assume, currently you had experience or had done a trade or two and hold on to a somekind of system, what you should do next is.. try to trade opposite for a certain amount of time, if you lose most of the money. that means your system is sustainable for long-term profit and consistency.
if the result you'll get still have some 50/50 win or lose, its time for you to better move on or creates a better system.
mmm this hardly makes sense to me .... how can you make money without having a clue which way a particular market is going (trend)....and without relying on good sources of information for fundamentals analysis. Trading without analysis is pure gambling, and most gambler lose money in the long run.
pick a trigger price at random (a pivot or round number for example)
your plan is to buy/sell whenever price hits the trigger
your automatic safety stop is lets say 1 unit, your minimum profit target is say 2 units
if you accept that the markets are truly random and that price could move in any one of 3 directions, the split second you initiate your trade then in theory you should be correct 50% of the time.
Even if the law of averages decides to screw you and you're only correct 1 in 3 trades, you would still breakeven (not allowing here for comms, fees etc)
if your plan allows you to move your stop to 1.75 as it approaches 2 points profit, sometimes you'll get stopped out for 1.75 profit. other times your trade will take flight and earn you 5,10, 20 units......and that is where the real money is earned, where you become financially successful as a trader
what does this illustrate ?
money management is key
having a plan is key
sticking to your plan is key
fundamentals, indicators, timeframes and trend are irrelevant and redundant
Ok, I exaggerate, you could use fundies, trend etc to determine what your plan will be at any particular trigger, ie to go long or short, but once the plan is in place, they all become unnecessary to you.
imho, the willingness to commit to a plan, the willingness to take losses and the strength to keep repeating those trade set-ups are what will make you a successful trader.
if you can't accept that only 2 or 3 trades out of 10 will be small winners, and that 2 or 3 will be scratched for even and that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then you shouldn't even consider trading
The more tips we follow for the forex trading from forums only. So that they can able to gain more profits in the forex trading.For every forex trader need the best ideas to make a trading in the forex.So that trader can able to make maximum profits in the forex trading...
alternatively, don't have any ideas at all.
i reckon a lot of traders would be just as successful, if not more so, by just choosing an entry at random, and then managing that trade
success as a trader is not about entries, it's not even about exits.
it's certainly not about indicators and to a lesser degree not about timeframes.
the only true path to success as a trader lies in correctly managing a trade
more than half the time I don't even have my charts on screen. but i know in advance what i'm going to do at a certain price and i know what i'm going to do
a) if I'm wrong
b) if I'm correct
c) if the market flatlines
and another point.
if you have decided on a trade and it goes against you, don't be afraid to get stuck back in if you get stopped out early.
i've no time for babies who whine that they got the direction right but the market noise or the devils disguised as market-makers deliberately hunted out there stops, only to see the market zoom off in the anticipated direction but leaving them behind.
have respect for your own judgement and get back in ! and again and again and again ....
check yo trend lines.
trade what you see, not what you think.
everybody except YOU is a idiot.
if you got an idea, then trade it with conviction.
dont kill your good trades.
understand support and resistance and not get stopped out.
trading is often like poker as your convictions will always be tested.
a range break out is not a good time to play a reversion to the mean.
is your stop a entry?
yesterdays mid? todays mid? opening range? daily/weekly/monthly pivot? daily ma's? daily volume? fibbys?check. (be prepared in advance)