Best time to trade

Beginner Questions
21

Appreciate your response mate, any suggestions I can get on the kind of trading indicators to use, hear a lot of noise on RSI, good?

22

I am not using any indicators for now in my trading analysis so I would not be a good person to talk about indicators.

I have used RSI before, but only what I have found that divergence is a good signal to trade with. Divergence can be seen on MACD or on RSI, but I suggest you test does RSI gives you good results.

If you can try to understand markets without indicators, How the market is moving based on the support and resistance levels and then based on the trend lines. Trendlines that form a channel is a good way of learning where the market will move.

When you understand support/resistance level and trend lines then you will have better overview on the market.

Then you can check does any indicator fits into the analysis which you can use to get trading signals.

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23

Thanksā€¦
I really appreciate

24

Be careful while trading because losing money is easier than making it.

25

Forex trading makes an amazing additional income source but only if you make an effort to understand market conditions and trends.

26

Itā€™s good that you have chosen to give forex trading a chance. But I donā€™t think you should go with Account managers; the margins are not always high enough that you could afford to keep one.

27

Yes. Probably. Learn for yourself.

28

Keep the spirit high! But donā€™t trust anything other than your knowledge to make money. Thatā€™s the golden rule and will take you to great heights in the markets.

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29

Well that makes sense, I also am being suggested to stay away from automated trading till the time I donā€™t get a complete hang of trading.

30

Not sure who said it but ā€œtheyā€ say that ā€œTrading is the hardest way to make the easiest moneyā€.

It takes time and commitment to learn and practice.

31

It may look easy to trade forex. But when you do, you will realize that it is not all that you had heard. I suggest looking for a good source of information to study and then risk your money as I did. I read Trading in the Zone for basic forex knowledge and later, I went live with turnkeyforex and fxpro. Start with small amounts until you gain some market experience.

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32

Youā€™re absolutely right about this. I would never be able to trust anyone except for myself when it comes to forex . After all, it is my money and I get to invest it.

33

A trader should know their ins and outs in the market and should have a working knowledge about it. Otherwise, they can be fooled very easily. Happened to one of my cousins and when I started trading, I completed a course first.

34

No one can really survive the market without a proper understanding and knowledge.

35

But if someone wants to use account managers and all, they just might get lucky. I donā€™t see any harm in taking some help if youā€™re new.

36

They must be trustworthy or thereā€™s no point in doing that, right?

37

See if someone wants to risk their money and trust an outsider, it is completely their choice. All Iā€™m saying is that they should at least familiarise themselves with a few aspects in the market. Personally, my and my friends invested $50 each on FXPro and helped each other learn the tricks of the trade. Now I feel comfortable enough to try new platforms too even if itā€™s something offshore like Turnkeyforex.

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38

Forex does look fascinating and it can be if you follow the rules. First and foremost, study hard. Forex needs lot of study and research. Take training, read books. Once you have some idea about Forex, open a demo account and stay on it for a while. Try your strategies and stick to them for some time. Make journals, see what works for you. It is a long process but can be rewarding. That said, 75% of the traders only lose their money in forex, so be mentally prepared for that.

39

Iā€™m not sure if it suits everyone, but for me, the best time to trade is when the U.S or London market overlaps and has the highest volume of trades and suitable for trading.

40

Ya actually even I was reading on some broker review website the figures that were mentioned of % of traders who fail trading with each broker, and they all averaged around 75%. Thatā€™s scary isnā€™t it?