EUR/USD ANALYSIS: 09/ 09 - 14

FOREX SIGNAL AT MQL5

Forex Trading: Plan the trade and trade the plan

Forex trading is an art and a science and it is difficult to win in this game no matter  how good you are.
TRADING PLAN OF FOREX TRADER

It is difficult but it is not possible. 

There is one thing, we have to accept in trading is the uncertainty. we can only follow the trend by analyze the past price reaction by using technical analysis, fundamental analysis, and sentiment analysis.

It is like any business, we have to prepare before we actually do trading. The plan of trading will give us some rules to follow if something happen.

If the plan is not right, then we already have the stop loss for it.

It is not luck that we win or loss. But rather, the acceptance of the trading risk.

I always have my plan for every trades I trade follow the protocol below:

step 1: analyze the pair you want to trade
- identify the trend: up, down, side way by using my System, chart patterns, indicators, candlestick patterns, fundamental analysis, and sentiment analysis

step 2: trades set up (stop loss, target, for entry price use average dollar price for better price)
- using previous top, bottom, fibonacci level, pivot, trendline, for stoploss and target price.
- using stop, limit order and lesser time frame for good entry price
- calculate the trade's size = (equity * %risk) / (abs(entry price - stop loss price) * 10^5) (k lots)

step 3: money management
- determine the risk for each trade
- long term < 2% equity
- short term < 4% equity
- it is very difficult apply the risk for each trade because I usually become over trade, over risk.

step 4: trade management
- watch the indicators, system if the trend is as the plan or not
- adjust the plan if there is news
- if the trend as the plan, move stoploss to break even or lock in profit

step 5: always have a plan, journal for each trade
- the plan and journal will help me know my mistakes to learn and improve it.

Finally, apply your plan and make it simple because it is. Accept the risk because there will be no 100% win. There will be time when all my trading plan is not work out.

Always keep thing moving forward and work hard.

FOREX SIGNAL AT MQL5