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Enter and exit in 3 positions. Using the feathering method. Also if going to enter correlated trades then need to reduce position size accordingly. Have stop and profit target, plus general trade plan finalised before entry 5. Detailed record keeping, including a snapshot of trade entry and exit 6. Have multiple chart templates set up including 4hr MACD, pivots, and pure price action. Start analysis at longer time frame, then work way down to shorter time frame. Its key to determine the market emotion on all timeframes…. Correctly determining this market emotion is key to deciding which trade methods to implement.

Looking for confluence. If everything does not line up then no trade. It is crucial to focus on high percentage setups and have the patience to wait for these setups. We are paid to wait, not trade.

Use US Dollar index to add weight of evidence in determining market direction. Thanks for the feedback, That is helpful to me and I hope others will take advantage of those good rules. Pivots are very effective support and resistance points that provide high percentage signals when used in confluence.

And a good candle reversal or breakout signal. Important to analyse candle action around pivots in combination with other trend info such as price patterns and trend lines. We want to wait for a confirmation of momentum before entry. No matter what trade method is employed pivot points provide an effective point for stop loss or profit target. Using the weekly pivot is an ideal place to use the Stop and Reverse trade method.

Especialy if its near the prrvious days high or low, which is an area of major importance for trading today. May i request from you, where can I have Daily, weekly and Monthly points indicators? Do you mind sharing to me and send to my email leng yahoo. The same goes for me, can you share with me.. I haven't created my list yet but among the contents are: 1. Watch out for economic reports.

I like the dead hours rule and the correlations, those can be helpful. It is good that you are beginning to see what types of things you would want on your list. Hi Casey, I wrote my rules - wich are the same as you mentioned plus keeping an eye on news events - on a list also a while ago. Indeed it increased my profits.

I try to never trade without checking my rules first. Thanks for sharing this good advice. Best regards, Jaap. Forex Trading for Beginners.

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Shooting Star Candle Strategy. Swing Trading Strategies That Work. Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. Info tradingstrategyguides. Facebook Twitter Youtube Instagram. Our Recommended Forex Checklist First, I identify the trend and look for trades that fall within the direction of the trend. Successful trading is not just a hobby it is a business and a successful business will have a plan.

I have never known of a successful business that did not start out with a plan. By sticking to the plan they continued to be successful.

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Forex trading tutorial. Get the basic information from our tutorial that embraces all main concepts necessary to start trading efficiently. Read the tutorial. Demo contest for beginners. Optimal choice Iliya Sivkov - Trading Fanatic 1, views.

I'm an active forex trader, and I focus primarily on technical analysis and price action based strategies. I've had the opportunity to interact with many amazing people all over the world through A successful trader requires a strategic plan that covers your actual trading. Your trading plan includes the details of trading: what you will trade and how you will trade it.

Successful traders do several things that amateurs often forget. They plan a trading strategy, they follow the markets, and they track, and analyze each of t Want a trading plan template that works? Some, the better you prepared, the more stable your trading is going to be. Are you feeling healthy today?

Did you sleep well at night? Did you have any stressful situations today or the day before?

Daily Pre-trading checklist! Must read daily for beginners. : Daytrading

Experiments with poker players have shown that people tend to be more risk seeking and less prudent after sleep deprivation and other unusual physical states. Go take a rest. Also, if you are anxious about the stressful situation outside the market, resolve the situation and get back to trading after that. Markets will be there tomorrow. You will do a good job as a risk manager removing yourself from the process for a while. Step 2. Do markets await important news or economic releases? Traders often forget about economic releases which can make volatility explode.

They just forget, too much focusing on chart analysis. Discover what release will influence your preferred trading instrument and monitor economic calendar for that.

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For example, those trading Crude Oils are affected by Petroleum status report. Next step is to switch to the chart of your preferred instrument and note: is market trending or balanced? It price located outside of important extremes or is it located inside? Traders often rush to trade, but those who are patiently examining long-term trends have an edge over the rest, even in day trading. In case one is visible on the chart, window of opportunity is open — you may monitor for continuation trades or filter reversal trades.

If volatility is very small, your expenses for day or short-term trading stop-losses and spreads would be more difficult to cover with profits since they are limited due to limited opportunities. Important note: in this article, we are talking about historical volatility only! There are different types of volatility in trading — we are not going to cover them all here. Explanation of each indicator is beyond the scope of our article.