I started with 2k which after initial dips looked like was going for a better run but now again I am sitting at just $400. It’s been 6 months now and I don’t see anything fruitful coming out of it.
That isn’t new. I know many traders who’ve been stuck up with either less or the same amount without making a penny. Now being a technical analysis person, what indicators do you use? Think about it and maybe there’s some room for change.
When talking about indicators and of course if you’ll need a bit tweaking, consider pairing up two different indicators on your price chart simply to know when to enter and when to get out of the trade. I for instance combine and use RSI and MACD to get a better idea of the trade signal.
Agreed. I’ve been following this strategy and using RSI as a leading indicator and MACD as the lagging. Won’t deny my trades have been better post that.
This is common. Although I would like to ask why you started with 2k right off the bat. Do you have experience in trading other markets?
It takes some time to get used to the market and earn money in Forex. You will have to keep practising and working hard to have a profitable trade…
As far as I’ve studied and understood, the leading indicators generate signals before the situations for entering the trade have emerged. Lagging on the other hand generates signals post the conditions have appeared, preventing you from trading on the wrong signals right? My point here is apart from RSI and MACD ,are there any other indicators that perform the same function?
No I don’t, but I was told that anything less than that would anyway not fetch me anything in the markets.
You can try Stochastics. That’s another indicator I’ve found is great when you want to know whether the currency pair is overbought or oversold. These are basically 2 lines on the price chart; slow stochastic and fast stochastic.
For indicators, try pairing up RSI, MACD, and SMA. These three complement each other when paired up and show signals about the trade strength and reversal points.
Whatever you plan, there isn’t any indicator, individual or pair that can guarantee 100% trade success. What amps up the trade is practice and a well-thought out risk management strategy.
How long were you trading before you dumped 2k into an account and went for it?
Sorry cobber, there are only muppets,catfish and charlatans on this site. Anyone that can actually do this simply hasn’t the time to put up with the nonsense that is constantly spewed forth such as the responses you have received to your observation.
If your serious about speculating, find another site. Just the blind leading the blind here!
These two indeed are indicators that help understand the recent trading strength or activity. But they both accomplish different goals and in different ways. Market momentum for instance, these both measure it but with different factors into consideration. End result is that they give different indications.
Now that we’re all talking about pairs, MACD and stochastic oscillators work great together. While SO compares the closing price to the price range over a period of time, the MACD forms the two MAs diverging from and converging with each other.
If you mean demo trading, almost 2 months.