Hello everyone, I'm new to this forex trading. I've been operating for just 3 months. I currently open up my operations based on the pivot point: I open a purchase when the price rises 20 pips above the daily pivot point, and a sale when it drops 20 pips below the daily pivot. My goal of winning is between 20 and 30 pips, and the stop loss always leaves it on 30 pips. I just look for opinions about this strategy... is there anything to improve? Thanks to everyone.
You could take a look at http://www.daily20pip.com/forum/, they're using a system very similar to yours and there are people making interesting adjustments.
I've been thinking about your strategy. The main problem is that that risk/benefit ratio of 1:1 or worse (win 20 pips and risk 30
Thanks, guys, for the comments. I really need a lot more suggestions and learn well forex strategies. Any good strategies that you can recommend to me to try out? I’m more than willing to learn from you =
That approach you're using might work in trend markets, but when the price moves sideways you're going to get stuck. You should apply some filter to confirm if there's a trend before you enter.
Thank you. But... how do you filter tickets with a trend confirmation? Sorry if it sounds basic, but I'm completely new to this and I still don't understand well. Do I need any indicators or use an EA? I would be very grateful if you could orient me a little more. Thank you in advance!
Honestly, that strategy sounds like you're throwing a coin into the air. Entering only by fixed levels without market context is very risky.
You need to incorporate some basic technical analysis. At least see if there is a clear trend before entering, not everything is pivot points.
For someone who's only 3 months old, it's not bad that you're trying things, but don't fall in love with a single idea.
Sometimes I have several losses in a row and I don't know if it's for bad input or the system itself.
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