In forex trading, the price formed actually complies with the mechanism of buying and selling forces in the market. Therefore, there are certain levels that are indirectly agreed upon by traders as a price reversal point, namely when selling strength weakens (while buying strength strengthens) or when buying power weakens (while selling strength strengthens). These price reversal points are called Support and Resistance in forex
How To Trade
Execute your trades in 3 Easy Steps!
Step 1: Trade Setup
- Entry Buy = If daily open market Above Line PIVOT or can Price has touched and closed the candle above Resistance1.
- Entry Sell = If daily open market Under Line PIVOT or can Price has touched and closed the candle above Support1.
Step 2: Set Stop Loss
- Stop loss BUY —-> You can set stop loss on Line Pivot or Support1.
- Stop loss SELL —-> You can set stop loss on Line Pivot or Resistance1.
Step 3: Set Take Profit
- Take profit BUY —> Touch in price Resistance1,Resistance2,Resistance3. or you can use trailing stop.
- Take profit SELL —> Touch in price Support1,suuport2,support3. or you can use trailing stop.
If you are looking for ways to do daily trading to make a living, one important component is how you manage risk. As Larry Hite rightly stated, “Throughout my financial career, I have witnessed examples of other people I know who have been marred by failure to appreciate risk. If you don’t take the risk carefully, it will take you. ”
You need a system that ensures you have enough to move, while maintaining enough capital so that you don’t have to go back to your daily work.
A good system revolves around stop-loss and take-profit. This allows you to plan ahead and prevent high emotions from taking control of the decision.
Stop-loss – This is only the price at which you will sell shares and take a loss. This will erase your survival in hopes that it will return.
Take-profit – This is the point where you will sell shares and take profits. This will help you maintain that profit, by allowing you to sell before the consolidation period.
If you trade to make a living, consistent and stable profit is the goal, which will require a consistent disciplined mind. As Victor Sperandeo emphasized, “The key to success is emotional discipline. If intelligence is the key, there will be more people making money from trade. ”
This might sound right now, but when you get $ 2,500 on the phone and you have been staring intently at the screen for the past six hours, keeping fear is not easy. An effective way to limit your emotional responsibility is to use as much technical assistance as possible.
Keeping your emotions under control will require practice, many mistakes and even more mistakes. However, a neat trick that helps many traders is to focus on trading, not money. Take from experienced trader Alexander Elder, “The aim of a successful trader is to make the best trade. Money number two. ”
The number of human trafficking days to make a living since 2014 has increased. Is this realistic? The answer is, it entirely depends on your ambition and commitment. It will not be easy. But, if it suits your work style, you choose the right market and you use the tips mentioned, then you can be one of the few who win.