So, I’m a simple man, when it comes to forex at least; I haven’t been doing this long. I have been making a lot of pips lately though.
I just Sell EUR/USD. That’s all I do. I try use bollinger bands/retracement points/fib/EMA, for my entry points and sl/tp, but honestly I’m not that great at that stuff. I’m really new to this.
I’ve been making a killing though for the last 2 months, just by selling EUR/USD. It just seems to keep dropping. I just set a fairly wide s/l and t/p, and it waits till it hits the TP.
Some of you more advanced traders assume that once the EUR/USD, stops trending I’ll try and keep selling and lose all my profits. But I think I’ll have the acumen to realize when it’s no longer in freefall.
Anyone else have a similar experience?
Also, in extreme trending markets, is it really just this easy to make money?
Do these markets occur that often?
I agree with you. When I tried trading with all these so called “Advanced” strategies I’ve learned, I ended up losing money. But when I just open up a longer time frame chart, see what the currency pair is doing (which way its trending)…get in with a good size stop loss but a way greater take profit order, I end up winning.
I’ve made some good pips with EUR/USD also. I’ve learned to keep it simple and don’t over involve yourself with the markets. I noticed that when I first started, I use to watch every move of the markets…and lose money.
Now, I hardly watch it anymore. I just enter my orders and forget about it. I come back and now I make money. It’s weird. But I’ve learned my lesson.
Are you selling using bol. bands? If trending down on big chart use bollinger to sell on small ones. For instance Daily is trending down and in 4 hr price has touched the upperband and ready to come down. you sell. I have done that it works. But bollinger it’s hard to find a nice exit when the market is trending. However it gives more entry points.
Nope, I don’t use Bollinger Bands. (Not to say that they don’t work.) When I first started trading (July 09) I did use them. But now I don’t.
P.S - Though Buffet and Graham wasn’t in this financial market, but alot of their tactics are still effective. I think people show read about them if you haven’t.