The currency market is in a position to win in the novice trader with scenarios that seem very attractive at first mall, but quickly turn into a losing trade.
Many forex traders will focus on the experience.
- The price has been the channel for an hour or two in a consolidation phase.
- You will make a record of orders from the top or bottom of the channel taken.
- In minutes, your company is in a couple of minutes and you are in search of a loss of -10 pips -15 pips, then, and after shutdown is removed.
- Price barely moved for hours, but once you have done a few minutes were a loss in a store, so that you confused and muttered. "What happened?"
In the early stages of the acquisition of trading experience, is good for novice traders go through a checklist each time before undergoing an operation of some ingrained habits.
Only one procedure that must be performed on the premises of the bell in a trade can help to quickly enter a trade, banking, just because there are sudden movements on the screen and lost the dealer the opportunity.
worried. Yes, you discipline yourself to take the time to go through a list of the first inspection may mean losing some good chances from time to time. D 'also avoids having losers often.
Operations for a very cautious approach in recent trading operators can use this list to determine if it is likely to be high probability or low probabilitythat potential trade setup.
avoid going long if:.
- Since negative MACD divergence in 4 Time is 1 hour and 15 minutes. Table.
- MACD in 4 hours or 1 hour chart shown below.
- The price is the central pivot point for the day in a sales territory (for a calculator pivot point without making an appointment here. Http :/ / www. vitalstop. com / Forex / pivot point-calculator-download. Html ).
- Price below the 200 EMA (Exponential Moving Average) of 4 hours, and 1 hour chart, but above the 200 EMA on the 15 minute chart. (This setting is the price of three terms is contrary to the general trend and can turn against you at any time. ).
- The Fibonacci price is about 50, 62, 79 or reverse (from the last high and low).
- The stop is under several layers of support, as a point above the pivot up or down or significant Fibonacci
- There are positive MACD divergence 4 hours, 1 hour and 15 minutes. Table.
- MACD in 4 hours or 1 hour chart is presented.
- The price is well below the central pivot point for the day in an area. Buy
- The price is above the 200 EMA on the 4 hour chart and 1 hour, but the 200 EMA on the 15 minute chart.
- Price on Fibonacci 50, 62 or 79 back (the last top and bottom).
- His decision is not about the various layers of resistance as a precedent, without significant turning point up or down, or Fibonacci level.
The most important lesson of all.
The application of this list failsafe strategy can participate in. However, the number of trades Forex trader, here is an important lesson learned -. waiting patiently for a high probability setup can be a lot of pressure on the mental resources of a Forex trader and emotional strength.
do. This is probably the most important lesson to learn new forex trader needs. Using a safety checklist, because it can slow the forex trader in a thorough technical analysis indicators busy, and really start moving as a trader.
Why print the list of integrated security control and keep it next to your computer for viewing before pulling the trigger on any trade?.