Hey good morning I’m still trying to understand the basics of forex. I wanna know when it comes to the daily chart do you have to wait days before you place a trade at the right time ?
Hi, this is the characteristics of daily charts, transactions are concluded very rarely, sometimes only once a month. Regards Greg
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Thank you that is very useful information I was lost trying to place my first trade
Hope you’re trading a demo account. You can move down to lower timeframes such as the 8 hour, 4 hour, 1 hour, 30 mins, 15 mins etc if your trading platform makes those available to you. That way you won’t need to wait for days to get in some practice.
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“Wait days to place a trade” what do you mean?
one transaction is not enough to assess the profitability of the strategy make at least 10 transactions, perform a backtest and compare the results
I know I going to practice a strategy on the shorter timeframes to get better results
Thank you I’ve been getting most of my practice on a 1 hr account.
On the daily chart a candle stick equals on day of trading so if you want to place a trade using a certain strategy you must wait for the candle sticks to hit spot in the market to place the trades. I was wondering if people literally wait days to place a trade cause I didn’t know.
If you place a pending order on a level you think is right, then you can wait, it doesn’t really matter how long the market will take to get there, so long as the level is still valid to you. It’s different if you are trading a lower time frame because the market will then take a shorter time to get there.