Thought I'd suggest a process that hasn't really been discussed as an alternative to some shorter term forex styles, as sometimes scalping type methods might not play to strengths of FX. It is certainly not suggested as a main strategy.
New traders take note I am relatively new myself,; never take advice from unproven sources.
Using Candlesticks and Kagi, identify likely move on 48 hour chart.
Using ADX confirm 'thundering of hooves' at business end of consolidation.
Use no other indicators, pretty as they are! All you need to know is in the price.
They will just distract from what you're looking for. ADX is just used to maximize your
chance of catching a corker and won't conflict with what your eyes tell you.
(the kiss of death as I discovered last year)
Finetune entry on four hour chart.
Open an account with rocket leverage (400-1) and put enough in it
that you consider a fair stake for ONE swing trade.
You will need to use one of the young hungru companies for this as the big boys
aren't yet offering this kind of opportunity.
Most FX retail shops offer negative balance protection (though get that in writing from them)
(crucial this, you're taking advantage of the automatic cutoff unique to FX).
Use demo accounts until you consistently win as often as lose or better (r-r 1;2 +)
When you lose your loss is limited by a REAL stop loss that will hold up.
Winnings can greatly exceed losses but choose r-r suited to your mindset.
Remember this is not your main account!
New traders, never use 400-1 leverage in your main account unless you really know your onions. I hope to know my onions personally in oh lets say six/seven years?
Oanda, the best retail shop (IMNSHO) won't let you trade at more than 50-1 on some pairs and I feel that that is another example of their business model being to help you win.
As I said, this is how I feel rocket leverage is best used to MY advantage,
'one shot' heavily limited risk positions.
Any thoughts or suggestions for refinements?
New traders take note I am relatively new myself,; never take advice from unproven sources.
Using Candlesticks and Kagi, identify likely move on 48 hour chart.
Using ADX confirm 'thundering of hooves' at business end of consolidation.
Use no other indicators, pretty as they are! All you need to know is in the price.
They will just distract from what you're looking for. ADX is just used to maximize your
chance of catching a corker and won't conflict with what your eyes tell you.
(the kiss of death as I discovered last year)
Finetune entry on four hour chart.
Open an account with rocket leverage (400-1) and put enough in it
that you consider a fair stake for ONE swing trade.
You will need to use one of the young hungru companies for this as the big boys
aren't yet offering this kind of opportunity.
Most FX retail shops offer negative balance protection (though get that in writing from them)
(crucial this, you're taking advantage of the automatic cutoff unique to FX).
Use demo accounts until you consistently win as often as lose or better (r-r 1;2 +)
When you lose your loss is limited by a REAL stop loss that will hold up.
Winnings can greatly exceed losses but choose r-r suited to your mindset.
Remember this is not your main account!
New traders, never use 400-1 leverage in your main account unless you really know your onions. I hope to know my onions personally in oh lets say six/seven years?
Oanda, the best retail shop (IMNSHO) won't let you trade at more than 50-1 on some pairs and I feel that that is another example of their business model being to help you win.
As I said, this is how I feel rocket leverage is best used to MY advantage,
'one shot' heavily limited risk positions.
Any thoughts or suggestions for refinements?
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