Here, I would like to review the general remarks of learning trades.
Thanks for coming!!
Make yourself at home!!
Most of what I wrote here is that I already know, but I will start learning from zero.
Most of this knowledge was coming from other YouTube channels.
I appreciate for there invaluable videos!!
Things to know about indicators.(The Secret Mindset)
They are used for identifying the market's trend.
There are lots of trend indicators.
MA, MACD, SAR, ADR, and so on.
They are used for identifying overbought and oversold.
For instance, RSI and Stochastics are momentum indicators.
They are used for identifying volatility for assessing the market range, whether narrow or wide.
Some of the most famous volatility indicators are the Bollinger Band and Average True Range.
✔Need to know the indicator type you want to use.
✔It should be useful for learning how to combine different types of indicators.
You don't have to use two indicators in the same type.
MA and MACD are sometimes used simultaneously.
However, it is not good because they are both trend indicators.
Even if lots of indicators are saying the same direction, it's no suggestion when these indicators are in the same type.
I do not recommend you uset he same category of multiple indicators.
✔You should not regard indicators as a sacred cow.
Multiple indicators' combinations, even if they belong to different categories, do not offer you sacred cows. Pursuing a holy cow has no value.
This is because indicators are created from the recent price actions.
In terms of scalping, I will put a value on volatility.
Important things when you trade(No nonsense forex)
About trade itself, for example, entries and exits.
- Are you in favor of technicals? Or fundamentals?
- How about indicators?
- Using multiple time frames or not?
- How much do you make a profit? And losses?
These are the most enjoyable and hardest part as a trader.
Necessary attitutes when you face with market.
This is the most tedious part of trading.
Then, it is the most useless?
The most valuable part is the trade itself, as I mentioned?
Bankroll management＞＞＞＞＞Market psychology＞＞＞Trade itself
From biggest to smallest.
That's why you should learn how to manage your bankroll appropriately first of all.
At this stage, I trade the amount of 1000USD/JPY with 20000JPY, but I need careful inspection afterward.
This is because, even if your risk is shallow, then your reward is also very minute.
We should take a moderate risk enough for us to take a moderate reward.