Most people who are interested in Forex trading are ordinary people without training or previous experience in short-term trading, which, unfortunately, are being sold a bill of goods. night shopping tote irresponsible change is like the Holy Grail, and show clips of testimonials from some lucky people who have done some atypical trades. “I made $ 800 this morning before going to work,” “I cleared $ 3000 my first week, part-time,” this type of waste.
Although there is some merit to the four arrows all lighting green, indicating that the price trend is in one direction for several different periods, a blind following is a horrible system. You can not just call yourself a trader if this is your approach. You are just a monkey pushing buttons. It will not make any long-term benefit as a monkey – maybe a banana here and there, but it will slip on the peels. Think about it – if this software could actually make money, as they say (practically on autopilot), no way to sell it. They would get much richer simply by using TI same large trading positions.
I’m not saying that daytrading change can not be beat. By contrast, trade the EUR / USD intraday successfully. You can probably do it too. But avoid buying an expensive system. In fact, I recommend completely avoiding mechanical systems. All you need is some basic training in the form of technical analysis, any idea of a solid approach and some experience watching the markets to get a feel for them.
It is probably best to focus on a couple. That’s what I do, only the EUR / USD. Sometimes, if you really begins moving’ll cross other currencies to try to figure out what’s going on, but not exchange me. Just to see a couple of regular hours to develop an idea of the trading action and can tell when conditions are strange
There are really only two days of commercial forms :. Continuation or reversal. Continuation includes breakouts and trends, whereas revocation is concentrated on the side edges markets, betting against an escape. What time trade should dictate what style is right for you. If you want to trade during the busiest hours you will probably want to check for leaks and try to ride the trends. If you are working in the quieter hours, then disappears at the edge of the range is the most likely configuration. Either way, success comes using appropriate risk versus reward analysis, which means that the definition of your stops and profit targets in the right places.
Personally, I trade the EUR / USD market after hours. That’s what I like. In addition, it is what it is convenient for me, because I live on the West Coast of the US .. So I’m watching the market during the trading period Asia, other markets are open. And I’m looking operating ranges, particularly double-double tops and bottoms of support and resistance levels above. Usually I dejo 5 business and earn good week 3 with a victory of about 1.5 times my average loss. Therefore, it is a good methodology because 1.5 + 1.5 + 1.5-1-1 = 2.5. This is a positive number and a good
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Now, if I wanted to play outbreaks and continuations of trends that would only change during the overlap period of New York / London, which is between 8:00 and 12 EST .: 00 hours (or very early in my time, I prefer not miss those dreams early in the morning). This is the time when such transactions have the best chance to exercise for this pair.
The most important part of any trading system is to have a methodology, stick to it, be good at it, and make it work for you. If you are not disciplined enough to follow their ideals trade, then it would be better if it was a monkey pushing buttons when all the lights turn green, as their losses will probably be lower.
