I agree with dianajs on this. In our impatience we tend to jump into trades and assume the nature of emerging candlesticks.
Trade safe and prosper.
I agree with your decision. The No. 1 secret of long-term success in this business is capital preservation. We should ensure we have the capital to trade the opportunities that may present themselves in future rather than burn the capital stupidly today. If you use your break to learn one strategy, at most two, and focus on mastering your system well, by patiently waiting for the right signals and letting the market meet your entry criteria, you would do better when you return.
Learn to trade safe and prosper.
Very good to learn that you are finding certain indicators useful for your trading. I suggest you stick with what work for you. In regard to entries, the secret, as you noted is patience, and also being aware of the bigger picture, e.g. a longer-term or anchor time frame. Also, a good entry should be complemented with an exit strategy, including placing a stop loss order and an initial profit target. Trade safe and prosper.
Which indicators do you find to be most suitable for your style of trading? Or do you prefer pure price action?
I am a semi-price action trader; using a few indicators to trade price reaction levels such as S/R, pivots, Fibonacci and trendline breaks/bounce. The main indicators I use are MAs and RSI but I donât use the RSI in a conventional way. I use it once a week for directional purpose during my weekly technical analysis and screening, not for overbought/oversold considerations. As for MAs, it doesnât matter which you choose, only know how and why you use them and how they fit into your trading style and strategies. Trade safe and prosper.
I have a similar approach, but I also occasionally use the Bollinger Bands indicator together with the EMAs, as well as any number of suitable trend lines, apart from the indicators.
Very good, mate. BB is a good indicator, particularly when used with a price action strategy.
To other forum members, would you like to share what you learnt recently?
Trade safe and prosper.
I have learned to use wider stops on my shorts than my longs, since selling short factors in spread immediately while going long does not do so until the position is sold.
Forex Trading is the best profession online and you need to understand that if you wanna become successful, learning is the only way, and we need to have lots and lots of knowledge and experience and skills.
How do you ascertain where exactly to place the stop loss compared to your position?
You prosper with greater and better knowledge and skills. What would you do differently this week based on what you learnt recently?
Well I always place my stop 1 pip under the last swing low when going long or swing high when going short, but when going short I also make sure to place and additional amount of pips between equal to spread as well. So, i.e. if the spread is 3 pips wide, I would put my stop 4 pips above the last swing high. Hope that makes sense.
Forex Trading is the best way to make some good money online, but to earn in it, you need to have lots an lots of practice to become successful.
Good point, mate! Could you share what you learnt recently that you felt has improved, or could improve, your performance as a trader. That is the focus of this thread.
Trade safe and prosper.
That makes perfect sense, yes. I do almost the same, only I look at additional support and resistance levels before I set the stop loss level.
which trading terminal do you use for trading? did you use social trading system?
Just a thought
Adopting a âwhat-if scenarioâ in your trading analysis â particularly using a top-down, multi-time frame approach, will improve your trading. For example, it will help you better trap the market and avoid making the mistake of focusing on only one side of it.
Trade safe and prosper.
I agree. Itâs best to consider all possible outcomes of the situation one is currently observing on the charts and be prepared for them rather than just one of them.
Just sharing
Jumping into a market you were not prepared for or had not analysed, just because of a sudden price movement, could be dangerous. What do you think?
Trade safe and prosper.
Agreed - do not trade on impulse, especially if you trade lower timeframes!
If you canât overcome the urge, then log onto your demo account and make a few impulsive trades with no consequences.