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Forex is said to be a 24 hour market. If you area following a strategy trading from the daily chart then what is the cut off time for your daily candles? Ie what should it be? I'm assuming you want it to be the same time that most traders are using so that you are looking at the same daily chart? Many thanks.
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What is Forex The Foreign Exchange market, also called FOREX or FX, is the global market for currency trading. With a daily volume of more than $5.3 trillion, it is the biggest and most exciting financial market in the world.
What is Forex and how it works. The Foreign Exchange market, also called FOREX or FX, is the global market for currency trading. With a daily volume of more than $5.3 trillion, it is the biggest and most exciting financial market in the world.
@AlphaexCapital : Should You Set Yourself Daily Targets In Forex? To read the article and many more, click the link in the bio. #binanceexchange #financefinspire #tradingdesk #tradelifestyle #forexscalper #scalptrader #tradesignals #forexschool #tradingplan #livetrading #f… --https://www.alph…
Best Currency Pairs to Trade in Forex Market in Urdu best forex pairs to trade 2019 in urdu/hindi - What are the best forex pairs to trade - best currency pairs to trade at night in urdu/hindi - forex pairs with highest daily range in urdu/hindi -
Best Currency Pairs to Trade in Forex Market in Urdu best forex pairs to trade 2019 in urdu/hindi - What are the best forex pairs to trade - best currency pairs to trade at night in urdu/hindi - forex pairs with highest daily range in urdu/hindi - What are the Best Currency Pairs for Forex Trading? Name a market that never closes during the work week. The largest volume of trading in the entire world in which people from all countries of the world participate every day. Yes you guessed right – the Forex market. (Foreign Exchange) Market is created by the need for a system to facilitate the exchange of different currencies from around the world. It is the world’s premier financial market, a system that clearly demonstrates the financial dynamics of global trading. https://ansarionline.com/best-currency-pairs-to-trade-in-forex-market-in-urdu/
Good news! The Euro was positive at the very first Forex trading day of 2012. Seen from the Forex daily chart of yesterday, the Euro once even broke out the resistance line 1.3000. Wow, indeed, this piece of news brought Forex traders hope that the euro may possibly continue the uptrend in most time of the following year. Well, is it true? I am still going to share with you my analysis. Technical Forex Analysis On the Forex daily chart, the euro rebounded strongly and once even broke out the former resistance line 1.3000 and it seems that it may possibly continue its uptrend. We can see that the price is moving divergently with the EMA; moreover, on the MACD indicator, the histogram is moving closer to the zero line, indicating that the price is going upwards. According to my own Forex analysis, the resistance line is 1.3080, and the support line is 1.3000. Meanwhile I suggest that Forex traders consider setting stop loss orders right above the line 1.3100.
Fundamental Forex Analysis As usual, although up until now there is no new negative news released about the euro; Forex traders, especially institutions like banks are still wondering whether the euro can pick up its uptrend and they believe that the euro is going to move in recession first in the Forex market. Therefore, in the fundamental perspective, I am not that optimistic towards the trend of euro. In conclusion, I still suggest that Forex traders should trade calm and put their emotions down. Whatever good signals the Forex chart may show us, we might take the fundamental Forex analysis into consideration as well.
So there seems to be a lot of new people on this sub. And makes sense if you have questions a lot of time you'll turn to reddit for the answers (I know I do). Well here are some tips that I think would benefit new traders.
Don't trade ANY Euro pairs. Look I know it's the most traded pair it goes up and down really fast and there's so much potential for you to make money. Turns out there's even more for you to lose money. It's way too volatile specially if you don't know what you're doing. EUUSD is the worst offender.
Trade the Daily. Might think you're cool looking at charts every x amount of times during the day. You get to tell your friends and family that you trade all day and they might be impressed at what you're doing but unless you have some years under you stick to the daily. There's less noise. You can see clearer trends and when you don't stare at the screen all day you're less emotional therefore a more effective trader. I only look at the chart 15 minutes a day to either enter close or manage my trades. Whatever happens when I'm gone is what happens.
There is no holy grail indicator Look for it all you want. It doesn't exist. There are good indicators. There are bad indicators. There are some indicators that are so broken if you do the opposite of what they're intended for you'll actually make a profit. But the fact remains that there's no perfect one. Stop looking. What you should be looking for is an indicator that fits with your strategy.
What currencies to pick. I actually never see this brought up. The notion in forex is that all pairs can be traded equally. To a certain extent that's not false. But until you get the hang of it stick to a strict trading diet. Look for pairs that trend a lot. Duh look for the trend I can hear you say. When I say trend I don't mean a couple of days or weeks. I mean a couple of months. Half a year. Pairs that do that have a higher tendency to stick with one direction for a while. That's where you make your money. An easy way to identify those pairs as well is putting together a volatile currency (USD) with a less volatile one(JPY).
USE YOUR SL Trust me even if not putting a SL has netted you all kinds of gains eventually the market will turn around and bite you. With no safety net you'll lose most if not all your profit. The best offense is a good defense.
How to pick your TP and SL level. Most new traders care so much about that. I put it near the bottom because in my opinion you should know everything listed first. This is my opinion and I use it for my strategy I use the ATR(average true range) indicator. It's a really helpful tool that helps you identify the range at which the candles will either rise or fall. Obviously you want to set your TP inside of that range and your SL slightly outside of it.
Lot sizes. Everyone has a different story about how they pick their lot size. The general consensus is don't risk over 2% of your account. But I'm a simple man and I can't be bothered to figure out what my risk is every single time. So what I do is I put $0.10 for every $100 I have on the account. I then assign $300(minimum) to each pair. That's $0.30 per pair. It's easy to remember. 10 cent for every $100. If you're able to blow $100 with $0.10 then you probably shouldn't trade.
How to avoid reversals. Tbh you can't. There's no way to predict the future so eventually you'll get hit by one. What you can do however is minimize the blow. How I do it is for every pair I take two trades. If you remember in the previous tip is said I do about$0.30 per pair well I divide it 2:1. I take one trade with a TP(2) and one without (1). If my TP is hit I pocket that amount and if the trend keeps going in my direction I make even more. If the trend decides to end or reverses my losses are minimal because at least I kept half.
There is NO right way to trade. Stop listening to people telling the best way to trade is fundamentals or naked charts of to use some specific indicator. There are no right way to do this. It's as flexible and unlimited as your imagination. I personally use indicators but if that's not your thing do YOU! Just remember to manage your trades properly and be level headed when trading. Hell if your trading strategy is flipping a coin with proper trade management you'd probably make some money (don't quote me on that).
Trade money you're willing to lose Don't trade your rent money.
That's all I have for now. If anyone sees this and wants to add more feel free. Hope this helps someone.
DailyFX is the leading portal for financial market news covering forex, commodities, and indices. Discover our charts, forecasts, analysis and more. DailyForex has all the resources that traders need to succeed, including comprehensive Forex reviews, daily Forex news and technical analysis for the major currency pairs. See how the right Forex reviews can help you master the currency markets! For example: The chart entitled “Forex Average Daily Range” shows GBPNZD as 201 Pips and in the chart entitled “The Most Volatile Currency Pairs” shows GBPNZD as 1200. If 201 is the daily average what is 1200, is it the monthly aveage or yearly average or what? I don’t understand the difference. View live forex rates and prices for commodities, indices and cryptos. Live streaming allows you to quickly spot any changes to a range of market assets. Trading foreign exchange on the currency market, also called trading forex, can be a thrilling hobby and a great source of income. To put it into perspective, the securities market trades about $22.4 billion per day; the forex market...
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