I created this thread so I can use it over and over and not spam other topics. Also I think it will be good to post my evolution in here and that way help lots of newbies like me. At least not to make same mistakes I'll surely make.
So my steps so far:
- Searched brokers that allowed me to create a demo account without depositing any money and that demo is not for XX days only. I found one and have funded it with $5000 fake money
- Downloaded MT4 from a big forex (I think its not against the rules to mention witch one: forex.com).
- Read lots of articles about binary/strategies/brokers/tools, etc. Careful with what you read, lots its just of affiliate crap.
- Read and test MT4 indicators.
- Read and start testing some strategies. Don't want to go for too much advanced ones now. And the money I'll lose/win will not count for my training time, its just to know more about what strategies there is.
Now one doubt -- What time frame do you prefer on your charts (M5, M15, etc.) and what time frame you prefer on your binary expire time.
P.S. - This will take long time, because I have a full time work and a baby to take care so this will be my hobby in my short free time together with couple other projects.
Welcome to the biggest liquid market on planet earth! 3.5 Trillion$ every 24 hrs.
Ok, It depends on whether you are a short term trader or a long term trader.
After a while, I preferred long term. 1 Day, I week - which I think will work with your busy schedule.
1. You catch trends better, and
2. There is less noise(ambiguity as to where the market is going)
For this you may need a trend of a few days - say three candle sticks=3 days, on the daily to be sure you are on the right trend.
Of course, soon you should actually use 8,9, 10 day EMA(exponential moving averages) or your choice(they can go up to 200) so that is something you can learn.
I was looking more for short term strategies, witch leads me to this question. Using most known strategies works the same in M5/M15 as in D1/W1?
Because you said there is less noise, but I also thinks W1 its enough for one bearish to continue on next couple days and then inverse and ruin the trade, no?
Candlestick formations and S/R levels are more powerful and reliable if used on the higher time frames. I never traded W1 and probably never will (but never say "never" lol). Indeed there is more noise on the lower TF (5,15) but being a day trader, i cannot wait several weeks for a trade to close. I try to trade the lower time frames but keeping an eye on the higher ones like H1, H4 and Daily and go in the direction they indicate.
As for indicators and strategies, check out the ones on the website. They can get you started on the basics.