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So when you factor in the spreads, which can be anywhere between 6 and 9 points, depending on which pair you trade and which broker you use, it can be difficult just to break-even in some cases, let alone make a profit.
Euro Fx Quotes|Euro Forex Rate|Currency EUR USD FX Chart
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This comes down to how well your heart and mind can respond to the market, and there are a few pre-requisites to have before entering the market. First on that list would be patience. You have to learn to cannot control yourself for a few hours, sitting in front of your computer looking at numbers that may not make sense, and accepting that there may be days where you don t make a single cent. If you lack such patience, then the forex market is not the place to be. It is this patience that separates an expert from a rookie.
The only exception is the EUR/CHF pair which is currently trading is a range of just 69 points every day on average, down from 76 points the month before.
Either way, this was a good example of a profitable breakout trade and demonstrates that you don t necessarily need to use lots of technical indicators. Sometimes sitting on the sidelines and waiting patiently for a breakout to occur using nothing more than price action and trendlines can be just as profitable.
The reality is the lower the time frame of your chart the more 8775 noise 8776 you are going to see. Let 8767 s take a look at a 5 minute chart on the GBP/JPY. If you look at the chart below, though it is not impossible to trade most of the potential trade opportunities are going to be quick, aggressive, and will offer a unfavorable risk/reward. And unless you are a very skill as a Forex scalper, trading from the 5 minute charts is NOT one of the greatest Forex trading strategies you can implement. Price action can be very bouncy on these lower time frame charts. You can see that price is jumping around without much of a definitive direction.