Hello guys, I do wonder where to start off as a swing trader? What shall I do?
I’ve just started playing with demo account as a trader (see the other post - about me) and I’m somewhere in the middle. Know the basics, but not yet “qualified” to give some wisdom.
I can find a trend (Higher-highs & Higher-lows) on a chart, I can see some patterns (2b), find S&Rs relatively quickly, I think. I’m currently at building my money management, risk management plan and a trading strategy. And this is a point where I just can’t get moving forward.
As a swing trader, there is not a lot of trades that I can do to train my skills at demo. (I just set things all up, and cut them when I assume it’s time to get out) as I just hang around at D1 timeframe and mostly looking at H1 timeframe to place a new trade.
I will probably, and most likely start at Spot Gold (XAUUSD) at FXCC (at 1:3 leverage). It’s a good “stock” to trade?
Gold is a commodity, not a stock. And from what I understand is it that you don’t have enough basis knowledge, neither do you have a complete written personal trading plan (correct me if im wrong)
I suggest you go to School of Pipsology | Learn Forex Trading
Complete ALL the grades, then write your plan in detail. Frim that point (when you are better prepared) get back to the charts on demo.
Don’t rush yourself! Take take at least a couple of months just for education, then a couple of months for demo trading and after that treat real trading like a business (not playing like a hobby)
If you have chosen your trading style, then you should demo it for at least 1 years. As in swing trading, on D1 time frame, trade setups are far more less compared to shorter time frames, so you need more months of practice to fine tune your strategy.
Gold commodiy is high risk hih return ,ths metal commodity has large price movement daily, and sometime I am also trade on gold, but not always, in my broker charged spread fee is sixty pips each trades, and I am use cent account to trying on gold with high leverage and use smallest lot size.
I suggest you go to School of Pipsology | Learn Forex Trading
Complete ALL the grades, then write your plan in detail. Frim that point (when you are better prepared) get back to the charts on demo.
I’m gonna do it.
ths metal commodity has large price movement daily, and sometime I am also trade on gold, but not always, in my broker charged spread fee is sixty pips each trades, and I am use cent account to trying on gold with high leverage and use smallest lot size.
I try the opposite way - low leverage and higher lot size (FXCC allows only 0.1 lot and higher)
