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How it can be managed using FXRecommends trading skills 1 - 10

Discussion in 'Forex Trading Room' started by fx-recommends, Jul 11, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    FX Recommends

    1: First of all you should know that the future is by god's will and the door is always opened for some luck strikes can help you or tackle you from time to time.
    2: The money in your account is always floating and it is on your anticipation and you always exposed on your experiences.
    3: The market fundamentals such as the data or the comments can change the current market sentiment and by the way changing the best to buy and the best to sell and this can be against you or by your side. You should evaluate this change and try to be involved by its side.
    4: Do not open a new position on a spike or a dip during the trading day as it is on the current market sentiment forming a trend and it is not on data. The trend can persist and you may not get out on the correction you are looking for. In the same time, it can be a good chance to get along with the trend.
    5: As it is the same market sentiment and there is no change, it is preferred to keep your own position as it is not the suitable time yet to take profits.
    6: Try to avoid the thin trading times. The market moves in a side way and it is to be mixed and there is no clear direction and this light trading generally helping correction.
    7: Appreciate the resistance and the supports and the instrument movement when it touches it. It is mostly to face strength with the first touch but the second touch can come with an end to these strong levels. No need to remind you that the support becomes a resistance and the resistance becomes a support on the breaking. Most of the stop loses are there and the option barriers breaking can give much more strength to this base.
    8: Do not look for these spikes or dips to trade this can waste real chances in the market to take much controllable risk on.
    9: The chart you trade on should have the historical resistances and supports and this should be by pointing them out on the long term charts such at the hourly charts if you are a day trader and then you get to the shorter one to draw your intraday lines of the trend and strong levels that you should appreciate in your actual trade and this help you to determine your target and your stop loss clearly and the expected period of time of your trade.
    10: Try to be with the pulse waves and avoid the corrective waves. The pulse wave is faster and longer and you can choose the average points on its retracement easier and reasonable and also your cut loss point.

    Best Wishes

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

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