Help you achieve consistent and stable profits in forex trading forex trading habits
read:2023/2/25 10:07:22
1, when just starting out, try to capture 20 points from each trading session, then stop, turn forextradingaccountsregister off forextradingaccountstype do more research when you are really good at it and then ask for more before you become a master of the forex industry, set a 20-point target and stick to it I stress the word industry, it forex trading accounts cashback forex a game, it is about your hard-earned money 2, spend major time on the 15-minute chart or more 3, before starting a certain trading session, look at the 1-hour chart first, to come up with the trend at the transition of the session, and how it might go at the start of the new session 4, only look at the 5-minute chart when you absolutely need to know what is happening behind the 15-minute chart, especially when the K-line is elongated or just crossing the pivot point, in other words, whether a reversal is happening on the 5-minute chart and not yet reflected on the 15-minute chart? 5. Dont stay on the 5-minute chart because it has too many murmurs that will torture you to death 6. The law of averages on the 15-minute chart: even if the averages are up on the 1-hour chart, if they are down on the 15-minute chart, this implies that a reversal is coming, but it hasnt happened yet while you dont want to miss what is happening as reflected on the 15-minute chart 7. If the average in the 15-minute chart up and down, but the price is trying to move up, the price will sooner or later move down, such as by the pivot point bounce, or by the other three tools (bar chart, average divergence or trend line analysis) to capture the node of the reversal of the average up and the price is trying to move down the same situation 8, only use the average of the divergence, but not the average to do buy and sell signals, it is a delayed indicator, too slow for foreign exchange & nbsp nbsp; 9, the 15-minute chart on the average divergence than the 1-hour chart is more important divergence refers to the average and price fluctuations in the opposite direction 10, always use 20-30 points stop loss to protect the funds mental stop loss can also be, but must have strict discipline to do 10 times you may be wrong 3 times, three times the loss should be kept within 20-30 points, your profit should be far greater than the small losses do not be afraid of loss, professional baseball players will also miss 6 out of 10 times, the lion chase success rate of only 20%, professional poker players failure rate of 50%, your chances are better than theirs, there is no 100% certainty in life 11, when you are close to the pivot point or an important pattern (such as a double top or trend line breakout) when placing an order, put the stop loss on the other side of the event that allows you to act, but not too close, because the price often break through after a reversal if you use a 20-30 point stop loss, but 33 points can safely tide over the reversal, then use 33 points rule is 20-30 points, but to be reasonable 12, the purpose of the stop loss is insurance, does not apply to profit taking, of course you can use the moving stop method to protect the winnings 13, trading foreign exchange only four tools: bar chart, average divergence, pivot points and trend Line analysis to do the technical school, avoid the fundamentals, the news has been integrated into the price, you do not have to look at the news every second to read the bar chart including finding out the double top (bottom) or even three tops (bottom) 14, the difficult part to: I said the next trading session high and low forecast can be M1/M3 or M2/M4, but the transaction is gray and not black and white, the actual high and low can be M1, M2, M3 The actual high and low can be any combination of M1, M2, M3 and M4, it can be M1/M4, M2/M3 or any other combination of the five pivot points M1/M3 and M2/M4 are just for reference and not poured cement Price is the first indicator that determines what the high and low will be In addition you should use this forecast in combination with the other three instruments In other words, if the price is going down from the previous period into the current period and continues down from M3 began to continue downward, then M3 is likely to be the high of the new session, even though the system may indicate that M4 is high so the pivot point to use in combination with the other three tools I have seen examples, prices downward, the opening of the new session directly across M3, while forming a double top, where there are three indicators that prices must be downward I believe that at this time the average must also be downward, which is one more clue that the high of the new session has appeared & nbsp; 15, the beginning from the four major pairs (EUR/USD, USD/JPY, USD/CHF, GBP/USD,) choose a pair, study its rhythm and become an expert I recommend that the euro when you do a good job before trading the other three pairs in the learning phase you may be overwhelmed, do only one, do not jump around in four pairs 16, do transaction records, including good and bad transactions, analysis of the price of the new session high 16, do transaction records, including good and bad transactions, analysis of the price of the new session high. including good and bad transactions, analyze where right and where wrong, and vow not to repeat mistakes to develop good habits and be a professional trader, which is not a place where you can drag a gun around 17, an important point: If the price opens on the top of the forecast range of the new session (R2 or higher), in other words, in the selling zone (above the central pivot point of the region), and there are other indicators indicating that prices are too high (such as Specific K lines, average divergence or trend line breakout), then the price may already be high for the new session Similarly, if the price opens at the bottom of the predicted range for the new session (S2 or lower), or in the buy zone (below the central pivot point area), and there are other indicators suggesting that the price is too low, then the price may be low for the new session 18, if there is nothing to do, dont do it, dont impulsive or just want to do and do, that will bring a lot of trouble only when the four instruments have a very clear signal to do 19, choose a trader to choose the lowest spread in this line 20, remind former stock traders (I say former, because really do not know why you want to return to stocks after tasting foreign exchange): do not overtrade foreign exchange, this is not a scalp market, foreign exchange trend is very Good, do not buy too early in the decline, do not sell too early in the rise, see the trend line breakthrough before you do action 21, unless fully committed you will not succeed in foreign exchange trading, this is not the place to play, if you do not intend to take it seriously, go do something else 22, put your emotions in the back pants pocket, this is the business, should be treated as a business, you have any bad habits, the foreign exchange market will soon give you correction 23, an important point: If according to everything you have learned so far, the big trend of this period is down, then you want to go down, rebound on the sale, do not try to buy, otherwise you will be tortured to death Similarly, if according to everything you have learned so far, the big trend of this period is long, then you want to go up, buy on the low, do not try to sell before stock traders want to two-way all get and sacrifice maybe when you are really good at it can be a try But for now, only want a direction, free from sadness 24, another important point: the euro big trend began after 2:00 a.m. New York time, it is the Lenton time period, the busiest time in foreign exchange a time period and a time period, the euro will always go in this first 12 hours on average 76 points whether you believe it or not, the euro once the decision of the 12 hours of the big trend, it has been going to that range (76 points) The other end of the trend to catch, ride it of course it will not go straight, even if the plane landing and taking off also has bumps along the way, so does the euro, once you choose the direction, it will hover until the other end of the range will cheat dumb money out of the game on the way, they never know what happened conclusion is: if the euro wants to fall in 12 hours, it will go down after 76 points, to think down; if the euro wants to rise in 12 hours, it will go up to finish 76 points, to think up this 12 hours in the euro either up or down, will not have both, I am talking about the main trend of course there will be a rebound or retracement on the way, depending on the up trend or down trend, but as mentioned before, down trend to sell the rebound, up trend to buy retracement, which is enough 25, think about it, you get the above strategy 24, you will love it, it will test your nerves if you want to buy into this 12 hour trend, why not ride it when it starts! It takes nerves of iron because the euro will go on your back from time to time but not enough to eat up the stop loss you set at the start From a risk reward perspective you risked 20 pips to gain 76 pips, not a bad rate I would say why not place an order, set a stop loss, go clean the pool and let the euro zone fold go the full extent of it! Many people are cheated out of the reason is that they place a single order to keep a close eye on the price, a slight twist and turn to overreact put down dont bother with it, the worst is to be stopped out right, often you wont, if you catch the main trend, the chances are very much in your favor to make $760 more per lot if you keep trading on the way, you may be beaten badly and end up losing money to let the euro lead you, not the other way around 26, from time to time, the I would encourage you to take a few steps back from the daily chart and look at it from a distance, sometimes you may be too close to see the trees but not the forest from the daily chart to mark the trend line and find the divergence, you will see a lot of the next move, which is exactly what you want to know right not only trend line breakouts and average divergence has a big article, where the daily line closed will also suggest where the next move will be, study the bar chart you will know what I mean I think From time to time it is wise to stop and think at a higher level, and it is healthy to look at things from the top down Sometimes we get lost in the broken steps of the daily price and fail to see the big picture unfolding in front of us 27, to repeat, you only need to look at a few things and then wait patiently for the entry point to appear Do not think it is time to pull the trigger, to wait for a clear signal only four indicators: bar chart, average divergence, pivot points ( breakout/test/block) and trend line breakout, these are enough to make you successful in the forex trading industry, no longer need bells and whistles, may be different from what you learned before the hardest thing to do is erase what you learned in the past, shake your head and let them go away 28, although I said as long as the four clues, there is actually a fifth is the price price is the first indicator under the sky, it tells you where you want to go, let it point the way as good as Playing cards, before it lights up on its own must wait patiently this is called follow the head goat 29, recently I was asked about buying and selling multiple lots, you can one single at a time, as the price crosses each pivot point to add positions until the end of the range If you are sure that you have followed the trend and have good money management skills, there is nothing wrong with adding positions along the way as the price crosses the pivot point to buy/sell more, until the end do not get out too early, and remember forex trends well (especially the main trend), the price knows where it wants to go, let it take you there with five indicators to make your decision 30, be careful trading between pivot points, this is no mans land is also a danger zone, good trading is done near the pivot points 31, take the time to draw the pivot points on the 15-minute chart, this should be your focus, just like on an airplane Radar, no reference point is difficult to trade (take off) do not need to draw all, and not necessarily put down, but at least draw the price near the pivot point you can also draw on the 1-hour and 5-minute chart, but can not spend too much time on it, perhaps a waste of time, but not harmful you should also draw the trend line trend line in the pivot point breakthrough is strong evidence of a turn and then draw the average divergence, the more you see on the chart, the The more you see on the chart, the better the trading session should also be delineated separately 32, 5-minute chart is like a fine-tuning board on a ship, although inconspicuous, but very useful to correct the course trading is also the same, from time to time to look at the 5-minute chart will insight into the 15-minute chart below what movement, which is very important, especially near the end of the trend, the price is trying to end the trend or sneak in the opposite direction you did not pay attention of course, as said before, do not stay In the 5 minute ground favored by former stock traders, those who are essentially scalp scrapers, but in the forex market will be scraped, as one of my new clients found out after a huge pain he now places an order (set a stop loss), goes for a walk with his family and then comes back to see how much money he has made by not obsessing over every little fluctuation Once you have caught the trend (through the five indicators), let the price go on its own and wait patiently for the next event that makes you act If you dont see anything special, dont move anything, sit on your hands, do nothing and dont press the entry button 33, how many signals are needed before you pull the trigger I said earlier that you only need to find the direction from the bar chart, average divergence, pivot points, trend lines and prices, but how many signals are needed before you trade? Of course one is enough to set the tone, but two or more together to say the same thing is more convincing For example, the euro is recently up, from the end of the last trading session to enter the new session is still up, at the beginning of the new session, the price is forming a triple bottom near the pivot point Well here are three signals to tell you how to do, of course, we have a rising trend, three lows and a lower bottom pivot point, a lot of evidence says to the upside, you should understand This is good to have a comparison, the morning drive to work you do not have to wait for all the lights to turn green before starting, then you do not work, the more green lights the better, but a green light is enough to get on the road 34, some psychology: for newcomers, trading to do more inferiority complex will rise you will not always be right, you will make mistakes, which is normal for newcomers and veterans do not be knocked down by failure, say to yourself next time, you must move forward if you use good money management, such as 20-30 point stops, you will survive to see the next trade, thats saving power dont doubt your indicators (remember, bar charts, average divergence, pivot points, trend lines and prices), you shouldnt argue with the gauges on the plane or you will crash so be unquestioning of the indicators, act when it tells you to act, buy when it tells you to buy, have courage Do so a key point is: do not listen to any other person, be your own advisor, close your ears to trade, its you and your money, you have no one to ask to avoid negative thinking people, do not talk to people about forex, unless he is as dead serious about forex as you are otherwise he will pull you down to be humble, save the bragging rights for later if you become conceited, forex will pull you down finally is to focus on success, beware of your thinking If you focus on the end result of success, you will get there If you are always afraid, it will affect your psychology When you fail and fall, pull yourself up, slap the dirt off and keep going Dont be intimidated by mistakes, you will do better, especially if you keep records of all your trades and study them to death Be a professional, be prepared 35. What should I do when I find that the price crosses the pivot point upward in a good big burst, with a lot more money on the books, stops at R2, and then continues to grow upward? The answer is: R2 is usually a resistance level, when the price crosses R2 up and no longer fall below R2, R2 becomes a support level, which is a buy signal, remember that the price is the king, it wants to go how it goes, you must follow it, even if it has given the opposite direction of adding many tears, or has exceeded its daily average range, if willing it will still continue to go remember: foreign exchange trend is strong, do not buy too early, and Do not sell too early, wait for strong evidence that it has made a decision in this example, the price stopped in R2, but did not fall below it, there is no sign of reversal, once the decision to continue to move up, all you have to do is follow, do not become a victim of R2 high oxygen deprivation, trust your indicators, do as they tell do not instinctively think that the price is too high, if willing it can go higher, in this case is high more 36, the more you practice, the better your luck