The trend is your best friend

Discussion in 'For novice traders' started by Francmorio, Jun 29, 2019.

  1. Francmorio

    Francmorio Member

    This is another thing you need to take care of. If you don't understand the trend in the asset you're looking forward to trade, don't trade it. Run number one, understand the trend, then take care of the amount you are risking and enter and exist correctly..
     
  2. Tengkorakfx

    Tengkorakfx Member

    Starting from bigger timeframes like Weekly or Daily chart. You can see bigger trend from this, identifying swing high and low then mark it as a part of your trading plan.
     
  3. broforex

    broforex Member

    forex market if you look at it and pay attention to it also always repeat. There is a cycle that without you realizing it always appears in currency price movements. This cycle is always there and will never end until any time until the market itself will decide its journey ahead.
     
  4. Tengkorakfx

    Tengkorakfx Member

    For sure it will never ends. Thus what happened in the past might happen again with the same exact patterns. Just be sure to get yourself prepared for that.
     
  5. broforex

    broforex Member

    yes. Once started, the trend tends to develop in the same direction until the counter trend begins. Uptrend is an aggregate of price movements where each subsequent peak is higher than the previous one and each subsequent trough is higher than the previous one.
     
  6. broforex

    broforex Member

    When trading in trend following, you should not be too serious in analyzing the intraday price fluctuations associated with short-term news releases. Conversely, rest assured that at the end of the day or at the end of this week (depending on your trading timeframe), price movements will be in accordance with the ongoing trend.
     
  7. liafatlouie

    liafatlouie Member

    What are the trends for Brexit-related currencies, sir?
    Is it stable to be traded?
     
  8. broforex

    broforex Member

    Whatever our trading system. Whatever the indicator. Take the paper and pen (or open microsoft word). Write our trading system, when we enter, when to get out, how many lots are opened, where put TP and SL. Include a screenshot of it. Make it as detailed as possible. Make it as if we are teaching elementary school children to trade our million dollar money. After that print and laminating if necessary. Put it next to the computer. If the trading system succeeds 50% then BE LOYAL.
     

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