I'm a little way thru babypips...but i want to get oriented
Out of these what would you buy or sell and why
Is this even enough information to make a decision
2 things:
1. You can’t tell shyt based on the price alone breh. We need to see the chart and the candle sticks. I personally also use the RSI and Moving averages to determine when to get in or out.
2. PLEASE PLEASE PLEASE only look at one currency pair when you start out. Don’t chase a trade, Learn the skill and let the trade come to you. I’ve been trading for over 2 years, started on Baby pips. I’ve blown through 2K in bad trades because I was chasing trades and going through FOMO.
instead, learn ONE pair. Study it like the gospel to Paul. Once you learn how a currency moves and behaves, you can better understand WHY the pair went up or down.
also, pay attention to major news events. This is known as “red folder” news events. With all the recent turmoil with Iran, the dollar has been shooting up and down rapidly.
I’m mainly a technical analysis trader, and I ONLY trade GJ. GJ is the British Pound/Japanese Yen. I watched that pair for the entire month of December and only made 3 trades, but I made well over $500 each trade. Because I now know to a certain degree what that pair is doing, and WHY.
LASTLY, the only way you win in Forex is through patience. Have the patience to wait for the trade YOU want, that fits your trading style, materializes. Second, don’t be GREEDY. Never leave money on the table. If you’re in a trade, make sure you take profit when you can.