metatrader 5 forex

I use RoboForex and metatrader 5 as my charting package. This is a New York close platform, which means that the daily candle closes at 5pm NY time or 10pm UK time. The reason I choose to follow NY close candles is because they are the most popular and give the best results.

I have no indicators on my charts and recommend that, if you still rely on an indicator, be bold and remove it. The main reason indicators are dangerous is because they are lagging and also give us an excuse to explain why a trade didn’t work, transferring the blame to make us feel better. However, I think it’s best to recognise that, as individual traders, we alone are responsible for putting the trade on and have to accept winners and losers with the same emotion.

The Forex pairs I follow are:

Eur pairs: eur/usd, eur/aud, eur/jpy, eur/nzd, eur/cad and eur/gbp

Gbp pairs: gbp/usd, gbp/aud, gbp/jpy, gbp/nzd, gbp/cad and gbp/chf

Usd pair: usd/jpy, usd/cad, usd/chf and usd/sgd

Aud pairs: aud/usd, aud/cad, aud/jpy, aud/nzd and aud/chf

Nzd pairs: nzd/usd, nzd/chf, nzd/cad and nzd/jpy

Cad pairs: cad/chf and cad/jpy

Chf pairs: chf/jpy

I also follow gold and silver.

As long as the spread is good on any particular pair I’ll follow it but it depends on which broker you are with. The reason being that I only want to trade from super important key levels marked off the daily charts. This means trades are much harder to come by because price is usually trading in no mans land. So, I need to watch more pairs to find these high probability trades (See more on profitable trading in the advanced membership section).

Considering changing to Meta trader 5, read this article: Why Switching to Meta trader 5 could improve your trading

To make it easier to follow, my charts are clean and very simple to look at. The only two red horizontal lines (key levels) will be my support and resistance levels which are all marked off the daily chart.

Below is the daily usdcad chart.

2013-10-31_0926usdcad_example

 

Module 1: The Basics

Module 2: Market Analysis

Module 3: Price Action Setups

Module 4: Chart Setup

Module 5: Trade Management

Module 6:  Trade Psychology

Module 7: Continue your learning