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    Thread: What are your trading stages?

    1. #1
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      Default What are your trading stages?

      What are your trading stages?

      When I decide to trade, first start with the technical analysis of the dollar index because it is the biggest impact in the market after that start to analyze currency pairs and at this stage shows some trading opportunities, but some of them are strong and some weak so start by choosing the strongest ones
      After selecting a trade, start to define the entry and exit areas of the deal
      Then look at the news that the pair might be affected by
      Then I open the deal and follow it


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      Thread closed as the contest has ended..


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      I essentially begin by looking at what my system is saying and the reason why I do this is because I want to be sure that I don't trade blindly which is one problem that many forex traders have faced of recent, they just open the chart and suddenly sees a move that is going pretty fast and jump in without understanding the original of the volatility or where prices are headed.

      If we always view this market like this, there are many things that we will miss, we need set of rules to succeed, you must never develop habits that could potentially act as a barrier to your account from growing, it is patience that will ensure this happens.


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      The United States dollar index is a good place that I usually begin from because I trade the major pairs most of the time, I will first analyze its current movement with knowing whether it is bullish or bearish, when I see that it is up, I will just go to another pair and look for a sell opportunity because the correlation that happens most often is solid enough for me to make a decision.

      I have noticed in the course of doing this that eur usd response faster than gbp usd, so when I want to pull the trigger, I watch out where eu is before I now get to know whether there is a possibility that gu might behave in like manner, sometimes both eu and gu might move in opposite sides which is not supposed to be ideal.


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      My trading depend on Technical analysis only so my stages always be as the following :

      1- Making Technical analysis to the chart then i always define the point that i want to enter from it it always be from strong resistance or support line or from strong trend .
      2- After making my technical analysis i always take a look to the news times because i always avoid trading while the strong news to avoid the big movements that always happen before and after the strong news .
      3- i always back again to the chart and if there's no any strong news i always define my lot size by 1% only from my balance .
      4- taking a look on the stochastic and moving average indicators and if they are in my way i always open the trade .
      5- after opening my trade i always make stop loss 30 pips and take profit 40 pips or defining the pips depend on the market situation .

      It's very important to make you analysis and your plan and also defining your stop loss and take profit before opening any trade .


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    10. #6
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      Technical analysis is my favourite and I do this with the use of simple price action where I observe what price is trying to do and pull the trigger for example when I see that a level that held several times on the charts is suddenly broken, I won't enter immediately because in order to be sure that this level is going to be be a role reversal area, there will be a confirmation by way of price coming back to the place for a retest.

      Sometimes I am aggressive on my entry because I don't want to miss out on the opportunity that is looking at me, this I always regret because often times it will turn out to be that a retracement back to the area will put my back in negative or even result in a reversal signaling that it was a false break that just took place.


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      Before I trade, I look for places of support and resistance that I have previously mapped out in the charts, I want to know how price has worked around them, was there a false break of a level, did price action close below or above it, these are the common things that will determine whether it will prepare to buy or sell the pair for that day.

      I don't want any decision that I did not prepare for because it could lead to my losses, sometimes I might decide that trading is not the best because there is no real signal in the market, this is a product of discipline which I also trying to develop for my trading, the stages of entering a trade fir any day differs with people.


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      Every traders has their own ways of trading, but as for me I begin my trading day by first thanking God for the day before even if it end up in loss and then I go straight to my currency strength indicators, though I mostly use app for this, I based my trade on the daily time frame and sometimes the 4hrs time frame, then I will look for the weaker currency and also for the strongest currency, once I have make my choice then I will pair the currency together then I will buy the strong currency against the weak.

      And I also trade the candlestick pattern, This kind of trading requires lot of patience and we always have to be vigilant in other to be available when the patten formed. But I am only interested on the 4hrs and the daily time frame down candlestick pattern, because it's more effective with them, and I like the head and shoulder pattern a lot


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    16. #9
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      I have 5 trading stages that I need to undergo :
      1 ) first stage : getting 100 usd
      2) second stage : getting 1000 usd
      3) third stage : getting 10,000 usd
      4) forth stage : getting 100,000 usd
      5) fifth stage : getting 1,000,000 usd

      I know those stages are not easy to be achieved. So I need to do lot of hard work so that I will be able to achieve those stages. I need to always wait for a good chance to come then only I can make good income from this business. I need to give myself a good time so that I can have a good breath in this business. Well, Forex is not an easy business so I must do lot of effort so that I can make good income from this business.


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