I’ve been trading full time over a month now, i got few points and built a system for intra-day trades thanks to babypips! I hit a constant roadblock while i wish to buy GBPINR/USDINR pairs for the lowest possible price(for that day), assuming that price WILL fall further down. Every time I assume this to happen(Over waiting) I’ve 11 times that i could have made good money and hit my daily target bracket.
One could call it fear of losing money but what could i be missing out on?
I wish to know if anyone else had such a “waiting” problem and how do i stop doing it. Any help would be appreciated.
i cant decode whay you said ,what broker do you trade with
have patient and calm down , use proper leverage for long term trading to let you sleep at night without being worry about your open position
try different currency pairs if you cant wait for one
Okay, here is the chart. Currency pairs here in india are traded traditional buy/sell; like buying when the pair is trading low and selling while high unlike CALL/PUT options. I have attached a chart below which has 3 circles in green that show potential price to buy(A usual 1000 GBP lot) and I find myself waiting that price to get further down. The immediate hikes that follow the green circles show a staggering price hike and a potential payout.
Broker is ICICI Direct and all currency pairs are traded which are being listed on Indian stock exchange(NSE) unlike etoro,nord,etc(which are deemed illegal to trade with).
Its incredibly difficult trying to spot tops and bottoms, until the trade changes direction you don’t know. Its a bit like trying to catch a falling knife, possible but risky.
You have 2 choices, realistically. Either decide beforehand that when price reaches a certain level you will buy (with a atop in place) then sit while it falls further before turning up. Or, wait until the upturn before placing a trade.
The problem you are having is called trading.
You’re trying to learn how to trade…
No one can predict when a market will stop and reverse.
Best thing to do - aim for 60-75% of a “move”. If you can cap in b/w that each trade, you’re onto something.
Figure out what type of trader you are, by trading.
