We all have different styles of trading that make us comfortable. A successful Trader has over 60 % profitable trades. You lose money If that is not happening and some changes need to be made. You have to build a solid structure, stay with it and not deviate. Then learn how to make low risk investment choices.
Some items we will cover that will make big difference in your profitability:
- Daily planning
- Money Management
- Copy Trading
- Indicators
- Stop Loss
- Our Trading Setup
DAILY PLANNING
HAVE A PLAN. This is a business. You would not start your new business without money or a plan. If no plan you will lose money and be out of business. Read news, analysis, plot support/resistance and be aware of Daily and INTRADAY TRENDS.. Stay with your plan. Abandoning a plan could cost you money.
Before you invest pick a pair or two, ALWAYS CHECK ECONOMIC CALENDAR, research and plan your TAKE PROFIT . Stay with your choice all day. Recommend you use pTc nXtgenfX SUPPORT/RESISTANCE INTRADAY RANGE and pTc nXtgenfX INTRADAY SUPPORT/RESISTANCE PIVOT and TREND to target for your TAKE PROFIT goals..
You can use our support resistance data for your daily planning and pTc nXtgenfX FOREX TRADING SIGNALS and pTc nXtgenfX LIVE FOREX SIGNALS
MONEY MANAGEMENT
Do not make this to complicated. ONE RULE do not invest more than 20% of your equity and set your STOP LOSS and TAKE PROFIT, It is that easy. You hear a lot about RISK/REWARD calculations, but if you ALWAYS invest with the trend at the top or bottom of channel, there is no need as risk ratio averages over 3:1. if you invest with trend in in your time frame. Invest against the trend and the possibility of loss is over 75%.
COPY TRADING
BAD IDEA. Learn to trust your own trading skills and not others. Remember most of the Traders have less or just a little bit more experience than you do. You will be more profitable having developed your own trading strategy and have less stress.
INDICATORS
Keep this simple also.. One of our Friends was using over 20 different indicators. He was a bit confused. The best Real Time indicator is the Price Action. Learn how read Candle Sticks and Hiekan Ashi Bars. Combine that with a non-lagging Breakout channel and non-lagging trend indicator is all you need to read the market for any time period. See our suggestions INDICATORS NON LAGGING. The important thing is to find indicators that work for you and making your investment decisions profitable for you.
STOP LOSS
Probably a Forex Traders second best friend. SET A STOP LOSS for every order when you plan your order. DO NOT CHANGE IT unless to protect profits .Get rid of your ego. Take the loss and move on. It is part of trading. You cant stop it. It is better to lose 40 PIPS than 100 plus. Here are some ways to set stop loss:
- 2.5 times ATR
- PARABOLIC SAR
- MID BAR OF DONCHIAN CHANNEL
Plus many more. Do your research to find one that fits your trading style.
PROTECT YOUR PROFITS. Use Trialing stop or move manually as your Profit advances and let it close and reenter if your Target is still viable. Better to take some profit than going in hole.
OUR TRADING SETUP
- HIEKAN ASHI CANDLE STICKS or CANDLE STICKS show us our PRICE ACTION and trend.. When PRICE ACTION reaches top/bottom of Channel it will break out or reverse by changing bar color
- DONCHIAN CHANNEL Shows up to date support and resistance. When PRICE ACTION reaches top/bottom it will break line or hold and reverse
- HULL MOVING AVERAGE or TIME SERIES FORECAST or LINEAR REGRESSION MOVING AVERAGE shows the current trend. Adjustable by trader to use as Scalping through Long Term Trend Indicator
- SMI ERGODIC INDICATOR Shows real time momentum. Over 40 or under -40 indicates trend change
Intraday setup. Trades are made at top or bottom of channel, PRICE ACTION has changed colors and HULL TSF or MOVING LINEAR REGRESSION turns opposite direction
SUMMARY
PLAN AND STICK TO IT
DO NOT INVEST MORE THAN 20 % OF YOUR TOTAL EQUITY EVER
INVEST WITH TREND
USE MINIMUM INDICATORS PREFER NON-LAGGING USE PRICE ACTION
ALWAYS USE STOP LOSS MOVE STOP UP TO PROTECT PROFIT
nXtgenfX SIGNAL FOREX CROSSES 