Forex trading strategies macduff
- 06.04.2021
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Unfortunately, this method tends to give you the test first before the lessons.
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Since banks have huge appetites, this means you can always find a buyer and seller for any sensible trade you wish to make. The big banks that make up this forex network are called market makers for apparent reasons—they literally created the market—and they are spread across 4 major forex centers: Tokyo, Sydney, London, and New York. Since these centers span all time zones, traders have hour access to the global forex market and can trade whenever they wish.
Take a look at the most popular UK forex brokers. Exchange rates are influenced by a plethora of factors. The image above illustrates some of the main factors you can look at to analyze forex price changes. For example, a huge infrastructure project in a developing country is a sign their currency might be worth more in the future, so traders buy it and its price goes up quickly. Politics are very important here too. Trader Sentiment — If enough traders think that a currency is going bust and start selling—the currency will lose value dramatically.
Since you need a lot of money to make significant profits with forex, brokerages can lend you money through margin trading. This means you can borrow up to 10 or even times your account balance and make a trade. This goes double for the time we live in—fraudsters have become creative in the COVID era and thousands of unsuspecting traders have fallen for never before seen tricks. So, knowing how to avoid forex scams is key. These are companies or individuals who claim they can provide you with the latest price updates before everyone else gets them.
These rules need to be proven and clear. A trading strategy with a complicated set of rules can only make your trading more complex. Priority should therefore be given to developing a clear trading strategy with proven trading techniques. Now, how do you know that your trading strategies have proven to be profitable?
Well, this is where back-testing comes in handy. Go through historical chart data and test whether or not your trading strategy is profitable. Discretionary trading strategies make it difficult for a beginner trader to trade consistently, therefore while back-testing makes sure to add strict set rules to buy and sell. Tradingview provides a fantastic back-testing solution called Market Replay.
I highly recommend back-test on Tradingview. Also, make sure that you record every trade that you back-test on a spreadsheet. Have a look at our spreadsheet below. Have you noticed something about the above data? According to the test data listed above, we may conclude that this trading strategy has not proven to be profitable. As traders, what do we need to do in a situation like this? Jump to a new trading strategy.
This is the trading secret. Now assume that you have a killer trading strategy that is clear and proven to be profitable. Next, you need to write down your trading strategy in your trading plan while clearly describing your rules of engagement. And finally, you have to trade it on a consistence basis, while managing your emotions.
In reality strategy is actually very straightforward. You pick a general direction and implement like hell. Jack Welch 3. Emotions Are Always Present… Therefore, Instead of fighting against emotions, you should learn how to control emotion ups and down when trading forex. Now, where are these emotions coming from and messing up with your trading? Withing Yourself, right? What if you can observe and identify when these emotions are messing up with you, you can easily control them, and you can trade with emotional stability, right?
But, how to do this? Simply put, you have to identify emotions at an early stage or in another perspective, I would tell that you have to identify and act before that emotion gets to a point where you have no control. With that here are the 5 ways to control your emotions in different situations.
Select Situation — This is simple. You just have to avoid circumstances that trigger unwanted emotions. If you know that you are most likely to revenge trade after having a losing trade, then just stay away and focus on an entirely different activity for a few minutes and then come back. In a scenario like these, just simply adjust to the situation. As an example, modify the situation by thinking about all the profitable trades you executed so far and forget about this single trade.
It hurt, right? But in this kind of scenarios, stop worrying and compare your result with others. Not only for drawdowns, but this can also be applied to any problematic aspect you face in trading. Change Your Thoughts — This is simple, You just have changed your thought. You may not be able to change the situation but you can at least change the way you believe the situation is affecting you.
In the end, if it is a loser, instead of worrying about it, change your thought on how well you manage risk on that trade. That way at least you change the situation, right? Take a deep breath, maybe close your eyes or move out from your trading station to calm yourself down. There you have it, this 5 step approach is one that any trader can apply to the most trading situation that causes trouble.
Knowing the emotional trigger will help you stop the problem first. Being able to change your thoughts and emotions can create your confidence in your ability to cope. Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached… always keeping your eyes on the long-term picture. Yvan Byeajee 4. News Bring Noice For me, trading news is like rolling the dice and its pure gambling.
In the early stage of my trading career, I did try news trading in many different ways, in many different timeframes. Eventually, I ended up failing and but I learned two valuable lessons. First one is news bring noice to chart. News can turn readable chart into an unreadable chart.
Have a look at the chart below, Have look at the highlighted period and news releases. So be careful when trading with news announcements. The second lesson I learned is that Market news mess up with your decision-making process. Since news events create higher volatility price action behaviour, we as traders need to make a trading decision within a snap of a finger.
Not only that, but we also need to actively manage the trade as well. Sometimes news event never leaves a time to manage a trade. The best thing you can do as a trader is to stay away from the news. Trading effectively is about assessing probabilities, not certainties. Yvan Byeajee 5. A Well Organized Trading Journal is Your Best Friend After getting a series of trade losses or a drawdown, Trading Journal lets you view your trading in an analytical manner that eventually helps you make sound and rational trading decisions by clearing your cloudy thinking.
The main goal of keeping a well-organized and clear trading journal is to prevent you from taking impulsive trading action, which will ultimately result in saving you in unnecessary losses and drawdowns. Now, what is the best way to keep a trade log? Using a spreadsheet. This is the best way to do it.
One of the key benefits of using a spreadsheet is that it helps you to make different reports that offer a lot of useful details about your trading performance. We separated each section in our trade journal for easy readability. With that here is the Trade Details section where we enter all the data just after placing a trade. And next, here is where we stored trade entry and exit details. Finally, this is where all the outcome of the trades are stored, Through storing trade data in this way, you can easily review your past trades without putting a lot of Hussle into it.
Another advantage is that you can visually display your trading results using various chart metrics. Like using a Line chart to display your equity curve. So, do you have a trading journal? Let me know in the comment section.
Maybe I can help you to create a one. Next… 6. But, if we dig deeper, you should understand and, should be happy to get out of the market when the trade is no longer represent to be a profitable opportunity.
Related — The Art of Cutting Your Losses Short — Forex Risk Management Sadly, most traders, especially newbie forex traders, disregard the fact that how important it is to treat losers just like we treat profitable ones. However, on the other hand, successful traders, instead of ignoring losing trades like most traders do , they confront the possibility of being wrong, and therefore they know how to take a loss without hesitation on right time.
This is why it is so important to learn to love taking a loss. It sets you in an even better position to take on winning trades. When you genuinely accept the risks, you will be at peace with any outcome. Mark Douglas 7. There are some months with strong and precise price actions while there some months where the price actions move sideways leaving unreadable price actions.
So as Forex traders, we cannot filter out which month is going to be profitable, all we can do is go through every month as normal and executing trading opportunities when it present according to the trade plan while prioritize on managing risk. Therefore stop getting frustrated after having a negative month.
As long as you profitably complete the trading year, you can always compound your trading result and can grow your trading account into a big one. With that here is the percentage of the month by month graph in our trading account Money is just something you need in case you do not die tomorrow. Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness… Paradoxically and as an unintended consequence your trading performance will improve significantly.
Yvan Byeajee 8. Money management refers to the method of monitoring and planning the use of capital by an individual or a group. In personal and corporate finance, money management typically entails budgeting, spending, saving, and investing. Next, What is money management in forex trading?
In trading, Money management is a strategy for increasing or decreasing the position size to limit risk while achieving the greatest growth possible from a trading account. Note how both definitions focus on the growth of the capital not the downside of the capital. To protect your trading capital you can use the risk management, and money management is for geometrically growing your trading account.
There totally different as the earth and the moon. The main object of good money management is to focus on one thing alone, and that is account performances. Growth is slow and risk is low. Fixed Fractional — Trade 1 contract for every X amount of dollar. If X amount is large, the growth is slow and risk is low.
If X amount is small, Growth is geometric, and risk is high. Fixed Ratio — Use a metric called Delta, and use to determine when to increase and decrease the position size. Growth is geometric, and the risk is low. The best all-rounder among these 5 techniques. Optimal F — Use the optimum version of the fixed fraction from a set of trades. Growth is geometric, and the risk is high.
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