Top 10 Things To Work On in 2022 Related To Forex Trading:
1) Price Action is #1
2) Risk Management (will help you or hurt you)- always trade only 1% to 2% of account on one individual trade. Lot sizes, stops, targets etc...
3) Always use a stop loss ( let trade breath give it room for price action to go wrong way, before price action does what your trading plan says it would)
4) Use major supply or resistance or demand or support areas to set up trades (check into using pivot points- especially if day trading or scalping)
5) Remember these four things: Right pair, Right price, Right session(s) and Right Time
6) High liquidity and volume are from Tokyo end to London end (12 hours)- consider only trading between these hours. Other time, have some fun!!!
7) Use ATR (average true range) of all pairs you trade to determine- entry, stops and targets
8) If day trading or scalping (under 50 pips per trade)- look for engulfing, harami and pin bar set ups at key psychological price levels to set news trades up.
9) Keep your charts as naked or clear of indicators as possible, more clutter on charts in Forex trading is actually a bad thing. Keep trading simple!!!
10) Finally, no place for both emotions and greed in Forex trading- take your little piece of pip pie (profit) and move on to next trade.
Always remember in Forex trading and Life the following: Yesterday is history, today is a present and tomorrow is a gift!!!
1) Price Action is #1
2) Risk Management (will help you or hurt you)- always trade only 1% to 2% of account on one individual trade. Lot sizes, stops, targets etc...
3) Always use a stop loss ( let trade breath give it room for price action to go wrong way, before price action does what your trading plan says it would)
4) Use major supply or resistance or demand or support areas to set up trades (check into using pivot points- especially if day trading or scalping)
5) Remember these four things: Right pair, Right price, Right session(s) and Right Time
6) High liquidity and volume are from Tokyo end to London end (12 hours)- consider only trading between these hours. Other time, have some fun!!!
7) Use ATR (average true range) of all pairs you trade to determine- entry, stops and targets
8) If day trading or scalping (under 50 pips per trade)- look for engulfing, harami and pin bar set ups at key psychological price levels to set news trades up.
9) Keep your charts as naked or clear of indicators as possible, more clutter on charts in Forex trading is actually a bad thing. Keep trading simple!!!
10) Finally, no place for both emotions and greed in Forex trading- take your little piece of pip pie (profit) and move on to next trade.
Always remember in Forex trading and Life the following: Yesterday is history, today is a present and tomorrow is a gift!!!