An important aspect of successful trading is the concept of creating boundaries and rules to help present the market to yourself. There is no exact correct way to do this but I will share my general view of this using a current EY chart to demonstrate.
First off , define a trend, theres many ways to do this, just pick one. In the attached chart, starting at the…Continue
Its important in trading to figure out what lines actually matter when trying to figure out how to pull a little money out of this market . While everyone can make their case for whatever they believe, one must first figure out in general what types of time frames they would like to work with as a starting point. 10 pip handles might be significant to some , while for…Continue
Rubber boots tip of the day-a good entry is determined by its exit. So place your educational focus on exiting, whether that be exits with losses or exits with profits. Try to embrace the idea that one of the main things to understand on the road to profits is to understand what you control. Once you are in a trade the only thing you control is when you get out. If over a series of trades you make more than you lose and the drawdowns don't pysch u out your entries are good. Doesn't…Continue
There is a very good article in the education section of fxstreet that is worth reading . it is " How to set profit targets and control losses ". Within it it points out things like trading is " a series of compromises ", and demonstrates how open ended targets with an understanding of maximum adverse excursion is more profitable than targets. It highlights the importance of consistancy , and eludes to this fact by the very nature of the content.
It neglects to address the importance…Continue