-
examine winning and losing trades, and figure out why, back testing, learn by your mistakes
formula is to, learn, do, improve, then you will always be growing, CANI constant and never ending improvement, if i keep on improving, it's impossible to stay at the same level
-
take high quality trades, may need to wait to extra confirmation,
avoid beginner mistakes, over trading, specific time slots, where sessions overlap, 3 hr trading time, 5am to 11am or 5pm to 11pm, avoid revenge trading, or moving you stop loss
-
don't risk to much, start with micro lot size, 0.01 = 1,000 units = $ 1.00 per pip, avoid being scared of taking another trade after a loss, while in a trade let it play out, continue to take the next trade, the past doesn't matter
set your stop loss at 25 pips, incase you have a spike to stop you out, after a double top, or head and shoulders
-
avoid fear of loss and desire of gain, you got to loose to win, you may need to wait a hour or more to take profit,
consolidation forms double tops or head and shoulders, which a spike to stop you out could follow, set stop loss at 25 pips
-
have 100% certainty when you enter a trade of either buy or sell, use alert function on tradingview, with exiting channel when you have consolidation, to be notified of a brake out
less trades more profit is the goal, on a trend take profit and open a new trade, on a pull back, 3 take profits is pushing it
-
don't rush into the next trade, wait for extra confirmation, make sure you open trade with market highlighted not a limit order, very important
1 to 1 return is risk $10 to make $10, 2 to 1 return is risk $10 to make $20, 0.01 lot is 1,000 units or $1 per pip, which is a micro lot, 0.10 lot is 10,000 units or $10 per pip, which is a mini lot, 1.00 lot is 100,000 units or $100 per pip, which is a standard lot
-
regulated brokers, you can deposit USD from debit card, your leverage is 50-1 Oanda and Forex, unregulated brokers you deposit BTC, your leverage is 500-1 Hugosway and osprey, offshore brokers
don't ride a trend too long, volume comes in when the market opens, never trade in consolidation, wait for brake out with 1 or more closed candles, confirmation is when candle remains out of resistance or support lines, extra confirmation is when 2 candles remain out of resistance and support lines
-
solid bar is a strong close, tail bars or pin bars affect the trend, color of bar doesn't matter, solid bar closes first, second bar closes above first bar, than you get in
a engulf bar is when the body and wick is bigger than the previous bar. you want to open a trade
-
price action is king, price action tells us what the market really wants to do, then you could add indicators
with candle sticks all we care about is the close of the candle
-
3 types of traders, swing trader, is in trade for 2 days or more, they use the weekly, daily, to determine trend and 4 hour, 1 hour time frame for entry, day trader, uses 1 hour to determine trend and 10 or 15 min for entry, scalpers, are in and out, they use 15 min to determine trend and 1 min for entry
determine trend on higher time frames, the let price do what it wants to do, price may go with trend or not
|
|
