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.
This is true but also being that you’re just learning, it wouldn’t have been a great idea to start off with a significant amount of money. Trading with $300-$500 would probably have allowed you to learn also without losing as much money…
you lost money along with some mental pain,you just have to reassess where you going wrong. Maybe have a couple of weeks break from trading ,nobody on here will give you the answers, you have to dig deep and find them yourself
I agree with @greenscorpio. You lost money, but I think it will humble you and teach you to respect the market.
Demo is great, but the emotional training may not start until you begin with real money.
I had to do the same thing. I was losing constantly. And one trader shared with me his personal story of how he became consistently profitable. That was all I needed. Just one real person to show me that this can be done.
All you gotta do is find out where your trades are going wrong.
To do this, you MUST journal your trades. Afterwards, you can see the patterns in your losses. Do a tally, and you’ll see which of your errors are most frequent.
For a while, you gotta slow down on your trading. Just do your analysis, figure out what’s wrong, then start fixing it.
Inspiration is wherever you find it. I was watching Rise of the Planet of the Apes. And I realised the thing that made Caesar different from the other apes was his intelligence, his education.
It made me think that all I have to do is improve my education.
Same for all of us. If we can just improve our education and increase our awareness of our mistakes, then we will start to make less of them.
It’s really as simple as “just do less of what’s not working”. It’s not easy, but it’s simple.
Do WHATEVER it takes. How desperate are you to succeed? How desperate are any of us? Put the time in, make the adjustments, and grind.
yes the problem s might be psychological as well as any theory so a time of reflection is good as the Americans say take a vacation