Hello everybody,
I just finished school here and have skimmed through it a few times as well. What a ridiculous amount of information! For some one that has no understanding of the market this has been an incredible tool. Thankyou to whoever put that together! I put my first demo account together and wanted to see if any of you could take a look at this chart and tell me where you potentially could have made a trade. Im looking for stop loss, take profit,volume and buy or sell. This is for an example to kick me in gear. Im working with a 50k demo acc.
Those sticks don’t look all that savory but if I had to choose, I would have entered after the 3rd reversal candlestick (16:00). There was a nice series of shooting stars and then a bearish engulfing. My stop would have been a few pips above the high of the bearish engulfing and my t/p would have been whatever the recent swing low was. But, I won’t get in the trade unless the (first profit):risk ratio is at least 2:1.
ya those charts are not ideal. You need to zoom out so you can see greater detail. I don’t know where the recent swings were or if the overall trend is rising or falling…is it going to hit resistance or support? How is the next time frame looking.
With the minimal info you gave I would have taken long and short trades when RSI crossed 50 and stochs crosses/trended up…perhaps with confirmatin of bb center cross.
But again, its not ideal to base your trades strictly on indicators. Try to absorb all you can about support and resistance and identifying channels. When you do this, you can then use indicators as an aide to verify and execute your trades.
Just place your first order on a pair you think will probably make a profit based on news and the charts given. If you blew on your first order, thats normal and go back on schooling here and think why you blew it. You won’t learn until you blew an account. Anyway, you are in a demo account. I am too and been trading successfully. But don’t know if I am doing it right till I can get a loss. I just but low and wait till I have a profit then sell. Its a bit slow but its my strategy.
