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No Building is Constructed Without First Making Sure the Foundation Can Hold the Structure. Trading Without First Building a Solid Foundation is Doomed to Fail.
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I improve day by day not on my own but because of these articles. I look forward to join your members area. Am forever indebted to you with gratitude.
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Was absolute pleasure to see him again at Traders Club and learnt a lot from his live fx trading room. Best wishes to him and his team.
How To Develop A Forex Trading Plan & Trading With
Hello Casey, I took my time to study your article very well before dropping a comment. Now I have some questions that I will like you to help me with.
Putting the pieces together: The Trader Business-Plan
The beautiful thing is when we are trading we can put into our trading plan conditions that must be met for confluence. Condition 6, do we have confluence of two factors to support the direction we are trading? An example of this would be a moving average cross over to the upside and an uptrend line that aligns at the same point as a moving average, if we then buy a pullback, or go long on weakness in the uptrend at this intersection point of signals, we are then trading at confluence.
Forex Trading | FX Trading | Trade FX Pairs | City Index
As with trade entry rules, the type of exit orders that you use should be clearly stated in your trading plan. For example:
Money management probably has more misinformation out there than any other topic in trading. Traders pass it off as some sort of necessary evil they have to deal with while their time, money and attention is poured out on trying to outsmart the markets by coming up with a no lose strategy. Money management doesn't sell, it seemingly isn't sexy, and therefore gets little to no attention from the experts. You'll hear things like, never risk more than 7% on any given trade , and that is about the extent of what they tell you. It sounds good on the surface. It sounds smart on the surface. It even sounds conservative on the surface. But in most cases, that is some of the worst advice in all of trading.
I find it hard to put into words the gratitude i feel to you for being so generous with the truth about what it takes to become a consistently profitable am sure that i speak for many of us who have been fortunate enough to have found you.
Many thanks to you and your family!
The first step is to make sure your mindset is right. I often see traders with a $755 account risk 55% or more of their account balance on 6 trade and wonder why keep blowing their Forex accounts. That is gambling. And if you come to the Forex market, where 95% of traders are losing and the other top 65% are taking all of the money from the 95%, you are going to have your butt handed to you.
6) Concerning entering at a resistance or say a support, depending on the direction of the trade, do I just enter straight away once market get to a resistance or support ( after I have gotten a signal on the strike or depending on the indicator I am using) or do I have to wait for some sort of candle stick signal as well?