Forex Education Center/ Part 23 / FOREX FOR BEGINNERS COURSE / Lesson 4. End of Day Trading
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Welcome to the Forex for Beginners course.
As a reminder the course is aimed for complete beginners.
I tried to keep the lessons short and to the point giving out clear examples and videos where required.
Lesson 4. End of Day Trading:
In this tutorial we give a brief overview of what is end of day trading, how can you trade it and what is expected from you as an end of day trader.
End of Day traders are traders that normally trade after market hours, in the sense they enter trades, or adjust stop looses after the market closed and has settled down.
The intention is to enter a trade that can be closed days, weeks and even months down the line.
End of Day traders use technical analysis as their main tools, and can also use Elliot Waves principles and try to predict what the market will do next and most importantly what the market will not do next.
This way they can identify the highest probable moves with the least risk.
End of Day trading involves large stop losses and as well large profit targets.
You need to really control your nerves when your trade is under and patience to keep the trade running in profit.
But large moves hence large gains are expected with such trading style.
This style of trading is ideal for traders that have no time to monitor the trades during the day and of course full time workers.
After work you may login to analyse the charts and set the trades for next day.
You may analyse 6 to 8 charts in less than 15 minutes and will take you also little time to make or adjust the trades. It is really a time saver for busy people.
Something else to add, indicators based on the daily bars / candle sticks are more accurate than those based on the 1 hour time frame.
Hence the trend line drawn based on the daily bars / candle sticks is more stronger than the trend line drawn on the 1 hour time frame.
The 30 minute time frame trend line is even weaker than the 1 hour and so on.
Every comment, everyupvote, every support is really appreciated.
Thanks For Reading,
@lordoftruth
Samer
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love it
Good one! UP!
IMO, end-of-day trading is an ideal start for beginners. Less stress, avoid over-trading, less noise.
I start making some profit after I abandoned day trading and completely moved to an end-of-day trading system.
Good Stuff ... Up !!! I Think many people will learn learn trading in the future ... its a interesting change to build your own business at home.
Upper! TY! Passing on to Friends!
Thanks for the education. I have a general understanding of Forex trading. It's great to add to what little I know.