Few questions for experts

sim4lbert

Hello!

I want some advices from people better than me at BO. I've a job and I can't analyse charts for a long time. So, I'm thinking:
What if I make my analyses at night, before I go to bed for next day and I set alert for highest point on chart and lowest point and when I'm on job, just to receive an alert on mobile, for example "price touch 1.0000 CALL now", something like that. What you said about this "strategy" to trade highest and lowest points? I only want just a ITM trade per day, nothing more. I also use graph lines chart to draw support and resistance lines. What you say?
Another problem: I use MT5 with a demo account created at them and for trades I use IQ Options, but the difference between prices is a little big. What can I do to reduce this problem? The price to MT5 and IQ be the same.

Thank you !

Okane

Rarely you can get the price to be the same, try connecting to a different FX broker on your MT5. There are many servers, Alpari, Oanda, ICMarkets etc...
1-1.5 pip is not a big issue. So how "big" is the difference? Most newbies don't really get the whole pip and pipette thing and they believe the difference is too big when it's actually within just 1 pip = 10 pipettes.
Regarding your strategy, not sure really what you mean, sounds too "simple". You should study price action and price patterns!

sim4lbert

I use price action strategy and draw support and resistance lines, but here is the thing. Is quite hard when you can't see actually how price move, saw the candles and have time to pay enough attention to draw s&r lines. I want just to receive an alert on mobile and trade. If I try to trade each support or resistance that I see or which I think it is a strong one, let's say I draw them before bed, then I wake up after 7-8 hours and is possible that s&r lines to be touch already, even broke-out.
This is the reason why I want to try to draw support and resistance lines just on extremity and the price won't touch it while I sleep and I think, or least I hope that lowest price or highest price be a strong one and will revearse the price.
Thank you Okane for you opinion. Best way to find out if this strategy will work is actually to put it in practice. Only good !

Okane

well, try it on a demo and do the necessary tweaks.

TobiasRobinson

You might also have additional options depending on the asset you are trading, for example, some FX brokers will allow you to trigger a trade at certain price points (so rather than a message to your mobile, the trade is just opened) - but obviously that is forex trading rather than binaries. Also Binary.com offer some flexibility on their setups, and again, you can set certain price levels for your trade.

It sounds like experimenting on demo accounts is your best bet.

illod

If you use a demo account, you don't have any risks. Try to atleast trade on a cent account, then you'll be able to get signals on your mobile phone and verify your strategy

Malvrid

I myself am not a supporter of signals, but I will check this stuff on a demo, thanks.

Hulapointik

The difference between the asset prices can only be different if the brokers focus on different exchanges, so you should clarify this question again. But here's your approach to analysis and such an early preparation for a deal does not seem to me very thoughtful, because it will be difficult for you to control the process and sharp changes in the market. I think that you can give more time to trade on fundamental analysis, because in this way you really can analyze the situation in advance, besides the trade itself will be shorter and you can trade qualitatively, and at the same time give time to other questions which demand your attention. Maybe this approach is more convenient for me, but I still recommend you to try it - it may be useful for you.