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.
     

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