Hi to you all. I have been struggling to get my way around with FX and CFDs and i have been introduced to this group. I hope i will be able to learn some of the techniques that will help me enhance and improve my trading capabilities. I get into the trade at the wrong time and get out of it and the wrong time. Please help. Thanks
Hi. Don’t beat yourself up - it happens to all traders. There is no perfect entry and exit point. And no perfect trader,
The more you learn, the better you get at it. Try looking and learning what the charts are telling you. Start with the daily chart, and move to the 4 hr chart to see if it aligns with the daily, then trade if there’s a probable winning trade there. Keep an eye open for price action breaching a support or resistance zone, and be patient.
Spend a lot of time in the School of Pipsology first - get the foundational knowledge dialled in first.
Then start to try testing trading strategies.
One that worked well for me was a MACD Crossover whilst trading - remember, keep SLs and TPs pretty tight.
I always aimed for a 1:2 R:R - so providing my strike rate was 51%, I was making money.
There are a lot of ways to trade, and you need to find what works for you.
Relax @Dodzid. It happens to most of us. All it needs is practice. Try your strategies in a demo account, also you can take help of online forex lectures for finding the entry/exit points.