Hello, I don’t know what’s happening… I don’t why even I’m putting a buy trade or a sell trade… I am following a strategy in which I use BB and PSAR so whenever I see a PSAR i just put a trade but I don’t really understand is it real trading? I mean I just see a dot appearing and I put a trade hoping that it would go in my way… Is it profittable in the long run am I missing something ? What can I do to be a more good trader? is learning price action the most important thing for a trader or a trader can be successfull without even knowing what price action is… so many questions please help ?
I think you should stop trading altogether and spend as much time as you need in order to learn the basics. You said you don’t know why you are placing a trade which means you should stop and learn why and when to place a trade. What you are doing right now is nothing more than guessing and hoping which is not a sustainable way to trade.
Agreed with TheLastBear. Have you been through the School of Pipsology or some sort of basic training course yet? You’re asking a lot of questions that should have been asked BEFORE you ever take your first trade.
Let me add my song to both above. You’ll thank both of these traders if you follow their advice; if you don’t the traders grave yard always has room for one more. Good Luck
“I don’t why even I’m putting a buy trade or a sell trade”…
A trader will buy when he expects that the price at which he buys a currency pair at will increase to a higher price whether because of some fundamental analysis or as a result of technical analysis. Conversely a trader will sell when he expects that the price at which he sells a currency pair at will decrease to a lower price whether because of some fundamental analysis or as a result of technical analysis.
"I am following a strategy in which I use BB and PSAR so whenever I see a PSAR i just put a trade but I don’t really understand is it real trading? "
Trading strategies are for experience traders who have been in the market for more than 5 years and have acquired a solid understanding of not only the market but the conditions that permit profitable trading. I do not recommend that you venture here as yet.
" I mean I just see a dot appearing and I put a trade hoping that it would go in my way… Is it profittable in the long run am I missing something ? What can I do to be a more good trader?"
To be a good trader you should obtain knowledge and information about trading which the school of pipsology does a very good job at for newbies.
" is learning price action the most important thing for a trader or a trader can be successfull without even knowing what price action is…"
You can learn price action if you want to but you dont need to. Once you have acquired enough of an understanding about the forex market you can decide what path you want to take. If you decide that you would like to become a fundamentalist then you would not need to know anything about price action to be a fundamentalist trader, However, should you decide that you would like to become a technical trader when price action would be a very important aspect of you decision making strategy.
I wish you the best in your endeavours and i hope i answered your questions.
Hey man! Just take it easy while learning the ropes and I do recommend you check out the rest of the technical indicators before settling on a strategy or system. Practice on a demo account and check out the trading blogs right here too!
The reason why it probably doesn’t make sense is because…" you started swimming at the deep end before learning how to float"""
Start out with the basics and master those before making any trades.
Yeah I guess I’ll have to go through the babypips school to clarify things a bit more thanks for the advice
Yeah, I have gone through the babypips school but I just learned a few basics and then looked for strategies and tried to make good winning trades.
Yeah thanks for all the answers… I guess I’ll have to go through the babypips school again to verify things and hope that I’ll be a good trade one day.
Yes that’s where I was tooo greedy got some winning trades there and then I thought I was the master started a live account blowed it up within 5days. I guess I’ll have to practice demo untill I’m fully sure that I can make more winning trades than losing.
An excellent example man that’s exactly my situation I guess at the moment hopefully this time when I go through the babypips school I will try to learn how to float first rather than going deep