As a beginner I have some questions regarding Forex trading that I struggle with and trying to find answers to. So I thought rather than posting them as separate topics it’s better that I post them as a single topic.
The questions:
- Which currency pair/s should I start trading with?
- Which currency pairs should I avoid?
- What type of order/s to use and what not to use?
- When and where should I place the stop loss?
My main concern is the price going in the opposite direction and never coming back or not showing any signs of coming back. In such situation what should I do? - Which indicator/s (list in the order of their usefulness) should I use and which to not use?
What combination of indicators would you suggest?
I’d be starting with a $50 live account after a month or so.
- How many micro lots should I use to place a trade?
- Is it safe to keep 3 trades open at a time?
- Are daily profits of 6% possible on a live account? What is the recommended daily target?
- Is it okay to discuss and place trades along with other Forex trader/s?
- Is it okay to trade using an android phone MT4 app?
- I have very little knowledge of economics and finance. How can I learn fundamental analysis and understand Forex news and economic calendar?
- What timeframe should I trade?
- What’s the maximum time period should I keep a trade open?
My progress at the moment…
I have just finished Middle School of the School of Pipsology course.
I have done many small winning trades on a demo account(around more than 50).
Mostly, 0.01 or 0.02 lot i use. Market order. I usually close the trade with 1-5 pip difference. I want to close with 10 pip but then I sometimes get anxious with the price moving not as expected.
I use babypips Marketmilk tool to check the Heat Map, buy or sell of the pair.
Also, i use the RSI indicator and parabolic SAR in the MT4 app.
My timezone is +5:30 GMT. I’m trying to find the best time to trade. When i could easily get at least 10 pip difference in 5-15 minutes.
Please, feel free to answer the questions or point out anything which I’m doing wrong or could do better.