because that's where all the 'excitement' is. Problem is, if you don't know what you're doing trading these time-frames you usually try and take profits quickly and sit with losing trades far too long. That's what I struggled with in the beginning. Take profits way too soon and not get out of loosing trades quick enough.
Eventually I learned that I need to look for trade setups on the higher time-frames. 30 mins if I trade intra-day and 4-hour or daily for swing trading. Best advice, based on personal experience, is to look for trade setups in the direction of the longer time-frame trend (Daily and up) on the 1-hour or 4-hour charts, and look for these setups near key Daily support/resistance levels.
Patience is key on a micro account. Choose your trade setups carefully. Don't force trades.
Many new traders tend to trade the smaller time frames like 1 to 15 minutes, because that's where all the 'excitement' is. Problem is, if you don't know what you're doing trading these time-frames you usually try and take profits quickly and sit with losing trades far too long. That's what I struggled with in the beginning. Take profits way too soon and not get out of loosing trades quick enough.
Eventually I learned that I need to look for trade setups on the higher time-frames. 30 mins if I trade intra-day and 4-hour or daily for swing trading. Best advice, based on personal experience, is to look for trade setups in the direction of the longer time-frame trend (Daily and up) on the 1-hour or 4-hour charts, and look for these setups near key Daily support/resistance levels.
Patience is key on a micro account. Choose your trade setups carefully. Don't force trades.
Keep it simple, be disciplined, get rich slowly and above all protect your equity!
Apr 06, 2018 at 12:02
I like to look at price action myself. I look at the Forex market like a hug rubberband. Usually when price spikes in one direction it will retrace to the opposite direction at least 60%-70% on average. The hardest thing to do is wait fo those spikes.
Apr 10, 2018 at 14:17
noyd8915 posted:
I like to look at price action myself. I look at the Forex market like a hug rubberband. Usually when price spikes in one direction it will retrace to the opposite direction at least 60%-70% on average. The hardest thing to do is wait fo those spikes.
Another option is to use EA instead to wait for such spikes :).
If I am not mistaken there were a similar strategy 'power candle' if I am not mistaken.
Anggota Sejak Jul 24, 2018
10 pos
Jul 24, 2018 at 12:04
BaldoN posted:noyd8915 posted:
I like to look at price action myself. I look at the Forex market like a hug rubberband. Usually when price spikes in one direction it will retrace to the opposite direction at least 60%-70% on average. The hardest thing to do is wait fo those spikes.
Another option is to use EA instead to wait for such spikes :).
If I am not mistaken there were a similar strategy 'power candle' if I am not mistaken.
This strategy sounds interesting and 'do-able'. Would you buy an upwards spike or sell the upwards spike ?
