AUD/CAD, aUD/CHF, aUD/JPY, aUD/NZD, aUD/USD, cAD/CHF, cAD/JPY. The information on this site is not directed at residents of the United States, Belgium or any particular country outsideRead more
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Forex daily chart trading strategy
you want to? You know how that old cliché goes about getting what youve always gotten from doing forex forum greece what youve always done well now is the time to make the changethe one lesson that I learned early on in my trading career that helped me the most, was. We want to see price meet up with one of our Fibonacci levels and confirm with our stochastic oscillator. Maybe you cant even sleep at night because you are so addicted to the 5 minute chart and to watching every pip of price movement that all you can think about is the market. Do not focus solely on what youre good. Indeed, trading is the ultimate test of self-discipline and will power, and the more you develop these abilities, the more you will find that the profits you seek from the markets are not so elusive after all. Some traders may not like stops that are in the 50-100 pip range. Daily charts provide more clarity, as I stated before, lower time frames are full of random market noise and false-signals, you will eliminate most of this noise by simply focusing on the daily charts. So let me set this straight for you guys right now: Through position sizing, you can trade the daily charts just fine on a small trading accountyou just have to trade a smaller position size. One trade I love to take off the daily chart is the retracement trade. You probably enter a trade and then sit at your computer watching the market tick away or reading economic news for the next two hours, unable to think about anything but what could happen to your trade. To focus on daily chart trading you need patience and mental fortitude, this takes intelligence and forward-thinking, it takes checking your ego at the door, and it takes a realistic attitude.
The only way to determine the true trend for a currency is to look at the daily chart. Example: GBP/USD, daily, chart, here is a daily chart of GBP/USD. In Forex, we have many variations of lot sizes we can trade so while the protective stop in pips may be large, it can still be a small percentage of your risk capital. Read The 3 EMAs Forex Trading Strategy). I have personally only met a few day-traders who make money consistently, and they almost all seem really frazzled and strung-out, like a junky who cannot stop thinking or talking about their drugs (the market).