Hello all. While it may seem like something so easy and basic for some of you experts out there, I was wondering if anyone would mind sharing how they get a sense of the market trend.
Additionally, if you are a day trader how do you operate your trading day. I am just curious as to what the first, second, third thing etc. everyone does as you begin trading, go through your trading times and how you end it. This might serve a good baseline for a young, newbie trader like myself for how I operate.
for a day trader the very first thing to do would be to check all scheduled news releases for that particular day, i find dailyfx to be agreat source for that.
secondly would be to check all the pairs you intend on trading on the higher timeframes such as the daily or 4H to get a general idea of the trend which you then highlight by drawing support and resistance, trendlines and fibo’s where neccesary
you then cycle down to your prefered timeframe such as the hourly and begin looking for your set ups
it’s good to see someone so young honing a skill like this. there’s a lot i can learn from anyone of any age. i grew up learning to be someone else’s employee, and there’s nothing wrong with that, but that keeps you locked in to what the boss wants to pay you. i’ve finally realizes what a hidden desire it was of mine to earn an income on my own. this forex business has become a passion of mine. so, kudoz to you!!! happy trading, brother.
yeah being your own boss is great, you can give yourself a payrise every week certainly beats a 9-5 with a fixed income P.A
the moment you mention the word passion i know your going to go far in this business, thats one trait most traders lack which results in poor determination and perseverance, which in my opinion are the key to success, not just in forex but all aspects of business.
i played around in the forex market for a year or two since i left school, ended up losing over ÂŁ2k overall but was always taught that quitters fail and winners strive to achieve so i took a new perspective of all losses being educational costs and in the long run they would pay off and they have.
i’ve always had the passion for forex but early this year the birth of my little boy really gave me the drive to succeed and now i am making a rather comfortable living day trading but if i’d given up after hitting my first few snags i would be contributing the evergrowing 95% of forex failures
Thanks Lee. Fatherhood is wonderful. I know–I have two youngins myself! This gives me extra incentive to do well as well. In any event, if you don’t mind, I’d love to consult with you on questions if I may email or send you a private message via this site. All the best.
Drawing trend lines is a good way of identifying trends and the break of a trend on any time frame. Trend lines are drawn by connecting higher lows for up trend and lower highs for down trend. The markets normally makes higher highs and higher lows in an up trend and lower lows and lower highs in a down trend.
Wow… That really added on layers of what I learned in babypips and “Forex Conquered” (great book). Thank you soooo much! I’ll watch parts 2-4 over the next couple of days. Thanks again.
Hello all. While it may seem like something so easy and basic for some of you experts out there, I was wondering if anyone would mind sharing how they get a sense of the market trend.
