Posts Tagged ‘Forex strategy’

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Reevaluate Your Strategy

Start by paper trading: Do not risk your hard earned money in trading without adequate experience. So, start with a demo account or paper trading. Observe your performance for a couple of months by using a trading journal. If you are consistent with profits, then move towards a real account. With demo trading, there is nothing to lose or any psychological pressure involved. Use limit orders: Use […]

Learn the Trading Strategy

Stick to your trading strategy: Do not let emotions influence your trading decisions. Day trading is a risky venture. Hence, pay attention to money management. Do not change your strategy: if you find it not working anymore. Pay attention to volatility. Do not worry about losses as they are inevitable in trading. Pay attention to the economic calendar: News announcements and economic releases have […]

Learning the Basics of Trading

1. Get access to currency charts that shows you up-to-date information. You access them on the MetaTrader platform, which is given for free from your online broker. 2. Choose the timeframe that you are comfortable with. It should match your trading style and personality. You can choose the 5-min and the 1-hour chart for scalping. You can use the 4-hour and daily chart for intraday trading. You can […]

Looking for Pattern

1. Support and resistance: Support and resistance are important tools in technical analysis. A support level represents a level at which a financial asset is prevented from falling further down. A resistance level is a level, which prevents an asset from rising any further. Support and resistance are correlated with supply and demand of an asset. 2. Identify head and shoulders pattern: This is a reversal pattern occurring at the end of an uptrend. It […]

Stop Thinking About Money Gains (and Losses) When Trading

There is not a single trader out there who do not want to make money in forex trading. However, as a forex trader, you should not be focusing only on the amount of money you make or worry about your profit. So, do not be one dimensional. Do not worry about how much you win or lose from few trades. There is one big problem […]

Successful Trading Is Not Just Putting in Screen Time

As a forex trader, you may be putting in enough screen time. But, is that enough? The trader's capacity in terms of experience is also important. Time in front of your screen means nothing without taking the time to consider what is going on. You must have the trader's ability to observe the markets. You are responsible for your trading actions. Consider the impact of market events like news and economic releases. […]

Keep Trading as Simple as Possible

As a forex trader, trading becomes over-complicated at some point. In this case, you should try the book, "The Ultimate Guide to Price Pattern Trading". One important thing is not to overwhelm your trading plan with too many variables. Hence, try to keep it simple. So, what prevents you from keeping it simple? By doing the following, you can keep it simple. Try one thing. Then […]

Three Things That Losing Day Trades Can Tell You

Losses are inevitable in forex trading. So, do not try to avoid them. So, you need to overcome the fear of losing in trading. You can overcome your fear by analyzing your trading mistakes. Consider that you have a trading strategy, which has a positive expectancy. This will result in increasing your confidence and your money management skills. It is important that you stay with your […]

Does Yesterday Matter for Trading Today

Financial markets that you trade will constantly shift from balance to imbalance. The balance shifts from a consolidation range to a trending market and so on. The most relevant and new information we have about the possible acceptance of price is by comparing the open and the market's reaction to yesterday's price range. You can look at yesterday's trading session and see how the financial asset performed. The ATR Is a popular indicator among day […]

What Is Volatile Market? How to Profit from Volatile Trading?

Volatile market is one, in which the market makes huge price movements in a short period of time. Volatile trading refers to making advantage of these huge price movements to profit using risky strategies. This kind of trading is used frequently by scalpers and intraday traders. When big events happen, then there is a significant drop or rise in the value of a currency. Here are some of the examples. When Venezuela suffered high […]