Forex trading week
This is the first update in nearly a year. I took my last forex trade back in October My trade reporting is a bit over the map. That month was up. This month mid-JulyI may have made a breakthrough. We still have 2 weeks to go and every week is different. I have a trading mastermind with ProAct Traders. Forex trading week I can reflect more — and get a bit more consistency — I plan to be back on an actual podcast to share what happened after Episode I went back to demo because I want to prove my method on their platform, not on an MT4 platform.
The forex trading week two weeks were great — I made The last two weeks were horrible — I gave back all the gains and then some — down Now I just have to follow the rules: June is starting off well, just hoping I can maintain the gains in the first half of the month.
I moved from multiple setups and multiple currencies to two setups and 3 currencies. The net result was a losing month Basically I gave up all my profit from the first two weeks in the last week of the month.
Though it may seem discouraging, I am recognizing a pattern. Trading profits in the first half of the month are easily lost in the 2nd half of the month. My goal should be weekly consistency. Going forward, I moved over to day trading min because it seems to better suit my personality. Hoping this month will turn into my first profitable forex trading week since January. Horrible month on my first full month of live trading with the new method. Just trying to shift things around until I get a positive rhythm in forex trading week trading.
The problem is with me. That way if I have a problem, I forex trading week better isolate the issue. Aiming for April to be my first month of profitable live trading for years.
Last month was my first live trading. My live trading was pretty bad: Thankfully, the demo account was positive so that offset the negative live trading.
I recorded both trading in my results below. It was still a negative month, but not as bad as what the live account would suggest. Forex trading week March, the plan is to forex trading week all trading to my forex trading week account. Because the podcast is delayed by a couple weeks usually, I wanted to provide a more real-time snapshot into my personal live trading. I created a MyFXBook account for some third party verification.
My plan is to update this once a month in the first week of each month. In November, I switched to another forex trading method — a mixture between day trading and swing trading. When I feel comfortable, I will either start demo trading or trading with micros. I will post results again as soon as I resume trading, probably January Looking for part-time or full-time trading income?
Get our FREE ebook now! Latest Podcasts 20 Jun.
I also lay out a few of those reasons in a more light-hearted tone in my Scalp vs Swing Article which has gotten a lot of attention. I have had many traders say something like this to me: I am now forex trading week a long term strategy, trading the hourly charts. See, I think the above statement is one of the issues with Forex Traders today and why so many have a lot of trouble being profitable.
In the above chart, you see that there is a lot of bullish momentum moving toward higher highs. If we move a little bit ahead in time, you can see a bearish bounce off the resistance level. To the forex trading week viewing only the 4HR chart, this may look like a great time to buy again in anticipation of Bullish trend continuation….
What the 4HR trader may not realize is that this is not a pullback of the 4HR trend, but rather a continuation of the Weekly trend. So to the 4HR trader, this looks like an unexpected major reversal in the market, but to a long term trader, it is an obvious and expected continuation of market flow, looking like this on the Weekly view:.
Again, so many people looking at 4HR charts think they are long term traders, but they are forex trading week the real long term time frames—and that can get you into big trouble just like in this real life example… Those two bearish weekly bars you see would crush someone trying to take long positions on the 4 Hour chart, yet they are just part of the flow on the Weekly view. Now, I am not saying that forex trading week cannot trade profitably on the 4HR charts; I am saying that it is very difficult to make consistently profitable trades when you do not have a good perspective of the markets longer term movement—especially when trying to trade an intermediate time frame like the 1 or 4 hour time frames.
One major note about this strategy is that you must be disciplined if you want to forex trading week. One of the biggest mistakes that unprofitable traders make is over-trading and over-managing their trades. As human beings, we have the desire for action and involvement which tends to cause us to always want to have a trade open or always want to manipulate the trades we do have open, and I can promise you that this will only lead forex trading week less and less profitability.
Looks for trends on these longer term charts that have good momentum in the respected direction. Identify the direction of the trend bear or bull and make a note to only look for entries in the direction of that trend for instance, if it is a bullish trend, look for buys. In other words, the criteria has lined up for you to make a trade, now all forex trading week need is the signal to confirm your forecast.
For this strategy, the signal is a momentum daily bar in the direction of our long term trend. An ideal daily signal candle will have a tail that has tested pierced through the Fib level, but then reversed back into the direction of the trend:.
Place your stop and target. Trading is all about Math—a good strategy has winners and losers, but at the end of the year, the winners out-weigh the forex trading week. They will in the strategy if you follow it with discipline!
Hope you guys enjoyed learning one forex trading week my favorite long term strategies. Please leave a comment with any feedback. The following two tabs change content below. Winners Edge Trading was founded in and is working to create the most current and useful Forex information and training available on the internet. Latest posts by admin see all. Now Take your trading to the next level by taking our trading quiz to pinpoint your strengths and weaknesses.
How many times do you trade a week? This is a question that is largely asked. Forex Market Hours My answer to them is pretty much the same — 0 to 10 times a week. There is no definite figure and there never will be. As mentioned before, we enter trades when a setup occur with price action confirmation. It can absolutely happen when there is NO setup for the entire week. Which accounts for the 0 times a week. But it rarely happens And there may be weeks when there are alot of setups may be even more than 10 But on average.
Its between 0 to 10 times a week. Forex Market Hours Some of you guys may think. Yes its very little. Would you rather have more trades with more losses OR Would you rather have less trades with more wins? The reason why we take so little trades forex trading week because forex trading week filter away alot of the low probability winning trades.
Must have a high probability of winning. Which will eventually lead to a good growth in forex trading week account. Forex Market Hours Therefore, if you are trading way over than 10 trades a week.
Look at the success rates you are getting. If you are getting a high success rate forex trading week all the trades. But if you are not getting a high success rate. You need to think twice about your forex trading strategy. Are you trading the right way? Will your trading style lead you to a consistent growth at the end of the day? Remember — Forex trading is NOT all about taking trades. It requires you to think about and to have a proper forex trading system, forex trading week plan. This is a business.
This is not gambling. If you are taking trades based on gut feel. I would recommend you to stop trading altogether. Either stop forex trading, or spend some time to forex trading week how to trade forex the right way. Your email address will not be forex trading week. Sign up to our newsletter! Previous Post Forex Breakout System: Leave a Reply Cancel reply Your email address will not be published.
Learn forex trading from lifestyle forex trader. We provide forex trading training and course in our forex school.