Intraday trades are the most preferred by people but in this case it it became clear that the intraday trade was not the best option for some people. After the market was affected it was not that stable and it meant that the intraday trades were also not going to be the best option for most of the traders. Some of the traders had to learn to trade at the ties they thought they would never trade because that is when most traders were not active in the market was a bit easier to trade in. In this year they learn that you can make your dreams a reality if you really want to and you do what it takes to do so. That is what defines a good trader.
What one thing did you learn this year that helped you improve your intraday trades?
- Thread starter birdman
- Start date
I learn that when you want to do something the you need to do it. After the market was affected by the pandemic most of the trades gave up on forex trading because they saw the market as not being favorable for them. Most of them were the beginners or those who had not been in the forex market for too long. This was actually the best time to do demo trading rather than sitting around waiting for the market to be stable. Those who took up demo trading are able o get a better idea of how to handle intraday trading in an unstable market. If you could do that in a demo account and be successful then you could trade just as good in the live market. It is all about how you take it.
I think that what most people learnt this year is that they need to take a chance. There are so many people who were sitting on their dreams as forex traders and had never considered it seriously because they thought it was hard or they just didn't want to risk it. It then became very hard for them to to trade. This is the year that most of those people opened their yes and realised that you can actually do the impossible. There are beginners who have learn to be expert traders during this pandemic. Trading was way riskier than before and it means higher chances of losing yet some people still ate it and were able to trade as needed.
I would say optimise the MA's as per the chart.
Ie 50 and 200 on daily, 9 on 5m and a 20 on a 1m are generally very good
One thing I learned this year is be careful of simplification traps. Just because there is 2 higher highs doesn't mean that will continue. Also at the same time the immediate trend can be more important than the larger trend, a small series of hh's while in what looks like a downtrend can be all that is needed to reverse a trend, so spend some time on trend analysis while sometimes what it looks like is what it is. It seems you have to have 3 or 4 things to reverse a trend and they can happen in different ways. Also a few lower lows in uptrend does not mean end of trend, 2 or 3 lows can be broken and the uptrend remains. I would say you want a low to be broken significantly like 50 percent lower than the range of the upswing to consider it, but trends can reverse in different ways but as long as you do the homework I think it's reasonable to work it out.