Support/Resistant is the most powerful trading tool; I basically set my SL/TP levels based on support and resistant area! In this case, D1 is my 1st choice to draw the lines!
That’s the point; Forex is open to all! But you may noticed; only few traders can make a decent profit here since Forex is very much challenging profession! Only knowledgeable traders are enjoying their trading career!
we have to spend enough sessions on the trading chart. I see, few traders are till successful although they are using very simple trading systems like EMA crossover. So, practice makes perfect.
I am really confused, because I see your tool is indicating buy signal though the trend is strong bearish. Can I know, average accuracy of this trading tool?
According to my personal trading experience, Price Action trading system is the best. It’s the most flexible one! Since you can use any kind of trading instrument here including crypto’s.
Stop loss is the most useful tool to avoid unbearable lose in trading. But I see, till now few traders try to ignore this tool. So, are you using this tool or not? If not, what’s your general rule of trading (on avoiding loses)?
According to me, till now it’s not easy because most of the online educations are primary knowledge. Only basic is not enough here! Till now new traders are struggling.
In my early session of live trading I also took my TP too early because of my lack of trading experience! By the way, now I don’t close my trade manually whatever the result it is! I know, 100% is not possible here; so I am always ready for my live trading result.
For being a Price Action trader, I also use this technique in my trading but with a different name! Basically, Price Action is one of the most powerful trading strategy which one describes market context so smartly, only good skilled PA traders are able to understand the meaning of it.
Basically, traders need to start from the basic level; then they should go for the advance! Forex is very challenging job; so traders have to understand the reality of Forex!
Expecting more (without any logic behind it) is a bad practice! We shouldn’t open any trade based on our own choice; we should follow the opportunities that market offers us!
It’s a long term process; I am talking about choosing any new trading system in live trading account! 500 trades is the minimum number that traders need practice to verify the quality of this specific trading system!
No doubt, a trading strategy is very much important & it plays an important role! But don’t copy others trading strategy or system! Build your own system!
Yes, that’s really great- we can open buy & sell in the same market according to our own taste! But, to be honest good entry points are not available here & there!