I have been trading using the demo account for two montsh now and I have learned a lot. However, I’m having trouble getting things consistent. I’m not sure how to look for entry and exit signals. Can you help me out with this?
Hello. Good question and not easily answered since there are literally hundreds, make that thousands of ways to theoretically determine and entry and exit point. Try to be careful and avoid all of those “plugin” strategies that are sold and guarantee you big returns on auto-trade. Typically ends up just costing you money.
What you do need it sounds like is a very steady, consistent strategy where you have specific rules of where to get in, where to get out, and how to put the odds in your favor on every trade. You have to realize you will lose, and lose on a regular basis. The key to good trading is to have a higher average win than loss, and have a high a win percentage as possible – clearly being above 50%. I like to aim for “2/3rds to 1/3rd” meaning win 2 out of 3 times, and average gain higher than average loss. Also, with forex, avoid trading the dead times — usually there’s only about 4-6 hours total in the 24 hours worth trading forex. The rest of the time your odds go way down.
May 5th, 2010 at 6:46 pm
Hello. Good question and not easily answered since there are literally hundreds, make that thousands of ways to theoretically determine and entry and exit point. Try to be careful and avoid all of those "plugin" strategies that are sold and guarantee you big returns on auto-trade. Typically ends up just costing you money.
What you do need it sounds like is a very steady, consistent strategy where you have specific rules of where to get in, where to get out, and how to put the odds in your favor on every trade. You have to realize you will lose, and lose on a regular basis. The key to good trading is to have a higher average win than loss, and have a high a win percentage as possible – clearly being above 50%. I like to aim for "2/3rds to 1/3rd" meaning win 2 out of 3 times, and average gain higher than average loss. Also, with forex, avoid trading the dead times — usually there’s only about 4-6 hours total in the 24 hours worth trading forex. The rest of the time your odds go way down.
Some more forex tips
http://www.netpicks.com/7secrets
References :
May 5th, 2010 at 7:18 pm
You are asking a question which requires a lot of experience to determine.You will lose some and win some in any trading. The key to in knowing especially when to exit to minimize loss and to maximize your marginal gains. You definitely need some discipline if you’re doing your own trading, and it’s definitely stressful over time.
My answer would be: Use Bots! (As in RoBOTS.)
Personally, I use highly developed bots to help me with my trading and it’s all done on complete autopilot. Definitely more reliable than doing the trading myself! Well, if you’re really keen on doing the same, you may get the software I use and highly recommend over here: http://Forex.SweetRiches.com
If you need some support, you can get me on skype (pcmailsg).
Cheers!
References :
May 5th, 2010 at 7:47 pm
perhaps you should try personal mentoring and i would suggest you try this site. you can open a mini account for a hundred bucks and they will provide you a personal Account Service Manager or ASM to be your consultant and trading partner as well. you can then talk to your ASM via phone, email or chat and discuss your trading knowledge and how you can enhance your techniques. you can even elevate your concerns to their thousands of expert forex traders in their chatroom. of course, opening a higher account like gold, platinum or vip will entitle you to better trading features and privileges. all the best.
References :
http://www.optionforex.org