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    Thread: simisola's trading journal

    1. #641
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      Quote Originally Posted by patrech View Post
      I am using moving average indicators, I like this indicator. The only weapons I know you can use as a trader to emerge a winner in this line of business is to acquire the knowledge, skills and experience. I have discovered that among the retail forex traders , greater number of them are just half-baked and that is why the rate of loss is so high . There is no way you can be successful in this forex trading business if you do not get yourself committed to learning and practice. The truth is that , there is no cheap way to success in forex trading, you have to work and make things to work out
      Moving average? Well done, but i have passed the stage of using moving average now. I only use 100EMA with my various analysis, i do use it in combination to other ways of trading, and that is what i think is mostly important for traders that uses moving average because of the more confusing that various types and methods of moving average can cause to traders. If traders are also working with trading strategies like the trendline and other that are working with support and resistance principles, it will work better for the trader.


    2. The following 2 users say Thank You to catfish007 for this useful post.

      simisola (04-07-2018), sonibark (04-09-2018)

    3. #642
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      Moving averages is very powerful especially when you are patient and you understand how to use it properly, the major challenges would be when the market is heavily ranging, there will not be much you can achieve with an MA for such periods, but generally there will always be a pull back to it, more like a dynamic trend lines.


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      Moving average is a good indicator but we should know always the the best indicator that has ever been created is ourselves, your ultimate decision is what will determine if you will make it or you may not, indiscipline could truncate any plans you have to become a successful trader in the forex business without any doubt.


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    7. #644
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      Default Been a while

      Hello everyone, it's been a while and my thread seems to have developed thorns and weeds for lack of usage, well I am sorry for the long absence, things have been challenging for me lately trade wise and I looked for a way to make my trading better, so right now I have added divergence to it, here is a look at eur usd 1 hour, see the divergence formed in the highlighted area, but price had moved to resistance which is the 200 EMA, I am waiting for a pull back to 20 EMA before I enter a buy trade by Monday God willing, I will start updating this thread again from then. The second chart is four hours, my target will be 1.2374 when I buy.
      Attached Images    

      My Trading Journal: ~~~My RSI AND 200 EMA Combo~~~


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    9. #645
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      Welcome back mate, it's good to see that you have made some modifications to your strategy which I think will help in giving you better results, for you to check that a divergence is accurate, I guess there are some filters that you need to put on place, I hope you are able to achieve better results than you probably did previously, all the best mate. Here is the chart mate from ichimoku, I am waiting for thy flat top to be tested after which I intend to pull the trigger.
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      Last edited by Neriah; 04-07-2018 at 04:20 PM.


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    11. #646
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      I miss the opportunity to enter eur usd at the price I wanted but I did buy gold and gbp usd my take profit for both pairs as can be seen from the screen shot is 1.4167 and 1342.50 respectively, I am hoping for the best because the trade on gold is not looking so promising, because I used a tight stop loss. Well lemme cross my fingers on this one.
      Attached Images  

      My Trading Journal: ~~~My RSI AND 200 EMA Combo~~~


    12. The following 7 users say Thank You to simisola for this useful post.

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      Hello Simisola, please what is the outcome of the trades that you entered. I believe that your gold trade hit the stop loss from the screen shot that you posed, I guess it is not appropriate for is to use tight stop loss for an instrument like gold, you must give enough space and ensure that you enter the market at the right time, awaiting your response.


    14. The following 4 users say Thank You to Oghale for this useful post.

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    15. #648
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      Quote Originally Posted by simisola View Post
      I miss the opportunity to enter eur usd at the price I wanted but I did buy gold and gbp usd my take profit for both pairs as can be seen from the screen shot is 1.4167 and 1342.50 respectively, I am hoping for the best because the trade on gold is not looking so promising, because I used a tight stop loss. Well lemme cross my fingers on this one.
      Nice trades you took, we can only prepare for the worse and hope for the best in the market and am glad you are already prepared with the tight stop loss you choose to use on gold, indeed it will help guide the trade not to go wild because gold is such a volatile metal and at such when traded it's best to define it right from the beginning of the trade with your automated stop loss and take profit.


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      The truth is that no default forex indicator that is not good, your success with any of them depends on how much you know and understand about it, that notwithstanding i think they are only complement the past data on our chart, that is every information we need to trade and succeed in forex is on the chart so we have to read it like a book and make sure we understand what it is saying to us at every point in time


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    19. #650
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      Quote Originally Posted by Oghale View Post
      Hello Simisola, please what is the outcome of the trades that you entered. I believe that your gold trade hit the stop loss from the screen shot that you posed, I guess it is not appropriate for is to use tight stop loss for an instrument like gold, you must give enough space and ensure that you enter the market at the right time, awaiting your response.
      What i do not like traders to be saying is what you have just said now, i think that it is not same way that we view the market, and through this, we can not be making trades in the same manner. And as long as the trading system is working well, the trader will be making money with that strategy even when they lose money at times. He might truly lose his money through the stop loss hit, but how are you sure that the traders will not be making money again. And how are you sure that if he did not use the stop loss that is tight, that he will not lose more money.

      Forex trading is about your plans too, you might not be planning well when you use high stop loss, you have to make sure that your trading strategy is blending with your plans. It is not every trader that will go for very high stop loss, that is what is so important. And like you that you are using high stop loss, just make sure that your risk is not that high, that might affect you if your stop loss is hit.


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