hello,
I have just started by forex journey.
I have been practicing on the demo account for about a month or so.
My first thoughts are the asain market never seems to have a clear trend but more choppy then anything.
I am based in sydney,
My question is would the london/NY session be “easier” to trade ( easier used for a lack of a better word).
I would suggest to you to trade London session. More liquidity and market makes more sense until you get used to markets. Then and only then you could look at Asia session if what you have learned so far is visible in Asia session.
Thank you, i tried the london session for a few hours last night, did seem to have a little more energy given it was a friday.
But boy did i have some trades not go my way!
The candlesticks lie!!! Haha
I also live in Sydney. The Asian market has from time to time the odd good trade if you catch the trend that is created by news out of China, Japan, Australia and New Zealand. Other than that the Asian Session is nothing more than an accumulation period for smart money. Just watch the first hour or two prior to the London open as there is a period that I call the Freddy Fakeout as Asian traders close positions and the EU traders start to look for trading opportunities. This creates a fair amout of whipsaw.
I trade London but usually don’t take trades until the London market has been open for an hour or so. However I mainly trade the US Session.
Hope that helps
Cheers
Blackduck
I usually trade those sessions - London/NY that is, but that is during the day for me. It may be harder for you if you have to stay up late.
Treat trading like business. You will have expenses at some point that’s all. On top of that if you are winning constantly your Broker will ban you from trading with them. If you have winning streak take a break or place a loosing trade to keep them happy.
Candlesticks don’t lie. You have to stop looking at trees individually and take a better look at forest.
Whenever you have time to trade is the best time for you. Forex trading shouldn’t mess with your lifestyle it should rather fit in with your schedule. My suggestion when beginning would be to stick to the major usd pairs. Analyse each pair and give them a score to find the best pair. Then decide if you need to set pending order or do market order. Always remember to set stop loss and take profit. Then turn off your computer and go about your day. Only after a few hours do you need to check again and possibly adjust your stop loss into profit as a trailing stop.
Cheers,
Does this mean as a beginner you would suggest the higher timeframes to get started?
I have been using the M15 but found a article that suggests that more for pros. And that H1 - H4 is better suited for rookies.
Awesome comment!
Unfortunately I’m still trading on emotions ( like most rookies) so when i see candles not go my way i blame them.
I like the view of treating them like a forest - i think my mistake was paying to much attention on the M15 timeframes, this week i will be focusing on higher timeframes.
Thanks again for the insight 
I wouldn’t go below the hourly chart because according to a professional course I’ve completed professional traders in banks trade exclusively from the hourly chart. And for analysis they also look at the daily for the major trend.
It depends on your trading style. If you have time to watch 15min then do so. Alexander Elder nicely explained it with his “triple screen trading”. You start with HTF and work it down to your trading TF be it 1H or 5min. You need to know what Daily Weekly and or possibly Monthly direction is and work with that bias. Without knowing which way it could possibly go is gambling.
In general, I try to trade at a time when I have the opportunity to distract from everything and concentrate on trading.
I try to trade in the morning, then a short break at lunch, and bargain in the afternoon. So rationally spending strength and attention on work.
