Forex for Day Trading
|August 16th, 2015, 08:30 AM||#11 (permalink)|
Membership Temporarily Revoked
Futures Experience: Intermediate
Platform: MT4 and TOS
Favorite Futures: Forex
Posts: 15 since Jan 2015
Thanks: 5 given, 6 received
I've been day trading forex for almost a year now. If you are new to forex trading (I'm assuming you are), I can save you some money and pain.
1. Don't buy into any signal rooms or services. Most are not worth it. Many are scams
2. Don't buy indicators. Most of the time you can find them free. (I've paid for access to strategies using free indicators).
3. Use DEMO until you double the account. Change your Demo fund to the exact amount that your live fund has. Once you have the skills to double your demo, then MAYBE you have the skills to trade live. (different mentality when its real money)
4. Use proper risk management. In a nutshell...for every $100 in your account your lot size should be .01
5. Aim for just 20 pips a day. You can increase your lot size as your account grows. Reduces your exposure to the market, reduces risk.
I've gone from a chart full of indicators to a chart with just Supply and Demand zones and line chart.
Currently I only place trades that large banks are placing, but ONLY if they match up with Supply & Demand zones.
I get bank trade info from this site.
I have an MT4 indicator that draws the S & D zones. very handy