… ot Wave Theory, etc.)? What timelines do you trade on (are you a day trader, or long term trader)? What kind of analysis do you find better; technical or fundamental? What are your thoughts about a trading platform/site that uses a pip spread vs. one with a set fee comission? Have you ever taken a course, or are you familiar with any good ones (no solicitors please!)? Etc., etc., etc.
I just want some insight into what successful traders are doing.
Thanks!
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
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I normally use both fundamentals and technical indicators.
However lately I see a lot of the new software programs that can generate signals for you even on autopilot.
I was very skeptical initially but I have tested 3 of them and I am very impressed. Would be really useful for new comers. Even if you know nothing of fundamentals or technical indicators you can still trade.
Forex trading has really become much easier than what we had to go through in the old days.
I find that for me, the following work best:
Moving Averages, a 5 and 10.
Stochastic
%K Period: 10
%D Period: 3
Slowing: 3
RSI
Period: 6
Use the 15 minute chart to trade off of, and 4 hour to verify the long-term trend.
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Technical analysis is the way to go…… the markets are efficient and by the time you learn about political or other fundamental factors, they have already been factored into the price. I have also noticed that even after big changes, it always goes back to where it was in a relatively short time period. You don’t want to play the fundy game.
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I’ve never heard of a brokerage that charges commissions instead of a pip spread…… pip spread seems better to me though, since some are as low as 2 pips.
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I have tried scalping and personally it doesn’t work for me, it just feels like gambling. Tons of false signals that really screw you up. So for me I trade either over the course of a day, several days, or even hold positions for a week. I average about 90 pips per day trading long-term instead of very short.
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Everything else you need to know:
http://www.babypips.com
Don’t pay for courses, it’s all available free online. And demo accounts are one of the best ways to get experience for free.