I am looking for assisatance in population of my website plans data and content.. Allot of information is on our facebook group and other websites and i need assistance compiling it and working with our development team.
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MANUAL TRADING SYSTEM
Do this on a day off or when you can monitor your trades and follow the rules.
Rules: Three Big Ones
Rule # 1: SMALL 5-10% ENTRIES
Here's why. Price bounces up and down between support and resistance all the time before breaking it. Example: On the 15 min time frame, the difference between S/R is ??? amount of pips depending many factors. If you cannot hold a 5-10% entry between Minor S/R then you will lose pips almost every single trade because you have zero patience and refuse give it time to come back.
Here is another way to explain this: Does Technical Analysis work? YES. (Best short term) Does Fundamental Analysis work? YES (Best long term) But fear, greed, news, terrorism, the weather and various other acts of GOD can and does blow TA and FA right of the water all the time. After the panic subsides, price will correct itself back to exactly where its supposed to be.
If you want safe trading, take ONE entry in ONE currency at a time and be prepared to ride out a 100 pip price swing without freaking out. Currencies are volatile. That's why people trade them. Negative 75 pips can be Positive 150 pips in 1 minute flat. Take advantage of it. I do.
If you are trading the Higher Trend, your trade usually comes back. If it goes past minor S/R then worry about it then and decide how to recover your pips. There is a way to do that. It's how I dig myself out of a trade gone wrong.
I open trades that go against me a few pips all the time and close them in profit the same day or next day in profit. I post many trades here and you know it's true. It is not that easy to catch the exact bottom or top of any trend,( The Wick ) major or minor. Having no patience will steal your pips every time. Look at the bigger picture: Thousands of traders are all trying to get the absolute best position. Your entries will always be a few pips off.
Rule # 2: KEEP MARGIN
Keep 50% margin until you are comfortable with your trades. If you use all your margin chances are you will lose your money and/or get a margin call from your broker.
Rule # 3: WIDE STOP LOSSES
That's a big can of worms right there. It goes against EVERY thing you have been taught right? You think it's the most foolish, dangerous thing a trader can do but thousands of traders use wide stop losses and I am one of them. Personally I think 50 pip stop losses are MORE dangerous and this is why I say that. Price routinely spikes 50 pips whenever it feels like it and whether there is news coming or not. It could be a bank or big trader taking some profits in the middle of the night on a holiday during low liquidity. You wake up stopped out on a 50 pip stop loss and wonder why. Just a few tight stops will wipe out your account. I use wide stop losses on every one of my trades have them.
The Downside: You will take a hit in a market crash but those do not happen every day so if that scares you....Never go long, always go Short with a 500 pip TP :-) and Market Crashes will make you very happy when they happen.
I use the HIGHER time frames using RANGE LINES, Support, Resistance, Japanese Candlesticks mainly. That's it. I zoom those lines right down into the 15 minute even 5 minute time frames for entry points because a line on a Daily chart can be 100 pips off on a 5 minute chart. Just because I post 5 minute charts, don't think I use 5 min signals. THAT would be stupid.
I take FAST PROFITS always and let some trades run all day or night. I set profit targets in the last highest candle body and NOT the wick. I try to buy/sell at the wick and take profits in the candle.
I do NOT use Lagging Indicators.
News / Session Changes: A good time to watch your trades is when High Impact news is being released because they can spike in your favor and you just hit the close button happy. Also, 1 hour before and after session changes because traders are taking profits etc.. which again can spike a trade in your favor.