Why you need a solid Forex trading plan

At first, this name of the article might seem to you odd. Why the heck will I need a plan when I am clearly winning trades with my guts? I am not a master, but also, I have not got the time to plan my trade. It is only the foolish and scared people who carry a notebook and plan their trade. Forex trade is about taking the risk to make the profit. Isn’t it?

We do not know whether to feel pity for you or laugh at your word. Forex trading is all about planning. The more advanced your planning are, the more cutting edge benefit you got there in your plan, the more money can make from Forex. From the beginning, we have been telling you only a little number of people make money in Forex. In percentage, the number is only 5%. Do you think these 5% people trusts their guts and make random decisions to come home with their money? You are wrong. They only make money because they have a master plan.

Importance of planning in Forex

To make money: It is the nature of Forex that you need to have a plan in order to make money. Without making a winning strategy, you cannot win money. It is as simple as that. You like the smell of dollar bill, you got to have a plan. Even pickpockets also have a plan who to pickpocket, why won’t you have a plan then?

To separate yourself from the other traders: As the forex traders make a lot of trades each day, there is a high possibly of winning always. It is like that simple math of possibility if you are going to hit a door with the ball in your hand, in 20 times the probability of hitting the door is 7 times. If you don’t have a plan, you can still win, but at the end, you will have lost money, like all the other traders in the online forex live trading.

Modify your existing strategy: Don’t stop planning if you have made a strategy out of your trading experience. There is always a chance of improving. Modify your strategy, improve it, build a better version. 10 dollar is more worth than 5 dollars. If you look at the professional trader then you will see that all of them use a single trading strategy in the market and modify it be assessing the trading performance in order to do better in future. Unlike the novice traders they have strong confident in their system and they trade the market with solid risk management factors and trading plan.

Summary: Master plan is the brainchild of success. The more you have a successful and practical plan the better chance you have to become a professional trader in the forex market. If you are relatively new in forex trading then make sure that you are educating yourself first before starting to trade with real money since it needs a clear understanding about the financial sector to make money in trading.

Amazing six tips to enhance your forex trading career

There are many different ways of doing certain things in the world. Techniques and strategies vary completely from person to person. The better you know about certain things the better you become at doing the assigned task. This also applicable to forex trading. If you are involved in forex trading then its highly imperative that you how to trade the market with the extreme level of precision. Most of the professional traders of CornèrTrader brokers are making a profit since they have educated themselves about the forex trading. If you truly want to become a professional trader in the financial industry then you must know about all the details of the foreign exchange market. In this article, we will give you five tips which will greatly enhance your trading performance.

Use the key support and resistance level: Most of the novice trader sin the financial market trade the minor support and resistance level. It’s true that if you use the minor support and resistance level in the market than you will have more trading opportunity. But trading the minor support and resistance level will never give you the best setups in the market. So try to draw the key support and resistance level in your chart using the trading tools available in your trading platform.

Trade along with the long term prevailing trend: Most of the novice traders in the financial industry often ignores the long term prevailing trend in the market. They remain focus on catching the tops and bottoms of the trend. But as a trader, you should always use the long term prevailing trend in your technical analysis. Always make sure that you execute your orders in the market in favor of the last prevailing trend since it will greatly increase your winning percentage in the market.

Focus on high quality setup: Most of the retail traders in the financial industry over trade the market. They simple trade each and every single setup in the market. But as a trader you should which setups are good and which setup you should ignore. Always remember that a single high-quality trade is thousand times better than a bad trade in the market. Unlike the novice trader, the professional traders always focus on high-quality trade execution. They take their trading decision based on the major three types of analysis in the forex market while the novice trader use the technical analysis skills only. But in order to take the best trade in the market, you need to use the fundamental and sentiment analysis along with your technical analysis result.

Use price action signal: Price action trading strategy is often considered to be the most advanced form trading. All the professional trader use price action trading strategy since it gives them the better winning edge in the market. There are many differ types of price action confirmation signal in the market. As a trader, you should learn the highly reliable candlestick pattern and trade them in the key support and resistance level. And before executing any trades by using the price action confirmation signal make sure that you are not trading against the long-term prevailing trend in the market.

Use multiple time frame analysis: Multiple time frame analysis is often considered to be the most advanced form of analysis in the forex market. But if you really want to have a solid knowledge about the financial market and trade profitably then you should learn the art of multiple time frame analysis. By using the multiple time frame analysis techniques you will be able to filter many bad trades in the market and most importantly it will increase your winning edge in the market to great extent. All the professional trader do multiple time frame analysis in the higher time frame and execute their orders in the market based on their result.

Manage your losing trades: Managing the losing trades in the market is very crucial for successful forex trading. Most of the retail traders in the forex market fails to achieve success in forex trading since they don’t know how to manage their losing traded in the market. But if you look at the professional traders than you will see all of them are expert in managing their losing order sin the market. So before you execute any orders in the market make sure that you proper risk management factors. As a trader you should assess your own risk management factors. And if you truly follow perfect risk management factors than trading will be extremely easy for you. And try to embrace your losing orders in the market since it’s a part of trading.

Control your emotion: Controlling the emotion is one of the most critical parts of the trader career. As a trader, you should trade what you see not what you believe. Never trade the market with emotions. If you have few consecutive losing orders in the market don’t get the freak out and try to recover your loss immediately. Rather you should control your emotions in the market and wait for a better trading opportunity.

Summary: There many methods of trading the financial instrument today’s world. In this article we have discuss top six steps that every traders should follow in order to remain profitable in forex trading. Always make sure that you trade in favor of the long-term prevailing trend in the market and don’t execute any orders in the market without following proper risk management factors. Risk management factor is the first thing that every traders should consider before they take any trades in the market.

 

Which one is the best trading strategy for you?

In the Forex market everything happens according to the rules and as traders, it’s your responsibility to maintain discipline in the market. It is the key factor of trading the Forex market. When you are trading the Forex market it is important to select the best-suited strategy for you, sometimes selecting the best strategy can be the hardest task of trading the Forex market. If the strategy is back tested and you are confident about the strategy then it will be the best way to trade the market. A lot of traders do not understand that in trading the Forex market it is important to maintain discipline and a successful trading plan, without a trading plan it will be as if walking in the dark.

The selection differs according to individuals

The strategies will differ according to the people, all the traders will not select the same strategy it depends on the personality and the best strategy which suits YOU. A good strategy for someone else can be the worst strategy for you. A strategy which is rejected by others may be the right one for you, so selecting the best strategy for your trading depends on the experiments you do. You should experiment the Forex trading strategies then you will be able to categorize the good strategies which suit you and avoid the bad strategies which do not suit you.

All-time favorite Forex trading strategies

There are certain Forex trading strategies which are considered as the all-time favorite. These strategies are used in short to long term time frames. If you look at the professional traders in the live currency market than you will notice that every single one of them use different style and techniques but yet makes a decent profit in the market. To be precise you need to find the best possible trading strategy which suits your personality. So let us have a look at the brief description.

The scalping strategy- these trades are for a few minutes, and the scalper will consider the bid spread and obtain profits before closing the trade. The scalpers usually use the tick charts. If you are aggressive traders than you can easily make lots of money in the live currency market by using the scalping strategy.

The day trading- these trades are exited at the end of the day, so it reduces the risk of overnight adversity. These trades last just for few hours. The majority of the professional traders in the financial market are day traders and they earn a stable income by trading the live assets in the market.

The swing trading- the swing trades are held for few days and it finds profits in the short-term fluctuation of price. A swing trader checks out the bars for every hour of half hour. However you can check the trading chart at your desired and preferred time during the day.

The positional trading- this is, of course, finding profits from the larger fluctuations in the price. The traders would normally check out at the end of the day charts. But some position traders in live currency market often holds their trades for more than one weeks or even months but in order to become a position trader it is highly imperative that you have a large trading account.

The price action strategy is one of the main

The price action Forex trading strategy is one of the main strategies. It is also considered as one of the best from of doing the technical analysis in the market. When it is about the technical analysis there are two styles such as the trend trading and counter-trend trading. So as a price action trader you should always try to trade along with the long term prevailing trend in the market.

Summary- In order to trade the Forex market successfully you cannot use someone else’s trading strategy instead you should find your unique strategy, which means you should experiment the strategy and then decide whether it suits your trading style. The Forex market is something complex so if you are in such market you should be intelligent enough to trade it. Intelligence will not come out of the blue so you should seek for it. We have helped you by providing certain strategies so it eases your search.

Patience is the key to finding the best trades in the market

There are many methods of trading the financial instrument in the market. If you are relatively new in forex trading then you might be spending hours after hours in front of the trading desk to find the best possible trades in the market. But if you look at the professional traders than you will notice they never spend hours after hours in front of their trading desk to find the best possible setups. Trading the financial instrument is just like doing any other business in the world. In order to make consistent profit in trading, you must trade the live assets with strong patience. In this article, we will discuss how patience will reward us with the best trading opportunity.

Price action trading strategy: Price action trading strategy is considered to be one of the most profitable trading strategies in the financial world. If you are relatively new in forex trading then you might find it a little bit difficult to trade the live asset in the market with price action confirmation signal since you will need to wait for a long time for a decent price action setup. So if you don’t have strong patience in the financial market you will never be able to execute high-quality trade setups in the market using price action confirmation signal.

Helps to trade the retracement: Most of the time the forex market retraces a little bit before it moves in favor of the long-term prevailing trend in the market. Most of the professional traders in the financial industry always execute their orders in the market in favor of the long-term prevailing trend with minor retracement of the price. So it’s highly imperative to show patience to trade the minor retracement of the price. If you look at the professional traders than you will see that the traders even wait for a week for the retracement to be complete in order to execute their trades in the market in favor of the long-term prevailing trend.

Helps to ride the winners: Most of the novice traders in the financial market often fails to make money in online trading since they cut their winners in the market very fast and let their losers run long. But if you truly want to become professional traders in the financial market then it’s highly imperative that you let winners run long in the market. If you look at the professional traders than you will notice that every single one of them in the market rides their profitable trade in the market as long as they can to maximize their profit. So in order to become a profitable trader, you must do so in the market.

Summary: Forex trading is not at all easy but once you master the art of trading it will be extremely easy for you. If you truly want to secure your financial freedom by trading the live assets in the market it is highly imperative that you follow proper risk management factors in every single trade. And always make sure to trade in favor of the long-term prevailing trend since it will greatly reduce your risk exposure in the market.

Amazing facts about Hull Moving Average

The traders use the moving averages to calculate the momentum and find the areas of the support and the resistance. The moving averages normally calculated by the average value of the security’s price for a certain time period, the results will be a smooth price fluctuation. There is a weakness associated with the moving average calculation because the average is calculated by the information on the price. The past information on the price will cause lag in the current price activity when moving average is being calculated. If you are in the Forex market it is a must to know all the possible detail related to trading strategies, the pros and cons are also important when trading the Forex market.

The Hull Moving Average Indicator (HMA)

The person called Alan has found the Hull Moving Average Indicator. The Hull moving average indicator is important because it improves the price fluctuations and also the moving average’s price lag. The Hull moving indicator achieves these by calculating using the square root of certain time period rather than using the real time period.

The pros related to HMA- the HMA has more timely nature and because of that the Hull moving average indicator is useful for finding out the turning points entry and exit of trades and also it act as the filter to decide the next move. There are limitations in the Hull moving strategy but still, it improves the curve smoothness plus reducing the problem of price lag that involves the average.

The cons related to HMA- the weakness of the Hull moving strategy is that the moving averages tend to overshoot the current prices so the traders should be aware of it. Also, Hull moving average cannot be used to decide the crossover signals. The reason this technique seeks to eliminate the lag.

The main ways to use the HMA

The changes in the slope of a hull moving indicator will help you to sell or buy currencies. In HMA if the slope climbs up then get ready to buy. When this happens you should enter the market and buy or place the orders. You should check the pending trades above the candlestick’s high. In HMA if the slope points down then you should get ready to sell. In such situation, you can enter the market and try to sell or place orders. You should check the trades below the candlestick’s low. These are the main ways to use the HMA.

Summary- the Hull Moving Average Indicator is the fastest and smooth average indicator. It also eliminates the lag and smoothing the price at the same time.  So we can call it as something which is reactive to the price action. When you are in the Forex market it is important to learn and have the complete knowledge in the strategies of the Forex trading strategies. So can you understand the importance of suing these strategies?  If you want to trade like a pro then it’s a must to be aware of the whole market.