In order to set goals and make the right choice, of course, you need confidence and a certain practice, and if at the initial stage this does not happen, you do not need to be afraid, but practice and achieve results.
Joz8 posted: Totally! Forex is all about the right timings. There can be a huge difference in your earnings depending on the time you enter/exit a trade
Absolutely agree with you and I believe that one thing traders find most difficult about trading is timing. Also, since this is the only variable that influences the profit or loss position, the trader tends to feel the emotional turbulence that could affect the decision.
layerchazard posted: So when we talk about the entry and exit timings, how do you measure these? I have been facing a lot of difficulty in making the right judgment. Please help.
I usually follow a technical analysis approach for entering the forex market. This includes the price charts and platforms like Metatrader, which your broker (Fxview, IG, FXCM, etc) can introduce you to. These can be used to access the movement of the currency in the past and also how it’ll act in the future. The best part about software like these is that you can easily look into a pattern of the price movements to select an entry point. Also you have a series of execution tools that can help you specify when the trade will be closing. Say for example a stop-loss that helps the trader to mention a point where the position will close in case they’re making a loss. This means even if you’re not online to exit manually, the tool can do the part for you. You can set your maximum loss level in advance and the emotion aspect is left behind.
Discipline cannot be maintained without a trading plan. Every trader has a plan according to which he participates in trading. It is never possible to trade without a plan. Forex trading is a combination of many strategies, and if that combination is not completed through a plan, it is not possible to make a profit.
Michihito posted: Good timing is essential for a decent entry and exit from trading. In the event that you can make a correct passage at perfect time it will give you great benefit. The inverse is additionally valid. Closing a trade at correct time is likewise imperative. If you're timing isn't right you will wind up losing your money.
Here in forex, good timing generally means carefully entering and exiting your trade. Technical analysis helps to ascertain the entry and exit levels.