It’s great to have luck on your side especially for lottery of gambling haha. But you need so much more for successful Forex trading…experience, solid knowledge, good flair and approach. My opinion is that unfortunately only luck is not enough…besides sooner or later it will go away…then what…?
I considering being lucky as a bonus, but not as a deciding factor to good trading. Good trading depends on knowledge and experience. One cannot rely on luck.
I want to learn to think broader and learn to predict the movement of the market not by 2 steps, but let’s say by 5-7 steps, then I’d be able to make my trading strategy ideal.
Perhaps, you will benefit more by learning to read and analyse the market better; particularly using a top-down multi-timeframe approach.
Trade safe and prosper.
Are you adopting a ‘what-if scenario’ in your trading? Doing this will help you avoid making the mistake of focusing on only one side of the market. What do you think? Share your experience here with other forum members.
Trade safe and prosper.
Please clarify what kind of period you mean by 2 steps and by 5-7 steps? This can be quite subjective for different people.
which forex strategy do you use in your trading? Do you have forex strategies app on your smartphone?
My system is based on moving averages and S/R/pivot zones. I don’t use EAs or automated strategies. Based on my system, I use two key strategies linked with price action: one for trend following and another for mean reversion trading.
Trade safe and prosper.
The key to success and sustainable progress in Forex trading, as in any business or discipline, is continuous improvement. In what areas have you improved as a Forex trader in the last few weeks? For me, I have improved in the area of market structure analysis and trading.
Trade safe and prosper.
Knowledge and experience and skills are required to survive in Forex Trading, you need to understand that if you wanna become successful in Forex, you cannot stop learning, else it would be just a waste of time.
Agreed. A reason why we all need to take time once in a while to assess our performance and take necessary improvement steps. Trade safe and prosper.
I have been studying various figures and patterns in more detail lately - pennants, head and shoulders, triangles, etc. and I think I learned quite a lot.
The thing is that no matter how much you learn about Forex Trading, it is never going to be enough, you need to keep learning in order to survive in this risky market.
Good to learn these patterns if you find them helpful.
Last week, I learnt to be more bi-directional in my trading analysis. I had been so for quite a while but I have come to see a greater value in adopting this bias. This means, knowing the market mode (the current/immediate) price action and a longer/more intermediate/medium-term bias.
What about other forum members, what have you learnt recently that could enhance your trading?
Trade safe and prosper…
Very much to the point. You prosper with greater and better knowledge and skills. What would you do differently this week based on what you learnt recently?
Trade safe and prosper.
That is a very useful thing to pay attention to, I think. Even if you trade in the short term it is important to at least occasionally pay attention to longer term signals, because otherwise the market could surprise you.
I learned last week (the hard way, of course) to not enter an order on a candle that hasn’t closed yet. Never doing that again.
I will improve my deal entries and exit properly…because it will greatly affects our profit or losses especially if u are a long terms traders. Let say mostly by average 6 out of 10 position placed we predict the right trends, but as you know it, you enter ur trades too early which hit our stop loss or we exit too late cause minimal profits because of the correction or retracement of the charts… normally it involves emotion the most…patient is the main factor particularly…
Care to share any ideas on entries or exits indicator or stratergy that been used? Really appreciate it. Currently i have been using Stochastic Oscillator and RSI as my indicator…i can say that i been very useful to me because i can see whether the currency is overbought or oversold which indirectly indicate the reverse of trends…that will be my entries and exits hint.
Thanks in advance.
Well sorry for the disappointment, but I am off to a break and learning the Forex Trading as I have faced lots of loss. Now I am trying to learn my mistakes and trying not to repeat it.
That is a very important and necessary lesson that I too learned the hard way. Just because a candle looks like a hanging man or a shooting star or a doji, etc. now doesn’t mean it will look that way in a few hours. The longer the time frame, the more this rule applies.