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FX Recommends - Trading Skills 31-40

Discussion in 'Forex Discussions' started by fx-recommends, Jun 29, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    31: Please try to take the positions that can be kept over the mid and long term mostly. This can lead you to an earlier closing too.
    32: If your broker grantees the stop loss and the limit order you place, you can put your limits 15 minutes before the strong key data. If not then trade two, one against one put very tight stop loss if you placed the limits and if one of them has triggered in spite of you then place your stop loss directly to this triggered one and closer to the entry rather than the other untriggered one. If you find that you can not place any limit before the data remember again to make one against one and if one of them has stopped by its stop loss no problems as this means profits on the other part.

    33: If you want to anticipate before the data do not trade without a stop loss order.
    34: The profit taken is light and just one the spike the next wave is just when you see a consolidation after the profit taken and it is light again.
    35: No need to do average more than once according the same sentiment no need at all but you should just wait for this change of the current market sentiment. So try to be light and do not be in love with your positions if there is a clear change against you even if it had not made the negative impact against you yet but it is just threat you and form a new resistance against you.
    36: If there are more than one indicator are waited to be released in the same time and one came against the other then it is a good opportunity to take profits on the release that has moved the market directly.
    37: The technical indicators can help you to determine the over bought and over sold conditions and they are useful in the sideway market and they give you clear points to open new positions. But using the Elliot waves is much preferred when there is a clear trend persisting and it can give you reliable points to open your new positions too.
    38: Light trading increases the correction probabilities.
    39: Please take care after the big amount of profits that you should be always wise and do not increase your risk and keep your pace of risk as always and do not put much more risk to make profits in a constant way.
    40: You should be patient seeking for your hunt and the most valued hunt is the end of the corrective wave. When you are inside the trend and you have seen a consolidation. It can help you as it is to reach your trend line which can show you whether to get out or to have an end of this consolidation. So you should care of the trend line and the time line of the trend that you trade on. Mostly the corrective wave end is well known with strong reverse on reaching it. So wait for this sign. So the time is an important factor too and it is in need to your patience.
    Best wishes

    FX Consultant
    Walid Salah El Din
    E-Mail: mail@fx-recommends.com

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