Hey guys,
First post for me on this forum, I have been through the school here and I read few books, especially about price action. Books like Naked Forex.
But I am struggling with few things… I would like to start trading on daily chart, probably more safe to start (I will stay on demo account for the moment anyway, but I try to keep it real), but when you look for a chart pattern to enter a trade on a daily chart… you can wait for weeks !
How do you guys do? Are you trading on lower time frame ? Or I am missing something ?
And when you finally enter a trade on a daily chart, in general, for how long do you keep this trade open ? I have read few times that it s not recommended to keep a position open over the week end, or even overnight ?
Thanks for you help, I’m still in learning process…
Just get in and get your hands dirty bro. I reckon one of the best ways is to just open a small account ($200 - $500) and start trading 0.01 lots.
You’ll discover alot about yourself and that helps you determine what type of trader you’ll be and the skill set you need. Trading is the most selfish activity you can do and you answer only to yourself. Therefor you and you alone are answerable to your descisions.
Two keys I take from price action since you have been studing that that can be applied to forex. One price action is completely subjective. No two traders do things the same way for the same reason. Second price action is anything and everything price does. The same price action forms all charts.
Its a process but. One that takes years. Many great minds here often say you have to crawl before you can walk before you can run.
[QUOTE=“FOREXunlimited;679506”] Why do you think a daily chart is “safe”?[/QUOTE]
I think that a daily chart is safer then shorter TF charts because daily charts are less choppy and more trendy. Forex charts are never totally safe though
