Home Foreign exchange trading master set of trading programs foreign veteran driver!

# Foreign exchange trading master set of trading programs foreign veteran driver!

Before read cashback forexg th cashback forex calculator Online article, there are a few points need to be clear: 1. cashbackforexpipcalculatorn the world of foreign exchange trading, there is no "treasure trove", "secret" cashbackforexprofitcalculator other things key is whether you can survive in this field for a long time, otherwise you cashbackforexcalculatorOnline be eliminated 2. Do not attempt to earn a 20% yield, this is not possible if the monthly 20% yield, your initial capital is $1000, then six years later, your account turned over to$ 1 billion only salesman will tell you the monthly 20% yield, do not dont be fooled by these words 3. I have 23 years of trading experience on Wall Street, and I have experienced all of the above, so I want to emphasize that at first, I thought it was interesting to communicate with other people on Internet forums, but when I really experienced it, I found it meaningless, how can someone be so boring, like to exchange some useless things on the forum soon, I realized that the original In the past 23 years, I have worked for eight different firms on Wall Street, and my job was to trade for high net worth clients on their accounts. As a trader, I was just one of the many "mini ATMs" in the "market ATM". Well! Its normal for you to be skeptical, which means your trading level is higher than the average trader in the market, which also means you can understand this article better than others and other dogmatism, simplicity is the highest rule of forex trading. Step 1: Money Management is the Only Way Many people will say that there are many different ways to "strike gold" from forex trading, but these people are wrong, in fact, there is only one "path to gold" - In 23 years of working on Wall Street, I have never seen anyone make money in the market the second way. You have to develop a good risk-reward ratio because you want to make sure that even if you lose money, you end up making a profit. In my recent email to traders, I told them to go long GBP/AUD Here is a screenshot of the email: The trade ended up with a profit of 472 pips, closing at 1.8997 with a stop loss distance of 78 pips, which means the profit can be 6 times the risk, even if I have 6 single losses of 78 pips each, then I am still in a break-even position but not every trade can be that profitable Most of my trades are Small losses, but I only need one or two large profit orders, you can offset the losses, the final is still profitable the following is a monthly summary of my trading list: you find a lot of small loss orders? At the same time, you will also find one or two large profit orders, I have a lot of single are losing, but the end result is a profit of 593 points no matter what, to do this is not easy, because if you lose 5 trades in a row, or even 10, you still have the courage to trade the 11th single? Most people dont! This is why most people are losing money If you understand this, manage your money well and plan to execute, you will eventually succeed Step 2: Use the naked line chart The following is a demonstration of the error: Can you see any results from the above chart? In fact, the market is simpler than many people think price action exists in a semi-predictive pattern price will always move up and down slightly before quickly breaking to form a trend the rest is nothing many people like to use some complex indicators or analytical techniques but in fact, even Wall Street itself uses some indicators, technical tools, are failures when the oscillation trend is over, all you have to do is to form a trend before This often means a lot of small loss orders for very few big profit orders The following chart is the chart you should look at: The top chart is a naked bar chart, very simple and clear, no extra stuff I usually only look at monthly, weekly and daily charts Here is an example of a daily bar chart: In this chart, the highest, lowest and closing prices of the day are shown The case of the top chart indicates a closing price higher than the opening price, and the bottom chart is the case where the closing price is lower than the opening price: Step 3: determine the market stage traditional experience shows that the market has only three stages: up, down, oscillating as follows: However, in reality, this is not the case the market will only go through two stages: from down to up, from up to down this is the key to making money is to determine when the market will be ready to reverse, once you seize the moment, you will be able to make a fortune, of course, before you There may be a lot of loss single so how do we determine what stage the market is in? Step 4: Find the "historical precedent" when I judge what stage the market is in, I will start to find the "historical precedent" - historical price data in the same trend, so as to Historical precedents" are not new, they are covered in many books, but most traders fail to use them correctly, and the patterns in price history are meaningless in themselves. The first is the double top and double bottom pattern, which is very simple. In the double top pattern, the price forms two highs and then, falls below the neckline to the downside. In this case, the "head" is higher than the "shoulders" on both sides, which indicates that the price is trying to break upwards, but the breakout fails and the price will then go lower. Risk management Here is an example of a downward triangle pattern: However, sometimes you will find that before the price rises again to a high, the price suddenly falls: The fourth type is the cup-and-handle pattern and the inverted cup-and-handle pattern This pattern is an extension of the double bottom and double top pattern, and I personally like to trade with this pattern very much The chart below shows the double bottom pattern of spot gold: I still remember this single in gold, and then it rose sharply: the What pattern do you see??The price is finishing for a while, but sooner or later it will break the oscillation. Keep a low risk position and you will eventually make a big profit. Precedent to confirm this pattern next into the next step 5: reversal signal must remember that you can not put the transaction at risk, each step given above you have to carefully confirm, do not trade at will  "reversal signal" is divided into two kinds, one is the key reversal in general, if the price of a new low, but the closing price is In addition, I also want to emphasize that if the market is not consistent with the stage and pattern, then do not use the "reversal signal" in your trading The second type of "reversal signal" is the "internal reversal signal", which is a signal of a narrow range of movement on the daily chart. It looks like nothing, but if you look at it in conjunction with the market stage and pattern, it is very useful. The price runs like a spring, just like when you press a ball in the water, once you release it, it will bounce back quickly. The next step is to make a new high or low (compared to the previous trading day) before entering the market. For example, suppose all the conditions are in place and we are ready to make a long order we will find: Great! There is both a key reversal and an internal reversal signal, which strengthens the possibility of going long. Heres what to do next: If the price breaks above the previous sessions high, then my stop buy order will automatically trigger. Waiting for the price to break out and make new highs In addition, it is necessary to set a stop loss, stop loss is to control the risk once the transaction is done wrong, it is not so much that you will lose a lot of money This method also applies to short sales, as follows: the following chart is a chart I made, covering each step I talked about before, you can quickly review: these steps are a systematic, can not be separated, must be integrated to take advantage of Step 7: When to close the position This is a difficult question to answer, there is no hard and fast rule, I usually watch the market trend to confirm when to leave the market I will always pay attention to my orders to see whether there is the possibility of further profit, if not, I will close the position, or reduce my stop loss level I will close the position when the price goes to the key support resistance, but sometimes will do a little Adjustment prices are dynamic, so you also need to be a little flexible if you close the position too early, then you may be very regretful, and this is the real difficulty even if I give you a list of my entire trading process, you may not be able to make money why? Because it is very difficult to integrate these steps, you need a lot of practice you may experience numerous failures, but you must go through this painful process