Investor Password: vcsjro72
Welcome to MT5 World Cup. Qualifying Stage is already over and this is Preliminary Stage where I’m a contestant in Group 6. In our group we’ve four contestants namely Mummyz, steave50, bidyut (myself) and Ghaidar. We’ve to compete with each other to reach the next level. There are 16 groups in Preliminary stage and only one (who fulfills all requirements) from each group would go for next round. This is an honour for me to compete with good competitors.
My introduction and opinion:
I’m Bidyut, a member in MT5 forum. I always like to participate in MT5 trading contests. Because I believe if I face real competition with good traders then I can improve my own trading. Also this is a best way to learn from other good traders if we try to engage ourselves in any good competition. So for me participation in MT5 trading contest is more important than winning. In my previous contests I have identified many mistakes made by me. So here I’ll try to control my emotions and try to avoid any further mistakes. I’ll try my best in this contest by putting my honest effort. My first priority will be to provide true examples of proven strategies which are profitable and easy to understand.
I basically use support and resistance levels to determine where to buy or where to sell a pair. Support and resistance levels are not only helpful to decide where to open an order but also to determine where to put TP or SL. It is known fact that nobody could predict the trend 100% correctly or we can’t make profit from every trade. But we can at least try to increase the percentage of profitable trades than losing trades. Most of the time support and resistance help us to analyze the trend correctly. So I believe it is one of the best and simple way to make profit from any market condition. Sometimes we may fail to get profit only by following support and resistance levels. Because there are many other factors which may effect the price movements of any currency pair. It may be due to some economic releases or political events etc. Forex market is very sensitive to the economy of a country so I’ve to closely monitor economic releases as well along with support-resistance levels. One of the best strategies to make a decision to buy or sell is the price action. I’ve to closely watch the candle stick pattern before making any decision. So here along with support-resistance levels and fundamentals I’ll try to follow price action.
To know more about Support and Resistance please visit here: Support And Resistance
Why Price action in important?
I consider Price action as an important part in trading because we can’t buy any pair at once in any support level or sell it at any resistance. Currency prices may not respect these levels all the time. So the solution is to wait for some time to get a clear confirmation. We can easily predict or analyze the trend if we follow the price action closely. Sometimes currency price reverses from support or resistance levels but sometimes it breaks these levels. So here I’ll try to open any order either in reversals where candle sticks form a trend or I'll open an order in breakouts. In order to follow a trend I’ve to rely on support and resistance with price action.
Time Frame and Chart Patterns:
To identify a clear trend I would like to follow 1 hour and 4 hours chart. In scalping 15 and 30 minutes charts will be helpful for me to open any order. I always use candle stick chart because it is easy to understand the price movements of any currency pair.
The most important part of forex trading is how we manage the balance and equity. Most of the time I will go for scalping where my target would be to take 10 to 20 pips from every trade. While scalping my lot size would be 10 to 100. Except scalping I’ll take small risks by opening 10 lot size orders with 100 pips target and 50 pips stop loss. I may increase or decrease the lot size as per market conditions or it solely depends on the amount of equity.
I may cut losses if I see any trade go towards opposite direction. Or if I feel there is no chance to reverse, at that situation I will definitely try to get off from such trade without looking for SL hits.
My first preference will be to trade with major currency pairs because of low spread and high liquidity. Also I would like to trade with JPY crosses because of huge movements. Some of my favourite pairs are EURUSD, USDJPY, USDCHF, AUDUSD, USDCAD, EURJPY, GBPJPY etc.
More likely I would like to trade in Gold. But it is only an option for me. If I get good price level to trade in this precious metal then I’ll definitely go for it to make some good profit.
To All Participants including me:
MT5 world cup is one of the best contests in MT5 forum. Here we’ve to compete with good traders and this is one of a first kind where we’ve to go through different stages. I’m bit lucky that I’ve qualified for Preliminary stage without any competition. But it’ll not happen anymore. In this stage I’ve to show my real trading strategy. I know in contests aggressiveness is very much required but I’ll try to control my emotions and only take that much risk which is required. All participants are good. Our strategies may be different from each other but our motive is same i.e. to show our real trading system. Good luck!
Final trading statement for our members' learning purpose:
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