I'm very new at trading in the forex market and I would like to start out by trading long term with 1k lots. I figure this will allow me to avoid the small fluctuations in the market while I learn more and can move into trading shorter time frames. Currently when looking for the current trend I start out with weekly charts than move to daily charts to see which direction the pair is moving. I then try to idenify and major resistance or support levels that may affect my trade. Is there any pitfalls or advice you can give to a newbie thats looking into long term trading with forex market. Im still a bit confused on what to do with my stop losses.
Thanks
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