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Trading plan in Forex Trading
You must have one. Simple as that. Of course, there is a whole learning process and you will be testing different Forex trading strategies. Eventually you should decide what works best for you and explore that part. Your goal is to create trading plan.
You should write down things like:
– which currency pair you trade
– which time frames you trade
– when you enter a trade (based on what strategy / signals)
– when you exit a trade (based on what strategy / signals)
– stop losses – what is your risk per trade
– taking profits and money management
If you do not have things like this written down, then you will be changing lot of things at once. That way you will never find out what you are doing wrong. I mentioned earlier that there are traders who can watch price action and wait for 1 or 2 traders which fit entry conditions from their trading plan.
Thanks to the fact that they have a strategy, they know what they are waiting for. When you do not have that kind of information (from your trading plan) then you act based on a hunch or emotions. That is not a way how you want to trade. As I said, when you start to learn how to trade Forex, it is normal that you will be testing different systems and strategies. In the end, you should choose one and take your time to master it. And trading plan can help in that a lot.
PART 2. FOREX TRADING TOOLS AND
In this part of guide, we will look into different trading tools and strategies. Of course this is still more like overview because topic itself is very wide. I want you to see that there is a choice to make.
Which trading tool is best for you?
There are many tools like oscillators, averages and others. Common mistake among new traders is to mix everything up. They feel more comfortable when there are more tools on chart. This way it is hard to learn with one specific tool. Because you have so many tools on chart you will act on different signals. Yes, some indicators work great together but you should know what are you looking for. This may be very confusing. Result is always the same – no progress. Try to start with few averages and one oscillator (if you plan to use that tools).
Trade with that setup for some time – at least for few weeks. Try to optimize parameters. One more thing, read about your trading tools. What is formula behind them, how they work. Sometimes you can see screen with 2 or 3 oscillators which are basically very like each other. There is no point in that. Try to understand how your indicator works.
Which strategy is right for you?
There are many approaches here. Some traders prefer to follow trend on longer time frames. Others like to open positions more often – they are swing trading. Add to that possibility to trade fundamental, to write your own trading robot or trade naked.
That is a good thing. But what about best strategy for new traders? I would say that it should be a strategy that allows you to trade on higher time frames and profit on longer moves. It doesn’t have to be trend following strategy, it can be also swing trading strategy.
I wrote about it before, but I mention it again. Most new traders think that they must trade on lower time frames to make money. For them these low time frames are like deep dangerous water for new diver. This is a place where sometimes more than half of trades is done by robots. We have also High Frequency Trading. And biggest of all – risk to overtrade.
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On higher time frame there is more time to analyze current situation, to check other time frames. When you catch a good move, you can make sometimes very large profit. To make money on lower time frame you must invest with high leverage. And for new traders high leverage is a killer.
What settings are best for my stochastic/macd/rsi/other on eurusd/gbpjpy/other?
Please, don’t ask that question. There are so many different setups. Each currency has its own characteristic. Each timeframe is different. forex signals example Just use price history. With that you can select the best settings for your tools.
Most common mistake – invisible price action
The most important thing to remember is that all is based on price. If you add to many indicators, averages and other tools then you may miss important price action. That is why it is good to trade on naked chart – at least from time to time. Thanks to that you will be more aware of price movements. forex signals example