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.
Everything is in your hands, you know. I think the main thing you have to own are intentions, goals and the permanent striving to something. You have to realize tha trading isn’t about easy money and stuff like that. It’s similar to regular job where you need to earn money by doing something at the office for example. However, the main difference between trading and regular job is that your income isn’t restricted by laws or company. It directly depends on your personal features. You have to get rid of any doubts and do your business. Only by these steps you will approach to your dream and will reach all the heights.