forex trading

Hello and welcome to the world of forex trading. My advise to you is to deal with a currency pair that you have confidence in. Don't complicate things and keep it simple. Pull out when you the market becomes volatile. Also, don't compare your results with anyone else.
 
Variss said:
Hello and welcome to the world of forex trading. My advise to you is to deal with a currency pair that you have confidence in. Don't complicate things and keep it simple. Pull out when you the market becomes volatile. Also, don't compare your results with anyone else.
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agree! When starting out in forex it is important to trade in only those currency pairs that you feel comfortable with and have good knowledge about. Like the most common currency pairs suggested for beginners are EUR/USD, GBP/USD, USD/CAD. These have high liquidity and are traded on a large scale. Even I started with EUR/USD.
 
Hello friend! I am doing trading from past five years and have spent some time on this forum as well. You can contact me any time if you feel any confusion related to trading. I assure you to provide you as much aid as I would be able. Thanks!
 
Hello friends! I considere the strategic is esencial in Forex, so each trader has different personality traits which need to be taken into account when choosing the best Forex trading strategy. Some traders like fast-paced trading on short timeframes, while others prefer longer-term trades which are held open for a few days or weeks. Whether you want to buy a Forex strategy or use a free Forex strategy, your personality plays an important role.

There are four main trading styles that you need to be aware of:

  1. Scalping
  2. Day trading
  3. Swing trading
  4. Position trading

Scalping is the fastest trading style, and sometimes involves holding trades for just a few seconds. Scalpers usually open dozens of trades during the day, and aim to profit on very small price movements, often closing the trade with only a few pips of profit. This is a fast-paced trading style, and not suitable for everyone. In terms of trading strategies, scalpers rely on short-term technical analysis and news trading and try to profit on sudden spikes in momentum.

Day traders hold their trades during the day, and close them by the end of the trading day. Generally, if you open at least four trades per week and hold them only during the day, you’re classified as day trader. Just like scalpers, day traders rely on technical analysis on relatively short timeframes, ranging from 15 minutes to up to one hour.

Swing traders hold their trades for a few days or weeks. Unlike day traders, swing traders are exposed to increased risk if the market conditions change overnight or over the weekend. However, the longer time horizon allows swing traders to have larger profit targets than day traders. A successful Forex strategy for a swing trader would be based on technical levels combined with some fundamentals.

Finally, position traders are very long-term traders, holding their trades for a few months in some cases. This calls for a deep analysis of market fundamentals, since fundamentals have a significant impact on long-term currency movements.

All successful Forex trading strategies take into account these differences in trading styles, so you need to determine first which style reflects your personality, and then choose the strategy that best fits your approach.

See more about this https://alpari.com/en/beginner/articles/best-forex-strategy/
 
Wicked Daddy said:
You're funny.

The hardest thing in trading is to have discipline. There are tons of trading strategies and methods and most will work well - if you can follow the rules. That is the secret, the holy grail of trading: discipline. It seems new traders (and old) are on a quest for the big secret to success, when it will never be found in a book or on some scammer's website. The answer is in the mirror.

Patience is a discipline. If your rules have not lined up, then you don't enter the trade. So many traders break their own rules (if they have any) because they lack the patience to wait for the trade to align with their rules. So they jump in and lose. Or, they enter properly and then fail to follow their exit rules. You first need to create a set of rules. Then you need to abide by them.

I don't use stops. I have not lost a trade since May of 2015 - that's when I stopped using stops. But I also don't over leverage my account and I only trade with positive carry. So if my timing is slightly off and the trade goes against me before going in the direction I entered, I can just wait it out and get paid to do so. This happens once in a while if I'm hunting a trend reversal and it's not quite there yet or there is some chop at the top or bottom of the range. Again, patience.

Do you have rules?
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So, so true...patience!
 
victorycountry said:
I don't think the statement you believe is true is true...if someone doesn't use any risk management, then their account eventually get wiped out.
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That is true of risk management, but here we are talking about the "patience" required to let your strategy do its thing!
 
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