Tips To Be A Successful Forex Trader – Getting started in the forex market can often result in a life cycle that involves sinking, quitting, or taking a step back to research and open a demo account for practice. From there, new traders can feel more confident about opening another live account, experiencing more success and even breaking even or making a profit. That is why it is important to create a framework for trading the forex markets, which we explain below.
Why do we focus on medium Forex trading instead of long or short term strategies? To answer this question, let’s look at the comparison table below:
Tips To Be A Successful Forex Trader
A trader looking to open and close trades in minutes, often takes advantage of small price movements with large profit margins.
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Large capital requirements and/or risk due to the large amount of leverage required to exploit small movements and distribution costs are significant.
A trader who usually tries to hold positions for one or more days is often taking advantage of an opportunistic technical situation
Now, you will see that both short-term and long-term traders require large amounts of capital: the first type needs to generate enough profit, and the second type needs to cover volatility. While both types of traders exist in the market, they tend to be high net worth individuals, asset managers or large institutional investors. For these reasons, retailers are more likely to succeed using a medium-term strategy.
The framework discussed in this paper will focus on one key concept: trade-offs. To do this, we will look at different strategies at different times to determine if a particular trade is worth taking. Please note, however, that it is not intended to be represented as a mechanical/automated trading system; Rather, an optional system. You can act on the symptoms you observe or ignore them. The key is to find situations where all (or most) technical signals are pointing in the same direction. These business situations generally have a high probability of being profitable.
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We will use a free program called MetaTrader to illustrate this trading strategy; However, many other similar programs can be used to provide similar results. There are two main requirements of a business program:
Today we will look at how to implement this strategy in your chosen trading program. We will also define a set of technical indicators that have rules associated with them. These technical indicators are used as a filter for your trades.
If you use more indicators than shown here, you will create a more reliable system that will generate fewer trading opportunities. Conversely, if you choose fewer indicators than those shown here, you will create a less reliable system that will generate more trading opportunities. Here are the settings we will use for this article:
Now you may want to include the use of some other subjective criteria, such as the following:
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The key to finding entry points is finding times when all indicators are pointing in the same direction. Signals for each time frame should support the timing and direction of the trade. Here are some bullish and bearish entry points:
It is also a good idea to enter the exit points before making a trade (both to stop the loss and take a profit). These points should be at key levels and can only be changed when there is a change in the basis of your business (usually as a result of fundamentals). You can place these exit points at major levels, including:
Let’s look at some examples of individual charts that use a combination of indicators to find specific entry and exit points. Again, make sure that the trades you intend to run match all three time frames.
Figure 2: A screen showing multiple indicators pointing in the same direction. Photo by Sabrina Jiang © 2021
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In Figure 2, above, we can see that most of the indicators are pointing in the same direction. There is a bearish head and shoulders pattern, MACD, Fibonacci resistance and a bearish EMA crossover (five and 10 days). We also see that Fibonacci support provides a good exit point. This trade is good for 50 pips and will take less than two days.
In Figure 3, above, we see several indicators pointing to a long position. We have fast engulfing, Fibonacci support and 100 day SMA support. Again, we see the Fibonacci resistance level which provides a great exit point. This trade is good for almost 200 pips in just a few weeks. Note that we can divide this trade into smaller trades on the hourly chart.
Money management is the key to success in any market, but especially in the volatile forex market. Major factors can cause currency prices to often move in one direction, only for prices to move in the other direction within minutes. Therefore, it is important to always limit your losses by using stop loss points and trade only when your indicators indicate good opportunities.
Anyone can make money in the forex market, but it requires patience and following a well-defined strategy. Therefore, it is important to first approach Forex trading with a cautious and medium-term approach to prevent big players from preying on this market.
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Does not provide tax, investment or financial services or advice. The information is presented without regard to the investment objectives, risk tolerance or financial circumstances of any particular investor and may not be suitable for all investors. Past performance is not indicative of future performance. Investments involve risk, including potential loss of principal.
If approached with responsibility and preparation, forex trading can be an exciting and profitable activity. Unfortunately, many new traders don’t even take the time to learn the basics and jump in without fully understanding the aspects involved in successful forex trading. In addition to reading free forex trading guides and familiarizing yourself with the trading platform with a risk-free demo account, you should follow these 10 forex trading tips to avoid many of the common pitfalls that beginners fall into.
Sometimes new traders make the mistake of seeing Forex as an easy way to get rich in a short period of time. You must consider the risks and efforts that must be made to achieve this goal.
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Placing large trades in proportion to your account balance in an attempt to make a large profit is unlikely to succeed in the long run because eventually a trade will go against you and it will result in serious losses. cause
You should know which market you intend to open and close a position before entering, based on the specific system you are following. Creating this in advance helps you focus on your system and eliminates doubt.
You can also minimize losses by placing stop loss orders. It is important to understand that the market may not always agree with where you place your order.
One aspect of the Forex market that attracts many traders is the opportunity to trade on margin, in other words, profit trading. Trading with small initial deposits still makes it possible for you to open relatively large positions, so it’s important not to overdo it when choosing a trade size.
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Forex is usually traded with a high margin, which means you can only pay a small percentage of the actual amount you invest while keeping the profits/losses as if you had invested the full nominal amount. This can work for you and against you.
It is likely that you will experience a loss equal to some or even all of your initial investment. It is also possible to lose more than what you initially invested in your trading account.
We offer you a risk management system to help reduce the risk of uncontrolled losses. But you need to understand that these steps still require responsible negotiation behavior.
Some traders lose positions for thinking too long, or hoping the market will come back. They also leave very fast winning positions for immediate profit, eliminating the possibility of big profits.
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Although it may be tempting for you to have this mindset, you need to have the patience to only enter trades that you think are opportunistic and follow through with the discipline to exit those trades as quickly as possible. Get out if it turns your back or it will turn because you believe in the trade.
When you open a trade, you can set a stop loss order – this is the point at which the trade will be automatically closed if the market moves to that position.
Stay calm and maintain a balanced posture
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