Only Trade These two things

Discussion in 'For novice traders' started by Francmorio, Feb 8, 2019.

  1. Francmorio

    Francmorio Member

    If your strategy does not take into account these two things, you should probably check your strategy for possible bugs!
    1. Breakouts
    2. Reversals
     
  2. broforex

    broforex Member

    Forex trading is always faced with price risks that move beyond predictions. That is why I suggest you to secure profits when price movements are equal to the size of stop loss (SL). So if the price suddenly changes direction and SL is touched, the trader does not need to worry because the loss will be covered with previously secured profits.
     
  3. NewbieTrader

    NewbieTrader Member

    i do enjoy sitting on the sideline and wait for breakouts. most of the times, the trading decisions i made based on these breakouts are correct and profitable. you guys might want to try that as well.
     
  4. Tengkorakfx

    Tengkorakfx Member

    Thus breakouts are the signal itself for some people that apply a breakout-retrace-entry technique. I can say that I apply it too on my own trade.
     
  5. NewbieTrader

    NewbieTrader Member

    yes, true. treating breakouts as signals is one of the ways. man forex trading is so interesting. the more you get into it, the more you can learn and dig :D
     
  6. broforex

    broforex Member

    Yes, agree! Forex trading is so interesting and cool !! can you teach me how to master breakouts? Because I feel that I am not pro with breakout strategy, I saw my friend using this strategy and he make a lot of money :rolleyes:
     
  7. NewbieTrader

    NewbieTrader Member

    Oof, it's probably one of the hardest strategies to learn and even I am still learning :D I think, to understand this strategy, you also need to understand the pair you're trading. So, my advise for beginning, see the breakouts pattern of one pair you understand or trade the most.
     
  8. Tengkorakfx

    Tengkorakfx Member

    Well, breakout trading system for me is to enter when a price breaks a support/resistance level. For me, it's better to wait for a retrace before enter the trade in order to minimize the risks
     
  9. NewbieTrader

    NewbieTrader Member

    are you saying waiting for a retrace is saver (or easier) than waiting for a breakout? please, master, care to explain :D but don't be as scary as "tengkorak". heheheh
     
  10. Tengkorakfx

    Tengkorakfx Member

    Yes, it is. You only need to learn about support resistance, and supply demand. Care to check my own thread about my weekly analysis.
     
  11. broforex

    broforex Member

    Support resistance is good, I want to learn it. I think I will check you weekly analysis and start learning there. It is good to have a new strategy for me, I hope the result is good.
     
  12. NewbieTrader

    NewbieTrader Member

    hahah :D right on, right on. What did I ask about not to be as scary as "tengkorak"? :D anyways, I am learning more and more about this. Even though I've been trading for some time, there's always new things to discover or improve. One of the reasons why i love trading.
     

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