Beginners Course

succesfful tradinga

Factors for successful trading

Successful Forex trading is the final result of knowledge, strategy, discipline and the ability to manage risk. Forex traders venturing into the market without having any type of a strategy… more

mistake

Common Forex mistakes

Why so many traders make tons of mistakes? Why traders tend to make the mistakes over and over again? I will show you the most common mistakes that traders make… more

brain money

Trading psycology

So far we have talked about the need  for creating a trading plan and sticking with it. Nevertheless, frequently traders deviate from their proven path or thoughts and take decisions… more

The key to becoming a successful forex trader is developing a sound forex trading plan and using it on a daily basis. One must remember that a trading technique that may be performing well for just one person might not do the same for you. It is because everybody has a unique kind of considering, risk threshold levels and market experience. It is always better to develop one’s own personalized trading plan and alter it as being your experience grows. The first thing your trading plan should mention is what strategies you're using. So if you are trading pin bars off key support and resistance levels or advanced harmonic patterns, then it should state this in your plan. If you find yourself trading something else like inside bars, then you know you're deviating from your plan. The next thing it should state is what instruments you're trading. For example, you might be only focusing on the EUR/USD, or perhaps the EUR/USD and GBP/USD. Make sure to state this in your plan. Lastly, you want to have your risk tolerance levels clearly stated. This is simply not just % risk per trade, but additionally per session and per month. This way if you ever go over these parameters, you stop trading for that month and take a break as something is clearly not working. But the key would be to have these types of clearly described ahead of time. Having a Forex trading plan's one of the important elements to being a successful Forex trader. Several traders never even make a trading plan, let alone play one regularly. It’s very important that you simply do both; make a trading plan and employ the one you make…don’t just make one after which never view it like many traders do. Here are a few important points to consider regarding Forex trading plans: You must do three important things to become and remain an organized and disciplined Forex trader. These things are the following: 1) Create a Forex trading plan, 2) Create (or use an existing) Forex trading journal, 3) ACTUALLY use Each of them. The process of creating a Forex trading plan around a highly effective trading strategy like price action trading, will continue to work to solidify knowing about it of the trading strategy and will also provide you with a blueprint for which you need to do each time you communicate with the market. Having this market blueprint is important for developing the type of ice-cold self-discipline that is required to succeed in the Forex currency market within the long-term. Logging your trades in a trading journal is important for your success because it enables you to have a visual representation of your ability (or lack thereof) to trade the markets, additionally, it creates a track record for you which you can use which will provide you with the way your trading advantage plays out after some time, this allows you to ‘tweak’ and alter your trading strateg. Trading plans contain a routine and check list To put it simply, you'll want a routine inside your trading activities; otherwise you will just turn out running and gunning the seat of your pants. Be patient and wait for the conditions of a plan to unfold - don’t force the issue Patience could very well be the most crucial virtue that a Forex trader can possess. When you are a patient trader this means you know what you are looking for in the markets and you wait for your trading edge to appear before you perform trade. Trading in this manner eliminates numerous losing trades that are caused by trading emotionally…or without patience. Most of trading, and possibly the greatest part, is just waiting for an “ideal” price action setup or other trade setup to create in the market. The creation of a trading plan is highly useful because it cuts down on the possibility of bad or irrational decisions based on emotions. The outlining of a plan for every potential market action will help you reduce such decisions and thus your losses. The key to disciplined and objective forex trading is to establish a trading plan and stick to it.

Creating a Trading Plan

The key to becoming a successful forex trader is developing a sound forex trading plan and using it on a daily basis. One must remember that a trading technique that… more

rejection candle

Power of the Price Action Signlas

In the last the past lessons we’ve looked extensively at the Japanese candlestick and common chart patterns that can form to give traders a clue in which the markets might… more

pin bar strategy

Forex Trading Strategies for Beginners

It’s usually said that a beginning trader is closer to growing to be consistent profitable than a trader who was trading unsuccessfully for a long time. This is because a… more

double top

Top chart patterns you need to know

Guys let’s dive more into price patterns, now it’s time to show how some simple price movement could be the catalysts for some explosive moves in the market. When identified… more

candlestick chart

Introduction to Forex charts

As a result of period of technology we are in today, forex charting is less difficult than it was once. We have having access to nice clean price charts on… more

candlestick chart

Japanese Candlestick Chart

In an effort to comprehend the term “Japanese candlestick”, we need to go back to the 17th century when the Japanese were using technical analysis to trade rice. Yes, technical… more

technical analyst

What is Technical Analysis?

So if you’re not into macroeconomic and financial analysis and you think fundamental analysis is too hard for you, well don’t get upset Technical Analysis may be this you’ve been… more