Just starting out with finspreads 10p spread betting and I use price action / Support and resistance lines / some times shapes and basic candle patterns to enter trades , I most use weekly / Daily / 4 hourly charts together to plan my ideas for the day / I try and get a good Idea which way the market is moving in then jump on it with the following , Now I don’t know if I am adding to many different Ideas to my plan and If I Should do long trades rather then Day trades . I guess I at the point where I have ideas of what I want to do but lack the experience and need someone to get me on track so I can be more confident about what I am doing. :19:
Take a look at a thread on here called 3 ducks.
Very simple, very effective. Uses 3 timeframes and 2 indicators. I use it for over 90% of my trades
Good advise for the beginners and its important that they should first understand the basic knowledge and experience of Forex trading and keep up the proper practice until they are able to make consistent profit.
To add to what you have posted, beginners should learn to be hard-working and make sure they learn from their losses and work on trading better. They must also make a great way of improving good on their strategy to trade good.
My humble advice would be to spend as much time in front of charts live or past as your life will allow. read read watch watch watch vids on utube. try diff strats as possible. PRICE ACTION a must first and support and Resistance. then find your way of trading i went through a few before I settled on what works for me.
demos great for learning the platform and trade with as much as u would in real account.
Learn the basics and then trade as much as you can. Trade only with what you are comfortable in losing. As you trade you will soon realise what specific information you require in order to improve. Refer back to this website for the free information. You will also over time find a strategy that suits your personality. Once profitable and confident you can start to add to your capital. The hard work in trading is not learning how to trade but constantly evaluating your self. You should be taking constant notes, journalling, back testing and analysing your overall performance. The quickest way to become successful is by copying someone that already is. You can make a bit of money whilst learning to avoid the mistakes most make. This is good but not sustainable as the aim is to refine a strategy so that it is individual to yourself and you do not have to rely on someone else.
You get out what you put in.
In the end each trader needs to decide on that; if you feel you are using too much or too little make the adjustments you need until you feel comfortable with what you have. Every trader is different and there is no right or wrong approach. Opinions differ and there is no substitute for experience.
I tried 3 ducks. Very simple and clear strategy. Try it !)
Beginners should do all they can to learn and hope on gaining the best for themselves. This is a great trade more money can be made and if we can learn and try to avoid mistakes we can make good income with forex. We must be patient and learn more often if we must make it in forex.