rdquintas I suggest you start reading the forums, instead of
just coming into newbie island & asking vague questions.
the author was banned from the FXCM site, as he has been too good.
It is a signal provider email which you pay for, what
else do you expect them to say, “I’m rubbish at trading
but buy my signals?”
The statement above brings into play all sorts of questions
of which there are no real solid answers.
The most pressing of which would be, if you are that good
why use a marketmaker like FXCM? :lmao:
I have to say that at least to begin with I think longer term trading is easier.
For one thing, if you are looking to catch 100 pip moves as a swing trader the spread you pay getting into the trade is pretty insignificant.
If you are a day trader looking to make 10 pips - you actually have to make 13 (on a 3 pip spread) and you only have have the market go against you by 7 to lose 10 pips - so in that sense day trading can be alot harder.
[QUOTE=dannybly;36469]I have to say that at least to begin with I think longer term trading is easier.]
It is very difficult to decide which type to go for.
I have tried both but still not yet decided which one to trade.
Presently I am looking at the EUR/USD pair on the 30 mins time frame.
but I think long term trade is so difficult. you have to manage your behavior because when you trade on uptrend, then it go down, you have to manage yourself and don’t do anything and just watch your strategy
Scalping and short-term trading is not for everyone as you will need precise entry and exit points. Most of the intraday price action are just noise to the longer prevailing trend. My suggestion is to trade in longer time frames. In trading longer time frames, it will test your ability to control your emotions, especifically PATIENCE. It will also minimize over-trading/revenge trading, which usually results to wiping out your account very soon.
Pull out a daily chart and put some indicators on it and analyze profitable entry and exit points. Target for a maximum of 20 trades per year. Remember, you CANNOT BE RIGHT all of the time. However, even if you are right less than half of the time, but make a lot of pips when you’re right, it makes trading profitable.
Happy Holidays!!!
Whatever you decide to do, you should let price express its self to you through multiple shifts and periods.
This is an example of price expressing its self in multiple shifts:
http://i42.tinypic.com/2guhbua.gif
I created the method myself and talk about it on the forum I would get banned for even mentioning :18:
hey Sword, that’s a strange looking chart. What is it?
It is called II_CC_3X (not free) aka 3 by CC.
http://i40.tinypic.com/2r6jnzc.gif
It can be created by applying the (free) indicator II_CUSTOM_CANDLE (Google it) three times to your chart (save a template)
After I started using this method my success rate soared.