Forex Trading Setup

Trading Discussion Currencies
#1

Hello you very intelligent and amazing people that make up this forum, i sincerely hope you are doing well and keeping happy.

For the last several months i have been experimenting with trading stocks and ETFs over a weekly or short term basis. I kindly wondered please what are the basics for trading Forex please, as i have always been interested in this? For instance what is a good setup and what are the main indicators that are used for instance is MACD used to monitor the currency bullish or bearish momentum please? Do you please have an example situation of a good currency trade setup and what indicators are used please? If anyone kindly had any thoughts on this i would be forever grateful and thankful for your support with this.

Sending you lots of good wishes and i truly hope you have massive success with your trading and have a wonderful life. All the very best to you.

#2

Hi robertbanking

This is the question with a thousand answers! Every trader trades in their own individual style and therefore will have there own preference for how to trade and what tools they will use.

I personally like to keep things simple so just use EMA’s on my charts as I feel all the other indicators just create too much unnecessary noise. However, just because the EMA’s work for me doesn’t mean it will work for you.

If you check out the babypips School of Pipsology it does have some modules about the different indicators and how to use them:

Learn How to Trade the Markets (babypips.com)

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#3

I seconded all what @Pauley1 has said; and to add to that,

No specific measurements to measure a good setup. What might feel like a good setup with me might make you lose a fortune. Find out what works for you.
On indicators, there are tons of indicators out there, the thing is finding which is best for your trading style and how to best use them.

To cap it all, you’ll be amazed with what Babypips school of pipsology has to offer you, they’ll help you with the basics of what you’re looking for without any charges. Check those lessons up and if you found anything complicated come back here to ask questions, we would all be Keen to answers.

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