Let the market come to you | Trade with an edge | Focus on the process not results

Let the market come to you is the key of success

Identify support and resistance level in the chart by using Fibonacci retracement tool or Pivot point tool. Find out a reversal point using combination of three tool (Fibonacci retracement + RSI + Moving Average). Then find out where should you take an entry with tight stop loss (SL). You can use the pending order (Buy Stop / Sell Stop or Buy Limit or Sell Limit) in the Forex trading. Let the market come to you then take a trade and do the same strategy every time. Don't change your strategy frequently.

You should always take a trade with stop loss (SL). So find out the tight stop loss to get better risk to reward ratio. You can use 25 to 50 Moving Average for a stop loss (SL) and 25 Moving Average for trailing stop loss (SL).

For giving best Stop Loss (SL) you can find out no of swing position from where you want to take a trade. For example: a closest swing position of your trade is called 1st swing position and lower of 1st swing position is called 2nd swing position and lower of 2nd swing position is called 3rd swing position and so on. So if you are going to a buy trade then give a SL just below of 2nd swing position. If you do not understand this then please make a comment and I will definitely try to give a good answer. 

Before taking a trade you must think about Money Management or Risk Management and Risk to Reward ratio.

Lets take an example.

Here, I have used 5 indicators in this chart. 3 moving average ( 21MA[white], 180MA[blue] and 365MA[red] ), RSI and a Fibonacci retracement and some dynamic supporting tool. Time Frame is H4 means 4 hourly chart. You should always see the higher time frame and small size lot (1-5 cent) for taking a trade in Forex to become a success. Fibonacci retracement or pivot point is the best Indicator I think. But for double, triple confirmation you can use both or all together.

Most of the time if 180MA[blue] belongs below of 365MA[red] then probability is down trend and vice versa. Make sure you are checking 4 hour chart. Most of the time chart reverses after touching 180MA. You can back test to trust me.

Remember, don't be hurry to take a new trade (You can hurry to cut loss). Always wait and wait and wait and let the market come to you is the key of success.

Trade with an edge

Say you always take Risk to Reward 1:2 or 1:3 means you book your stop loss at 1 and take profit at 2 or 3 as double or triple. Check if you trade with the same rules 50 times or 100 times then what may happen. Think, you are tossing a coin 50 times or 100 times and tell means 1 stop loss and head means 2 take profit. Say, 30 times you have got tell out of 50 times and rest 20 times you have got head then what will be the result. 

30 x 1 = 30 loss

20 x 2 = 40 profit

Finally 40 - 30 = 10 (Net Profit)

Focus on the process not results

First Learn -> Test Demo with live data -> Review How many trades you have done -> understand if loss happened then why and if profit happened then why

Question everything

Before taking a live trade always ask yourself question everything 

• Is it right time to take a trade? 
• Should I wait for this level?  
• Have I checked market trend?
• Am I taking proper lot size using money management?
• Have I checked day and weekly chart? etc.