Veteran Member
Posts: 1614
Liked By: 828
Joined: 08 Sep 08
Tipsters Championship:
Player
has not started
|
quote originally posted by mrnicecookie:
Hi,I also trade fx but with no consistency... Do u have some strategy to share? |
hi bro good to know fellow fx trader... I been thru alot in this... I am consistent now but only since 3 months back...before that for 1 year...i have beeen up and down... and burnt quite a few accounts... losses about 80K. the 80K lost i take as investment which i will slowly earn back... a matter of time. my broker is CITYindex. I use RSI, MACD, SMA/MA, trendline and Fibonacci only. based on my experiences and learning i have deduced a few points for consistency: 1. stick to 2-3 currency pairs max... (so in the long run you "know" them well) 2. No matter how confident, stick to the same lot size in all trades. 3. Do not hold more than 2 open positions. 4. see bigger time (1hr, 4hr, daily) frame for the overall picture... see smaller time (1/5/15mins) frames for entry/exit. the last point is abit subjective... depends on your trading style n your account/broker. 5. I do not put a stop loss orders while trading but I do it manually... I have a stop loss level in my head, will cut when hit. If you put stop loss orders, 9/10 times you will get stopped... therefore losses... ( how many times you see your trade get stopped out and then turned to your desired direction? ) please share your trading experiences, then we can exchange further ideas.
All picks are based on personal experiences and judgement calls thru odds readings and technical analysis (such as modern day football conspiracy). Teams' form, news, standings are not included in my analysis. Follow at your own discretion.
|