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    Thread: ashraff's - Trading journal

    1. #111
      My charts talk to me!
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      Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles has a reputation beyond repute Youcefstyles's Avatar
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      Quote Originally Posted by ashraff View Post
      Hi fellow traders. How are you? I hope you are healthy and always feel enthusiastic to trade in forex trading. Recently I read a blog of one of the good traders. He share a simple plan that I or you can apply it in our trading. I summarized it based on my understanding. The only difficulty is ourselves either we have discipline to follow it or not. The blogger gave 7 steps of simple plans that can dramatically improve our trading.



      1) Trade only the major markets such as EURUSD, AUDUSD, GBPUSD, USDJPY, USDCHF, USDCAD, and NZDUSD. The reasons is normally the spread is low than Exotic Pair. Then from my observation, these pairs gave high impact on the market movement and as we know, USD is very influence to global economic. If we really want to focus, just pick 2 or 3 pairs to trade.


      2) Clean up your chart and only trade daily chart. Normally for intraday traders, they will analyze the daily chart for any price action or trending. Then they will scroll to lower time frame to find the entry point. But the blogger advice to stick only the daily chart. I agreed because the price action or pattern, trending in daily time frame shows the actual movement of the market. How many traders has patience to wait the opportunities in daily time frame? Ask yourselves.


      3) Pick one setup to trade. Focus only one strategy and apply it several times for long period until we master it. If the result is profits, it means the strategy is good. After that, try another strategy and apply it for certain period. The best way to start this process is learning to become a master of one setup at a time.


      4) Proper money management. All the trades to be set at a 1:2 risk reward means the profit targets will be twice the dollar amount as your risk. Buy at low and sell at high. Our Stop Loss is not far from Support or Resistance. If the price already move, let it move.


      5) Track your progress in a trading journal. For me, it is very difficult but I have to do it. It is learning process and we shall have a reference for what we have trade. Do not afraid to reveal your trading secret in this forum.


      6) Follow this plan and try to commit at least 2 months and see the result. Daily time frame is the right way to seek the opportunities but traders shall have patience because it will takes time. Try to review all the major pairs and we will found it.


      7) Challenge ourselves and try to achieve it in short period. It is not easy to become wealthy but it is very easy to become poor.
      Hello, nice to see you again here ! thank you for this golden rules , i agree with all this steps which is necessary to survive in the market , the most important steps are 3 and 4 , trading with one strategy will help you to avoid emotions in trading because you will wait for the best opportunity to open the trade , and you will set you TP and SL level without need to watch the chart again after that, then with no doubt proper money management is always necessary for every trader , without good money management the result will be a margin call.

      Thanks  

    2. The following 2 users say Thank You to Youcefstyles for this useful post.

      ashraff (01-23-2019), jakjak (01-21-2019)

    3. #112
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      Quote Originally Posted by ashraff View Post
      Hi fellow traders. How are you? I hope you are healthy and always feel enthusiastic to trade in forex trading. Recently I read a blog of one of the good traders. He share a simple plan that I or you can apply it in our trading. I summarized it based on my understanding. The only difficulty is ourselves either we have discipline to follow it or not. The blogger gave 7 steps of simple plans that can dramatically improve our trading.



      1) Trade only the major markets such as EURUSD, AUDUSD, GBPUSD, USDJPY, USDCHF, USDCAD, and NZDUSD. The reasons is normally the spread is low than Exotic Pair. Then from my observation, these pairs gave high impact on the market movement and as we know, USD is very influence to global economic. If we really want to focus, just pick 2 or 3 pairs to trade.


      2) Clean up your chart and only trade daily chart. Normally for intraday traders, they will analyze the daily chart for any price action or trending. Then they will scroll to lower time frame to find the entry point. But the blogger advice to stick only the daily chart. I agreed because the price action or pattern, trending in daily time frame shows the actual movement of the market. How many traders has patience to wait the opportunities in daily time frame? Ask yourselves.


      3) Pick one setup to trade. Focus only one strategy and apply it several times for long period until we master it. If the result is profits, it means the strategy is good. After that, try another strategy and apply it for certain period. The best way to start this process is learning to become a master of one setup at a time.


      4) Proper money management. All the trades to be set at a 1:2 risk reward means the profit targets will be twice the dollar amount as your risk. Buy at low and sell at high. Our Stop Loss is not far from Support or Resistance. If the price already move, let it move.


      5) Track your progress in a trading journal. For me, it is very difficult but I have to do it. It is learning process and we shall have a reference for what we have trade. Do not afraid to reveal your trading secret in this forum.


      6) Follow this plan and try to commit at least 2 months and see the result. Daily time frame is the right way to seek the opportunities but traders shall have patience because it will takes time. Try to review all the major pairs and we will found it.


      7) Challenge ourselves and try to achieve it in short period. It is not easy to become wealthy but it is very easy to become poor.
      Good evening brother .. How are you? I wish you a good week and I wish you a happy week full of profits .. I liked your subject very much today because you have provided important things and useful Forex .. Yes brother tips in their place .. Because trading on the main currencies is easy to study technical easy sometimes as we should Drawing the chart as appropriate ... My advice is always that we must learn from the lessons and do not repeat mistakes because Forex is a strange world needs a good basis ... Thank you again and wish you luck this week ....

      Thanks  

    4. The following 3 users say Thank You to jakjak for this useful post.

      ashraff (01-23-2019), Unregistered (2)

    5. #113
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      Quote Originally Posted by Youcefstyles View Post
      Hello, nice to see you again here ! thank you for this golden rules , i agree with all this steps which is necessary to survive in the market , the most important steps are 3 and 4 , trading with one strategy will help you to avoid emotions in trading because you will wait for the best opportunity to open the trade , and you will set you TP and SL level without need to watch the chart again after that, then with no doubt proper money management is always necessary for every trader , without good money management the result will be a margin call.

      Hello Youcefstyles. Nice to see you too. Yes you are right. The most difficulty for every traders are ourselves. If we cannot control our emotion and trade without proper strategies, we can meet Mr Margin Call (MC) many times. I have a lot of experience with MC and it feel very bad because all your hard work is gone. Trading without correct knowledge is like you jump to 5 meters of swimming pool and you do not know how to swim. Now I want to keep back all my strength, keep learning and try my best to gain profits.

      ---------- Post added at 06:09 PM ---------- Previous post was at 05:33 PM ----------

      Quote Originally Posted by jakjak View Post
      Good evening brother .. How are you? I wish you a good week and I wish you a happy week full of profits .. I liked your subject very much today because you have provided important things and useful Forex .. Yes brother tips in their place .. Because trading on the main currencies is easy to study technical easy sometimes as we should Drawing the chart as appropriate ... My advice is always that we must learn from the lessons and do not repeat mistakes because Forex is a strange world needs a good basis ... Thank you again and wish you luck this week ....

      Good evening jakjak. I am fine but with less profits.. For your info, this is how I rejuvenate back my spirit for trading. I have to read back and make a lot of practices to build my confident and skill. Margin Call is very painful especially when you used your real account. Thank you for the tips. It is like an art to draw at the chart to find the best opportunities. We should not forget the mistakes because there is a lot of lessons we can learned from it. Good luck to you too buddy.

      Thanks  

    6. The Following User Says Thank You to ashraff For This Useful Post:

      Youcefstyles (01-23-2019)

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