New trader just started

Beginner Questions
21

EUR/USD certainly look like a short on the long term, I believe it’s likely headed down to the 1.04621 support level over the next few weeks/months:
image

However, zoom in to the daily and it’s forming a falling wedge pattern. If that pans out you might see it go back up to the 1.1418 resistant level:
image

But that’s still fairly long term and what I look at. on the 30 min or hourly chart your signals could certainly be more precise.

22

I basically reviewed my last week trading history and try to find out my own mistake; but mainly spend time with my family!

23

I think that I have the same problem. Now I interesting in scalping, its new experience for me. I trade a little time, but actively

24

Perfect; as a newbie, focusing on the limited trading pair is the best practice! By the way; do you have any plan to increase the pairs number in near future?

25

You have selected good pair for start, but please do understand that it have very big volume probably, for some positive result you may start with something like your own currency in home country and USD to get some profit cause you know it already.

26

@pip_pimp The weekends are spent relaxing…and recharging from the week ahead, so by Sunday evening you are ready to go again :slight_smile:

So traders do two things

  1. They evaluate their best and worse trades for the week. The goal is to discover “What went wrong/right?” and “WHY?”…The WHY is important as you need to learn from your mistakes in order to improve

If your a newbie trader you will soon realize that your worst trades are revenge trades.

  1. Study weekly charts to see how markets could potentially head in the upcoming week.

EUR/USD is a good pair but it is very dependent on new coming out of the ECB following QE. So you need to be awake during EU business hours so you can react.

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27

i definitely agree i will be comfortable with a 1.08 level

28

thank alot appreciate the feed back

29

as i slowly build my account but no rush

30

EUR/USD is really common pair to trade and it also having high movement every day so you will get analysis of this pair any time.

31

On the other hand; the trading spread is relatively low; this is why EURUSD is the most popular trading pair in FX industry!

32

@pip_pimp no problem…Are you following any big investors like Bill Ackman or Carl Ichan ?

33

On the weekends?

I do non-forex and work-related things! You should set a time off the game.

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34

cool much appreciated

35

no not really but will look into it the EUR/USD came through

36

That’s really great; a perfect plan as a newbie! Keep updating us by posting! Best wishes!

37

Hello Bau; are you practicing scalping in demo or directly to the live trading account?

38

newcomers should trade all kind of pair in demo or micro account to see the real performance , this approach is very supportive to increase knowledge very rapidly.

39

live account

40

i am now bud

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