P
Pierre
@pierre_r_carosso
Last seen:
1 day ago
An adherent of Dows theory
0 Followers
0 Following
Your entry is very precise, even on a 5-minute chart, you did this without consulting higher timeframes like most traders. Amazing!
Stocks are more profitable and easier to trade because their prices are designed to go up. Forex on the other hand is designed to fluctuate so its more unpredictable.
Trading was not originally designed for retail players because for most it is just a zero sum game. Institutional traders have access to specially designed economic models that can analyze an asset thoroughly and predict with some level of accuracy, which way the market is headed for the period under review. Retail traders don't have access to such high-level tech and are basically bringing a knife to a gun fight.
They say a good trader knows not 100 different moves but 100 different ways to trade one move. As you progress in your trading career, you should be able to spot opportunity where others don't. if you cant find a setup on one instrument in 24 hours then you need to re-sharpen your skill set. Except you are a swing trader or you have specific trading hours, but any experienced day trader should be able to find a setup within 24 hours. Every strategy needs some modification every now and then, its not a bad thing.
Crypto paired with USD needs a lot of liquidity so I best trade it during NY or at the start of Frankfurt
Sure you can recover, just put it behind you and move on to the next trade. Losses are unavoidable, but before you enter the next trade, check your trading account balance and open a lot size that is commensurate to your trading account balance. If your account balance is low and you try to trade the same lot size you may get a margin call and your broker will close your trades prematurely
I disagree, every trade requires a different risk. It depends on what edge you have on that day. If you have some data at your disposal that gives you an edge for the day, then you should add to your winners and risk more
However, let me add that cTrader has charting limitations for example there is a limit to the number of drawing objects you can have on the chart at any given time. Sometimes before cTrader allows you draw a new square or any shape, it will ask you to delete some old ones. I think the maximum number of diagrams you can have on a cTrader chart is 100 at any given time.
Spot on! TradingView want to charge you for everything but cTrader gives you those features mostly for free. cTrader just needs to work on their charting range so you can view more historic charts
Many traders have a sitting on their hands problem. Their ego tells them they are invincible and they can win every trade. Traders, learn to sit on your hands and do nothing. No position is still a position! You may not make money that day, but at least you will be able to sleep well at night.
USD is a proper safe haven when it comes to oil supply shocks because of the energy sufficiency of the United States and the fact that oil is priced in USD. We are witnessing it right now as oil supply chains are disrupted globally and the USD came out stronger.
Price action for me is understanding how the market for different instruments behave in different seasons of the year. It is not something you can fully learn from a YouTube video but you get better at understanding price action when you focus on one or two pairs and trade them frequently. If you are one of those traders that trades every instrument they can lay their hands on, you may never become a master of their price action because your attention will be too divided.
When your leverage is low, you may not be allowed to open a big lot size after you just sustained a big loss. So, if your trading account balance was $20 and you sustained a $10 loss using a 0.1 lot size, if you try to open another 0.1 lot size trade again the broker will not let you do so except you lower the lot size drastically. So, low leverage prevents you from self-destructing and blowing your account due to revenge trading.
TradingView is not completely free, to unlock some really helpful features you need to subscribe to a paid plan.For example there are some timeframes you cannot access on the free and basic plans. I know some brokers give you access to TradingView but they give you the basic plan which still lacks some advanced features such as the timeframes i talked about. One good thing about TradingView is that it has a social media kind of thing going on where another trader can chat you and you become friends.
Been trading forex for a few years now and I noticed January is a terrible month to trade because the markets are just recovering from the xmas break and most institutional traders are still on holiday. This causes liquidity to be poor and price action behaves inconsistently from what you have been used to.
Showing 20 of 66 replies.
Log in to see all replies