Hi Archie 2000, One of the reasons why you may be having problems is that you are using the rules that someone other than yourself created. I would suggest that you consider doing four simple things to help yourself to create better entries and exits.
1. Try using a one hour chart or a 4 hour chart, the higher you go in time frames the stronger the support and resistance levels are.
2. Spend several hours per day and scroll back a minimum of one year and then slowly scroll forward and create your own rules based on the observations of archie 2000.
3. Forward test your new rules/system in a demo account. Use the exact same leverage that you would be using if trading on a live account.
4. Use an honest broker if you think you are having problems with the one that you have. Set up another demo platform with a different company and put on the exact same trades and if your take profits are getting closed out properly in one account but not another then you need to find a better broker if it happens all of the time. But certainly clarify first that it is the brokers fault and not your trading first.
Quote:
Originally Posted by Archie 2000
Hello respected traders.
I trade for a whole year, of course, if one can call it trade, the more likely I float at its sole discretion so as not going nearly as plus.
I trade using technical analysis and try to use the support and resistance levels i.e. when I see that currency hit my strong support i.e. about 3 spikes at minimum, I would go long, and appropriately when hit my resistance level, I go short. Then try to take corresponding maximum profit.
BUT the trouble is that these support and resistance levels do not always work, and very often currency pairs that I open position do not touch them, but instead punched them and go further though. Even if there were 3 peak already, and this is a very strong support (support), and it break them and my loss is growing exponentially.
I really think that THEY specifically cheat with me and do not give me money.
Please see this on my chart (figure)
Can someone tell me and explain about the levels of resistance and support.
Thank you. |