I generally hold positions for a few hours or days (longest is about a week I think), and rarely look below a 1 hour chart for trading purposes.
I've been using almost exclusively EURUSD and AUDUSD, with occasional dabbles in more volatile pairs but I don't like them much. GBPJPY has done well for me, then turned around and bitten me quite badly. Easier to just stay away. Basically, if there's a clear trend on the daily chart, I'm interested.
Indicators are pretty simple. MACD, ATR, and a couple of EMA's. Nothing fancy, but enough to give me a good idea about where the trend is heading.
My basic strategy is to set realistic stop losses, let profits run with realistic trailing stops, don't be greedy, don't be afraid of opening more positions in a winning trend, and if I'm not comfortable with how something is going, don't be afraid to close losing positions and stay away when there's no clearly identifiable trend at the time frame I'm looking at.
It's working reasonably well but I'm not sure how much of it is the unusual times we're going through and how much of it is me being lucky and how much is due to me understanding what I'm doing.
Half the fun of having a demo account is that I can do the opposite of what I'm teaching myself and see how badly things go wrong without losing any money. It's quite interesting - a couple of the biggest hits the demo account has taken have been due to "experimentation."
get it rolling.., page-5
-
- There are more pages in this discussion • 25 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add AUD (FOREX) to my watchlist
(20min delay)
|
|||||
Last
1.4898 |
Change
0.000(0.00%) |
Mkt cap ! n/a |
Open | High | Low | Value | Volume |
1.4838 | 0.0000 | 0.0000 | $0 | 0 |
Featured News
AUD (FOREX) Chart ? |
The Watchlist
AHK
ARK MINES LIMITED
Ben Emery, Executive Director
Ben Emery
Executive Director
SPONSORED BY The Market Online