I just strted trading using etoro… what do u think of it guys,
I tried to put the Stop loss feature to below level when the figures were approcahing that but the platform did not execute and I went into a loss
I lost 100$ almost in just 2 days… 50$ in one day and 50$ the next day… (traded for Eur/USD)
Just joined real trading 3 days ago…
Suggestions guys…
also, how do u predict using Support and Resistance feature in the graphs as explained by baypips over here…
Need serious advices
To find support and resistance lines, you just look at the charts and see what areas the price has tested. So look for places where the trend changes…
So the point is, when price is reaching a support/resistance area that has been tested many times, you either buy or sell, once it reaches the support/resistance, and goes in the direction you wanted it to. If it reaches the support/resistance and keeps going…don’t buy or sell…
Well, thats how I use my S and R…
As far as eToro…I have no experience with them
THanks for the help… But for this paragraph can u ellaborate a bit more…
““
So the point is, when price is reaching a support/resistance area that has been tested many times, you either buy or sell, once it reaches the support/resistance, and goes in the direction you wanted it to. If it reaches the support/resistance and keeps going…don’t buy or sell…
””
And with that strategy have u always won more or even lost…
It’s all explained a lot better then I ever could, in the School of Pipsology.
Support and Resistance | Support and Resistance Levels | Learn Forex Trading
As far as a profitable strategy…
I don’t use them very much, I mostly scalp, so when price reaches a S&R i just use caution. I have my S&R on the 4hour time frame…so you can imagine I don’t encounter them much on the 1min…
I think you should go through the whole school here. Trading S&R alone will most likely not make you any profit…but that’s just my opinion.
Have a read through this thread for a very practical explanation of how some highly experienced prop traders use S&R:
http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html
There’s 3 threads altogether so there’s a fair bit of reading. If you want to skim a bit just pay particular attention to the posts by Tess, Jocelyn, Jimmy, Carll and Sean P. They go over the principles a number of times throughout the threads and you’ll definitely take away some useful advice if you’re prepared to spend the time studying what they have to say.
Serious advice: Stop live trading, get a demo account, learn and research everything about forex, practice for 6 months or however long it takes to be consistently profitable over a period of time, then live trade with small amounts…
I agree with PipBandit. That thread has a wealth of information.
However, the veterans on that thread tend to use a lot of forex jargon which can be hard, at first, for newbies to wrap their heads around. You’ll have to work at it.
But, that’s a good thing. You might as well start forming serious study habits right now, at the beginning of your forex career — because, if you hope to succeed at this, you’re going to be reading and studying almost continuously, from now on.
And I agree completely with this advice, as well.
To go along with Clint, Pip Bandit, Mr.C, and the others, yes, STOP trading live.
Also, ditch EToro.
A good test for a broker is to ask for your money back, or a withdrawal.
See how long it takes them. Any longer than a day or two, unless you actually have a check mailed to you is unacceptable.
I’ve had withdrawals in my bank account in less than 2 hours with one of the brokers I use.
As for understanding support, and resistance, here’s a nice simple video done by a pretty talented fellow.
I agree going back to demo is your best bet but its your money. I am surprised etoro did not honor your stop they always honor mine. What software are you using the only time I had a problem with that was on there mt4 platform but they didnt honor a take profit witch worked out in my favor so no harm no foul. I use there GTS PRO with accucharts and have never had a problem since. As far as support and resistance. There are manys ways to judge them you have vertical lines that have alreay been stated just look at the charts and see where price bounces off that area. The more price hits that area and bounces the more significant that area becomes. You have trend lines that are angled support and resistance levels. You also have moving averages that work and S/R levels to. There is a wealth of knowledge out there on this the link to the school is a good place to start. But get off live trading if you dont understand support and resistance that is one of the most basic areas of trading. If you dont know that you are going to blow out your account weither your stop loss is honored or not. The best advice I can give on this is learn all you can on S/R levels and then forget all you learned. Reason I say that is you need to be able to spot them with out even thinking about it. You should be able to look and a charts and see them screaming out at you with no effort at all. Also S/R levels are not exact but more an area so try not to think of them as a thin red line (or what ever color you choose) on the chart.
for support and resistance I use pivots and Fib lines, very easy to apply.
they are built into any decent trading platform.
the pivots tend to be the strongest levels
YOu have used Etoro… They did not honor mine for two of the trades when they were approaching close to the SL position… That is why I went into loss… And they do not have that metatrader4 which u are talking about… I opened a Case ID with them twice… they told me to send my Log files to them which I did and in reply they said theere were never any failure attempts… Completely denied…
I wonder if Etoro is a good Broker… I started with it coz it had a easir platform to use the Downloadable one and the online version… what do u suggest if this guys…
Tell me from which currency shall I start trading; specially which has low pips diffeernce in between them such as USD/JPY…
And Also if I graduate from School of Pipsology and along wiht that Practice on the etoro account Practice account… then do u think I will be knowledgable enough to go on with the Live trading…
Answer all my questions guys!
Can you let me know with their URLS and details…
check out this link to etoros MT4 and all there platforms.
I guuess that is for etoro USA… I am with the other etoro account… and is it formed by an Israeli…
and also let me know the answers to other questions…
Answer the questions to a newbie person…
if u find that they suck then dump em.
easy as that.
Always keep it simple.
Happy Pipping
never used them but they have very bad reviews in forexpeacearmy.
I would avoid them
What does Happy pipping mean.
Actualluy I can only go with platforms that have paypal and are swap free ( no interests) involved…
and reply the remaining questions such as the starter with which currency…
and graduating from school of pipsology…
Well I heard that there are swap free brokers out there for Muslim traders but I dont know much about their services. Must be a niche market.
Best to google them.
Happy pipping means have fun collecting your pips.
And finally I went for USD deposits…I dont know if there is a preferred deposit currency. Though I did find out the hard way that when I deposited it was 1USD to RM 3.7, now its barely RM 3.00
Would have been better of depositing under GBP or Euro.
Too late now
What about graduation from school of pipsology… What all will it teach me… Can I be really good in trading by the time I finish with it…
and ur ideas about etoro>