Eyes aka TA or understanding market structure. Brains aka experience and knowledge of market behaviour and economics, knowing when to cut losses etc etc (this one's the most important.) Guts aka actually pulling the trigger on trades and having ...

What's the tool that helped you most in trading?

POTENTIAL TRADE SETUPS PLUS KEY LEVELS FOR THE UPCOMING TRADING DAY This is simply a rough analysis that I use to cherry-pick some pairs and get a directional bias going into the day. Please note that the numbers next to the direction are what I ...

Trading under the microscope

UPDATE ON SUNDAYS TRADES Sunday I did get in to 3 trades out of the bunch. I took shorts on both GBPUSD and AUDUSD. I also took a long on GBPAUD since the opportunity was there, and also this allowed me to hedge some risk off my other trades. That's ...

Trading under the microscope

Why isn't everybody rich from Forex trading? The simple answer is because just like succeeding in any field with a possibility to make MILLIONS, it is not easy. In fact, it is pretty much improbable that you will succeed long term trading Forex. ...

Why isn't everyone rich?

I mean, yeah..anything can happen but there are measures you can take to avoid black swan events such as that. 1. Don't risk too much on one trade. 2. Trade with a proper broker that has some rules and regulations in place to return your lost funds ...

Do you use stoploss?

Profit is profit man, keep on pippin. Cheers.

Trading under the microscope

Really? I remember I had an automated system that made money live trading the 9 majors and GBPJPY made the bulk of the profits. This is pair discrimination! lol. Seriously though I have to disagree. GBPJPY is fine to trade but I find its extremely ...

Trading under the microscope

Sounds good. Please remember that I do not post my full analysis on here. There's just not enough time. This is why trade copying and signal services do not work. Everyone's style and risk tolerance is different. All I'm trying to do here is post ...

Trading under the microscope

No problem. I am not always right with my analysis so I wouldn't be to worried. Wether you "get murdered" depends on your trade size and what price you got in. I'm a firm believer in being able to get out of a losing trade with either a small loss ...

Trading under the microscope

No. You can either trade with a broker or buy or sell actual currency at an exchange but either way your going to pay a premium somehow. That's a part of the game you cannot escape commissions and/or spreads or fees. Also If you have a large amount ...

Is it possible to trade the forex market without a broker?

Hello Dips21, thanks for your question. It really depends on what you are looking to do/what type of trader you are, but I'll tell you for me what I'm looking at for those pairs. USDZAR: LONG I do not normally trade exotics unless there is a really ...

Trading under the microscope

Feb 7th was a Bullish day for GBPAUD. That means the closing price was higher than the open, so you are reading the information incorrectly somehow. See the screenshot below. GBPAUD DAILY CHART image Hope that helps. Cheers.

How to read opening and closing prices

This is true. There are ways to combat whipsaw though. If you are not watching your trade you should always have a hard stop or some type of hedged position to offset your potential risk in case of that happening. For example. Long USDCHF Long ...

Do you use stoploss?

Nice. I got in at the beginning of the week at 0.9660 and got trailed out at 0.96890 For around 30 pips..If only I stayed in Id be up over 100 pips, but hey that's how it goes sometimes. Gotta learn how to hold on to the good ones longer.

Trading under the microscope

POTENTIAL TRADES OUTLOOK FOR NEXT TRADING DAY (SUNDAY) (Remember these are only potential setups and need to be filtered on lower TF to find good entries.) I ended up getting closed on GBPJPY for a profit of about 1R. It ended up running for another ...

Trading under the microscope

UPDATE ON YESTERDAYS TRADES Today was a bit frustrating for me since I broke some rules. I went against my analysis and made some rather foolish plays. GBPJPY Took a buy on GBPJPY for whatever reason. It can be really hard to stay composed at times ...

Trading under the microscope

100% agree. This is why I do not use any indicators except for maybe stochastic from time to time. I also have a custom trend-line indicator but honestly I do not need any of them. It over-complicates things and makes it harder to "read" the market. ...

Trading under the microscope

This question is EXTREMELY RELATIVE. A better idea if you really want to learn is to post a screenshot of a trade you are in and ask. Where should I put my stop loss? To use a stop loss or not depends on your personality and experience. I am ...

Do you use stoploss?

Dear OP Demo is fine for some to begin with, especially when learning how MT4 works in general. Depending on your personality, though. The problem becomes if you stay in demo for TOO long. I know that may sound weird since practice makes perfect ...

Is demo a step before real trading?

Potential trade setups for today. (Remember these are only potential setups and need to be filtered on lower TF to find good entries.) I am still in EURTRY sell from yesterdays analysis and also am in AUDJPY and AUDCHF for a small scalp buy very low ...

Trading under the microscope