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Today 13 – Simple Trading Strategies for Beginners
Why do you need a strategy?
To determine when to buy and when to sell in an organized manner.
To reduce risks and increase profit opportunities.
Simple strategy using support and resistance and RSI:
Identify support and resistance on the chart.
Wait for signals from the RSI indicator:
If RSI is below 30 (Oversold) at support → Buy signal.
If RSI is above 70 (Overbought) at resistance → Sell signal.
Entering the trade:
Buy at support with low RSI.
Sell at resistance with high RSI.
Setting a Stop Loss:
Place the stop loss below the support level when buying.
Place the stop loss above the resistance when selling.
Determining the Take Profit:
The target should be near the resistance level when buying.
The target should be near the support level when selling.
Important tips:
Do not enter random trades, stick to the plan.
Do not let your emotions control your trading.
Always use a stop loss to protect your capital.
Today's exercise:
Choose a currency pair on Binance or TradingView.
Identify support and resistance levels.
Monitor the RSI and decide when to enter a buy or sell trade based on the strategy.
Set the stop loss and take profit.
