Jimmy wrote: Sat Jun 26, 2021 3:52 pm
Hey Neel, do you want to scalp counter-trend or with the trend?
Depending on your answer, I'll make some recommendations and post a template for you but firstly just understand that:
- A quick 10 pips is easily achievable counter-trend and works almost always but is risky.
- 10 pips with the trend can be a bit of a waiting game and can be discouraging as price retraces etc. but is the textbook method and regarded as "safe". Just remember, safe doesn't always work
First word of advice, if you're looking for a quick 10 pips, use
Volatile Forex Pairs.
- GBPJPY
- GBPNZD
- EURNZD
- GBPAUD
Let me know and I'll post some templates later
Thank you, Jimmy,
Yes i know and fully aware of the risky nature of Forex, here is my story I am good on stocks/MF so I decide to give a try FOREX, I listen to city radio commercials they charge 5K to learn, as usual, every day Earn $300-1000, we have special software, indicator, technic, blah..blah...blah ...but when you go there than in sweet word the downblouse lady tells you NO Guarantee of anything, means your 5K loss is booked once you hire them to teach you how to learn forex, so i decide rather pay
let me open an account of 5K and start, which means I will smash my car with my own hand rather I hire a driver to do that ** FEW MONTHS OF DEMO ACCOUNT PRACTICE MUST NEEDED ** DON'T put your hard-earned money with 0 experience.
after demo practice, I started FOREX 6-8 months ago with learning and investing I made $1300 in 3 months, mostly eurUSD and USDollar than US election came USdollar crashed my Forex portfolio down all profit and almost 1K of my principal * please note i mentioned * portfolio down NOT Lost , because i never close the trade as I have holding power, top of that I was new so i want to know what happened if i keep the trade long time, on even in loss, finally last week USD went up, i cover all my principle as well $300 from that profit too. (Still $1K lost in earned profit but thats nature of business and i am student ) but within this time i come to the conclusion
1) for any investment you must have holding power, if you have $2K/5K/10K for only 2-3 month ,if you think that within 2-3 month you make it double IT WON"T WORK most case you will lose everything especially if you are a newbie.
2) my own experience and preference, I take a larger K-lot (its very Risky), which means $5-8 per pip but Take profit MAX 6-10 pip, so every trade you make $25-35, just take 5-6 trade per day, That's ALL !! end of the Day I have capped my profit $110-130 per day (based on my principle)
i don't won't to become Jeff Bezos in a week.
3) i am new to this keep learning, doing many mistakes,
Yes Jimmy, thank you for your quick response,
i am fully aware of the nature of Forex and involved risk.
please suggest a counter-trend technique, also i never trade on those volatile pairs which you mentioned but sure i will give it a try.
with small K value first to see,
thank you in advance.