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  1. #1
    poe
    poe is offline
    Senior Member poe's Avatar

    Some few questions. !!!

    Since im a newbie, i spend more time reading and learning that i do trading on my demo account i wanted to know some few things if some of u can share that d be much appreciate it.

    For newbies how long should they spend trading daily? and i know the answer is gonna be like: the more u spend looking at the graphs the more u learn and identify patterns. But atm i feel more like i should be reading and learning so i only spend a couple of minutes trading on my demo account. Im i doing wrong?

    What are the main indicators u use and how to use them ?

    Time intervals... i have been struggling with them for a while, How should i use them? Does it depend on the expiry time u choose to trade or they are just to have an idea of how the trending is moving? What are the default time intervals that pple use for short term deals?

    thanks in advanced

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  3. #2
    Legendry Member Michael Hodges's Avatar
    the time intervals, I assume you mean chart time frames, are subjective to your style and your technique. I use lot of different ones like daily, 2 minute, one hour, weekly, it just depends.

    How long you trade each day depends on you too, how interested are you, what time of day is it, are you getting tired, is it real money or demo, and many other factors. Just take it easy, do some learning, spend some time with the charts, maybe an hour or two making demo trades and have a good time. Dont' try to force the learning curve too much.

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  5. #3
    poe
    poe is offline
    Senior Member poe's Avatar
    Much appreciated the reply Michael, i was referring to them ( chart time frames ) im starting to use 15-30sec since im trading short term.

    Another question here would be, what time during the day is best to enter in the market? Does it depend on the asset?

  6. #4
    Legendry Member milos's Avatar
    Hello Poe!

    You can practice CT demo account.You can use 10-15 minutes time frame expiry and M1 charts.I use MACD and RSI trading tools indicators. The best time for trading is 9am-12pm by EST time zone.

    Trading assets EUR/USD, USD/JPY, GBP/USD,gold, silver and oil.

    Happy trading!

    Milos

  7. #5
    Legendry Member Okane's Avatar
    Quote Originally Posted by poe View Post
    Much appreciated the reply Michael, i was referring to them ( chart time frames ) im starting to use 15-30sec since im trading short term.

    Another question here would be, what time during the day is best to enter in the market? Does it depend on the asset?
    When it comes to timeframes, it's important to check as many as possible because
    sometimes you miss a few details if you are only concentrating on one timeframe.
    In your case, since you are going to do such short expiries 15-30sec, I suggest you use
    a chart that also includes lower timeframes than M1 charts.
    In your case, I would use NetDania, their charts go down all the way to even 1 seconds! That would be
    good for you.
    However, I would stay away from trading below 5 minutes.

    Why?
    On such short
    expiries you are going to have to win with pipettes or just one pip and
    I wouldn't trust any platform to be that precise because almost always you start a trade out of the money with all brokers.
    Most negative reviews you see about having a bad
    trading experience comes from ultra short term traders.
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  8. #6
    Active Member Anci's Avatar
    Allow me to share my insight as someone who recently went through what you are experiencing now.

    Quote Originally Posted by poe View Post
    For newbies how long should they spend trading daily? and i know the answer is gonna be like: the more u spend looking at the graphs the more u learn and identify patterns. But atm i feel more like i should be reading and learning so i only spend a couple of minutes trading on my demo account. Im i doing wrong?
    It depends on how much you already know. Make sure you know basics like how trades work, finding a good broker, setting up your charting software, and reading candlesticks. You'd be surprised how many people just want to jump into trading!

    If you already know them, I suggest splitting your time between reading and trading. Reading too much too soon might overload you with information.

    A better approach would be to pick a topic (ex. plotting S/R) and practice it for the next couple of days/weeks. After you become familiar with it, learn another topic (ex. RSI). Practice each new topic individually, then combine them. See how prices react to them individually. See how prices react to them together.

    Here are some topics to keep you busy for a couple of weeks.

    1. Identifying trends - higher high & higher lows, lower highs & lower lows
    2. Plotting S/R - fibo, horizontal SR, trend lines
    3. Oscillators - RSI, Stoch, MACD
    4. Trend indicators - Bollinger, Moving Average
    5. Candlestick patterns - pinbar, morning star, doji, engulfing, etc.

    There is always more to learn, but you will go a long way if you become familiar with most of these topics.

    Pick one. Practice. Pick another. Practice. Combine them. Practice. Rinse and repeat. Before you know it, you will be a better trader than most 'holy grail traders' you find online. Take it from me. I wasted a good 3 months of my time seeking the 'holy grail'.

    Quote Originally Posted by poe View Post
    What are the main indicators u use and how to use them ?
    I personally prefer to use Ichimoku. Although it isn't really an indicator. More like a complete system. I would not really recommend a newbie to jump straight to it though. It can be quite overwhelming. But if you are interested, you can search around here for it. I believe there are a couple of good threads about it.

    Quote Originally Posted by poe View Post
    Time intervals... i have been struggling with them for a while, How should i use them? Does it depend on the expiry time u choose to trade or they are just to have an idea of how the trending is moving? What are the default time intervals that pple use for short term deals?

    thanks in advanced
    I personally use 1 minute charts with 5 or 10 minute expiry. I recommend you use a higher TF so you don't get overwhelmed. Maybe 5 or 15 minute charts. The expiry would really depend on the trader. But as a starting point, you can try 1-3 candles expiry. On a 5 minute chart this is 5-15 minutes expiry and on a 15 minute chart this is 15-45 minutes expiry. As you get more experience, your ability to pick expiry times (and entry points for that matter) become better.

    I also recommend sticking to 2-4 pairs as you start out.


    Don't overwhelm yourself with too much information while trading too many pairs on time frames that are moving too fast.

    Happy Trading!

  9. #7
    poe
    poe is offline
    Senior Member poe's Avatar
    Quote Originally Posted by milos View Post
    You can practice CT demo account.You can use 10-15 minutes time frame expiry and M1 charts.I use MACD and RSI trading tools indicators. The best time for trading is 9am-12pm by EST time zone.

    Trading assets EUR/USD, USD/JPY, GBP/USD,gold, silver and oilMilos
    Sorry for the super rookie question Milos... when u make reference to M1.. that'd be 1 minute time interval (considering candlestick or bar graph ) ? And by using a 10-15 min time frame expiry whats the would be also your time expiry on every trade ?

    Much appreciated all the pro-tips

    Quote Originally Posted by Okane View Post
    In your case, since you are going to do such short expiries 15-30sec, I suggest you use
    a chart that also includes lower timeframes than M1 charts.
    In your case, I would use NetDania, their charts go down all the way to even 1 seconds! That would be
    good for you.
    However, I would stay away from trading below 5 minutes.
    From what i understood experienced traders suggest i should stay away from those hyper and super turbo trades with expiration time less than 5 min !

    Quote Originally Posted by Okane View Post
    Why?
    On such short
    expiries you are going to have to win with pipettes or just one pip and
    I wouldn't trust any platform to be that precise because almost always you start a trade out of the money with all brokers.
    Most negative reviews you see about having a bad
    trading experience comes from ultra short term traders.
    i know i shouldn't be looking at this as a short term way to make money ( i know thats impossible for inexperts + success in this industry comes from studying, learning and create strategies that fit u and are profitable in the long run not the short )

    But heres my question now... every experienced trader is saying that newbies should stay away from short period trades but heres the thing; i deposit 250-300$ in my broker ( in this case IQ Option ) they allow me to make deals as small as 1$ , since i don't have 2+ hours a day to devote to the practical side or trading on the app i don't see myself making only 2-5 trades a day ( considering that i make trades that last 15+ minutes and wait for signals and so on) to earn literally pennies (in case i end the session in profit).

    So please what would be your ideal session for a newbie who wants to make short term deals ( 5 or 10m expire time) ... what are the best strategies ?

    thanks in advanced

    Quote Originally Posted by Anci View Post
    finding a good broker
    Chose IQ option, nice interface, graph analysis indicators and tools built in... the main advantage is that time period expiry for deals are very limited..

    Quote Originally Posted by Anci View Post
    setting up your charting software, and reading candlesticks
    by charting software what do u mean?

    A better approach would be to pick a topic (ex. plotting S/R) and practice it for the next couple of days/weeks. After you become familiar with it, learn another topic (ex. RSI). Practice each new topic individually, then combine them. See how prices react to them individually. See how prices react to them together.

    Here are some topics to keep you busy for a couple of weeks.

    1. Identifying trends - higher high & higher lows, lower highs & lower lows
    2. Plotting S/R - fibo, horizontal SR, trend lines
    3. Oscillators - RSI, Stoch, MACD
    4. Trend indicators - Bollinger, Moving Average
    5. Candlestick patterns - pinbar, morning star, doji, engulfing, etc.

    There is always more to learn, but you will go a long way if you become familiar with most of these topics.

    Pick one. Practice. Pick another. Practice. Combine them. Practice. Rinse and repeat. Before you know it, you will be a better trader than most 'holy grail traders' you find online. Take it from me. I wasted a good 3 months of my time seeking the 'holy grail'.

    I personally use 1 minute charts with 5 or 10 minute expiry. I recommend you use a higher TF so you don't get overwhelmed. Maybe 5 or 15 minute charts. The expiry would really depend on the trader. But as a starting point, you can try 1-3 candles expiry. On a 5 minute chart this is 5-15 minutes expiry and on a 15 minute chart this is 15-45 minutes expiry. As you get more experience, your ability to pick expiry times (and entry points for that matter) become better.[/QUOTE]

    What expiration time u use for your trades? How many trades u complete on a day more or less?? and how much time u spend trading daily?

    Quote Originally Posted by Anci View Post
    I also recommend sticking to 2-4 pairs as you start out.
    Don't even know what is that !

    MANY THANKS TO ALL OF U FOR THE MELTed GOLD IN HERE !
    Last edited by poe; 09-24-2016 at 06:20 PM.

  10. #8
    Legendry Member Okane's Avatar
    Well, I didn't saying anything about having experience or not.
    You can be a master for all I care but 15sec to 1 min expiries => broker's platform is gonna
    screw you. It doesn't matter how much experience you have.

    Of course there are some platforms that are fast, not sure about IQ but I wouldn't risk
    options below at least 2-5 mins.

    I know Ayrex is fast and good with short term + very high payouts maybe you should check them out too:
    http://www.binaryoptionsthatsuck.com/review/ayrex-suck/
    Just released an app for mobile trading too.


    "what are the best strategies?"
    There are no such things as best strategies.
    You just have to learn how to study charts properly. If you get very good at it,
    you can come online, immediately see the details, pick a few trades and call it for the day.
    But until then, keep practicing. You should be able to pull it off 1-5mins.
    Once you get better you might do different expiries, like come online and pick a few short term trades
    and also place a long term trade then sign out. I do this myself and it's all thanks to price action.
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  11. #9
    Moderator Kolyo's Avatar
    Okane is 100% right here! It doesn't matter how experienced you are there always be a catch with short term trades and brokers can easily screw you up.. For example Dukascopy have nice 90% payouts on short term trades - You think this is great, BUT then you realize they take into account the spread of about 1-2 pips before they allow you to profit. This may seems small but in 1-10 min trading it is a huge disadvantage. Other brokers may even manipulate the price to make you lose in these short term options and you can not do anything to protect from this, because you already agree with their terms and conditions.

    So my advice try to trade something more long term like 15-30-60 min at least. You said you are very busy that's why you can't wait for the setups and you want to trade fast options. This is something I can't understand If you are busy it will be easier for you to trade less times per day and if you think that you will make bigger profits if your turnover is greater, well that's only in theory - in practice you will decrease your wining rate and you will damage your profitability even more!
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  12. #10
    Senior Member vulgartrendkill's Avatar
    Totally agree!!! Long expiry is far better to use. I have been using 6 and 12 and daily charts to make trades. I used to love very short trades and I lost my whole account in a week!!!! Now I am gradually building my account up.

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