Forex is risky business and it requires proper trading plans and strategies which can be learned after proper practice in demo account or by taking the guide from expert traders and this will help the trader to get positive result.
Hi Indika.
Try trading with the trend only, and trade from swing highs or swing lows. e.g. Avoid buying at a swing high, or selling at a swing low. Wait for a retrace/pullback of price to a key level-support/resistance level and only trade from this level away from the level, not into it. I am far more profitable and consistent now that i do this. Stick with the trend and try H1, H4 and D1 charts instead of smaller time frames where price is crazier.
These are just some effective simple idea’s to look at. Keep learning and stop losing too much money.
Best wishes, G.
Thank You for your advise. I tried to follow the trend and enter for a trade. I draw trend lines now. But I have a problem with that also. Just think there are uptrend and now price is touching top line of my trend line. Then how should I place my tp level. Is it near to the bottom of trend line or should I exit from trend with Fibonacci levels.
or If there have accending channel should I always go for the long. or Do you recommend to place a short oder.
Thank You for your support.
Good to know that your strategy works good for you most times but my question is this, do you use buy/sellstop or buy/sell limit and also how many pip profits do you target. Which currency pairs do you normally trade on with this strategy and how many pips away do you give on the price spot.