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FX Recommends - Trading Skills 41-50

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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    41: Please take care of the continuation signs inside the trend anticipation for further persisting of the trend heavily is better than anticipation for a correction from it and if you have done this for the correction please close your stop loss to the average as much as you can and do not hesitate to close your loss and this is the speculation for the correction and it is mostly uselessly especially as there is no signs yet of the reflection. You make money mainly on these continuation signs safely. They are many and reliable most of the time especially as there is no sign of the correction as strong resistance or support level tackles the trend for a long time relatively to your trend.
    42: You may like to make an average before triggering your stop loss. You can do but close on the stop loss of the prime position and consider the average your last hope before the stop loss triggering no need to move your stop loss especially if you have had already a high used margin can be 20% of your account.
    43: When you want to determine your strong levels on the chart (the supports and the resistances) try to choose the most experienced ones which show you end of the bars on meeting them to be accurate as the strong level clears to your decision especially to take your profit or to place your stop loss or even to average on meeting it with a close stop loss order on breaking it.
    44: When you take your average position you should appreciate your stop loss place as each average position has its stop loss place. It is normally to close your stop loss place to your new average entry to reduce the risk. It is preferred to stop your loss waiting for the change or the strong level to anticipate. The average decision can be ok if it is near the strong levels and reasonably.
    45: Do not run behind your loss just trade normally and leave this to your high amount of success percentage to come back above your loss. It is better than using high leverages. Your stop loss tactic is very important to reduce your loss for better chances catching up with better market condition than the loosing one you are at currently before the cut.
    46: It is better to speculate on the next expected move than waiting for meeting the support or the resistance for making an average. However it can be good to close your position on your target at the strong level meeting and you should take care that breaking this level is a continuation sign.
    47: You should be light on your speculation on a corrective wave with a closer stop loss.
    48: Try your best to choose the best to buy and the best to sell abstractly.
    49: Please try to be with the current market sentiment as long as you do not face a resistance and you see the market going with you. Taking risk at these circumstances is preferred but you should always have a stop loss place and a care of the resistance you can face to get out.
    50: When you trade in the Asian session, please take care when you trade crosses as the JPY is the effecting not the USD. So it is preferred to buy or sell the JPY on its trend or its current sentiment. It means that if GBP is weak and JPY is weak GBP JPY can go higher mostly for instance.
    Best wishes

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

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