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In this tutorial, we will look into combinations of how to use one signal with one indicator or another indicator.
Please go ahead and find the Accelerator Oscillator and Accumulation Distribution.
We will be combining both these indicators for this tutorial.
In Accelerator Oscillator, the colors should have Value Up color of green and red Value Down color and both should have a second thickness grade.
The next should be Accumulation Distribution and the color is red by default.
The best way to actually get into a trade is by having a set of rules:
1. Identify the trend
2. Identify the signal
3. Find the confirmation
So you need to find a trend, signal and the conformation and the conformation is the green bar.
What you need to do is to find the Accumulation Distribution and place them on the highs and the reason they are called as highs is because they are higher than their previous one.
So the question is that where should we place our Stop Loss and where should we place our Take Profit?
The answer is that you should place your Stop Loss to a higher time frame because the smaller time frame you use, the more is the chance that you are going to have your Stop Loss hit because the markets are moving in a very wild manner.
You should get more confident from yourself before trading because this is another essential element to be a successful trader and you should never second guess yourself.
If you find yourself hesitating, then pause for a moment and ask yourself why you are getting these thoughts and why are not confident about it.
Use a demo account and do whatever you want just to increase your confidence.
Start with $10 to get experience and after sometime, put another $100 just to make yourself confident about trading.
You will get used to it after some time.
The important thing about trading is that never, never take a buy trade when you are directly under the resistance level.
So keep practicing this in a demo account until you get enough confidence and experience and never forget the three sets of rules while trading.
With time and practice, making trading decision should become 2nd nature.
Just know that every master was once a disaster.
Practice hard and well with a demo account first.
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