Definitions Market Psychology: Forex Market Trading Strategies
Do you know that Forex is not as easy as many or even you think?
Is not another get rich quick scheme there is all around the web?
Look around you and you will agree with me that so many people have joined this wonderful Financial Career for so many reasons.
So in today’s article, I will be revealing my definitions market psychology, personal Forex trading secrets plus some of my never expose before tips on how you or any Forex trader can stop losing trading the Forex market from today.
MY PERSONAL TRADE SECRET TO NEVER LOSS AGAIN IN YOUR FOREX MARKET TRADING CAREER
1. TWO BEST CURRENCY PAIRS TO FOCUS ON: As a professional Forex market trader, over the years through my research and analysis, I found out that the best first currency pairs anyone like me can focus on to avoid another bigger trading loss are (EUR/USD AND USD/CHF) I say that because I noticed that these two currency pairs are inter correlating with one another.
Take a look at them you will notice whenever (EUR/USD moves up USD/CHF goes down.
This happens regularly and has happened over the years. Hopefully, you will find out.
2. TIME TO START MY DAILY FOREX TRADING: For me, Forex market trading time is a huge one because it’s a 24hours market. This means that there are plenty of times anyone can choose from because the Forex market never sleeps.
Here I will reveal definitions market psychology to you my best Forex market trading day time which is getting up early in the morning, Beginning with Meditation, Engaging in physical exercise, engaging in mental exercise and taking my breakfast which takes me from (9 am to 9:30 am) every day.
So my daily Forex market trading analysis, observation of the market trend and trading begin from (9 am – 10 am) my trading time is between (9 am – 5 pm) EST.
This is huge for me and us because it’s actually when the Forex market gets very busy in terms of volatility.
3. MY FOREX NEWS TIME TO FOCUS ON: For me, it is the news that controls the Forex market, it’s not your shinning technical indicators.
So learn to study and analyze the Forex market news so as to stay ready to grab more pips. from my trading desk (7am -8:30am), (9am – 10am), 11am – 12:30pm), (2:30pm), (4pm – 4:30pm), 7pm- 8:30pm).
4. MY TRADING LOTS SIZES: Trading lots sizes are much to choose from and it’s one of my money management key to also consider. But here I advise you to take it to step by step starting from (0.01 – 0.10) (0.50 – 2.0. etc) depending on your Forex trading capital.
Always remember never to risk more than 20% of your trading capital in a single trade.
I warn about this personal trading emotion.
5. READ THE FOREX NEWS BUT FOLLOW MORE THAN 3 TECHNICAL INDICATORS: Personal I love reading the Forex news but I also follow the price which is the trend.
I do this with the help of my Cashforex Technical Indicators because one Forex indicator is not good enough.
The forex technical indicators that I personally use are (CashForex Bullbear, CashForex Band, CashForex Support Resistance, CashForex Investor, CashForex Pipup) all these technical indicators give me more than 86% accurate profitable signal which turns into win-win trade situations for me.
6. TRADING WITH WATER: As a professional Forex trader one thing I never overlook in my daily Forex market trading is doing it all long without drinking more than 4 litres of water a day.
These help in keeping my mind and body hydrated and calm. I encourage you to practice drinking water while you trade as a Forex trader.
7. NEVER ADD TO A LOSING OPEN TRADE..( NEVER): My friend, if there is one thing I never stop shouting at my clients and students about is never to add on a losing open trade.
I SAY NEVER DO THIS… Think about it in a moment, it made me burn out more than 2 – 3 of my personal Forex trading account in less than 2years.
Yes, we all learn in a hard way but there won’t be any need for that anymore.
Never do this and I bet, you will see the turn around in your Forex trading career in less than 30days starting today.
What is the point?
You already have one or two losing open trade which you don’t even know when it’s going to return back to profit, why adding another to it?
This is if it will ever return. This is like pouring petrol into a burning fire then expecting it to quench or go off.
It looks like trading madness you know.
Think about why the major financial institutions never reveal to you why you never and will never make it in your trading career.
I (EXPOSE) definitions market psychology, this is one of your Forex trading loss habit that needs to be changed today.
8. EXIT AND CLOSE YOUR TRADE WHEN DAILY TARGET IS HIT: As a Forex trader, I personally set a trade or daily target for loss or profit.
I always have my (stop loss and take profit) in place to help reduce my trading risk management.
For me Having (SL/TP) helps in reducing personal trade emotions associated with personal fears. so I encourage you if your daily target is (3 – 5) trades a day (45pips – 75pips stop loss) and (45pips – 75pips take profit) when these targets are met please be discipline to close your trades for the day.
Be emotionless; learn to control your trade emotions which nobody will do for you. Only you can so learn to do it.
9. DO NOT OVER-TRADE: You see my friend as I mentioned earlier have your daily trade target in place so you don’t over trade or burn out.
Set your trade number (3 -5 trades a day) or (6- 24 trades a day). This depends solely on your trading time frame, trading plan, and target.
Having a personal trading plan and system will help you greatly to never over trade.
10. HAVE A PERSONAL TRADING PLAN AND SYSTEM: As a professional Forex trader, I encourage you to have a personal Forex trading plan and system. These will be based on your personality, attitude and character wise.
These could include, (currency pairs, lot size, stop loss, take profit target, time frames, trading hours, entering and exiting each trade.
One of my trading plans rules stated (Never trade against the trend, the trend is your friend)
But whether you believe it or not; never trade without any personal trading plane or system. It will help you greatly. Get (CashForex Bullbear Indicator)
11. DO NOT EXCEED 5 PM EST ON YOUR DAILY TRADE: My friend remember that I live in Europe so I talk from my Trading Desk and location Netherlands.
Going back to my previous point how I start my day and trading (9 am – 5 pm) EST. this is because of my region experience (London and Newyork) trading time hours.
The most volatile Forex market trading hours, the Banks are open and close between (9 am – 5 pm EST) so what is the point to miss out on these trading sessions? I personally notice that the Forex market trend slows down after 5 pm EST each day.
So this is my personal reason and point for choosing between (9 am – 5 pm EST) as my profitable Forex market trading hours.
12. NEVER TRADE WITHOUT STOPS: Yes I have warned you about this and stated this point previously as a professional Forex trader.
Never trade without stops. Stops here refer (stop loss and take profit) be wise never to make it too tight (be emotionless to this)
13. MAKE SEASONAL TRADE PROFIT WITHDRAWAL: What is the point of trading the Forex market without any profit withdrawal?
Most times it’s not as easy as we planned or said it, but learn to trade wisely and make seasonal trade profit withdrawal from your personal Forex market trading account.
Definitions market psychology, Be wise, don’t be too hard on yourself, This will greatly help you to learn how to trade emotionless and as well make daily trade profit with which you can withdraw on daily, weekly and monthly basis.
Learn to trade to withdraw, if you’re trading without making any reasonable profit withdrawal from your Forex market trading account, then stop trading and (get yourself a great exceptional Forex market coach)
what is the point of trading the Forex market without making profit withdrawal?
So here you have it all, my personal breakthroughs secret in Forex market trading on never to lose again in your Forex market trading career.
Talk To You Soon And See You Inside,
European Session Pip Earner And Coach
Helping You Financially
Author: CashForex Portfolio Trading Book.