Good day fellow traders.
I am new to the Forex market, and thought it would be a good idea to jot down my thoughts and the general direction that I’m going after a week or so or studying.
I’m sure as time goes on, my thoughts will change based on what I learn and from the advice of others.
So far I know that the Forex market is the riskiest of the markets and also the most lucrative if you become a successful trader. I also hear that 90% of traders fail in this market, so I know that I have to go above and beyond to make sure that I am part of the 10% that succeeds.
Most likely I will be a day trader or scalper and will trade one of the major pairs.
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I will use multi-frame analysis and look from longer time frames to shorter and make sure that I check at least one above and one below the time frame that I am trading.
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I will look at the overall market to see if we are in a bear or bull market and trade with the trend.
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I will find support and resistance levels.
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I will draw in trend lines.
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I will keep track of daily highs and lows.
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I will look for candlestick patterns.
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I will use indicators to confirm the candlestick patterns and or other indicators. I will use trend, momentum, volume, volatility and cycle indicators and Fibonacci.
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I will look over the fundamentals.
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I will look over the market sentiment.
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I will do quantitative analysis of the market.
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Following a trading plan and money/risk management rules I would use 1 through 10 (the trading system) to speculate on entry and exit points, using stop loses and trailing stop loses if the market is going in the right direction.
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Keep accurate record of my trade and the analysis that I used for that trade.
This what I’ve come up in ten days of study, and just want to hear some opinions and advice on my general direction.
Thank you.