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Thread: Read the forex chart- Keep the profit

  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. #21
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    Quote Originally Posted by SuccessfulKartik View Post
    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.
    Thats right friend never trust anything blindly. We have to work in Forex the manner it is best here. All business are not online business. The system of all business are not the same. Forex is a currency exchange but all business are not currency exchange. So we should not compare Forex with other . But we have to develop the way it is needed for good trading

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  3. #22
    Trader Hukam's Avatar
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    Quote Originally Posted by AmitChallenger View Post
    Thats right friend never trust anything blindly. We have to work in Forex the manner it is best here. All business are not online business. The system of all business are not the same. Forex is a currency exchange but all business are not currency exchange. So we should not compare Forex with other . But we have to develop the way it is needed for good trading
    We can't trust in this business blindly if we are thinking that only buy and sell in the market would give us a lot of profit then it would not be happen at all. Proper trading analysis and a good experience are very important to utilize our brain properly during trading. Forex trading is a good and trusted online business and it's much differ from other online business. Most of online business are fake so people should invest their money very careful in online business.

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  4. #23
    Trader techboy's Avatar
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    Quote Originally Posted by Hukam View Post
    We can't trust in this business blindly if we are thinking that only buy and sell in the market would give us a lot of profit then it would not be happen at all. Proper trading analysis and a good experience are very important to utilize our brain properly during trading. Forex trading is a good and trusted online business and it's much differ from other online business. Most of online business are fake so people should invest their money very careful in online business.
    Actually even if know how to analyze the market properly and has the experience still it will not guarantee that it can give us profits consistently, the market is actually cannot be predicted easily, it is important that we do good in the area of risk management and risk reward ratio so that we can have an advantage over the market, what is important that we are always prepared on what will happen to our trades.

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

  5. #24
    Trader lawners1791's Avatar
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    Quote Originally Posted by Ruhul Amin View Post
    Indicator:
    as trader works on managing the customs of strategy along to match of profile with the personal preference and the distinct on characteristics of the field of the market by the choice on selection, those works as the best on chance for trader to gains of returns with the occupation as securing risks on expends with the decision on distributing of proper limit of level on allocating good resources with the work on managing of the trading jobs.

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  6. #25
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    Quote Originally Posted by AmitChallenger View Post
    Thats right friend never trust anything blindly. We have to work in Forex the manner it is best here. All business are not online business. The system of all business are not the same. Forex is a currency exchange but all business are not currency exchange. So we should not compare Forex with other . But we have to develop the way it is needed for good trading
    No, we can not see anything in forex trading just the blind. Your emotional trading may make you with the blindy eyes see the market trading. So emotional that can only make trader be blind and so trader do the unproper action to forex trading.

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  7. #26
    Trader Hukam's Avatar
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    Quote Originally Posted by techboy View Post
    Actually even if know how to analyze the market properly and has the experience still it will not guarantee that it can give us profits consistently, the market is actually cannot be predicted easily, it is important that we do good in the area of risk management and risk reward ratio so that we can have an advantage over the market, what is important that we are always prepared on what will happen to our trades.
    Right mate this is a business where our management and risk and reward trading would help us to gain consistent money rather than our analysis because that could be wrong many time but our management can solve that issue very easily. Proper planning could help trader's to protect themselves from future uncertainties. Making an analysis is not a very hard task to learn the most important thing is to maintain a proper management in our account.

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  8. #27
    Trader lawners1791's Avatar
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    the work on running of good disciplines as attending the chance on managing of the good schemes those leaves of further as trader to gains of improvesment with the returns as measuring with the good consequence. on keeping with the progress while securing risks on not to wastes of chance with the good expends on releasing funds.

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  9. #28
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    Quote Originally Posted by lawners1791 View Post
    the work on running of good disciplines as attending the chance on managing of the good schemes those leaves of further as trader to gains of improvesment with the returns as measuring with the good consequence. on keeping with the progress while securing risks on not to wastes of chance with the good expends on releasing funds.
    Especially on forex trading needs the high level of the discipline, forex trading as the trading usual and forex trading keep learning and read the forex indicator, forex news, forex psychology, and also forex technical analysis. It will help you to understand all the mistake and right decision.

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  10. #29
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    Quote Originally Posted by aris90 View Post
    Especially on forex trading needs the high level of the discipline, forex trading as the trading usual and forex trading keep learning and read the forex indicator, forex news, forex psychology, and also forex technical analysis. It will help you to understand all the mistake and right decision.
    Yes discipline is the heart of successful trading. 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 Aud/usd for now.

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  11. #30
    Trader rinaji's Avatar
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    This is a verh basic knowledge on forex trading. Reading the chart by using indicators, determine support and resistance level, choosing a time frame, and always chect the daily open / close price. It will be very useful knowledge for the new traders who are still confused how and where to start.

    Now I don't use any technical indicators, I just a price it self and candlestick, I use H1 up to Weekly chart. Understanding support and resistance is a must for all traders.

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