By dedicating just a minute per pair you trade, we can ensure that you're well-prepared for the upcoming market opportunities. So, let's dive in!"
1. Start with the goal- to make money, lose no money at all, or lose a small portion of your trading account Set yourself up for all 3 * this is based on the opportunity - currency pair with the right market condition- don’t trade when the market is quiet - What Timeframe has your money- focus on the timeframe you vibe with - How long will it be before you enter the trade and exit the trade- everything is an estimation. Don’t stress forcing the trade. Let the money come to you
2. Prepare for trade planning: overview - Sunday before the market opens- wake up, spend time with God, family, and then your charts - Assess the past weeks performance and plan how you’ll trade for the upcoming week- - Allocate 1 minute per pair to effectively strategize without spending excessive time over analyzing- be a quick decision maker
How to review the previous week price movement: 1. Analyze each trade you entered and note what trades were successful and what were not successful 2. Note if you made any mistakes. All losses are not mistakes. 3. Note if any of your pairs made new highs or new lows or consolidated
3. Strategize based on your edge- what you are good and fast at? - Focus on the 1 or 2 strategies do you understand and can articulate well Prioritize these strategies because they increase the likelihood of success and maintaining a clear plan. - Focus on the currency pair that has the right market conditions to trade your methods There are 6 market conditions - conditions are environments like calm or violent weather - focus on which conditions your strategy thrives best in. * if the condition isn’t there, don’t trade that pair
4. Currency pair selection - Don’t overwhelm your week trading ever pair on your watchlist if you trade more than 3. - Focus on the pair that provides the favorable setup when everything aligns - * trend, market condition, and the profitability
5. Setting entry and exit points - your entry and exit go back to how well you can understand and articulate your strategy. - My TMP strategy, the first step , T(trend) is designed to automatically show you where you’ll take profit and place your stop loss. - Consider the steps you take to identify the trend and simultaneously plot your take profit and stop loss - Consider then estimating where you’ll enter your trade - My TMP strategy, M(market structure), is designed to automatically show you where you’ll enter your trade. - Then place a pending order or know the exact candlestick you enter your trades on
Mindset shift really quick - risk management is a way to protect your capital and optimize your profits - Write what you’re protecting your capital from? * your families financial peace * Your financial peace * Failing as a business
6. Journal your plan - Trading view allows you to video your trades and publish them privately or publicly - You can use an excel spreadsheet or notion - Or a good old fashion notebook and pen
Congratulations! You've now learned a strategic approach to plan your trades every week, leveraging your edge and focusing on your two best strategies in favorable market conditions. Remember, dedicating less than a minute per pair can significantly enhance your trading preparation. By implementing these steps consistently, you'll be well-positioned for success.
Best of luck in your forex trading journey!
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Looks like a nice structured approach. Agree re using TradingView for tracking your ideas. Quick and easy way to look back and see what you were thinking at the time of researching or placing the trade.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
Boon2
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blah blah blah blah, what a terrible trade, you need to be really special to be chosen for editors pick but anyway thats trading views view!
ShaquanLopez
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@Boon2, Hmmm, I hope you're having a good day. I like to think a trader being bold enough to lose a trade and still get up to help others is what makes a great candidate for being chosen for the editorial pick. You provide trade analysis; does it work 100% of the time? We are here to build as a community from one trader to another. If that can't be done, what's the purpose?
gwen902
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@Boon2, i dare to differ in your opinion.. insights like these are valuable and serve as a reminder even for PRO traders. everyone have their own style.. nothing is completely right nor wrong. have. great week!
This publication has been chosen for the Editor's Picks and will be featured on the Home Page as well as tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!