It has been understood that the Fx market analyze through two way:-
As far as technical analysis is concerned,
Firstly, it is to understand that, you may have a number of tools in your trading terminal like:-
Furthermore, each tool is like a self-explanatory sort of description and you may find out everything in your trading terminal, how to use it.
You may use one tool or in combination but it must have the following rules:-
Standard Operating Procedure.
Determining the time frame.
It depends on what type of trader you are. Aggressive day trader wants to have a result on a daily basis. if you wish to become day trader you have to work on a 5minutes chart or 30 minutes chat.
If you’re a conservative trader and wish to take advantage of swing trading you should stick with hourly or 4hour chart.keep in mind swing may prolong one month to a quarter.
If you like positioning trading, willing to have advantages, which may consist of a quarter, six months or yearly outcome, Stick to the daily and weekly chart.
How much you offered to Loose!!!
You should always determine your appetite risk like how much u offering to lose.
Though it sounds bit jittery, however, I believe you will realize this fact after 2/3 months of trading with a live account. Grues of Fx says:
There are a lot of ways to earn money from Forex but only one way to Loose. Therefore you have to learn it yet the rest of one will care automatically.
Better Judge is no one but only You!
It depends only on you and nobody else in this world can decide it. However, my preference would b about 5 to 10 percent. Meaning you have to offer only this to loose.
Noteworthy this must be adhered to stop loss and take profit, no matter what circumstances could b there would b no changing in stop loss and take profit.