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fxeconomist
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What are your thoughts guys on near-term price direction? Should we expect that dollar will appreciate further pressuring CAD? Oil market looks really fragile and it is well-known that CAD is quite sensitive to commodity price swings.
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Is it possible that price reaches 0.9 or something? Any risks or events that may drive the pair to this level?
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Yes, it is also one of the most liquid (after EURUSD) that's why scalping strategies work as a charm with it, but you have to find appropriate broker like Hotforex.
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Yes forex is governed by laws of supply and demand we can't ignore them and should look for their factors. However they are constantly changing and evolving. That's why it is so hard.
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Considerations for a Wannabe Trader...
fxeconomist replied to TheNegotiator's topic in Beginners Forum
Agree, day trading is the best in my view since prices are less predictable in the long-term as you can't predict random shocks that hit markets like Covid -
I apply diversification in trading using tips I got from Hotforex webinars. Learning approaches how to manage risk and increase risk-reward ratio in your favor is an essential part of trading.
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I like to trade support and resistance levels, however efficiency of this method is much higher on crypto especially on 15-30M timeframes. That's why I trade BTCUSD and ETHUSD pairs on Hotforex and dropped FX almost completely except for swing trades that are held for 3-4 weeks
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Great analysis, btw do you also apply it to currency pairs? I keep short EURUSD position on Hotforex anticipating hawkish US inflation print this week and subsequent dollar appreciation. What do you think?
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My favorite trick is to use trailing stop loss in trending markets, though it is difficult to identify trends, when you manage to do that you great increase expected return while keeping risk the same as in the case of fixed stop loss and take profit settings.
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I also trade stocks using CFD contracts at Hotforex it is cheaper also they added possibility to receive dividends. Basically it means you don't need to sign up with US broker and experience all this hassle and instead trade with FCA regulated alternative.
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Considerations for a Wannabe Trader...
fxeconomist replied to TheNegotiator's topic in Beginners Forum
First and foremost wannabe trader should realize that there is no holy grail and losses are integral part of trading. That's why he should focus on risk management - accepting loss where subsequent price evolution says that trade idea didn't work out. -
Looks like EURUSD will break parity soon, keep making pips from my short position at Hotforex
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What do you think about S&P 500 near-term direction? I keep short position at Hotforex but market increasingly looks bullish as recession fears find little confirmation in incoming recent data.
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Lucky Block Prize Surges 25% On Jackpot Draw Eve
fxeconomist replied to analyst75's topic in General Discussion
Guys anybody tried to trade US Indices with Hotforex? Is it better to enter at the start or the end of the session to reap max profits? -
I don't like to trade breakouts because they are accompanied by high volatility which is sometimes hard to manage. That's why I prefer to trade trends and range with Hotforex.