What’s the best advice you could give to a speculative trader attempting play the market defensively?
Don’t start with strategies, indicators, particular Pairs, any of that - just stare at plain, uncluttered charts and become familiar with how Price moves, how it ebbs and flows. Navigating around a chart should be second nature before you start adding clutter to it or staking your financial future on it.
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I think you should scalp the market with such mindset. You don’t want to read the charts, you don’t want to study the news and all that mumbo jombo crap. You just want to speculate and enter the market with the hope that you are lucky. Here is what a few scalpers do:
They sit down and look at the price movement. When they see that the price of a pair moves more than 10 to 20 pips straightforward, they enter the trade hoping that it will move at least 5 pips more in the same direction and close the deal. how about that for a trade?
Don’t rely on only trading indicators! Make sure your good trading skill on market chart & news trading before investing your real money.