You want to make money, keep it simple

Discussion in 'For novice traders' started by Francmorio, Apr 11, 2018.

  1. Francmorio

    Francmorio Member

    In a strong point, I want to clarify that, when I say Simple, I don't mean forex trading is simple in anyway, what I mean is that, you strategy should be as simple as possible, too easy to understand and yet working. If you have hard time explaining your strategy to others, then probably you're on the wrong end. Again, Keep it simple and stupid
     
  2. andengireng

    andengireng Member

    In the forex market, we buy or sell currencies, in order to earn money from price changes. From this point of view, forex trading activity is actually similar to the general financial market transactions, such as stocks. Therefore, if you already have experience in stock, you should not have difficulty in trading forex. Although, you also can still trade forex even though there is no experience at all in other investments.
     
  3. NewbieTrader

    NewbieTrader Member

    hahahah i like that. keep it simple and stupid :D i wish that could work in real life. hahahah.
    anyway, you have a point. people tend to complicate their own trading strategy. but they should go for a simplest, most suited one.
     
  4. Francmorio

    Francmorio Member

    ;);)
     
  5. andengireng

    andengireng Member

    I think it's like "do it and forget it" trader always say it before he start his trading activity, they have plan and they do it, they forget it until they realize the time to check their trading, any profit or loss
     
  6. NewbieTrader

    NewbieTrader Member

    ah, true. that makes sense. do it and forget it. we don't need to worry about how things work once we open a lot, right? just set SL and let it trades!
     
  7. Tengkorakfx

    Tengkorakfx Member

    Well, it depends on the setup we have analyzed before. For me as supply and demand trader, I only look for a good setup so that I can set the pending trade with SL and TP.
     
  8. andengireng

    andengireng Member

    If there is a simple and easy trading strategy, why should you look for the difficult ones? The advantage of a trading strategy lies not in how difficult the strategy is or how many technical indicators are installed. Conversely, often simple trading strategies with one or two indicators are more profitable
     
  9. NewbieTrader

    NewbieTrader Member

    Yes, yes. SL and TP ;)
    Explain more about being a supply and demand trader? I don't quite understand. Never hurt to learn more!
     
  10. andengireng

    andengireng Member

    To train risk management to support this way of trading forex, you can apply the following steps:

    1. Use a demo account with virtual money capital of $ 1000
    2. Transact with a maximum number of 0.02 lots at each transaction (or 0.01 + 0.01)
    3. Apply Stop Loss (SL) settings = between 20 to 50 points, with Target Profit (TP) at the same point value as your SL
    4. If you successfully touch the profit target with the total overall trading position is positive, then you can do the transaction again on the same day as the rule above
    5. If it turns out to touch the stop loss with all negative trading positions on that day, then stop trading on that day and wait until the next day you transact according to the rules above.
    6. Continue to do it continuously until the $ 1000 capital is used up (may be with arbitrary trading techniques or guessing may also)
     
  11. Tengkorakfx

    Tengkorakfx Member

    Here are the basics but I see no basic analysis here... Let me add some things when you're training your trading skills...

    1. Identify a level that the price bounces up on it for several times
    2. Notice when the price breaks down that level
    3. Once the price returning back up to the level, you can put a sell position in the first time pull back

    This one is called Support becoming Resistance
     
  12. NewbieTrader

    NewbieTrader Member

    thank you for this! any reason why we should choose to start with 1000 USD? or is it just a number. can we start with lower or higher? just curious :) i'll try this one out.
     
  13. broforex

    broforex Member

    I think he meant using $ 1000 so that his profits could be felt, so later when we use real money, we are used to trading with as much as $ 1000, if indeed the results are like virtual money, then this forex trading business is indeed worth doing
     
  14. NewbieTrader

    NewbieTrader Member

    Okay that makes sense. But then again, whether or not a profit is "felt" depends on the traders themselves. it's a qualitative measurement. in this case, we can start with whatever number we feel convenient with ;)
     
  15. broforex

    broforex Member

    Many people are interested in entering the business of buying and selling foreign currencies because of the potential profit earned. Apart from great potential that is acceptable, business forex can be started with perfunctory capital. The most interesting, forex is a non-stop business, open 24 hours a day.
     
  16. Tengkorakfx

    Tengkorakfx Member

    Because it's the basic of the market, buyin and sellin. Whereas the supply and demand will happen around the market itself. Remember, the price moves because there is a reason of it...
     
  17. NewbieTrader

    NewbieTrader Member

    I don't think i've ever read "perfunctory" in a forex forum before :D
    not so non stop though :D we discuss it on another thread that forex trading has a stop, which is weekend.
     
  18. Tengkorakfx

    Tengkorakfx Member

    But it doesn't mean that the market totally stops at weekend. You may want to check the price movement on other websites such as investing.com where it has a trading server that doesn't stop around weekend
     
  19. broforex

    broforex Member

    Yes, agreed. That's why any gaps on Monday, that gap is the conclusion movement on the weekends. So I suggest to all traders to stop trading on Friday, to avoid the gap on Monday.
     
  20. NewbieTrader

    NewbieTrader Member

    yep, i was referring to the trading activities itself. it does not sleep, it takes a rest :D
    hey thanks for that. it would be fun to actually emulate trading during the weekend movements. you know, just to practice.
     

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