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Quick Tip for Traders: (Please Read)In the past I've often left trades and forgotten I had them open. It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes. Now lets say you place a trade, entry after candle close, from a level of support or resistance, test/re-test, pullback, breakout etc. Main priority is to establish the risk which I either make tight which is dependent on the trading environment (Trending) or if I'm going to hold the trade for a long time then SL below previous low. Followed by how much profit to take. Let's say the market is likely to increase 200 pips, I personally would make sure my TP is is around 20 pips under. Then, for joining the trade, I make sure almost every trade is made on either 1 hour chart or 15 minute, because pullbacks are more defined if you're able to establish the trend. I only use the 5 minute chart for re-entry if I've missed an opportunity. If I entered at 1.20514, I would be in around 60 pips profit. The beginner idiot me would have left the trade and done something else. It's important to establish if you're in profit, pips are like points that you score in a game. You play tactically and defensively to score as many points as possible, so if you place your SL at say 30 pips in profit, if the market turned on you, you'd close out in profit rather than a loss, in which case you'd now be running a risk free trade. Obviously, as the pips stack up, naturally you'd increase your SL in profit as well. So I hope this tip is helpful and improves your trading and limits your losses. Have a blessed day!
by UnknownUnicorn2215917
2
GBPAUD LONG SET - DISTRIBUTIONGBPAUD - After a strong bullish movement over the months from 1.6000 ( MAR 19' ) settling in at 1.87200 (MAY 19') GBPAUD finds itself in a distribution phase after this bullish trend to the upside of 1.87200 . The overall bullish momentum carries over to the Daily with an upside from support of 1.81500 , locking in Daily resistance around the 1.84100 zone and 1.86650 respectively - This comes just shy of Monthly Resistance at 1.87200 - a key point for this pair. Below linked Monthly & Daily overview of distribution phase.
Long
by HuracanFX
Is Taking Small Profits Bad Habit In Trading?Answer is, it depends! ( no surprise here ;) ) So now let's talk about, it really depends on what factors. What does taking a small profit means? If we talk about Forex trading then, taking anything less than 5 pips of profit is generally considered as small profit where usually people target roughly 30+ pips of gain in normal circumstances ( or taking profit well below the so called risk/reward ratio in range of 1:2 at least or healthy 1:3). Why is it not good? Keep on taking tiny profits compared to the strategy's original profit objective is certainly a path of destruction, sooner or later. For example, your trade plan is to short EURUSD risking $50 and trying to make $100 ( 1:2 risk/ reward ). Here you enter short @1.1350 and expecting the downside of at least 1.12. Now suddenly trade starts moving in another direction and it goes up just near your stop-loss of 1.1400. But luckily trade survives and now it is trading around 1.1350, right where it all started and testing your patience. Now volatility dies down and it just stays there and in the excruciating moments of impatience and despair, you close the trade @1.1348 with great sigh of relief. Here the problem is that if you keep on trading this way then one day, your account will be empty for sure. Because, here taking 2 pips of profit and keeping 50 pips stop-loss guarantees that you are paving the path of ruining your account, unless, you are sure that you are never going to lose a trade in your life! Because simply, just one bad trade will ruin your accumulated profit from 25 trades. So in any scenario where your risk/reward is not optimized with trading strategy, you are never going to win the game. Not all tiny profits are created equal ! If a trade plan is to take 100 pip profit and you have entered the trade from multiple entry points and taking tiny profit whenever market is giving you a good chance to cover tiny positions while keeping the core position active then of course it is good way to keep making money. What's my take. All things which makes your trading rigid are problematic IMHO. Those rigidities can be from anything, e.g. your trade plan is not flexible enough to account for change in circumstances, fixed entries, fixed exits and fixed stop-loss are equally harmful. Especially in current atmosphere of very low volatility and lack of meaningful long lasting 1000 pip trends, it is imperative to take small profits and there is a way to do it!. My own trading style is neither purely positional nor quick technical trading, it is kind of combination of many things. One thing to keep in mind is that most important thing is the 'Strategy' and everything else should evolve around it and not vice-versa. Because if you decide that my stop-loss is just 30 pip fixed and bla bla bla then you lose the flexibility in trading. A strategy should be in accordance with your personality, so that it keeps you at peace and in rhythm. Everybody's risk tolerance and personality traits are different and so are the trading styles. Copying some so called pundit's advice ( who him/her-self is not making money from trading ) of ideal trade plan and all other nonsense is totally useless. These preachers have put on so much BS all around that the beginner trader is surely going to be lost. To be a better trader, listen to eveybody but copy nobody. Keep knocking different doors until you find that magic! My take is - One learns from one's own inner quest. Trading is transcendental. The more you know yourself, the better trader you become. Everyone can be a good trader but very few will because, few are ready, prepared and patient to toil to find the true depth :)
Education
by BombayBulls
Will Euro continue Bullish TrendHey Traders, over the next week we are looking for more Euro bullish movement against the US Dollar. The minor structure support level of 1.18020 has been respected and therefore we look for it to hold support once again. Target for this trade is 1.19031 which is a monthly resistance area. I will update the progress of this trade on our Instagram page so go follow that for more details. If you are interested in learning how to trade the forex markets head over to our website to view our membership in more detail.
Long
by TomFarren
New Aussie Highs?Hey Traders, over the next week we are looking for more Aussie/USD bullish movement. The monthly support level of 0.79073 has been respected and therefore we look for it to hold support once again. Target for this trade is 0.80345 which is a weekly resistance area. Stop loss is placed at 0.78713. I will update the progress of this trade on our Instagram page. If you are interested in learning how to trade the forex markets head over to our website to view our membership in more detail.
Long
by TomFarren
AussieHey Traders, over the next week we are looking for more Aussie/USD bullish movement. The monthly support level of 0.79073 has been respected and therefore we look for it to hold support once again. Target for this trade is 0.80345 which is a weekly resistance area. Stop loss is placed at 0.78713. I will update the progress of this trade on our Instagram page @thetradingdivision. If you are interested in learning how to trade the forex markets head over to thetradingdivision.com to view our membership.
Long
by TomFarren
Keep an Eye Out for the Pitchfork! (450 pips on USDCAD)Hey all, I've got a simplified graph here with just the bare features required to visualize the fact that the pair has been adhering to this pitchfork quite nicely. I expect it to hit the following three targets sometime within the next few months. This is barring a complete bearish reversal due to the Canadian dollar's recent strength, which may end up causing the pair to fall to the lower channel. That is a key stipulation that one must consider when analyzing the entry.
Long
by Cohiba93