SMPTrader

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SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 Weeks Actions on - A – Activating Event Currency Pair in the move to create a Double Top . B – Beliefs Currency pair will move north to the @0.8928 to the @0.8959 area. Followed by a south move to the @0.87 level. FX:EURGBP Trade Management Entered @ Still waiting for...

SMPTrader Updated 

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 weeks Actions on - A – Activating Event Currency Pair creating a Double Top . USD will move into consolidation towards the end of the week followed by a south movement towards the @0.956 level. B – Beliefs Market will be rejected at @0.964 area and move towards the first Target 1...

SMPTrader Updated 

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 3-4 Days Actions on - A – Activating Event Commodity is creating a higher support line. Gold will move towards the 1236 level towards the end of the week. B – Beliefs Gold will make a strong move within the next 24 hours and head in the direction of the 1236 level. OANDA:XAUUSD...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Creating your own Trading Strategy!! Below is a quick run down of things to think about when creating your own trading strategy 1. How much time during the day do you have to devote to trading? .................................................................................. 2. How much money do you need to live on...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H8 Timeframe - 1-2 weeks Actions on - A – Activating Event Currency Pair creating a Double Top . USD will move into consolidation towards the end of the week followed by a south movement towards the @1.307 level. B – Beliefs Market will be rejected at @1.3343 area and move towards the first Target 1...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Bitcoin gets destroyed once again !! May see a bounce from the @4500 level Bitcoin -5.59% continues on a further south direction. We have support @4500 level and will see a bounce before heading south towards the @3000 level. From my experience stay on the sidelines or short sell. Follow your Trading plan,...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Key Trading Strategies There are four key trading strategies, which are Day, Scalper, Swing and Position Trading. a. Day The day trading is the method in which the buying and selling of securities are done on the same day. The professional traders who are commonly known as market makers generally do it. b....

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Elements of a Successful Trading Plan 106 The last Element that i will explain is Trading edge. 6. Trading Edge The season, in which the currency will exchange, it is beneficial to hold the exchanging edge down to maybe a couple setups when beginning. The more systems one plans to ace, the more troublesome it will...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Bitcoin -10.15% destroyed!! At least another 15% to go in the short term Bitcoin continues on a further south direction. No other support lines are in the way and heading towards the next support line at around the @4500 level. From my experience stay on the sidelines or short sell. Follow your Trading plan, remained...

SMPTrader

SELF-DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Assess your Trading Journey!! Whether you are new to trading, or you are a veteran everyone needs to constantly improve and developing themselves and their trading. Would you expect to become a brain surgeon after attending a weekend seminar and reading a few books? So why do so many people expect to become market...

SMPTrader

SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY Elements of a Successful Trading Plan 105 5. Record Keeping Record keeping in Forex exchanging is similarly as critical as the exchanging plan and can incredibly expand the odds of achievement. In a perfect world, a person should keep some type of journal or diary to record every one of the exchanges he or she makes...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Long Position OANDA:XAUUSD Chart Time frame - 4 Hourly Timeframe - Swing trade Actions on - A – Activating Event Gold was able to push from a higher low @ the 1200 level. Over the next week will see the commodity rise to at least the 1235 level. We may see a small pull back from here before pushing further north B...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Short Position BINANCE:QKCBTC Chart Time frame - 4 Hourly Timeframe - Day trade Actions on - A – Activating Event Trade unable to push above the 0.00000934 level. This trade has failed to push up to recent highs. B – Beliefs Trade will move to next support line @0.00000647 level. BINANCE:QKCBTC Follow your...

SMPTrader

SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY The phenomenal Successful Trading Plan 103/04 3. Trade Preparation By concentrating on getting ready, the exchanging plans for the higher time allotments, the cash administration will dependably keep the proportion altogether. Trade proportion is the quantity of pips one may make versus the quantity for which one has a...

SMPTrader Updated 

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Short Position AUD/CHF!! Chart Time frame - 4 Hourly Timeframe - Day trade Actions on - A – Activating Event Entered short position NOW!!. Selling @ resistance level B – Beliefs Trade unable to push above resistance Line and will fall to the @0.725 level FX:AUDCHF Trade Management Entered @ 0.7315 Stop Loss @...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Elements of a Successful Trading Plan 102 2. Risk Level Managing a risk in trading is essential if a person wishes to make profitable investments. As a trader, one cannot control the market but he/ she do have the capacity to change what can be done as circumstances require. They need to adapt the changes as the...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY 6 Elements of a Successful Trading Plan 1. Test The test is considered as the start-up element of the successful trading plan. It refers to the successfulness or failure of any currency involved. In most organisations, time is the primary driver for assessing execution. The assessment period is constructed with respect...

SMPTrader

SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY 5 Litecoin Order Types Order Types a) Market order A market order is considered as a buying and selling order, which should be executed based on the current market prices. Market orders are utilised when execution certainty is prioritised by investors on the execution of price. Investor produces market orders by...