How To Trade Blog: March 2021

Sunday, March 28, 2021

5 Reasons Why I Hate Day Trading So Much

If you’ve read a few posts in this blog, you’ll know that I always advise you not to trade too much during the day (or what called day trading). I always recommend that you only look at the trading screen a few times a day and then turn it off.

Today I will dedicate an entire article to talk about why you should not trade much during the day. If you have this habit, fix it now. And in case you are very successful with your own method of day trading, I congratulate you. You are in an extremely rare minority of success.

Day trading is the way to success or abyss?

Day trading is very popular among many people. “It’s quite risky, but it will help you get rich quick” – they said. This type of transaction is very attractive to beginners. It makes them feel they can make money quickly. The continuous buying and selling are the best. They seek to buy auto bots to increase the ability to trade even faster. In just a few seconds, they are able to close a transaction (buy-sell) and so on and so forth.

However, once they deposit money for real trading with this method, they quickly realize that they are always under pressure and fatigue (both mentally and physically). They often get stressed out and it’s hard to make good money for long enough.

Day trading is the way to success or abyss?

If you are sticking to this type of trading, you are participating in the game called “quantity is better than quality”. But in countless fields of life, we often find quality better than quantity. Foreign exchange trading is also the same.

My view on trading is that you should keep your balance safe, stay patient, and wait for a good opportunity to invest. Just like me, each month, I only place about 4-5 orders. Or there are months with just only 1 order. Successful traders that I know and meet also have about the same frequency of trading.

Hopefully, with this article, you will once again understand and revise your daily trading habits. Try to be more patient and “prey” on really good opportunities.

I hate the polished and frivolous things of day trading and day trader

What are these things? It is a series of computer screens and charts on your desk. You have to sit all day observing. And from the look of an outsider, your work is very stressful, professional, monumental with phone calls coming in and out, etc.

You describe your work with your friends as complicated and tired. You think that you are proud to be doing such a thing, and so are your friends. Instead, when you say, I only trade about dozens of times a month, it sounds a lot less attractive, doesn’t it?

The illusion of “day trader” is what attracts many people. They want to introduce themselves as a day trader. It is the illusion of a young, wealthy guy or girl, earning billions easily, driving shiny cars such as BMW or Audi, etc. This is not very realistic.

The polished and frivolous things of day trading and day trader

I will take you to the reality of a day trader because I myself was once. You can only sleep for about 2-3 hours every night. You try to trade late at night and wake up at 4 am to trade the next session.

A lot of traders are stuck in this situation because they think that they will receive a lot of admiration from others. They will be able to get rich quick. They stick to the computer screen day and night because they do not want to miss any chance. Trust me, this is not a healthy way to trade, and obviously not a good way to learn trading either.

Top-down approach

There are too many forums and websites out there cheering on continuous trading strategies. They mostly aim at people who are new to forex or are exploring the first steps. In my opinion, day trading is only for those who really have a lot of experience, not for novices.

Think of trading like building a house. You need to build a solid foundation first, then gradually go to smaller steps such as decorating, buying furniture, and so on.

As a trader, you need to well understand higher time frames which are clear and “reputable” before trading at lower time frames. I was initially like the majority, doing the opposite. I started to trade with very low time frame candlesticks in which the highest was H1. And like most people, I lost (a lot) money.

The broker always wants and recommends day trading

Another reason I hate day trading is that they are financially beneficial for brokers. The more customers trade, the more brokerage fee they earn. So what you often hear is to trade a lot and make lots of money.

Day(-much)-trading people help brokers make a lot of money. So they have not heard much about the dangers or risks of continuous trading.

The broker always wants and recommends day trading

Be careful about when choosing forex trading platforms and forex brokers. The more you trade, the more money “you give” your broker. And when really good opportunities come, you will not have much money left to risk.

Stop-loss hunters love day traders

Day traders always set their stop-loss lower than others. They want to “hit and run”. They want to take small profits but many times, and so they set the stop-loss low.

Big boys can influence the market in a short span of time. And they are genuine stop-loss hunters. How many times have you been in a situation where the price just hit your stop-loss point, it reverses direction. You silently regret if you set a higher stop-loss, everything would be fine.

The more you conduct day trading, the more likely you will encounter these big boys as stop-loss hunters.

In conclusion

Day trading is like saying “more is better.” It is almost like gambling. To me, “less is more”. I choose to trade on large time frames (H1 or higher). I rarely use H1 and do not recommend using this candle. Just focus on H4 and D1. I choose to trade less but with quality, rather than trading a lot within a day. It is no different from “suiciding”.

Let’s work smarter, not necessarily harder.

The post 5 Reasons Why I Hate Day Trading So Much appeared first on How To Trade Blog.

source https://howtotradeblog.com/5-reasons-why-i-hate-day-trading/

Tuesday, March 23, 2021

5 Things Professional Forex Traders Have But You Don’t

If you want to become one of the most successful and professional Forex traders, the quickest way is to follow (imitate) successful ones.

Learning from successful people is always one of the best ways for you to progress in all areas of your life. More specifically with the trading industry, this is where no one will teach you but yourself.

We don’t have a transactional course at the university. In seminars or courses out there, they will also only give you very basic things. No matter how much money you pay, you still have to learn for yourself through the failures and successes in the market.

Paying attention and following successful Forex traders can save you a lot of time (maybe years) on the way to finding success. We need to find out what helps them succeed and earn a lot of money while people are constantly losing money, etc. In today’s article, we will find out and discuss this issue.

Pro Forex traders always have plan and get prepared in advance

Most traders get bogged down when they don’t think they need to actively calculate the trades in advance. They think they just need to turn on the computer and trade right away without much calculation and data. Unfortunately, this is not a proper trading mindset.

Professional Forex traders always know what their trading strategy/system is exactly before they execute any order on the market. Remember the time when you decided to switch to live trading from a demo account, did you still not have a strategy for yourself? Or if you have learned the strategy from someone else, you did not really understand it, did you?

I am that person who traded “promiscuously” but won big with a demo account. I decided to trade with real money and lost a lot. After that, I stopped for a while to concentrate on studying the strategy before continuing trading.

Professionals know what signals are needed to place orders. They know what the market they are in is, know the amount of acceptable risk for each order, know how to manage capital, etc.

Pro Forex traders always have plan and get prepared in advance

Without thorough preparation before entering the market, our minds will surely be distracted by all its “dreamy magic”. And accordingly, the coins in our pocket will keep on leaving.

If you enter the market like that, you put yourself in a state of crazy trading. You set the risk too high for your account balance and do not know how to manage orders properly. Taming the disturbing mind is possible only by preparing the knowledge as fully as possible. You need to understand them, always have a plan before you intend to do anything in the market, and try to maintain the discipline to implement them.

The discipline of steel

How do you consistently remain prepared in advance?

Professional Forex traders understand that discipline is the “glue” that helps you stick with your trading strategy. If you have ever been involved in trading (foreign exchange and securities), you probably know that staying disciplined is extremely difficult. The discipline of a successful trader is steel discipline. It is something that ordinary people are hard to get.

Pro traders understand that everything in their power must remain disciplined. Maintaining discipline in trading is like growing up from a boy to a man.

You must stay disciplined to trade if the market is in line with your strategy, regardless of whether the order would win or lose. You must stay disciplined to keep a fixed amount of risk for each trade. Do not increase or decrease whether your previous order is a losing or winning order.

And you must stay disciplined so as not to look at your order position 1000 times a day, or wake up in the night to turn on the tablet and observe the order, etc.

If you have a good trading strategy, you need time to prove they are effective or not, To do that, you have to stay disciplined for a sufficiently large number of orders. Most people, sadly, cannot make it. It is also one of the main reasons why they fail and leave the market.

To become one in 10% of these meager successful Forex traders, you need to “dig” deeper. You need to go out of the “box”, outside your “safe zone”. You need to “dig” deeper than all the other dreamers out there who are burning their money in the market.

When you enter this forex “arena”, you are fighting in an endless place of temptation. Cheats and tricks make you financially and emotionally damaging (I am not exaggerating). Practice yourself to have steel discipline and take advantage of the opportunities that the market offers.

Understand mathematics

I was a person who hated studying math when I was a student. My math score was very low. On the contrary, my literature score was extremely high which stayed on top of my school. It is true that “you will always get what you hate”. My work and many passions are related to these numbers.

Professional traders understand the mathematical aspect behind the success of their Forex trading career. And this is also a key reason to help them maintain discipline. As I have said, success in trading is about probability, not 100% certainty. We cannot know for certain which order will win. We only know that the order has a high probability of winning, so we place it.

Trading is a “game” of probability. And unless you fully believe this and always think about probability when trading, you will not become successful.

Let me give you an example. You know that your strategy yields a 50% win rate. This means that you expect to win at half of the orders, and the same goes for the losing orders. However, the important thing is you can not know which one will be winning or losing. If your latest order is a losing order, it doesn’t mean your next order will be a winning one.

When you flip a coin on the table, it will most likely show the same face for 10 or 20 times in a row. But if you keep flipping for long enough, we still have the ratio of 50-50 heads and tails.

In trading, you need to completely forget the results of previous orders. What’s been done is done. They have nothing to do with the present. You must not let them influence you. This is basically what you should think about probability.

You need to focus on the outcome of a sequence of trading orders, not the results of several orders. In other words, you need to focus on long-term results. This is what the pros focus on.

Newcomers, by contrast, often focus their attention on the nearest order. They let it affect their emotions (for example, if the previous order wins, this time they will increase the bet hoping to earn money). And sadly, this is why they fail.

Understand the market sentiment and its participants

They understand what others (the majority, the underdogs) often think and act in the market, and then do the opposite. The market is designed to deceive the crowd and to sweep away the “noobs” before it changes direction. Professional traders know and understand this. They take advantage of it to make a profit.

The important thing I need you to remember is that professionals are always aware of their own psychology when trading. They constantly control themselves to follow the outlined plan. They think and act in a logical and objective manner to minimize the effect of emotion. If you do not do so, you will easily lose discipline, follow your emotions, and give away your money to the market.

Understand the market sentiment and its participants

Pro Forex traders do not try to avoid losing orders

They do not avoid losing orders and take them for granted. The ability to understand that a losing order is an integral part of the job is something that every professional has.

New traders are trying their best to avoid losing orders. They do not accept losing orders and do not set a stop-loss. They average the price and hope to find a common break-even point, etc. As a result, accounts after accounts go blank forever.

What they do not understand is: when you become a trader, you can never avoid unprofitable trades. They always happen in varied ways. The more you try to avoid, the bigger losses you will receive which may result in a dead account.

Therefore, the best thing is that you learn to control your losing orders. You must understand them as “costs” for running your business. The sooner you accept this fact, the sooner you make your first profitable coins and become a “steel” trader.

Pro Forex traders do not try to avoid losing orders

Professional traders know what they are doing because they always learn by their trades. You don’t need to go to university to become a professional trader. There are many such people out there who quit or never go to college. What I am talking about here is that you need to be proactive in self-study. You need to learn and read from reliable and reputable sources

In short

This article stops here. Hopefully, with the above suggestions, you will find yourself the fastest, most effective, and appropriate way to learn. If you have any comments, please take a moment to raise your opinion in the comment section below.

The post 5 Things Professional Forex Traders Have But You Don’t appeared first on How To Trade Blog.

source https://howtotradeblog.com/5-things-pro-forex-traders-have/

Saturday, March 20, 2021

What Is A Dark Cloud Cover Candlestick? Meaning And How To Trade Forex

Dark Cloud Cover candlestick pattern is one of the most reliable bearish reversal signals in Forex. So, what is the Dark Cloud Cover? What characteristics and meaning does it have? Especially, how do you open Forex orders with high accuracy when this candlestick pattern appears? All will be answered by me in this article.

What is the Dark Cloud Cover candlestick pattern?

Dark Cloud Cover is one of the popular reversal Forex candlestick patterns in Forex. It is seen as a reliable signal that the price will plummet in the future. When trading Forex, every trader must keep an eye on the Dark Cloud Cover every time it appears at the end of an uptrend.

This pattern has 2 characteristics as follows:

– First candlestick: is a strong green bullish candle with a long body.

– Next candlestick: is a candlestick with an opening price higher than the closing price of the first candle (a gap up appears). This candle is a strong bearish candlestick that closes below the midpoint of the first candle.

Meaning

Combining the two candlesticks of the Dark Cloud Cover pattern, we will have a Shooting Star candlestick. The price direction of the two patterns is similar. However, Dark Cloud Cover consists of 2 candles (that means a longer candle time period). That is why this candlestick pattern is more accurate than Shooting Star.

Dark Cloud Cover shows that the trend is going up steadily. Suddenly, a strong bullish candle appears, creating a gap up. This shows that the bulls have the upper hand. However, instead of going higher, prices begin to decline sharply and close below the midpoint of the previous candle. Right there, the bears are strong enough to regain control of the market.

The Dark Cloud Cover is usually located at the end of an uptrend in Forex

The Dark Cloud Cover pattern usually appears at the end of uptrends. It is a strong signal that the price will drop sharply. Many successful traders use this pattern as a SELL confirmation signal to earn the first bearish waves.

The most optimal way to trade Forex with the Dark Cloud Cover pattern

Below, I will show you how to trade with the Dark Cloud Cover pattern. As this is a bearish signal when this pattern appears you can only open SELL orders.

Open a SELL order as follows:

+ Entry Point: As soon as the price completes the pattern.

+ Stop-Loss: At the highest price level before the price turns down and creates the Dark Cloud Cover pattern.

+ Take-Profit: When the price touches old support levels that have been formed in the past.

The most optimal way to trade Forex with the Dark Cloud Cover pattern

Above is the article introducing you to the Dark Cloud Cover candlestick pattern. This is a reliable price signal that you need to know to be able to judge and trade with the market more accurately.

The post What Is A Dark Cloud Cover Candlestick? Meaning And How To Trade Forex appeared first on How To Trade Blog.

source https://howtotradeblog.com/dark-cloud-cover-pattern-forex/

Tuesday, March 16, 2021

Why Should You Focus On Only One Forex Trading Strategy?

Before coming to the Price Action trading strategy, I also used to trade with a few other Forex strategies. At first, it was the method I created by myself (now that I think about it, I often laugh at myself). The results of my demo trading were very good (similar to most people). Later, when trading with live accounts I (like many people) burned out many ones.

After that, I learned about this Price action trading strategy and the trading results were much better. In other words, I made money from Forex trading. (Most of the articles in this blog are knowledge that I have learned. And I share again based on that knowledge and experience)

I find that most traders don’t really understand the strategy they are pursuing. They look at the market and do not know what they are (in need of) looking for. This is extremely dangerous. When you don’t understand your strategy, don’t know what you need to do or look for, you are 100% gambling with the market.

The goal of trading is that you make money based on the correct execution of your trading strategy. And this is always hard.

Become a Forex trading expert with only one strategy

Have you ever traded by combining different strategies, indicators, and systems? Do you feel overwhelmed by that mess? The first thing you need to do is to change the way you think about trading strategies.

Trading is not about trying to learn as many strategies as possible and then combining them into one (which you hope to be) “invincible” strategy. Sadly, this does not help you. This only hurts you (losing money).

Trading is simply learning and mastering a unique strategy. This strategy fits your personality and includes many things that are right, reasonable, and simple (would be great if any). You just need to look at the market, look for the essentials in your strategy. And when the opportunity is “ripe”, click and place an order without any hesitation in your mind.

Become a Forex trading expert with only one strategy

Find and focus on pursuing a unique strategy

Trading is “jumping” into the market when you verify that the probability of making money is in your desire. Your strategy offers you a better chance of making money in the market. (Please note that the probability I’m talking about here is based on a series of orders, not just one).

If you do not really understand the strategy you choose, do not rush to trade with a live account. Learn and cultivate more. You can trade forex For a lifetime. Focus on only one strategy. Be patient with it and master it.

Find and focus on pursuing a unique strategy

I recommend trying one strategy for about 6 months. Only focus on it for 6 months. If after that time, you do not feel well, then think of switching to another forex trading strategy.

This is how you become an expert in trading. Maybe you are struggling with different strategies, studying from different forums, even trying different robots. I recommend you stop doing this. Find and focus on pursuing a unique strategy. Master it and apply it [with discipline and a proper capital management method] to the market.

Eliminate hesitation with your mastered Forex trading strategy

I realize that many people do not want to spend (much) time and effort on creating their own trading strategy. They want to quickly make money by rushing into the market. Later, when they are at a loss, they become confused or even shocked.

Many of them never return to the market again. One of the big problems in trading is that you have no one to remind you, no one to manage, no “boss” to instruct you to do this and that. There is only yourself. At this time, our nature and laziness arise easily.

A lot of people email me asking if method A is good, if method B works, or if method C is correct, etc. They do not spend time to really learn and understand the strategy. Because if they do, they will know whether their strategies are effective (by the results shown in the market).

Eliminate hesitation with your mastered Forex trading strategy

Indecision and hesitation in trading are one of the fastest ways to make you at a loss. Simply because it shows that you are not ready for this. There is one saying that I really like: “Sweat more in training – Bleed less in battle”. Don’t you want to lose your hard-earned money for the market when you are not ready and lack knowledge?

As you are an expert in your trading strategy, when the opportunity appears, you will no longer hesitate. You need to eliminate hesitation from your head in the quickest way by learning and mastering your forex trading strategy.

In conclusion

Today, with the development of the internet, traders are immersed in a huge sea of knowledge in which there are countless strategies, news, datum, etc. They tend to think that more will be better, that they should learn and know as many strategies as possible. Eventually, when they realize things don’t work out, they become exhausted and frustrated.

Yes, I have also been in this situation. And so with this article, I hope you will shorten the time of immersing yourself in that mess. Find yourself a suitable strategy and focus on mastering it.

We do not need to complicate or overestimate foreign exchange trading. Just keep it as simple as you can.

I hope you find a good Forex trading strategy like mine.

The post Why Should You Focus On Only One Forex Trading Strategy? appeared first on How To Trade Blog.

source https://howtotradeblog.com/focus-on-one-forex-trading-strategy/

Monday, March 15, 2021

How To Withdraw From Exness Account To Visa/Mastercard

Most Forex exchanges have one thing in common: Fast deposit but slow withdrawal. But at Exness, withdrawal is even faster than than depositing. Because they want their customers to feel joy as soon as possible when withdrawing profits. In this article, I will guide you on how to withdraw money from your Exness account to Visa/Mastercard.

Video on withdrawing money from Exness account to Visa Mastercard

How to withdraw money from Exness account to Visa/Mastercard in 4 steps

Step 1: Click on Withdrawal then Bank Card

After logging into your Exness account, select “Withdrawal” on the left side of the screen and click on “Bank Card”.

Step 2: Select the account you want to withdraw money from

Select the withdrawal account (if there are multiple types of accounts) and the withdrawal currency (USD).

Step 3: Choose the pre-used Visa/Mastercard

Simply tick the Visa/Mastercard you used to deposit before. Remember to check it carefully.

Step 4: Fill in the SMS code to confirm the withdrawal

You need to enter a 7-digit SMS code to confirm your withdrawal request. Then press “CONFIRM WITHDRAWAL” to complete the transaction.

Your withdrawal request has been processed and the money will be credited to Visa Mastercard instantly.

Notes on withdrawing Exness account with Visa Mastercard

You need to verify your account and verify your card before making any withdrawal. Avoid the case of the withdrawal request being rejected due to the unverified account.
With the VISA card you use to deposit Exness, you can only withdraw the amount you have deposited in the form of a refund. Interest will be supported by Exness for a second withdrawal after the refund transaction has been made.
If your withdrawal has been confirmed and after the expected payment date the money has not yet returned, uou can contact Exness SUPPORT for help.

Leave any questions if you need our help. Wish you successful transactions.

The post How To Withdraw From Exness Account To Visa/Mastercard appeared first on How To Trade Blog.

source https://howtotradeblog.com/how-to-withdraw-exness-to-visa-mastercard/

Friday, March 12, 2021

How to Deposit Exness Account With Visa/Mastercard

Thanks to the convenience and speed, Visa and Mastercard are the most preferred way to deposit by most traders in Exness. In this article, I will guide you to recharge your Exness account with Visa Mastercard in the most detailed way.

Video on how to deposit your Exness account with Visa / Mastercard

How to deposit Exness with Visa/Mastercard in 5 steps

Step 1: Login and choose the payment method

After logging into your Exness account, on the left corner of the screen, select “Deposit”. Then click on “Bank Card” to choose a payment method by Visa Mastercard.

Step 2: Enter the amount you want to deposit into Exness

Enter the amount you want to deposit in the box “Amount” and then select “Continue”.

Step 3: Fill out information on Visa/Mastercard

The information includes:

(1) Card number: A sequence of 16 numbers on the card

(2) MM / YY: You need to enter the expiration time as month (MM) and year (YY).

(3) CVV / CVC: This is the security code behind 3 digits.

(4) Cardholder name: Cardholder name (Capital letters).

After completing the requirements, click “Continue” when all items have green ticks.

Click "Continue" after all items have green ticks — Click “Continue” after all items have green ticks

Step 4: Confirm the amount you want to deposit

You need to confirm once again the amount you want to recharge with Visa Mastercard. If everything is correct, select “Confirm” to agree.

Confirm the amount you want to deposit Exness with Visa/Mastercard

Step 5: Fill in the OTP to confirm payment request

When you are transferred to the payment gateway, enter the 6-digit OTP, which will be sent to the phone number that you registered to receive text messages when registering for your Visa/Mastercard.

Enter the OTP to confirm payment request

After completing the OTP code, you have completed the process of recharging your Exness account with Visa/Mastercard.

Complete your Exness deposit with Visa/Mastercard

Things to keep in mind when recharging Exness with Visa / Mastercard

When depositing into Exness account with Visa/Mastercard, there are a few things to keep in mind to avoid problems occurring in the payment process.

The amount used to deposit into Exness must be less than your available funds.
You should use your own registered Visa Mastercard.
It is necessary to check the Visa/Mastercard expiration time prior to making payment.
The money will be credited into your Exness account immediately after your Visa Mastercard is debited. If after 3-5 minutes the money has not been transferred to your account, you can contact Exness support for quick resolution.

If there are problems in the deposit process and need help, please comment below. We will respond as quickly as possible.

The post How to Deposit Exness Account With Visa/Mastercard appeared first on How To Trade Blog.

source https://howtotradeblog.com/how-to-deposit-exness-visa-mastercard/

Thursday, March 11, 2021

Top 4 Suggestions To Get The Best Entry Points In Forex

Whether you are a new or long-term participant in the Forex market, you surely know and understand the importance of entry points.

By waiting for a better entry point, it allows you to have a “tighter” (shorter) stop-loss and to increase the risk/reward ratio (earn more). You can trade with larger lots without risking more than the amount of your acceptable stop-loss.

You can reduce the risk of an order hitting the stop-loss. Because your stop-loss point now locates in a safer position (because the entry point is better). Your order will have more “breathing space”.

But many traders think this is the easy part of trading. They pay little attention to how to get the best Forex entry points (do you?).

In today’s article, I want to share with you how we can get the best entry point. From there, you can improve your skills and the amount of money in your account. If you have any comment, argument, or suggestion, please discuss with me and others in the comment section below the article.

Use limit orders in Forex to get better entry points

A pending order is an order you have executed but it has not yet appeared in the market. You can set your own matching price (higher or lower than the current price).

The pending order gives you additional power, which is choosing the exact price as you desire. Pending orders do not always match. And you may (sometimes) miss an opportunity with just a few pips. However, with matched orders, obviously, you have a better entry point. The stop-loss is also much better.

Your risk/reward ratio also gets better. You can always get a profit ratio of 2R or greater if a pending order is matched.

Use limit orders in Forex to get better entry points

Notes: Pending orders allow you to let the market “serve you” and match your desired price. You need to be mentally prepared that it may waste a few (or more) opportunities. However, with a much better and greater risk/reward ratio and stop-loss, the pending order is a great companion.

Manage orders at the end of New York session

If you’ve ever read my articles, this is what I’ve been talking about many times and in detail. I will point out the main points below.

Analyze the market and manage orders when the New York session closes. This is an easy and effective way to increase the quality of every entered order. You don’t need to stay up all night. Feel free to sleep a good night and when you wake up is the best time for you to turn on the computer and observe the market.

Manage orders at the end of New York session

The daily chart (D1) provides more meaning and “credibility” than charts at lower time frames. Completely focusing on this chart helps you get better and more accurate Forex entry points.

Signals based on daily charts are more “real”. The market always floats with random fluctuations in a narrow range. In low time frames, you are more likely to get “seasick”. This makes you not get a good idea when the price goes up a bit and then goes down a bit.

Notes: Low time frames here are the ones below H1, for example, M30, M15. In my opinion, you should limit using H1. H4 is also good to use. And you should use D1 as the main time frame. Just focus on it.

Wait for the factors: (T.L.S)

90% of the transactions I made using the T.L.S. What is this?

T = Trend

L = Levels

S = Signal

You need to know which market you are in. The price is up, down, or unclear (Trend). You need to know where the support and resistance are (Levels). And you need to watch for signals that the market offers to see if they fulfill all conditions for placing an order (Signal). When these 3 factors appear together, don’t hesitate. Place an order immediately.

For better understanding, please see the picture below:

How to trade with T.L.S strategy to get the best Forex entry points — How to trade with T.L.S strategy

Have a simple and serious trading plan to follow

Your job is not just to find the entry point and execute it. It is to patiently “prey” upon the opportunity to appear and find CORRECT orders. Do not rush carelessly and recklessly.

A simple and effective trading plan/strategy will help you filter out good signals among many not-enough-good ones. This helps you to earn money in the long term.

A good plan consists of locating signs (if any), identifying nearest support/resistance, and finding market trends. If the chart shows you that they (the conditions) are converging, consider entering an order immediately and shutting down the computer. Let the market finish the rest of the work. Do not interfere with the order before the market does.

Have a simple and serious trading plan to follow

Everyone has their own personality, customize your trading plan/strategy. Only you can fit it. And when you have one for yourself, follow it strictly. The grass is always greener on the other side of the fence. Do not get lost when someone out there bragging about a strategy that can earn you thousands or millions of dollars a day.

Conclusion

My purpose in writing this article is for you to understand the importance of a good entry point. Also, I would like to show you how to achieve the best possible price for your order. A better entry point leads to a better stop-loss point. These can help you avoid market volatility and provide additional opportunities.

You can learn and try trading with my strategy (price action) by following the posts in this blog. You are completely free with serious and quality content.

Please share so that more people have more knowledge when trading in the riskiest forex market. Have a nice weekend.

The post Top 4 Suggestions To Get The Best Entry Points In Forex appeared first on How To Trade Blog.

source https://howtotradeblog.com/how-to-get-best-forex-entry-points/

Tuesday, March 9, 2021

The Hard-Earned Trading Experience In Olymp Trade

How can you survive and make money in Olymp Trade? What is the biggest difference between gain and loss in Olymp Trade? This article brings you the hard-earned experience when trading in Olymp Trade of pro traders on the platform. These are the things that help them survive and make a steady profit. Let’s see what they are.

Trading experience in Olymp Trade to always be profitable in all situations

Although trading is always risky, the good news is that you can minimize them. This is the general principle for sustainable profit in Olymp Trade. We will take a simple example with a currency pair like EUR/USD with a payout of 82%. Out of 100 trades, even if you lose 40 of them, you will still make a profit. Here are the experiences you need to grasp to do this well.

Absolutely adhere to a trading plan that has been set out

It’s seemingly simple but this is what very few traders can do. On the contrary, the traders who make money accomplish this very well. Adhering to a plan with outlined goals means that you will have to force yourself to follow a path that benefits you. Trading is a job where self-discipline is what determines whether you gain or lose with the market.

Absolutely adhere to a plan that has been set out when trading in Olymp Trade

The larger your trading account, the more chances you have of winning

Let’s take a simple example as follows: If you lose $10 when you have $1,000 in your account, you will not be too sad and will continue to trade as planned. But if you only have $100 in your account, this can be frustrating and can lead you to mistakes. Finally, it is to lose all the money in your account.

That’s not to mention the fact that in the first case, you have 100 chances to fix the situation. But in the second case, you only have 10 chances. The difference is absolute, isn’t it?

The larger your trading account, the more chances you have of winning

Adhere to the capital management rules and trading principles

Well, it’s about the rule and principle again, too many rules, isn’t it? But it’s not redundant for you. There are some principles of thorough capital management that you must be familiar with as follows:

+ The investment amount for one transaction cannot exceed 5% of the account.

+ Do not open many orders at a time.

When you reach your daily loss limit, you must stop.

+ Follow the capital management methods outlined in the original plan: Classic, Martingale, Snowball, etc.

Adhere to the capital management rules and principles when trading in Olymp Trade

Determine the maximum loss level in a trading session – Professional stop-loss experience in Olymp Trade

This experience is part of your capital management rule. In trading, traders often call it the “pain tolerance” of each trader. The maximum loss level is the maximum level of loss without affecting your psychology and emotions. When you reach this limit, you have to stop. Because then, emotion is the decision-making thing, not the reason anymore. Each person has a different pain tolerance. Try to figure out what your tolerance is.

Determine the maximum loss level in a session

Make it a habit to analyze everything before and after trading

Just do this for both profit and loss. It is important to understand how to re-succeed as well as to avoid making the same mistake. This experience helps you improve every day in Olymp Trade. Many people turn off their computer after a session and refuse to find out why the results are like that. In trading, you always have to know how to analyze and answer everything to understand your shortcomings.

Learn to control your own emotions

When you have a lot of emotions, whether positive or negative, they all obstruct your trading. Joy, sorrow, frustration, and fatigue all lead to mistakes. If they appear during the transaction, then stop. If they appear before trading, do not start. In Olymp Trade, in my experience, you can only trade well when you have the most comfortable and confident mood.

And never stop learning and developing yourself

The market changes every day so you need to study it constantly. Never satisfy yourself with your current self in trading. Because every passing day, there are many things that can help you trade better. It may be a new indicator, a new candlestick pattern, or a new signal.

A lot of things can improve your money-making skills in Olymp Trade. And if you own a VIP account in Olymp Trade, do not hesitate to contact your own manager provided by the platform. They will give you the most dedicated and specific advice for you to maximize your profits in Olymp Trade.

Never stop learning and developing yourself

Summary of trading experience in Olymp Trade

The truth is that there are still people who are making money steadily every day in Olymp Trade. And I am sure that they all have to apply some of the above rules. Practice more to be perfect and responsive to entry points with a high win rate. When you have a strong will, everything will support you. Goodbye and see you again in the next articles.

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