Thanks Tavnaz for posting your trades here.
I have completed my first month 300 pips target @ Bluepoint trading Pune and now from 31st December will enter into 2nd month.
I generally trade Dax and if find something good on pair then I give it a chance.
I would really appreciate your inputs on Forex market which can help me.
I hope you have heard about Bluepoint Trading company.
Payouts are really good here and I must finish 3 months with 300 pips target to shift to Senior trader level with 4$ per pip payout.
Thanks
I am afraid i have not heard about them,i am primarily from North India,havn't got the chance to visit the south,more often,other then goa.
Are they a training institute or more like a traders association with profit sharing based on targets?
Unfortunately truth about forex is not as easy ,as much it appears it is a vast field with lots of currency pairs to trade it is all correlated internally.
And all those guys trading billions of pairs won't make it in the forex business,you have to only trade one pair and learn it's rythm ,then only trade it day in day out.
So i wont tell you to jump into any currency pair when you find something interesting,unless you trade that pair on daily basis and are good at multitasking.
Honestly people forget that forex market and commodities market,is widely dependent on global fundamentals and technical analysis too,which means you can't just trade it only on Technicals,which means if you are watching,billion pairs it is just a lot of hard work and you wont get good results.
I have a hard time with euro sometimes,its a grade a b---h,and i only ever trade euro,so i am meaning to tell you ,you have to specialize.
A while ago amandeep was trading oil,i was very uncomfortable with his charts,because patterns are the same,but i need to get accustomed to oil for a few days first before replying, cause i am good at Eur/Usd.
Moreover he ignored the big fundamental reasons for oil going down,i could see a support forming on oil,but global markets had something else in store,the support failed,it could have been traded that way like failed support.
I am being honest it is Pain in the ass tracking all the markets ,so i just track the eur/usd.
But there is another hidden truth it is all correlated to us dollar,but the various instruments have their own rythm which takes getting used to.
I could be right about trend in all of them but if i am not accustomed to them,i will get stopped out too often.
Lately i am liking nifty and dax i am learning their rythm,but it will take time,for me and you as well.
Dax is inversely correlated with Eur/Usd.
One goes up other goes down.
I see Dax is very much tradable with floor pivots.
If you wanna learn forex,learn about three things.
Asian Session.
London session.
US session.
It is not a 24 hr market,it is only few hour market.
market is calm then breakout like 9 am breakout in stock market in these sessions,then trades in the direction it wants to go or reverses.
It will take a lot more posts for me then this paragraph,but you will have to do hardwork your self, too,i can't print a guidebook here,if the guys asking me question don't even know a thing about what i am talking about.
Post some forex charts,here.
Or go to FF,create username there.
If you are trading Dax look for guy named Maxdoom on FF he is your guy for Dax ,damn he is good with it.
More discussions will happen as more posts build up.
I can't answer a question until it exists can i???
This is all i can say for now.
Until then its more learning only for thread readers,and more posting,find the guys who know stuff ask them till they tell you what you wanna know,i do the same,and did the same.
But you need guys who really know what they are saying,just don't follow blindly,apply what you learn from so called guys who know,if it doesnt work out and appears sham stop following them.
I only trade simple high lows and support and double bottom it works for me.
i posted the formations and they work for me,may not work for you or anyone if you don't have experience,but key is specialization.
Hope this helps.
God bless you.
;-)