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  1. #1
    Trader Ruhul Amin's Avatar
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    Read the forex chart- Keep the profit

    When we take some advantage of trading, we must analysis the market. But there are a lot of analysis. So we take advantage of technical analysis. You believe it or not. There is everything on technical analysis is read the chart and make the decision depend on price.

    So if you want to success here easily make a trading system that involve chart reading. But how we can read the chart in order to make profit here. If we take some indicator , then we can read it easily with the help of support and resistance. The step I give below.

    Support and Resistance:
    First of all, try to find out support and resistance of a chart/ Currency pair. In different time frame it would be defer but you have to believe , the original price will stay with a support and resistance zone.

    Open and Close:
    It is very important that, we keep our eyes on open and close price. It will increase the ability of trading in forex market. Also a open and close price will help to calculate the pivot point or other important indicators.

    Indicator:
    There are different kind of indicators. It is easy to use and make a simple strategy. So if we work out, we can make good strategy with forex easily. Most popular indicators are included on mt4 software. I think, that’s are enough for a trader to read chart data.

    Timeframe:
    This is most important thing we should mark on our decision that, focus on the time frame we use. It must relevant with our strategy also.

    Finally, In the view of reading chart, and trade with it is focus on price. However also fundamental analysis is very important before we read the chart data technically.

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  2. #11
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    Quote Originally Posted by Ruhul Amin View Post
    Indicator are nothing to trade. I like the support and resistance also. It is the raw of forex trading and we get based data from it. So many successful trader only base on price action trading.
    Yes that's true price action trading system is one of the best trading style and best from other trading methods. Because only price is everything in this market. Price action is better because we are only following a simple trading method of support and resistance only in it. Most of successful trader's follow only price action trading.

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  3. #12
    Trader Hukam's Avatar
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    Quote Originally Posted by Khimi234 View Post
    Yes that's true price action trading system is one of the best trading style and best from other trading methods. Because only price is everything in this market. Price action is better because we are only following a simple trading method of support and resistance only in it. Most of successful trader's follow only price action trading.
    That's true because most of my successful forex trader friends are following price action in forex. According to them price action is best because it helps trader's to make a analysis without any complexity, Use of trend line, support resistance, both are essential and enough to make a good, consistent money maker analysis in forex.

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    Quote Originally Posted by Hukam View Post
    That's true because most of my successful forex trader friends are following price action in forex. According to them price action is best because it helps trader's to make a analysis without any complexity, Use of trend line, support resistance, both are essential and enough to make a good, consistent money maker analysis in forex.
    This is my trading style too, I also follow the price action and I also believe that trader's could make much better analysis in price action. You can ask any profesional and successful trader about their trading style and most of them would say that they are following only price action.

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    Quote Originally Posted by Hukam View Post
    That's true because most of my successful forex trader friends are following price action in forex. According to them price action is best because it helps trader's to make a analysis without any complexity, Use of trend line, support resistance, both are essential and enough to make a good, consistent money maker analysis in forex.
    we learn some strategies and all profitable, the origin of the discipline. Things will be difficult if we do not know and understand in detail. Included in the forex trading business .but if there is intention and seriousness in learning, then both the trading and gets a consistent profit we will get it someday. Supposing what we sow, so we can take the results. Whoever is diligent study and practice, then one day certainly enjoy the results.

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    Trader lawners1791's Avatar
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    yes as those to refer of chance as gaining of the better supports on working as confirmation of decision on strengthening options with the submission of order as noticing of the distinct on patterns as those to works of the future to refer of the chance on managing customs of the new system creation with the pattern strategy.

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  7. #16
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    Quote Originally Posted by ngalapreceh View Post
    we learn some strategies and all profitable, the origin of the discipline. Things will be difficult if we do not know and understand in detail. Included in the forex trading business .but if there is intention and seriousness in learning, then both the trading and gets a consistent profit we will get it someday. Supposing what we sow, so we can take the results. Whoever is diligent study and practice, then one day certainly enjoy the results.
    It is good for forex traders to have their own trading techniques, this would be what will be guiding them in the trading of the market. The profits keeping is never the mistake when the trader has his own trading strategy and systems, it will make the trader know his path to work with and get money from the market as well.

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  8. #17
    Trader techboy's Avatar
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    Quote Originally Posted by cozard007 View Post
    It is good for forex traders to have their own trading techniques, this would be what will be guiding them in the trading of the market. The profits keeping is never the mistake when the trader has his own trading strategy and systems, it will make the trader know his path to work with and get money from the market as well.
    I agree, it would be better if trader use his own trading strategy, but it will only happen if he is knowledgeable and experience enough to make his own, most beginners struggle to understand with the flow of the market and they will get confused what to do, so at the start maybe it would be better to just use first strategy from other sources as long that it is fully tested in demo account.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Quote Originally Posted by techboy View Post
    I agree, it would be better if trader use his own trading strategy, but it will only happen if he is knowledgeable and experience enough to make his own, most beginners struggle to understand with the flow of the market and they will get confused what to do, so at the start maybe it would be better to just use first strategy from other sources as long that it is fully tested in demo account.
    Yes having own strategy is good. In past I trade with a strategy. It actually involves using a big lot size and of which if the market just moves against one, that may be the end of the trade. My own strategy is more all less like scalpping, but with minimal lot size. I use eur/usd and nzd/usd for now.

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  10. #19
    Trader Hukam's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Yes having own strategy is good. In past I trade with a strategy. It actually involves using a big lot size and of which if the market just moves against one, that may be the end of the trade. My own strategy is more all less like scalpping, but with minimal lot size. I use eur/usd and nzd/usd for now.
    Nice mate Euro/Usd and Nzd/Usd good pair's for scalping. The good thing is that now you are following proper risk management and money management in your trading. Minimum lot size and minimum risk these need all the time in our trading. Follow other's trading strategy is not bad if there is a proper management in your trading. Our trading strategy will be only effective if we are following a good management with it, so no matter much we are following other's or making our own trading strategy.

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    Quote Originally Posted by Hukam View Post
    Nice mate Euro/Usd and Nzd/Usd good pair's for scalping. The good thing is that now you are following proper risk management and money management in your trading. Minimum lot size and minimum risk these need all the time in our trading. Follow other's trading strategy is not bad if there is a proper management in your trading. Our trading strategy will be only effective if we are following a good management with it, so no matter much we are following other's or making our own trading strategy.
    I do not trade with Nzd/usd. Knowledge is needed for success. I once read about an ad that described a successeful strategy, i trust it and i use it directly but it leads me to losses. I get angry from myself becuase the lack of experience make me beleive anything on the net about forex, the lesson was don't follow others blindly.

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