When you analyze the spot forex….?
on the graphs… do you do 1 min bars or hourly bars or daily bars? or maybe 5 min bars?
Because im reading a book and think im getting pretty good but I dont know how long duration they use… or can you use all ?all at same time or one at a time of same currency? and what makes you use one instead of other?
and the bigger length on the bars = bigger pips difference = more money right? for the amount of time you put in
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Tagged with: amount of time • book • dont • duration • graphs • min • money right • reading a book • time
Filed under: Forex Books
b2fnow has pretty much summed up the answer.
Forex is marketed as easy but it isn’t, which why only 1% make the grade over the long term, another 4-5% will win enough to keep them in the game, the rest fall to the way side. Check the forex forums of this world for more research, forex factory, trade2 win etc. read more books. Market Wizards is excellent as is Reminiscences of a Stock Operator by Edwin Lefèvre, High Probability Trading and Trading in the Zone. Work on your trading Plan and avoid robots and Holy grail systems.
good luck
No. You don’t get it. You are focusing on "making more money right?" You don’t have a trading plan, and yet presume you will "make more money" because you’ve read a book or two and played a game on a simulator.
You should focus on risk first, not make-believe profits that will never come until you learn something first, apply that knowledge to a trading plan, test the trading plan, and finally figure out how to apply the trading plan precisely.
Generally, we use the longer-term charts to determine trend, whether daily, weekly or even monthly, then use the shorter term charts to find the intermediate term trend, like with the 30 min or hourly or 10 min. Then you might use the short term charts to find an entry point to trade with the trend.
Each trader has to determine his own time frame, whether a short term trader, swing trader, or maybe buy and hold. But nobody can buy and hold a leveraged position at 100:1 through 165 pips per days swings in the EUR/USD (that’s the average true range today). That’s a $2,000 swing in your account per day if you’re trading the daily charts on one standard contract. A dreamer hopes for profits, but a trader quickly values the risk.
Read as much as you can; 20 or 50 books are not enough. After you have developed a plan and traded 100 trades by that plan, you will see a pattern, and know whether to revise the plan or whether you can do it at all. If you don’t have a plan or can’t follow the plan, you got nothing.