Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Do you want to close positions by the end of market session? If yes, this means you are an intra-day trader, which means IMO, the charts should be looking at 1 hour to 1 min time(1hour, 50 min, 40 min, etc?) frame charts. This way you can monitor price action for more defined entry.
Sorry to say, but with your risk proposal it is pretty clear that even with very cheap FX brokers you will
have a lower limit problem. (Or you use e.g. bucket shops which hide the fees within their spreads.)
You regularly pay minimum fees and your fees per trade show double-digit percentages (>10%) compared
with your P/L per trade - right?
Generally the dominant wavelengths of the market will carry more information and should be easier to trade for the beginner: think hourly or daily. However, you can gain more experience on shorter time frames which could translate into greater advantage.
If the tolerable risk per day is about converted $15 that has absolutely nothing to do with time frames,
much less with rapidly debasing currencies like naira and even much less including minimum fees.
Even taking the naira and buying physical $ or € and sit on it would be more sensible than trading with that profile.
use weekly charts for supply and demand levels, use hourly carts for entry timing... this trading is not easy as pie, forxpeace has a free course that is very good..it starts you in the first grade all the way through collage. coghlan capital has a service that gives good levels for all fx pairs..a lot of the fast money traders on cnbc use them..hope it helps
use weekly charts for supply and demand levels, use hourly carts for entry timing... this trading is not easy as pie, forxpeace has a free course that is very good..it starts you in the first grade all the way through collage. coghlan capital has a service that gives good levels for all fx pairs..a lot of the fast money traders on cnbc use them..hope it helps
