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16/34
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Hello Friends,
I am doing extensive research and practice before I will open a trade position in my live account and in the process I have come to know some interesting facts about Forex trader's traits and how one can get successful by sheer appliance of some common principles which are applicable to every Forex trader.
GOOD TRADER TAKES RISK, BETTER TRADER MANAGES RISK, BEST TRADER AVOIDS RISK

So friends, my first preference is to avoid big risk as I want to be a best trader.
We all know every traders should follow following Golden rules.
1. One should, be Goal-oriented.
2. One should know Thyself.
3. One should follow habit of Extensive Reading.
4. Cut Losses and Let the profit Run.
5. Risk Management.
6. Be Adaptive.

I think everybody have come across above rules at some moment but less people follow these rules so success ratio in Forex Market is just around 5-8 percent. Here new thing I am going to share is entry point in trade and it is for those who have decided no matter whatever happens I will be successful in my Forex Trading Career. Before that I want to say if we take Forex Trading as profession and take self training in terms of practice in Demo account I believe, an…
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wmndave avatar
wmndave 24 Nov.

goodluck

Olkiss70 avatar
Olkiss70 26 Nov.

Very good work!

black_box_xx avatar

excellent article!

khalidamassi avatar

Good one, Good luck

miss_natalia_77 avatar

Good

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5/70
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The Big Shadow Candle Trade
Introduction
In this article I’d like to expond on the big shadow candle trade, which is part of the general price action strategy. Price action trades on candles alone because that is where the action is, hence the name. In price action we do not look at indicators (MACD’s, RSI’s, stochs and the whole lot) as these indicators, in my opinion, can trick you into losing trades.
To put it simply, these indicators lag. I’m interested in what will happen in the next 1 hour and not what happened last hour or yesterday. The price action strategy, which is based on candlesticks, like a magic ball, can show us how the price might, in its highest probability, behave in the near future.
One of the standard price action strategies are the bullish or bearish engulfing candles on any time frame above 5 min. But this engulfing candle strategy can, unfortunately, land you in losing trades. The big shadow candle trade is based on this standard engulfing candle strategy, but it has a few more rules that have to be met, therefore making it much more effective.
I have been using this strategy (amongst others) for some time now with good retu…
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WallStreet6 avatar

very interesting!

Magic_FX avatar
Magic_FX 29 Jan.

good work

fx211pips avatar
fx211pips 29 Jan.

WallStreet6, Magic FX thank you for these comments.

PriceActionTracker avatar

You can use a tracker to get alerted each time a Big Shadow pattern is formed

PriceActionTracker avatar

Price Action Tracker scans in real time all most markets and time frames and alerts you as soon as it found a big Shadow pattern. Saving you a LOT of time and energy :-)

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6/43
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IntroductionIn my experience I had to challenge with my lack of confidence; by default, I'm unable to believe in a move: since every single pip, can be a reversal point so why a move could be more than a single pip? The point is: there are some pips more important than others! What we have to do... is just learn how to recognize them, to define our entry and exit plans. I will never consider entry and exit separately, because I believe if I can't define an entry I simply don't open the trade! While on the other hand, makes non-sense opening a trade without knowing where target profits and stop losses.The hope of this article is to give people an idea about the meaning of the sentence "plan your trade and trade your plan".Definition of entry planAs everybody (should)know, market moves are not done by candle-stick shapes, lines, indicators, or anything like that. Truth is that a price, at a certain point goes (for example) up, then at another point goes more up or goes down, in correlation to fundamental changes. It's simple like that: if a price always reversed in a level, means that until overall conditions that held price into that area will be true, price will not breakout. As al…
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LinnuxFX avatar
LinnuxFX 18 Dec.

Nice article once more, good luck...

cocciolla avatar
cocciolla 19 Dec.

nice and interested article(bel articolo continua cosi !!!!!!!!!!!!!!!!!!!!!!)

OneGoodTrade avatar

Nice original thoughts. Thanks for sharing.

positive avatar
positive 23 Dec.

Excellent one. Almost similar to my line of thinking. I like the way you present your ideas. Neat and short and up to point. Keep it up.

Likerty avatar
Likerty 28 Dec.

Welcome back!:)

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