Please house,am just a beginner, please can someone just a simple pair to trade on and a simple trading strategy that I can use to make small daily profit even if its cents per day,I will be grateful
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Number one strategy is to take the education course here and decide for yourself. Number two strategy is to pay for a professional one on one tutor and throw your money away on someone like me, who took the time to educate himself.
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Were you able to educate yourself about forex trading? AfterBurth is right, you need to spend time practicing on demo account and find a strategy that will work for you.
I have been practicing with support and resistance strategy with RSI,MA and making daily profits everyday on demo
Am taking education course and am also here on babypips,which makes things very easy for me…candle anatomy is very simple here and I love it
There isn’t much more to a simple strategy than this. Lots of traders are using just such an approach.
After this point you need to be critical regarding your trading tactics, as you want to stay in this game a long time. So you need to think about risk and you need to consider maximising profits.
Risk is managed by, amongst other things -
stop-loss - Do you always set a SL? How do you place it?
position sizing - Do you adjust position size on entry so that your maximum loss is a known percentage of your account capital?
responding to market conditions - How do you decide which days to NOT trade?
anticipating news events - How do you trade ahead of announcements like interest rates, NFPR’s, etc.?
Maximising profits starts with risk management but then you need to make sure that you make as much profit as your system allows. Can you increase this by pyramiding or moving the SL?
Keep a log. Identify the most important point where you need to improve.
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making profit in daily basis is a good sign , carry on. but dont be excited , because there is far difference between demo and live. so keep continue just . and always be cool when trading in practical.
yes its a difference between demo and live but that not means , there is no importance of demo account. its the master place to become a knowledgeable trader very rapidly . so don’t skip that at all.
A lot of value on this post, so what I would like to add from my perspective, which is psychology, unarguably an essential part of trading right after money management. “You win by not losing”, “Learn to be a break-even before trying to be a profitable trader.”, “Every win no matter massive or little is a win.” "Don’t ever blame yourself if you close a trade and you check after some time, and it wants deeper in profits. Money is money. Also, Pips are nice, but we are in the game to have financial freedom and enjoy it while doing it. I’d rather be patient for ten years to have financial stability over (I’ll be 29 by ten years) over trying to get rich in one month and continuously depositing which, money results of blown accounts.
Besides, even if you are the best trader in the world, If I have psychology, and risk management without technicals or fundamental analysis. I would be more profitable than you. Since no matter what strategy you use, its always 50/50. Maybe your win rate is 80% but that’s because you have a trading plan that makes you lose less. You lose less by winning more, and a win rate is different from statistical odds/percentages. Odds are always 50/50 we just need to try to be on the 50 that the winner.
its a nice post with lot of information ,
really appreciate ,
hope it will continue . good luck
I totally agree. Demo trading is an essential step to know about the basics of trading. Must for everyone.
in order to me, every trading pair is simple and every trading strategy can bring good result of you know how to manage money and risk when trading.
It is good idea to small profit and it is depend on careful decision and reviews on trade.
I don’t think there is such a thing as a simple pair, especially under the current circumstances. Trading and analysis are complicated by default.
yes you are right , um agree. which pair right now are you using ?
do you still trade right now ?
whats the first and foremost difference between two ?
i means money and risk management.
You can try carry trade. After severe depreciation of some HY currencies like ZAR, MXN or RUB they tend to start strengthening because of low-interest rates worldwide comparing to the yield that return those currencies. As a result there is a “buying bias” in those currencies and they tend to always strengthen fast after a decline. I use this simple strategy with Hotforex but it is important to have sufficient capital buffers and trade only with small lots.
Maybe I can help, but it also depends on the capital you have to invest. What is your capital at the moment?
The forex market has two sides - the bid side and ask side. When you want to buy currency, you go to the bid side and place your order. Similarly, if you want to sell currency, you go to ask side and place your order! This is generally done via a broker.
The best simple pair is the EURUSD because it is used by many traders with low volatility and high liquidity.
The pinbar is known to be a simple strategy that is used mostly by beginners.