I feel like Forex is all about Buying and Selling but at the same time I feel like there’s more to it than that ,Any advice for me ?
Buying and Selling trades is the simple part. What you need to learn from this great education site, is to be on the right side of a trade. That could take months, even years, and there is no guarantee you will be successful.
Best of luck.
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Yes there is more to it. But in my opinion not exactly in the way you think there is. It is the being long, not the buying, and it is the being short, not the selling.
In an uptrend, you must be long. In a downtrend you must be short. Where you get in and where you get out is up to the trader, but you must be in.
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Forex is not only about buying and selling, it’s also about knowing what to buy and what to sell and when to buy and sell it.
Great , so how do you get to know when to buy and when to sell in a very simple way ?
yes
Now there’s the thing !
after all these years ,id gave up selling ,especially when you trade grid
If you want to be a Forex trader, then of course it’s much more than only buying & selling; but generally it’s all about buy & sell!
Not about buying or selling…
More about when to buy and when to Sell… when to open and when to close.
You are long … you buy to open… and Sell to close
You are short… you Sell to open a trade… you buy to close It.
The art of trading is about the WHEN
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You’re right. WHEN to enter and WHEN to exit, this is the most difficult part of Forex
How do i get to know the WHEN Please guide mw the possible way you can,Thank you.
Dear @Fatawu,
The WHEN depends on a lot of things.
What market are you trading?
At What times can you trade?
How long can you spend in front of your charts?
How disciplined can you be?
There is nothing Universal in the trading business… market conditions are changing every day… What works today may not work tomorrow.
You dont become a doctor in one day because another doctor tells you the secret… you become a doctor because you learn during years What other doctors have done… you practise for years… And you find your own style … your own practise… your own methods …
It’s not different for a trader… believe me. Just stop looking for the holy grial and spend time looking at charts… Try to define strategies… and test if they work… the more time you spend… the better trader you Will be…
Just do It and get back to us … tell us about your experience
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Thank you very much
You get a chart with all the Stop Loss Orders on it, just like what the Big Banks who control the Forex market have. You have an algo that calculates where the biggest Stop Loss clouds are, and how much it would cost to drive the market into them, and whether it would be profitable to go after them or not, just like all the Big Banks who control the forex market and exercise complete price control have…and when the algo identifies a big ripe juicy apple of Stop Losses ready for the plucking, because too many traders are seeing the market the same way, and the banks could go harvest the liquidity at a reasonable ratio to the cost of driving the market to these targets…then you have a trade idea…namely, always trade in the direction that causes the most pain to the most amount of participants.
Failing having that kind of information at hand, you will just have to spend thousands of hours building up an intuitive grasp of how this game works, circumnavigating the obstacles of false paradigms and red herrings laid out by media, educators, educational material, cluster-dunce traders who think they cracked it cos they had a lucky run in Crude Oil Futures 15 years ago, and the blind leading the blind in general, just like everyone else has to…and maybe, if you are the type who will obsess over this stuff to the point it degrades your mental health and general zest for life, you might just make it into the 5% of retail traders who can actually turn a buck or two over the duration.
Perhaps not what you want to hear, but pretty much the reality of it. There is no easy answer to what you are asking, which is akin to:
“how does one become a shark poker player, without being able to see what cards all the other players are holding, and without being able to decide what the next cards will be”?
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Not that many years, but more than enough hours…enough hours to know not to bother trying to nail this game with any given strategy.
Here is a trade I am looking at right now:
The entry is a tag of 4Hr 100MA, being tested for the first time since it’s tag prior to it flying up on the US inflation figures. It is a tag of a Volume Gap, which invariably is also a pivotal level, and it is a tag of a bull channel gradient of sorts…Nothing ‘sacred’ about any of it. Experience teaches me it is a likely level for price to react off, and that is it…With that said, the level where my SL is, looks like a much more likely level for price to react off, where there is a HUGE volume gap, and a real key S&D zone, with a much more integral bull channel gradient rising up to meet price, but another theory about that huge volume gap, is that it represents a bunch of trapped traders. If price is to continue to push higher to cause these trapped traders yet more pain, then price won’t want to get down that far, and give these trapped traders a chance to save their asses a bit…I will go with that theory, simply cos it suits my bias.
bottom of the screen is a MACD and RSI overlay. Momentum ‘divergences’ were one of the first things I learned about and the undue totally unwarranted importance that I have placed on them, has caused me a lot of aggravation and a lot of lost capital over the years…trying to wean myself off using them, but still addicted to them, just through sheer force of habit, but it really is a pile of old cobblers that won’t tell you anything that price isn’t already telling you. FWIW, there is still ‘consistent’ momentum on the MACD (lines) on the recent high on the 4 hour chart, which is supportive of my trade…however, had I had different ideas, that required different answers, then I could just change the candle interval and I am sure I would find a divergence-convergence argument on some time frame, that would support any given trade idea.
No strategy. I just try to define a good level to get in at, that corresponds to how the market seems to be moving, and what price objectives it might have (price objectives invariably being other traders SL levels)
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Thank you for your reply @MatDerKater!
It seems I don’t have enough knowledge to understand all your comment, I will research it later when I have time today but the last one I can understand clearly
And not an untypical sight, when I get it right:
Essentially, my call was correct, but of course, with missing entry by a few pips, I get absolutely nothing. It’s a very common occurrence.
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Just look at where my entry level was.
Volume gap (that is the Volume Profile bars displayed to the left of the screen, gap is marked by transparent blue box)
Bull Gradient (Trendline) drawn of previous pivots
100MA
That, combined with an eye for how the market is likely to behave, was the sum total of my trade idea. But of course what I feel constitutes a good level will change with circumstance.
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A simple OG but established members have responded to you as it’s a "bare bones question "to start with