Hi there. I started trading on plus500 recently, and I mostly scalp at the start of market open where I am in Australia, as it coincides with a window of time I’ve got before I get busy with my day job.
Risk management is an area I’m interested in learning more about, and it might be laughable but apart from limiting my potential losses through stop losses and keeping my position amounts to the absolute minimum, I’ve recently kept to focusing on just 5 trades every morning to exercise greater caution and not trade emotionally (going into more trades to try and make up for careless losses).
I started the year going through the learning material on BabyPips and ended up sticking with RSI and MACD indicators as a way to provide structure to any technical analysis that I do for a trade. As far as chart periods go I usually refer to the 5-minute and 4-hour chart to have an idea of trend bias and whether the market is in an up or down swing (apologies If this isn’t the most professional sounding terminology).
Just thought to ask if anyone could relate to where I am at this stage of my learning journey (only into my second month) and if there were any beginner trade strategies I could refer to? Thanks and always happy to read about your experiences too.