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The difference between pros and other traders is that although they made mistakes in the beginning of their trading career, they learned from them and changed their way of action to better trading.
As you may have noticed, all of these tips support each other. Having a calm temperament as well...
Stop losses are a fantastic tool to ensure you don’t lose too much on trades that turn sour. However, make sure they aren’t placed too close to the original amount, or you will be closed out before any real market movement occurs.
Once you’ve chosen your preferred trading strategy, it’s time to take the emotion out. The most successful traders are usually ones who stay calm even when the market is extremely volatile. This is the main reason why they manage to make good decisions, while others don't.
The best pullback is the first pullback
A pullback is when the price temporarily moves against the trend. And this provides an opportunity for traders to get on board the trend.
In my experience, the best pullback is the first pullback after a breakout.
Here’s why…
When the market is in a...
It baffles me whenever I see traders trading against the trend.
Why would you want to do that?
Perhaps it’s an ego thing, to call market tops and bottoms. But here’s the thing…
If you’re serious about making money in this business, it’s far easier to trade with the trend — not against it...
Here’s the thing:
You don’t go short just because the price is at Resistance.
Why?
Because how the price approaches Resistance matters a lot.
For example, if you see higher lows coming into Resistance, it’s a sign of strength.
It tells you the buyers are willing to buy at higher prices and...
Trade breakouts with a buildup
You’re probably wondering:
“What is buildup?”
A build-up is a tight consolidation otherwise known as volatility contraction.
And the location where a buildup occurs gives you a BIG clue to where the market is likely to break out.
For example, if there’s a...
This is a fact of the markets that is hardly spoken about…
Volatility contraction leads to volatility expansion.
You’re probably wondering:
“What does it mean?”
This means volatility in the market is never constant.
The markets move from a period of low volatility to high volatility, and...
Here’s the thing:
The market is always changing.
It moves from a range market condition to trending market, and back to range market.
And in my experience, the longer the market is in a range, the harder it breaks.
Here’s why…
When the market is in a range, traders will look to long Support and...
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Greed, excitement, euphoria, panic or fear should have no place in traders’ calculations. Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions, while at the same time controlling them and minimizing their effect on our lives. That is why...
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While this is just common sense, ignorance of the principle, or carelessness in its employment has caused disasters to many traders in the course of history. Nobody knows where a currency pair will be heading during the next few hours, days, or even weeks. There are lots of educated guesses...
One of the absolutely best tips for trading forex is to begin with small sums, and low leverage, while adding up to your account as it generates profits. There is no justification to the idea that a larger account will allow greater profits. If you can increase the size of your account through...
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To profit in trading, you must recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that...
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