Earlier WE START WITH THE EXPLAINATION FROM THE STRATEGY RULES, PLEASE Accept THE TIME AND READ THE
Full general TRADING RULES.
TRADING PLAN
MANY TRADERS STARTS TRADING WITHOUT Whatever Programme. SOUNDS UNBELIEVABLE Merely IS UNFORTANLY THE TRUTH.
Program:
- WHERE YOU WANT TO ENTER A Merchandise ?
- HOW MUCH Money YOU ARE GOING TO Adventure ?
- WHERE You ARE GOING TO Exit IF YOU ARE Incorrect ?
- WHERE YOU ARE GOING TO Accept PROFITS IF You ARE RIGHT ?
- KNOW HOW MUCH Coin You ARE GOING TO Brand IF YOU ARE Correct ?
- NEVER Trade WITHOUT A PROTECTIVE STOPLOSS !
RULE:
DONT Merchandise WITHOUT A TRADE Plan !
Coin Direction
CREATE Fixed RULES HOW MUCH Money YOU WANT TO RISK PER Merchandise AND STICK
TO YOUR RULES. DONT Use A Chance FROM More THEN 5% PER TRADE !
RULE:
Employ MONEYMANAGEMENT !
PROTECTIVE End LOSS
Always Place A STOPLOSS WITH THE INITIAL Social club. NO MENTAL STOPS! MANY TRADERS SAY: „I USE MENTAL STOPS“ AND CHANGE THEM MENTAL WHEN THE MARKET GOES AGAINST THEM.
WITH A MENTAL Finish, AS SOON Equally THE Marketplace HAS GONE THROUGH YOUR Stop LOSS PRICE, YOU WILL NO LONGER ACT Absolutely RATIONAL. Now, Y’all ARE Most LIKELY TO MAKE A DECISION BASED ON Fear, GREED AND HOPE.
Rule:
NEVER Merchandise WITHOUT A FIXED PROTECTIVE STOP !
TAKING LITTLE PROFITS AND LETTING YOUR LOSSES RUN
A MAJOR MISTAKE FROM TRADERS IS TAKING SMALL PROFITS AND LETTING LOSSES RUN. RESULT FROM HAVING NO TRADE PLAN.
After ONE OR TWO LOSING TRADES, YOU ARE Likely TO TAKE SMALL PROFITS ON THE NEXT Trade Fifty-fifty THOUGH THAT Trade COULD TURNED INTO A LARGE WINNER.
RULE:
CUT LOSSES AND LET WINNER RUN !
AVERAGING UP/DOWN
IN FOREX WITH A LEVERAGE FROM 100:ane OR GREATER, AVERAGING A LOSS Can BE DISASTROUS FOR YOUR ACCOUNT.
A TYPICAL APPROACH IS THAT AFTER YOU WENT LONG AND THE Toll DROPS Downward; YOU MIGHT FIGURE THAT Information technology WAS A Practiced BUY Then, It IS A Ameliorate Now.
YOU MAY JUSTIFY AVERAGING Downwardly Past FIGURING You lot WILL HAVE A LOWER AVERAGE Price AND Require A SMALLER Movement TO BREAK EVEN. UNFORTANLY, Y’all WILL LOSE TWICE AS MUCH IF THE Market place CONTINUES AGAINST Y’all.
Rule:
NO AVERAGING Upward AND Downward !
OVER TRADING
TO MUCH OPEN TRADES WITH TO MUCH RISK IS A CLASSICAL Example FROM OVERTRADING. OUR RULE IS TO HAVE Just 3 POSITIONS (MAX) Open up AT One Time. THIS Greatly LIMITS ANY POSSIBLE OVER TRADING.
Notation:
OVERTRADING IS THE QUICKEST WAY TO BLOW UP YOUR Account.
RULE:
NO OVERTRADING !
NOT HAVING PATIENT
YOU Trade TO MAKE Coin, RIGHT ? You lot DONT Go MONEY TO ENTER Equally MUCH TRADES AS POSSIBLE. CHOOSE THE All-time TRADING SETUPS AND Look PATIENT WHILE THEY Come UP.
IST SOMETIMES BETTER Not TO TRADE Then TO Merchandise AND LOSING Coin.
RULE:
BE PATIENT !
DISCIPLINE
Information technology HAS BEEN OUR EXPIERENCE IN TRADING FOREX AND HELPING NEW AND SEASONED TRADERS, THAT THE GREATEST CAUSE OF LOSSES IS THE ABSENCE OF Cocky Field of study.
TRADER Demand A LOT OF Cocky Field of study !
THE All-time WAY TO Train YOUR Discipline IS MAKE YOURSELF WATCH THE MARKET FOR A WHOLE WEEK WITHOUT DOING ONE Merchandise. EVEN IF THE PERFECT TRADE COMES Upwardly DONT Exercise ANYTHING. THIS WILL Show YOURSELF THAT Yous HAVE Field of study TO Exist PATIENT AND Non TO TRADE.
RULE:
Exist DISCIPLINED!
PROFX STRATEGY RULES
BASIC RULES FOR ENTRY:
2) CHECK MAINTREND FROM THE 4 HOUR Chart. Merchandise WITH THE MAINTREND.
3) CHECK THE Economic CALENDER. DONT ENTER A Merchandise BEFORE MAJOR NEWS COMES OUT. (Gdp, NFP ETC.)
four) DONT TRADE HOLIDAY SESSIONS.
Basic RULES FOR PLACING THE PROTECTIVE STOP LOSS
Bones RULES FOR Exit
- Leave @ TAKE PROFIT: 100 PIPS FOR GBP/USD
- EXIT THE Merchandise
WHEN THE Indicate CHANGE - EXIT THE TRADE
WHEN Strong NEWS COMES OUT
AND YOU Accept NOT I IDEA WHAT Volition Exist THE Direction After THE RELEASE - EXIT THE TRADE AT
THE END OF THE US SESSION
RECOMMANDATION:
TRADE THE STRATEGY ane-4 WEEKS ON DEMO BEFORE YOU Get-go TO TRADE Live WITH THE STRATEGY.
ADVANCED STRATEGY RULES
WHEN YOU HAVE ALREADY EXPERIENCE IN TRADING FOREX, Utilise THIS RULES TO INCREASE YOUR WINNING TRADES AND YOUR PROFITS.
Cull THE Best STOP LOSS LEVEL
Wait TO SUPPORT/RESISTANCE, FIBS AND PIVOTS. Cull THE STRONGEST RESISTANCE OR SUPPORTLEVEL FOR THE STOPLOSS.
USE Trend CORRECTIONS
THE BASIC Rule SAYS. Trade WITH THE Tendency. HOWEVER, ADVANCED TRADERS CAN USE COUNTERTRENDS AND CORRECTIONS TO MAKE SOME EXTRAPROFITS. FOR THIS YOU HAVE TO DETERMINE THE TREND AND LOOK FOR POSSIBLE TURING POINTS IN THE Trend. (TRENDLINES, FIBS, PIVOTS) ENTER THE Trade WHEN A POSSIBLE TURNING POINT IS COMING Upwardly AND YOU Take A SIGNAL FROM THE STRATEGY. USE A TARGET FROM 50-100 PIPS.
GENERAL
WRITE A TRADE DIARY AND ANALYSE YOUR TRADES. DONT Sit THE WHOLE Solar day IN Forepart OF YOUR SCREENS—It IS MORE THEN ENOUGH WHEN Yous CHECK YOUR CHARTS EVERY FEW HOURS.
Source: https://forexwot.com/profx-manual-forex-trading-strategy-for-realistic-profit-targets.html
