What time frame do you trade and why?
I like to trade a larger time frame for example the Day, 4hr, or 1hr
as the time frame to look for some sort of a trend. Then time my
entry on the 30min, 15min or 5min.
When I find a good trend on a day or 4hr the move will usually
give me more pips.
When I find a small trade on a 1hr the pips are usually less then
a trade on the day or 4hr but still can be a good trade.
My idea is to take what the market will give me on the time
frame that is easiest to read.
I have attached a video to illustrate my thinking and how I use
different time frames in conjunction with one another.
I hope this sheds some new light to think about with your trading.
Good Trading
January 6th, 2012Forex Trading Always Trade With A Stop Loss 7 of 7
A stop loss is trading insurance. You can set the amount of your account you are
willing to lose on a trade by setting a stop loss. This does not mean you will lose
but this much but it protect you in the event the market make some unexpected
moves.
Trading with a stop loss you are using good money management. You are insuring
that you will be around another day to trade.
There are some that say they don’t trade with a stop loss. I do not hear of too
many that trade without stop losses. I am guessing that is because they lose
all of their money in a trade gone bad and have to stop trading. They may
even lose their confidence and never trade again.
Summary: Always trade with a stop loss as part of a successful trading plan.
January 3rd, 2012Forex Trading Be Decisive, Over-Caution Will Cost You Money
One way to make it easier to be decisive it to trade in the direction of a major trend.
When You find the larger trend then take most of the trades in a smaller time frame
going in the same direction as the larger trend. You may have a small loss once in
awhile but you will have many more positive trades that will probably be much larger
then the small losses.
Don’t agonies too long over a trade. Learn to trust the indicators. See the setup
make your decision then act.
To gain experience fast and develop your decision making skills do simulating trading
every day. At least until you can see the setups easily and take the trades with ease
and little thought because you know what to do.
You can’t make any profits if you don’t trade. You can over analyze and miss out on
many good trades.
Summary: Make many trades quickly and without much deliberation. This will help
make you money with less frustration and negative emotion.
Forex Trading Choose A Good Broker
There are many good brokers. They all do things a little bit different.
Choose a broker that feels good to you and gives you the support you need. If you don’t like the way a client service person talks to you ask for another person at that brokerage or change brokers.
Summary: Do your home work, trade a demo account with the broker first then do a small live account until you are comfortable with them.
December 27th, 2011Set Forex Trading Goals 4 of 7
Decide what your monetary goals are:
1. Devise a trading plan to realize your goals
2. Remember that you have overheads
3. Remember that risk is involved
4. Your target remuneration must be realistic and make allowances for risk
1. Make a trading plan that is short, simple and fits you. Know when you
will trade how much you will expose to the market and your methods of
controlling your emotions.
2. You do have some costs: The internet, Your trading signals, and short
session with your coach.
3. There are risk to trading. Make allowances for times of loss.
4. Keep things in perspective. Remember you will have losses. You will
get tired, schedule time for rest and diversion from trading.
Summary: Set your targeted financial goals and a time to achieve them.
If you miss a target then adjust and keep going. Do not try to catch up or
get even with the market, just keep working on your goals.
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