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1-Close stops.2-Enter only at the point of least risk.3-Study what the market pattern is telling you.4-Learn the habits of the traders who know what they are doing.5-Prepare before you sit down to trade.You have to understand that it does not matter what you think the market will do, it will not go anywhere unless there is an imbalance between the buyers and the sellers. One side needs to be winning for the market to trend.The other thing is that you can enter the market at anytime you get a signal that is valid. These signals appear 5 or 10 times a day.Novices never get to learn that the market is easy because they rush in without studying the market flow. Many just listen to brokers and they do not have on line data to see what the market is doing.You have to have the facilities of the professional trader to call yourself one. Most of all you have to act like one.The biggest common fault of losers is that they take a position and will not get out of it when the writing is on the wall that they were wrong. You will always know when you were right and you will always know that if you took a trade and it didn't do what you thought it would you are nowwrong. If it look like it is not…
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SpecialFX avatar
SpecialFX 23 Nov.

Mado, try to include a few images/charts in your future articles, because that way you could have more "quality" points :) Some good advice in this article though, especially the bit about traders not closing their losing positions, that is a big problem inexperienced traders face. Letting losses run and then quickly closing their profitable positions is a recipe for disaster.

doctortyby avatar
doctortyby 25 Nov.

By close stops, what range of pips do you mean?? Over the medium term and long term close stops are different on the spread of the price over the price action chart. Over the short term, intraday trading and scalping, close stops will take you out because of the noise in the markets.

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38/68
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My trading strategy is constructed by two main points:
1. The first one is the actual system that i am going to use!
2. And the second one is how i am going to actually go trough my
working day!
 
                 
                    My trading system:
It includes several indicators and moving averages:
 
-     
The indicators: I am
using price action, ADX and MACD as my main indicators. Based on them i pick
the entry point. The other main indicators are Pivot points and Fibs. I use
them to determine my targets and stop levels. When I use ADX I watch for the
indicator to be pointing up or to be above 30. That’s when I know I have to use
the MACD.
 
-     
The Moving averages:  I am using the most popular ones in Forex on
my opinion. The MA are 21 EMA, 50 MA, 200 MA. The 21 EMA is the centre of my
world. If the price action rides it on one side that means we are in a trend.
When the price action chops side ways this means we are in a range or some kind
of a channel. I use 50 MA as a very strong support and resistance levels. 200MA
is a very slow MA which usually attracts a lot of attention so you have to
watch it very closely.  The other moving averages
that I use are the 5 Smood m…
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MrSami avatar
MrSami 7 Apr.

It is very nice, because you are brave enough to share your approach. However, should you have provided some examples with graphs, your article would be better. this is my opinion...Good luck

passionforex avatar

well said. good circumstance is very important to lead success in any field including forex trading

CASPI avatar
CASPI 13 Apr.

Labor health. Good luck.

marius24 avatar
marius24 17 Apr.

interesting point of view

belman avatar
belman 18 Apr.

Good luck+1

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