Winning systems are build on tight budget management, to stay for a long time in business try to keep your leverage below 1:30. understand that you are not a robot don't take too many trades. Leverage of 1:20 will automatically restrict you from opening trades larger than 2% on a 20 pip stop. Put a stop 20 pips away and lose only 2% or less, now that's big room for your trade.
Book writers will tell you to be selective but not explain what that means for you, to trade successfully you need a constant variable that won't change through out your trading.
Your constant variable is how you confirm your entries, each and every setup you trade must occur at the trend line. It's fine if the pullback is at the trend line, at-least you can grab 20 pips and get out before the market changes.
step one : load up your chart
Depending on what makes you comfortable but it's better to use three screen sets, for daily swings open up the 1 minute time frame, 5 minutes and 1 hour time frames.
Step two : analysis
this process should take less than three minutes, mark the highs and lows on the one hour time frame to see market structure. Draw trend lines on the 5 minute time frame, see if the trend is going up or down. then look at the 1 minute time frame to see the speed of the swings.
Step three : Wait for setups - execute when they appear
In price action trading you will find very few setups, either you will see a pullback, or a complex pullback. these setups will make pips on trending markets.
On trading range markets you will find a break out setup, a test set up or a break out failure.
If you get the impulse that wants you to jump in even if you can't confirm a setup run away from the charts for a while.
Things you have to know - be familiar with candle stick charts, price action setups and chart patterns, know how to execute trades fast, know how to draw trend lines and identify trends
Access investor password (https://mailchi.mp/edaa00cf3c62/current-results-and-last-news?fbclid=IwAR1gyby1w5iMBz1j9uJ93VYh_hhRK7ySzuA6fVuX6qtpzP0YkT3szq5IJ2g) for results extracted from a robot using this strategy.
The heart of this price action system is with the overall management, keep leverage low, trade everyday but only when entries are valid, valid entries a backed up by the existence of a trend-line on setup areas.
Your faith will be tested when you have to wait for prices to approach trend line areas, because most markets will be in a trading range more than 70% of the day, but with discipline you can walk away with 20% a month. Discipline means you have to take any setup if its happening on the trend-line.
I will Follow this thread for a while to post price action entries.
There's no hype here, you are welcome to post some of the price action setups you caught.
Book writers will tell you to be selective but not explain what that means for you, to trade successfully you need a constant variable that won't change through out your trading.
Your constant variable is how you confirm your entries, each and every setup you trade must occur at the trend line. It's fine if the pullback is at the trend line, at-least you can grab 20 pips and get out before the market changes.
step one : load up your chart
Depending on what makes you comfortable but it's better to use three screen sets, for daily swings open up the 1 minute time frame, 5 minutes and 1 hour time frames.
Step two : analysis
this process should take less than three minutes, mark the highs and lows on the one hour time frame to see market structure. Draw trend lines on the 5 minute time frame, see if the trend is going up or down. then look at the 1 minute time frame to see the speed of the swings.
Step three : Wait for setups - execute when they appear
In price action trading you will find very few setups, either you will see a pullback, or a complex pullback. these setups will make pips on trending markets.
On trading range markets you will find a break out setup, a test set up or a break out failure.
If you get the impulse that wants you to jump in even if you can't confirm a setup run away from the charts for a while.
Things you have to know - be familiar with candle stick charts, price action setups and chart patterns, know how to execute trades fast, know how to draw trend lines and identify trends
Access investor password (https://mailchi.mp/edaa00cf3c62/current-results-and-last-news?fbclid=IwAR1gyby1w5iMBz1j9uJ93VYh_hhRK7ySzuA6fVuX6qtpzP0YkT3szq5IJ2g) for results extracted from a robot using this strategy.
The heart of this price action system is with the overall management, keep leverage low, trade everyday but only when entries are valid, valid entries a backed up by the existence of a trend-line on setup areas.
Your faith will be tested when you have to wait for prices to approach trend line areas, because most markets will be in a trading range more than 70% of the day, but with discipline you can walk away with 20% a month. Discipline means you have to take any setup if its happening on the trend-line.
I will Follow this thread for a while to post price action entries.
There's no hype here, you are welcome to post some of the price action setups you caught.
