The house, I need assistance on how to set up and use pivot points and Fibonacchi levels for profit trade. I have studied the two from babypips lesions but I needed more clarifications please.
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Clarification about what exactly? Please be more specific so others will know how to help.
Try posting some pics and explanations.
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For pivot points there is a useful app named Myfxhelper you could download. Any FX currency pairs plus XAUUSD pivot points with S&R is shown on the app for several TFs from 5m to Weekly.
As for Fibonacci levels google it on YouTube…
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Considerable skills and knowledge are required to run a strategy which depends on pivot points and Fibonacci levels. Why do you believe you need them at this time?
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Thanks for your response. I read it from the comments somebody made in the forum that it is one of the arsenal need for the profitable trading
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Well, all I would say is don’t believe everything that everybody tells you is true.
Try out a simple strategy which you have Googled, on a demo account. Understand why it works and experience how it feels for you personally. If you need to add anything like an indicator, the indicator must solve a problem which you must have an answer to. Don’t make the strategy too complicated to use accurately.
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Thanks. My problem is that, I have being trading for quite sometime now with no traces of success. When I ascended high today, I will descended the next trade. That is more reason why I want to try any possible suggestions that will make me profitable in this trade
Using a greater number of more complex trading tools is gong to make trading harder and increase errors, and therefore risk.
The first thing to do is stop day-trading. Use daily charts. Trial a D1 strategy on a demo account.
The second thing to do is avoid doing what most traders do - I already mentioned day-trading, but also stop trading reversals - start following trends.
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