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Possible GBP/USD Short PositionSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 Days Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will be rejected at @1.299 level and move towards the first Target 1 level @ 1.2835 FX_IDC:GBPUSD Trade Management Entered @ Sign up for details Stop Loss @ Sign up for details Target 1 @ 1.2835 Risk/Reward @ 3.3 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Possible Short Position CHF/JPYSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 Days Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will be rejected at @111.600 level and move towards the first Target 1 level @ 110.150 FX:CHFJPY Trade Management Entered @ Still waiting for confirmation. Stop Loss @ Still waiting for confirmation. Target 1 @110.150 Risk/Reward @ 2:4 Happy trading. Will let you know closer to the time if or when executed:) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Elements of a Successful Trading Plan 105SELF DEVELOPMENT/METHODOLGY/PSCHYOLGOY Elements of a Successful Trading Plan 105 5. Record Keeping Record keeping in Forex exchanging is similarly as critical as the exchanging plan and can incredibly expand the odds of achievement. In a perfect world, a person should keep some type of journal or diary to record every one of the exchanges he or she makes and their outcomes. By breaking down the records after some time, one can search for approaches to refine and enhance the exchanging plan for better outcomes. The diary, which is maintaining by the person, ought to become a precise record of each exchange he or she makes and needs to incorporate the accompanying data Recording the significant data at the season of entering an exchange encourages a person to adopt a deliberate strategy and guarantee that he is making the exchange for legitimate reasons – which is aligned as per the exchanging plan. After some time, he will develop a scope of information with reference to what prompts him to influence an exchange and this can be contrasted with the outcomes to see which techniques are working for individuals and which systems can be enhanced. A person can likewise utilise the data from the records to create certain insights about the exchanging, which can be useful while dissecting the exchanging history and searching for approaches to make strides. The accompanying insights, which are for the most part and are valuable to know: • Win Rate – The quantity of effective exchanges communicated as a level of all exchanges • Average Profits – The normal benefit of every single fruitful exchange • Average Losses – The normal loss of all losing exchanges • Net Profit – The aggregate benefits less any costs that are brought about • Top Currencies – The cash matches that give the best win/misfortune proportion and additionally the most benefit • Top Indicators – The signs used to settle on choices that have the best achievement rate Listed above is just covering a small handful of suggestions and somewhere to start:) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
Forex Trading Admin BoardSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Forex Trading Admin Board Over the past 18 years of trading the markets I have always had an admin white board next to my main desktop computer. This has kept me disciplined and methodical in my trading approach. I am very regimented and disciplined and I try as hard possible to limit the amount of errors in my trading. Below is a list of some of the elements that i have on my white board to prepare my self before, during and after trading the markets; 1. Economic Calendar events for the trading day (time, Asset and Importance of the news event) 2. Notes for the day ( What to improve on, how am i feeling,Goals for the day/week/mont, Mission statement, Date.....) 3. Monthly drawdown SOP 4. Risk per trade 5. Risk per capital 6. Individual checklist 7. Orders ( currently in or maybe coming up in the near future) 8. Watch-list ( any assets that may have a potential - Inline with my strategy) 9. and lots more.... I have an extensive amount of information on this board. Listed above is just a quick taste of what it in-tales. Please let me know if you any questions Happy Trading :)
TVC:GOLDEducation
by SMPTrader