Trading Forex doesn't have to be complicated. In fact, it's best to keep things as simple as possible. That's why price action trading was a great fit for me and is becoming more popular every day. This community exists to discuss Forex price action trading to include, price action strategies, key market levels, trade setups or anything else related to price action trading. Feel free to join the conversation!
Wondering if it has a place in this market? To be more in detail the turtle method is taking break outs of the Donchian Chanel and then there another set of rules when to take profits and or get out of a loosing trade.
your opinion. I think forex isn't a difficult concept. you buy cheaper and sell costlier and vice versa. and there is generally speaking no need for overcomplication of that simple concept. the problem is volatility of a trading instrument
Oftentimes we do guess the direction correctly, but we may not correctly guess the level at which stop loss should be set. Some pairs have stable volatility like EURUSD, others have a rollercoaster volatility like Gold. And that's precisely what makes Forex look more complicated than it is, I just came to realise Therefore I have a question regarding ta: how do you know you stop losses with pairs of unstable volatility?
5 Simple Ways to Get Into Forex Trading for Beginners
5 Simple Ways to Get Into Forex Trading for Beginners The term forex is constructed by combining the words foreign currency and exchange (FX). Foreign exchange, which is the process of switching one currency into another, frequently takes place for business, commerce, or travel.
Choose a Reputable Forex Broker, eg- Growing Capital.
Start With Demo Trades. Learn the basics of Forex with Forex Professional Trading Course by Market Experts.
Use Micro Accounts.
Take Time to Learn.
Research Currency Pairs.
There are a number of forex trading platforms that can help you get started irrespective of the volume of your trade. Some trustworthy titles are TD Ameritrade, Growing Capital, Saxo Bank, CMC Markets, and City Index.
Begin with the Basics: Before you start trading, it is important to learn the basics of Forex trading. This will help you understand the terminology, concepts, and strategies involved in the market.
Before Homma developed candlestick charts , traders in his hometown of Sakata, Japan followed a set of rules and methods known as the Sakata Constitution. Homma later used a set of patterns in this constitution, which are known as the Five Sakata Methods and which are the basis of his market analysis principles regarding candlestick charts. Today, these patterns still allow traders to identify trends in the market.
Sakata Constitution
It consists of a set of simple rules to operate in the market and by means of which the operator can know his mistakes and try to correct them. These rules are as follows:
Study the time and price in the past but don't be greedy.
Try to buy at the bottoms (minimum points) and sell at the tops (maximum points).
Increase your position size when the price rises 100 pips from the low or falls 100 pips from the low. In other words, add to your position trades where the market goes our way depending on the value of the price change.
If we open a position and the market moves against us, we must close the operation immediately and try to identify the possible error as soon as possible. Likewise, we must rest and stay out of the market for 40 to 50 days.
If a position is making a profit, liquidate 70 to 80 percent of the position to lock in profits. Liquidate the rest when there is a change in the price trend.
Sakata's 5 patterns
The five Sakata methods consist of 5 specific patterns:
Three mountains.
Three rivers.
Three holes.
Three parallel lines.
Three methods.
What is the meaning of three? The Japanese culture of that time believed that the number three was significant, even divine. Homma also believed that when traders find a promising transaction, they should wait for three days. If the trade still looks good after that period, then it is most likely profitable. For some probably the description of these patterns is familiar. However, these candlestick formations can be quite useful in predicting market trends.
Pattern of the three mountains
This pattern shows three candlesticks moving up or down in a trend. Usually, this formation indicates that the trend is about to end. If the middle candlestick is higher than the other two, the formation becomes a three Buddha pattern which we also know as a Head-Shoulder-Shoulder. When this formation is observed, the trader must prepare for a possible change in trend.
Pattern of the three rivers
This pattern also indicates a possible change in trend. This formation can look different depending on whether the trend change is bullish or bearish. The bearish version of this pattern, called the Three River Evening Star , shows a long bullish candlestick, a short bullish candlestick (also known as an island or star), and a bearish candlestick in which the low is below the midpoint of the body. of the candle of the first day. The bullish version, called three rivers morning star, shows a long bearish candlestick, a short bearish candlestick and a bullish candlestick in which the low is below the midpoint of the first day's candlestick body.
Three-hole pattern
This formation usually appears when the market is about to change its trend. A gap occurs when the opening prices move significantly up or down from the close of the last candle which creates an empty spot on the chart. The three gaps pattern usually means that a trend has ended and is about to change. After the third gap in this pattern appears and the price reverses its trend, the market moves enough to close the entire length of the second gap.
Pattern of the three parallel candles
It is a pattern that is made up of three candles that go in the same direction and that have a similar length. This means that the prevailing market trend has a high chance of continuing and the trader must trade according to this condition. When the three candlesticks are bullish, the formation is known as a three soldiers , but when the formation is bearish it is called a three crows.
Pattern of the three methods
It is a formation that indicates the ability of the market to continue with a bullish or bearish trend. In this case, the trader can consider that the trend is reinforced when a large candlestick is formed (bullish or bearish depending on the trend), which is followed by three candlesticks with a shorter length and in the opposite direction and finally by a large candlestick whose close must be higher (bullish pattern) or lower (bearish pattern) than that of the first candle.
Summary
For many, trading based on Japanese candlestick patterns can be difficult to learn given the large number of existing formations. However, over time the trader becomes familiar with these patterns and learns to visualize them quickly. You will also gradually learn other pattern formations and combinations that you can use to determine the state of the market, anticipate its possible direction, and identify good trading opportunities. >>>Access more profitable trading tips joining the Capitalist Exploits Insider Newsletter
Hi everybody, I have some questions about Forex Trading. I'm new to forex and recently began using MT5 to trade. From NASDAQ 100, to currencies (e.g. EU USD, etc.), and Crypto. I realized one thing. On average, every few hours, or maybe maximum every few days, the market/ candles will touch the very top line, or the very bottom line, almost for sure, or super likely. I believe its called over-bought or over-sold when it touches those lines. And every single day all it does is move up and down. Lets say when it reaches the bottom line of over-sold (or near it), I enter a few trades of BUY. I will either just wait until it reasonably goes up and generates some profits, before I close the trade, or even wait until it finally reaches the top line of over-bought (or near it), before I close the trade, for nice profits. Then repeat the same. When its at the top line, I will place a few trades of SELL, so after it goes down reasonably enough, I will either close the trade for some profits, or wait until it reaches near the bottom line, and then close the trades for even nicer profits. And as long as the trades aren’t profitable yet, I will simply not close them, and just wait it out. Then just rinse and repeat this same process over and over. Of course I understand nothing is 100% perfect, there will still be some losses here and there, but other than that if I’m willing to go through the patience of sitting in front of the screen all day long, just like working full-time job and do this 40 to 50 hours a week. Maybe even find some apps or tools that will alert me when it reaches a certain price, so I can then go to the computer to be ready to close the trades when the chance comes. Is this do-able or make sense, in-terms of having reasonable chance to remain profitable, and in some ways, making easy money without complicated strategy at all? Or even just set TAKE PROFITS. If the candles/ market is at the bottom line of over-sold, I just set a TAKE PROFIT at close to the top line of over-bought, since in the end, its just a matter of time, until it will FOR SURE reach that point anyways. Then same thing, when its at the top, I set TAKE PROFITS for when it finally reaches near the bottom. Does this 2nd method make sense as well? Does this concept make sense? If so, I’m curious how come there isn’t more people doing this and it being super popular. Since its not crazily hard, when compared to lets say working at a job. Since its just sitting at home in front of computer, even though is boring, will make the eyes tired from staring at screen all day, etc. But I can literally watch YouTube, etc. while monitoring trades, so still reasonably easier than a traditional job, with potential to make a lot more as well, from simple effort. Just repeating same thing over and over. Mainly just boring and annoying. What are your thoughts?
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