Ok so I thought it would be a good idea for us to try a group trade. Complete the process of selecting, reviewing, entering managing and most importantly closing a trade as a community. Who is in?
Here's some steps for us to do?
1) select time frame - was thinking we should look for trades that will last days rather than minutes, so perhaps 1hour chart and greater
2) select pairs - stick to the 10-15 main pairs
3) establish approx S/L range in pips
4) look for risk vs reward ratio of at least 1:1
5) establish entry rule, price action, indicators etc
6) enter trade
7) manage trade with expected break even target, take profit target etc
8) close trade
Hopefully by completing this process as a group we can all learn something together. We can fast track our trade management experience and discuss our emotions of fear and greed.
happy for other steps to be introduced and for others to suggest the pair to trade and the setup
all I ask is that we are respectful and try to educate each other. Any suggestions on trade setup
hopefully we can enter a trade in the next 24-48 hours
* I have not mentioned money management or lot size as this is a personal decision for each trader
Here's some steps for us to do?
1) select time frame - was thinking we should look for trades that will last days rather than minutes, so perhaps 1hour chart and greater
2) select pairs - stick to the 10-15 main pairs
3) establish approx S/L range in pips
4) look for risk vs reward ratio of at least 1:1
5) establish entry rule, price action, indicators etc
6) enter trade
7) manage trade with expected break even target, take profit target etc
8) close trade
Hopefully by completing this process as a group we can all learn something together. We can fast track our trade management experience and discuss our emotions of fear and greed.
happy for other steps to be introduced and for others to suggest the pair to trade and the setup
all I ask is that we are respectful and try to educate each other. Any suggestions on trade setup
hopefully we can enter a trade in the next 24-48 hours
* I have not mentioned money management or lot size as this is a personal decision for each trader