To start to trade and to come to the biggest game in the world, the forex market, first of all, you have to know that without learning the technical indicators and the main rules using the indicators you will not succeed in this market. The charts are at the base of the trading.
Everyone trader who wants to make a profit and who makes a profit uses the acknowledgments by the charts. Charts plus technical indicators are the first and most important to have before starting trading. There are many trading ways and you can trade even without technical indicators only to use fundamental data, but in this case, you could lose too much and fast.
Without the charts, you can trade using only the fundamental data for short daily trading and for weekly trading to trading in a very big period, but trading less than 12 – 24 hours is almost impossible.
To trade only using the data without charts and without technical data the traders could make profit only in the cases when use stop losses for more than 60 pips. There are many trading companies offering trading signals with stop losses of 100 pips and take profit of only 50 pips.
It is very risky and how the data show the loss is 100 pips the all investing for example 1 lot the maximal, while the profit is the half so the risk/chance is 2:1. It is not the way to win on the market. forex strategy Team signals offer trading with stop losses not more than 35 pips and average target profit for more than 75 pips.
The trading with fewer stop losses mainly is based on chart analyses and indicators data.
The key to the success comes when the traders have all necessary when trading and all to be used in the second. The professional traders, for who everyone coming on this market want to have to trade with charts in real-time.
Never you will stay a good trader without using the charts trading. The charts brokerage companies are not too many, but those who offer charts when you trade are excellent and give all the free to the traders to make their own forecasts to trade. One of the best charts software not equal with others is the software offered by MetaQuotes Company.
The word perfect is a simple description of the software. The charts could be changing fast and have the memory to remember all charts for all trading currency pairs for all kinds of charts period. Also, the software is combined with all using technical indicators and much more extras.
When making the options of the charts the most important and the only way to understand the market movements easy is to use clusters on the chart.
There are also bars and lines but the last two are not recommended. The clusters give the best of the market movements. Later in the lesson for the clusters, we will present the details of the clusters.
The other key element of the trading is to choose the best fast and easy to trade platform that allows you to connect fast Internet connection and to avoid delay in the quotes and delay when executing the orders.
When you find the best way to enter the market the maximal time when you request for quotes and enter the positions have to not exceed 8-10 second.
Having all this you can start to practice with us in real-time signals and to analyses the market.
The conclusion: The most needed to start to trade are:
- Charts software
- Technical indicators
- Fast connection to the platform and easy execution of the orders within a maximal 10 seconds time.
The Trading Rules
There are many trading rules that are necessary for every trader to use if want to succeed in the forex market.
- Do not use emotions. You have to be disciplined and have the answer to the simple question all the time during the trading – "Why do I have open positions now?"
- Make your game plan and build your forecast to follow it during the trading.
- Analyze the big charts for a longer period and try to catch up with the trend.
- Combine technical and fundamental analysis. And both have to have the same direction.
- Do not use tight stop losses. Use the recommendation by us to stop losses for the different trading strategies. But never leave the positions without stopping losses.
- Focus on the big market trend and do not focus on the little trends.
- Accept the losses and analyze the reasons for the loss.
- Do not fast with the market, waiting and choosing the best moment. It is better to be without positions while entering not sure positions.
- Never add to losing positions. Add to winning positions.- Do not make the winning positions lose positions. Use trailing stops.
- Use simple technical indicators not too much, as support and resistance, Fibonacci, MACD, Stochastic Oscillator, RSI, and ADX.
- When yesterday the market range is the smallest then the previous at least one-week time you have to be ready for big movement.
- When the market is too liquidity trade with little positions. Do not trend with the liquidity it could be a mistake and to make a loss.
- History is not always your friend. There is not possible to take good practice learning the history. Learn in the real-time market.
- You gave to be patient and to follow the simple rules.