Trade Signals

Rambo35

Corporal
Messages
280
No, I am not talking about the ones you pay for or get for free from third parties, I refer to your own which are generated by your own strategy. I know plenty of new traders tend to rush into a trade based on a single buy or sell signal. My advice is to stop acting on one single signal alone and have it confirmed by at least two or three signals (the number of confirmed signals is a personal choice each trader has to make).

This will reduce your risk and allow for better entry points, unless of course your strategy is dysfunctional to begin with. There are plenty of false signals when it comes to trading which is why I recommend to be a bit more patient and wait for more than one confirmation which should at least reduce the amount of false signals you will act on.
 

ForexBunny

Recruit
Messages
3
That is a good point. I find that it is best to be patient and wait for the right trade. If the price is at a support line and a 50% fib retracement this is a much better signal
 

Tahntaman

Private
Messages
38
Oh, well, a lot more depends on the specific situation with the asset, the timeframe selected and other points.
Sometimes we see at once that our decision is correct. And sometimes we face some surprises - everything is like in any business.
 

fxoday

Master Sergeant
Messages
284
It is not as simple as that though.
Yes indeed because the market very dynamic, in theory, seems so easy, but in practice might no, but at least we can evaluate with profit and loss ratio since we use certain parameter in trading, good accuracy above 60% is good
 

Oliver_30

Private
Messages
24
Totally agree with you depending on a single trade signal is a hell of a risk. Always refer to at least 3-4 trade signals with reputed groups that have genuinely in their signals and have experience with forex. Please be advised to always stick to your strategy just take a reference form the signals. Your strategy might be more profitable rather than a signal.
 

ZzzzzzZ

Private
Messages
26
Not bad. Ima wish Ima seen this thread before.
Ima opened yesterday on eur usd 1.1785 and put tp on 1.1726. But price fluctuates within' these limits and doesn't catch ma tp.
Will it catch the bear? Accordin' to ma expectations it'd been yesterday. But now Ima not sure. Especially considerin' news on dollar's still expected today.
 

scott11

Recruit
Messages
148
Are you actually referring to entry and exit points? In my strategy I have determined when to enter into deal based on my technical analysis. I dont use too much of indicators, but trying to keep it as simple as possible with SL lines and RSI
 
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