Experience is the best teacher they say. I have thought of it that the under mentioned steps will go a long way to help you as a forex beginner or trader:
1. Avoid trading on first Friday of the month which is the day they normally trade non-farm payroll.
2. Trading at all, you must endeavour to exit your trade before the news hours.
3. Trading the News at all cost, trade around 1.30pm or 2.00pm your local time.
4. Always close your open trade before 5pm local time as a day trader or as an intraday trader.
5. Intraday trader time frame are 15mins., 1min and or 5mins chart.
6. Trade only when the market is in a trend form either for bearish or bullish i.e sell or buy formation.
7. Let trend be your friend while trading forex.
8. Always avoid trading sideway market and hope for a breakout.
9. Always take your profit as pre-defined or pre-determined.
10. Always take your loss as pre-defined or pre-determined and stop hanging your hope in the balance for the trade to reverse to favour you. This may not happen may be eternity.
11. Note that all indicator carries resistance and support level, this most be observed critically.
12. Trade below or above the pivot point
13. In conjunction with item number 9 above, you can lock-in your profit rather than closing your trade, i.e let the profit runs by setting your take profit at the low of the previous closed candle stick.
14. You can also buy when RSI is greater than 55 and sell if RSI is less than 45.
15. In order to milk the profit, introduce fibonacci ratio immediately a breakout occur and after it has gone beyond pivot point.
Hope to still let you know more the ways by which you can trade currency or generally know as forex in order to make a living.
Remain the in atmosphere of pips till I come your way again.
No comments:
Post a Comment