Hey guys…
At this point all my purchases with forex have been buying low and selling high when the price goes up. I noticed that I can also sell. Could someone explain the selling aspect to me. I think I am missing out on an opportunity.
After going and doing a search I read some of the posts and found the answer. I have only been buying but selling presents an opportunity when the price begins to fall. However I think I will work on one at a time and sharpen my skills. Good thing I am trading on a demo account. Babypips definitely has given me good advice about trading on a demo account for a minimum of two months. I’ll take longer because each day I learn something! Its an ongoing process. I get up at 4am and devote 2 hours every morning before going to work. When I get home I follow what has been happening when I was gone.
Starbucks…
http://forums.babypips.com/newbie-island/6571-what-meaning-go-short.html
I put a lengthy laymen terms of what going short is in the above link. Lengthy story but it drilled home the idea of shorting any instrument. Plus some other members had some good answers as to what going short is.
Best wishes to ya…
Hello, starbucksmngr. I’m still very new to forex. I haven’t even started demo trading yet, though my time will come soon enough.
You mentioned that you get up at 4 AM and devote 2 hours (to demo trading?) before going to work. I’m planning a similar schedule to start, with perhaps some evening hours thrown in to boot. I’m curious. How has that been working out for you? Do you find two hours in the morning to be time enough to identify trading opportunities on a reasonably regular basis?
Well, getting up early gives me the quite time I need in the house to study everything. I am learning that trading on forex takes ALOT of studying the trends or one can loose alot of money. Each morning I have learned something new and sharpened myself. It take alot of time to learn not to get emotional in trading. I can’t sit at my computer all day so I place my trades in the early morning and get home and see how I did. I take a day off in the middle of the week and keep the computer on and watch the market and make adjustments. I am learning that I trade on the day chart and its not unusual for me to leave my trades open for a few days to try and obtain my pip goal. I use SMA, RSI and the ultimate Oscillator I have a 50/50 risk reward ratio and my goal is to get to 70/30 reward risk ratio. Slow go but the race was won by the turttle and not the hare!