A
Abigail Okorie
@avrilbanks
Last seen:
1 year ago
Just a simple trader trying to grow and make consistent profits.
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Thank you @skyfall for explaining it so clearly.
For me, I've noticed it’s easier to see this pattern on bigger timeframe charts rather than smaller ones.
One way I determined where to set my take profit is to measure the distance from the head to the neckline and use that same distance below the break.
Trading is basically buying and selling in short time frames, like minutes, hours, or days. It involves trying to make profit from quick price movements. It comes with higher risk and you'd need to dedicate some time to it.
Investing is more long-term. You buy something and hold it for weeks, months, or even years, expecting it to grow slowly over time. It's generally lower stress and less risky, but also slower when it comes to returns.
If you're a beginner and you're not very conversant with the nuances of the market and don't want to be glued to the screen, investing might be the safer and easier option.
It can help you learn the markets without feeling overwhelmed and once you're comfortable, you can move on to trading.
Making profit on demo doesn’t always mean it'll be the same when you go live. A lot of people complain about making profit on demo only to keep making losses once they go live. This is because on demo, there’s no real pressure, so it’s easier to stick to what you've learnt but once it’s your real money, emotions and overthinking get in the way and that can mess with your decisions.
Also, sometimes people move to live too quickly before fully understanding how the market works. But if you feel like you're good to go, then don't let fear hold you back. Just don’t expect it to be smooth right away. There’s still a lot to learn as you go.
You’ll need to keep up with the news, keep practising your analysis, and stay calm even when things don’t go your way.
Having a mentor or guide is also very important, especially since you're still new.