Please can anyone help me with how to spot out trade from chart

Beginner Questions Candlesticks, Chart Patterns, and Price Action
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Hi y’all I’m Scott de wise. I’m here as a newbie

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Hello scott; you are welcome! By the way; have you read BabyPips Scool already? In there, you’ll get all basic instructions of trading.

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Hi Scott.

As a newbie I would advise three things -

  1. trade the simplest strategy you can find
  2. avoid day-trading
  3. don’t buy in a downtrend, don’t sell in an uptrend

e.g.
Use daily charts. Find prices which are already in a clear uptrend or downtrend. Enter with the trend when a pull-back has occurred using a pre-set entry order at the pull-back’s lowest high (for an uptrend) or the pull-back’s highest low (for a downtrend). Set your stop at the day’s other extreme. Size your position to 1% of your account capital.

Good luck and good trading

Tom

4 Likes
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  1. Must use demo until you make consistent result; don’t hurry!
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Hi @scottdewise! :blush: Welcooooome. :smiley: Haha. I agree with what the others have said on here. :smiley: I guess I just wanna add that as a newbie, it might be best to stick to the major pairs for now. :blush:

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Really it’s useful! Because, exotic pairs are dangerous & cloudy.

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  1. it’s ok not to be trend bias.
  2. it’s ok to day trade 15min & above.
  3. it’s not about the strategy, it’s about understanding the tool you’re using.
  4. you need learn 1 x price action, 1 x price level, 1 x strength indicator for the start.
  5. you need to know your numbers. pip value/position size/margin/leverage.