Hello . I am new to babypips platform. I have seen very interesting articles on this platform to enrich my understanding about forex market. So decided to join this excellent forum.
I found forex so confusing n perplexing, everytime i am still failing but again it reignites my will to know why i failed
Keep it simple.
Open a demo account and set the charts to the daily time-frame. Look for a chart in which price has been rising steadily. Wait for a day to close at a lower price than yesterday’s close; buy; set a stop-loss about an average day’s range below your entry. Then see what happens. If price rises for two consecutive days after that, close the position and look for the next opportunity.
Hi. This could work well currently with CHF/JPY & EUR/JPY. Are you suggesting that a following 2 day consecutive rise is an exit strategy closure? And only applies to trading upward trends?
And if so, why not utilise a trailing S/L for another day or more?
This site is the best site for learning forex trading.
All the best for the rest of your trading journey.
Yes. The percentage of occasions when a forex pair in an uptrend makes 3 consecutive higher closes is less than 50%.
Certainly using a trailing stop might be a good technique - I use them for my trend-following positions - but my aim was to offer the simplest possible strategy - demo trading experience might very quickly show a beginner the benefit of some additional tactics like this.
My focus for the beginner is on uptrends only as they are intuitively easier to see and manage. Downtrends should be treated just the same, they’re just less comprehensible to someone with zero experience.
Yeah, thanks for the clarification and stats. Much appreciated.
Keep at it, we all feel have times where we struggle. Really invest in your learning and I am sure you will do great.
Hello, welcome to the forum. Now that you have a basic understanding of how the forex market works, it’s time to open a demo account and start trading. Try to develop a strategy that fits your personality and risk tolerance. Remember, there is no such thing as a perfect strategy, so be prepared to lose some money in the process. All the best