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HOW TO TRADE A SESSION START?What to expect before Major Session kicks in (Session start) This is probably the most common type of trading - "Start session breakout" But, as you can see, what also is very common - whipsaws are so common, and due to lack of money management, the beginning of the session can be very disturbing, and it also can be the end of trading for a current day or even end of trading career for some. It all happens because of over expectation and lack of understanding of what to expect. Ok so 3 major things to know before the session opens, (I would consider GB and US opening and European closure) Where the price is relatively to levels. Are there any news coming out within 1 - 1,5 hours What is a trend direction? Normally when big markets are opening, it gives the impulse to price movements. The exception is when the news are coming out right after the market opening, in this case the volume will flood the market during or after the news. So nothing special will happen with the market. Breakout entry - is something what traders are mostly interested in, as the easiest approAch that can give some good returns, but if the price is in a tight range, here's what traders must know: in 90% of situations, thee most volume will be on the opposite side of the breakout, meaning that stops on the opposite side will be triggered first, before the price will break towards the original direction. The price position in a relation to trend will help to deicide the direction of the set up. Always think from both sides, and remember, that if You had a bn to trade with, you would never buy when the price is high, and sell when the price is low!. Dedicated to your better mornings!!!
by Marenno
3
HOW NOT TO GET A MARGIN CALL?HA-HA, I think I can hear what you're saying now about money management, and about my words. But look, to be consistent in profit we must do a couple of things on a regular basis. 1 Follow our system or a trading approach with no excuse - to keep the statistics. 2 Not to be afraid to trade, when we see a signal. 2 Use our stop losses without any excuses, and no matter what you think: - oh , the volatility is high, so the stop loss I will double in the amount of pips - oh, the news are coming today, will use what the news will say without a stop loss at all - I'm a bit late with the entry, will use a wider stop loss. etc. etc. well, we all have been there, all of the professional traders, all of them. thoughts, mistakes and other things :) Guys, the journal you need for your statistics, of what works and what is not, and your work is to follow what works. Basically, those who used limit orders have made some on Friday, those who used a proper stop loss probably even made some money back, but those who didn't use a proper money management are staying with hope over the weekend, and others are thinking, why did I do that. Didn't want to be rude or something, just want to call everyone with a word DISCIPLINE!!!! always think before!!!
by Marenno
2