S
Grey Stallone
@stallone_g6
Last seen:
1 week ago
dont over complicate trading
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people who are trading to impress others, or who are trading with other peoples money and are supposed to give them a certain rate of returns are always the ones most susceptible to be bitten by the revenge trading bug
This s**t just happened to me this morning, Entered too early based on just a single candlestick instead of waiting for a double candlestick pattern
been trading for a few years now but if I could do it all over again, I would start by learning forex session times and how to change time zones on charts.
I agree 100% that timing is more important because entering a trade at the right time, means you will not have to chase the market. You have to know when sessions start and end so you can get the best entry and exit
bro you cannot trade from morning till night nonstop, you need to have limits. the limits are the edge you really have as a trader, if not you are gambling. This is one of the differences between gambling & trading- the absence of limits.
Today is Easter Friday, so the xauusd market will be closed with most brokers. Although some brokers may chose to allow you trade xauusd on easter Friday, it is actually unethical because they will have to be the ones making the market, and they will have to widen their spread which is not being fair to the traders. So, most brokers just choose to suspend xauusd trading during holidays like easter
The correct sequence of major trading sessions:
Wellington, New Zealand Session
Sydney, Australian Session
Tokyo, Japanese Session
Singapore, Asia Pacific Session
Frankfurt, European Session
London, UK Session (most of the trading happens here)
New York, North American Session
Yes, you can but there are a few things to note: if you opened a cTrader account you may need to download your brokers version of the cTrader mobile to be able to manage your trade from your phone. In fact, some brokers dont allow you manage trades for MT4 and MT5 accounts on their mobile app (one of such brokers is Trade Nation) so in that case, you must download the MT4/5 mobile app to be able to manage your trades.
first thing I check is the spread, second thing is the trading software they offer, then last I check their response time when it comes to customer enquiries
I agree, anytome I open the charts and notice the candlesticks are unusually short, I immediately know liquidity is low so several candles will have to form before I can make a reasonable profit. To solve this problem, I increase my lot size so that even with a few candlestick formations, I can still make a respectable profit while setting a small stop loss.
For example there was a day i noticed small candlesticks during London and i opened a 0.1 EUR/USD lot size trade and set a $5 stop loss at a fair enough distance from my entry. Now on a day where the candles were big, to set that same stop loss at that same distance, the stop would have been worth almost $12
Journalling is a good habit that is fast losing its popularity because traders of today just want the profits. I do journalling everytime i trade and save an electronic format
Discretion is for expert traders, if you are not an expert you should just follow your strategy mechanically.
Its not possible to turn $100 to $1,000 in forex, you will just blow your account taking on too much risk. To be able to flip your account to $1k you need to trade on higher timeframes and hold trades for longer and your $100 account balance will not be enough.
Yes, I actually think that traders expect too much from technical indicators. Some rely on it for entry and exit signals and look to it like a magic formula which they arent.
For me i look out for candlestick patterns to tell me if a trend is about to reverse, then i only use indicators to confirm what the patterns show me.
Course sellers are partly to blame for the overestimation and exaggaretion of technical indicators because they make them seem like they are the solution to your trading problems just so that they can sell you a course on how to use the indicator.