The second point on my list ties into the first somewhat:Stop closing trades early!Again, patience is key. It is so easy to see some profit and think that the price is about to go against you. Leave it and see what happens. Perhaps move your SL to break even if this works for you and if the market has retested another resistance etc. but most importantly leave your TP where it is. Hopefully there is a reason you put it there in the first place? Trust that. There is nothing more frustrating than closing a trade early and then watching the price continue in that direction afterwards. Some people like to have 2 or 3 TPs. This is fine but know this before hand and not as an excuse to take some early money. Part of the reason for this point is because I have found I would never seem to want to close losing trades early, so over time this bad habit would become a very expensive one.
Take Profit methodologyRisk:Reward ratio. Take the SL, and multiply by a given factor.Fibonacci Levels. Typically, when entering divergence based signals on higher timeframes, you will be at the tail end of a Fibonnaci retracement, and TPs can be based on the usual levels.The strategy can be utilised across multiple time frames. For trading on higher time frames, there is a strong argument for building into your positions. i.e. When price moves in your favour by a set amount, add a position at the current price, and move the SL to the last entry level. Process can be repeated several times, up until the movement has exhausted.
Here's mine:I am on the edge of a winning streak, so trying to remain stable, rather than become overconfident and reckless. I want to be a consistent winner, not just a "boomer and buster". Part of that is avoiding the winning streak -> become reckless -> losing streak cycle.Not compulsively checking my trades. I have this kind of urge to check my trades even though there is no need to. I'm becoming more aware that that drains my energy, and feeds an addiction to random rewards on a smaller scale. Whether my trade is a few more or less pips in my favor, I get a little "hit" from that. So today I only checked the charts when it would be necessary for trading purposes.
Lets wait for the opportunity.
Just want to see how many people can relate to this. I personally trade on the 1H and 4H charts and stick to the major pairs, last week there were strong trends across a lot of the pairs and trading was good, but I'm getting stopped out on almost every pair this week because everything seems to be in a reveral or going sideways? Does anyone else feel like the market conditions are not great this week?
#3 CharacteristicsPast 3pm GMT (11pm SG time, once the European session ends), the Forex market goes to sleep. Liquidity and volatility tend to drop, resulting in slow price movement and the possibility of prices being range bound.This phenomenon is particularly felt on Friday’s afternoon sessions where traders across the globe shift their focus to non-trading related activities.So, go out with your friends or spend time on your hobbies on Fridays, the eve of major public holidays (in Europe and the US), and on the holidays!
#5 Which Pairs Should You Trade?You guessed it! You should focus on the pairs with a larger range and trade those.Again, expect a volatile shakeup due to incoming reports. ConclusionYou have learnt that there are opportune moments to trade Forex. You know when to trade and what to expect, saving you from potential heartaches and frustrations.You also know which days to stay away from trading; to go out and have some fun instead. After all, life is meant to be enjoyed too.
Living in Southeast Asia and have a day job? This trading session is for you! While you have settled down at home, traders in USA are only starting their day.#1 US Session Trading HoursWhen the traders in Europe return from their lunch, the traders in America (mainly in New York) start their trading day. This is at 12pm GMT (8pm SG time).This overlap in market activity contributes to higher volatility and presents opportunities to make money.Due to its leadership in world trade & global economic policies, the US session is one major financial centre that markets pay keen attention to.
#2 ReasonsReason 1: Extremely high liquidity given that the European session is the most active Forex market in the world.Reason 2: Around 85% of all Forex transactions involve the USD.Reason 3: Most economic reports are announced near the start of the US session at about 12pm GMT (8pm SG time). As the US has a large influence on the world, volatility will be high at the start, providing traders with opportunities to make a quick profit.
From experience, I've come to learn that success in forex, doesn't matter if you're trading Forex, Synthetic Indices, Commodities or metals, comes through proper risk management and lot sizing. I've been doing synthetic indices for 2 years now and it's going on well. I've come to realize that the first few months were rough because I was greedy, using huge lot sizes etc until i learnt the secret of proper risk management and lot sizing.
Price target of $150 for EA. Recently, investment bank J.P. Morgan (JPM) initiated coverage of Electronic Arts (EA). J.P. Morgan has an “overweight” rating on the stock with a 12-month price target of $150, which indicates that EA is trading at a discount of 25% to JPM’s estimates.
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