although not young any more ,but as a newbie in forex trading , just try and keep rule #1. I tried long for EUR/USD last night (i.e. 3rd july 2018) ,but after one night position holding, the market did not go further as I guessed , so I covered and keep it not lost. the highest profit might be 120 dollars ,but I could not draw out at the time, what a pity.
Forex isn't volatile enough on a regular basis. What's your time zone? If you're in the US or Canada, try either the HSI or HHI on the Hong Kong Futures Exchange. You can trade their morning session the night before. On the HSI, 1 contract, you can make $350 in 5 mins. The HHI can give you 1/2 to 2/3rds that. I mean, c'mon, F Forex with that kind of opportunity.
thx, i am in China. this is a mini account and with only ＄600. so , what i could do is trading small.
The OP has shown a 4HR chart and talks about holding EURUSD overnight. Don't know his method but 5 min HSI seems a bit removed from that. And with MT4 chart snapshot shown he's going to get ripped on the MT4 MM spread. I think Spot is plenty volatile to hang yourself . He/she had a profit of $120 on a $600 account! FX135 if you want to increase range and risk exposure take a look at GBPAUD, EURNZD, GBPNZD, EURAUD. Just bring up an ADR of pairs and select your poison. They should give you the excitement you appear to be seeking...
That's too bad. If you could meet the margin requirements, you could trade the mini contract versions of the HSI or HHI futures which are still orders of magnitude better than Forex. Then, you would have $1.27 US (10 HKD) per tick on a mini contract and you could still make $300 US in less than 1 hour with 20-30 -tick stops. As far as 4 HR Forex charts go, there's a good reason for that. Volatility stinks on the lower timeframes of Forex pairs. There's a lot of choppy trending with sparse patches of intermittent runs that look decent. You see it in all of the common Forex forums on the web. The majority are on 1 HR+ charts, taking 100-200 pip stops. That's crazy. Pull up a 1 min chart of the HSI or HHI. Who would not want those opportunities all day, every day? Sim trade THAT and save your money until you can go live. Because Forex prepares you for sheety moving markets, not low chop, strong trending markets. Even if you're not a good surfer, you'll never be prepared to surf well in Hawaii by practicing off of the west coast of Florida. YOU HAVE TO GO TO HAWAII, FALL DOWN A LOT AND LEARN. It's the same with trend trading.
thanks a lot for your kindness and advice . I just learned for the basic knowledge of HSI futures, I think I need a period time to get used to it. for the present , forex is suitable for me.
Hello friend! I think it is really a difficult part of the trading to know when to close the trade. Your learnings must be based on this knowledge that when to enter a trade and when to leave. What is your source of learning friend?