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How the Pro’s Trade Using the CCI Trading System
How the Pro’s Trade Using the CCI Trading System
How the pro’s trade using the CCI trading system is very easy to understand. In this article, you will also learn about the CCI indicator and why it is useful in your trading. If you want to break from the crowd mentality and join the professional traders then what you’re about to learn next will grab your interest. Long-term profitability demands different types of trading skills that our CCI trading strategy PDF will reveal it to you next. You can also read Trend Line Drawing with Fractals.
One of the fundamental trading principles that our team at Trading Strategy Guides religiously follows is to trade in the direction of the dominant energy of the market. This is really important, so make sure you commit this to memory.
But how we determine the dominant energy of the market?
That’s where the CCI indicator strategy comes in and the price action as well.
Moving forward, we’re going to talk about the CCI indicator also known as the Commodity Channel Index; we’ll explain the theory behind CCI, and then highlight some real trade examples to show you how the CCI works. We also have training on how to use currency strength for trading success.
What is the Commodity Channel Indicator (CCI) indicator?
As you may guess by now, the only indicator you need to spot new market cycles is the CCI indicator.
The CCI indicator was created by Donald Lambert and was initially used to identify cycles in the commodity market. However, it tends to perform the same in the stock market or the Forex currency market and even the cryptocurrency market for that matter.
The CCI indicator strategy was really designed to find cyclical trends in the market and to be used as a bearish or bullish filter. The CCI is simply an oscillator indicator that moves the majority of the time between +100 and -100.
Technically, the way to interpret the Commodity Channel indicator is that a positive reading above +100 is a bullish signal and a start of an uptrend, while a negative reading below -100 is a bearish signal.
You have to keep in mind that technical indicators are just mathematical equations. However, the CCI is a leading indicator which means it doesn’t lag behind the price
A good trading tip on how to use the CCI indicator is in conjunction with chart analysis, which is the central theme of this CCI trading strategy PDF. Here is an approach to currencies by Warren Buffett.
Now, here is the way we’re going to use the CCI trading strategy PDF:
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How the Professional Traders use the CCI Indicator Strategy
The CCI trading system doesn’t look for overbought and oversold signals. You have to understand that when we’re above +100 CCI reading that is actually showing strength. In other words, the dominant market energy is to the upside.
Now, before we go any further, we always recommend taking a piece of paper and a pen and note down the rules of this entry method. Also, read trading discipline which is also a most important skill for successful trading.
For this article, we’re going to look at the buy side.
Step #1: Wait until the CCI indicator crosses above +100 level
When we get a CCI reading above the +100 level, that shows statistically the EUR/USD gained more strength than average and therefore great for buying opportunities.
As a leading indicator, the Commodity Channel indicator can provide us with excellent great trade signals.
When the CCI crosses for the first time above the +100 level that’s the signal that a new bullish trend is about to start or at least a rally will emerge from where you can extract sound profits.
We’re still not ready to trade yet.
There is one more trading condition that needs to be satisfied before pulling the trigger.
Step #2: Wait for a retracement and make sure that during that retracement the CCI indicator holds above the zero line.
Waiting for a pullback in price is a more defensive trading approach. However, you can also buy right away when the CCI crosses above +100. In this case, you need to make sure enough time has elapsed between now and the last time the CCI passed above +100.
We’re going to apply the more conservative approach and wait for a retracement and the CCI indicator to hold above the zero line during this retracement.
Here is the key.
We want to see a weak retrace in the CCI indicator that barely goes below the +100 level, but at the same time, we need to look at the price action retracing more than the CCI did.
We want to have strength to the upside if we’re going to buy EUR/USD and we want to see continued strength in the CCI reading when the price is pulling back.
When the retracement happens, it’s important for the CCI indicator to remain above the zero line. If the CCI crosses below the zero line during the retracement, we’re no longer interested in going long EUR/USD.
This is one perfect example of how to filter bad trades from the right trades.
Note* The less the CCI turns down, the more powerful the rally should be.
The next step will highlight the trigger for our entry order.
Step #3: Buy after 3 or 5 candles “worth” of retracement. Or, sharp Corrections are bought at the closing price.
Now, we’re looking for long trades.
We have two options for our entry strategy.
We either buy after we have seen the market pulling back over the last 3-5 candles or we buy straight away if we have sharp corrections.
The natural ebb and flow of the market are given by these short-term pullbacks that we’re going to use to trigger our entry.
If the retrace was weak, it means the dominant energy of the market remains up. The CCI indicator strategy reflects quite well what is happening behind the scene where the actual buying and selling pressure takes place.
This brings us to the next important thing that we need to establish for the CCI trading strategy, which is where to place our protective stop loss.
Step #4: Place your protective Stop Loss below the most recent swing low
We’re proposing a very easy strategy to manage your stop loss. Simply place your protective stop loss below the most recent swing low.
However, it’s important to also watch the CCI indicator for further clues of weakness, and if the CCI crosses below the -100 level after you’ve entered the market, you can close the trade at the market price if your stop loss wasn’t triggered in the process.
Last but not least, we also need to define where we take profits when trading with the Commodity Channel Index indicator.
Step #5: Take profit if CCI touches 200 or if CCI drops below the zero level. Whichever happens first.
We have two trading tactics to implement when dealing with exits.
The more profitable exit strategy is to take profits when the CCI touches the +200 level. However, since the market will only occasionally give us such big trading opportunities we need to have a backup plan.
As soon as the CCI indicator turns below the zero level, we want to exit our trade. The first sign that the rally is running out of steam is when the CCI indicator crosses below the zero line.
Note** the above was an example of a BUY trade using our CCI trading strategy PDF. Use the same rules for a SELL trade – but in reverse. In the figure below, you can see an actual SELL trade example.
Conclusion – CCI Indicator Strategy
The overarching principles of the CCI strategy can be applied to your own trading strategy as well. All markets move in cycles, so we recommend using the CCI indicator in combination with higher time frames as this will yield better trading performance according to our backtesting results.
If you got value from the CCI trading strategy PDF, please don’t be shy to share it with others. It feels good to do the right thing, so go ahead and do the right thing and you’ll have your heart filled with joy.
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The first thing you should know about Forex is that there is no holy grail in trading – there is no strategy or system which is guaranteed to profit 100% of the time. In this article we will discuss the two broad groups of trading tools that more or less classify all trading indicators available.
They say that all successful traders make profits differently, and that all losing traders lose the same way. This isn’t hard to accept, considering the variety and versatility of trading tools available to Forex traders, and at the same time, the mere handful of common trading mistakes that are possible to make. In order to be successful, every trader must take the time to try out different trading strategies and trading systems to see which one works for them.
The most profitable Forex trading system is made up of 50% of a strategy that you understand thoroughly, and the other 50% is a strategy that you can follow consistently with patience and confidence, which only happens when you trust the strategy enough to yield a return. Allow us to emphasise the latter 50% by directing your attention to one very important fact that might save your trading account one day. Most traders fail not because of the flaws in their systems, but because of the flaws in their discipline to execute it.
Strategy Building Blocks
At the beginning of their journey, a beginner trader will quickly discover that a rich pallet of tools are available in Forex trading. There is plenty of room for creativity. Sometimes, a trader will borrow a strategy in the form of predetermined techniques and styles, and then adjust it to their liking.
Most of the time, traders start from scratch, and gradually create their own mix of charting techniques, technical indicators, fundamental indicators, and trading styles. They will then continuously mould the strategy as they progress, perhaps adding new tricks or getting rid of what is considered to be obsolete. A strategy changes with the trader, the trader changes with the market, and the markets change with time.
Technical analysis is chart bound. It takes one of the Dow theory postulates as the premises – the market discounts everything. Whatever factor has an impact on supply or demand will inevitably be reflected in the price, and by extension, technicalists claim that it will be reflected on the charts.
Charts are made from the time/price field with the price action displayed on it as if on a plate, waiting for your interpretation. No matter which trading style you are using – long-term positional or short-term intra-day – everything starts with charting. This wasn’t always the case, but now what is considered the most favourable method of price action charting in the world, not only for the Forex market, is the Japanese candlestick. This method is around 300 years old and there are trading strategies based on reading candlestick patterns alone.
These strategies are somewhat subjective, since there is always a degree of disparity between the example pattern, and what you see on your charts. This leaves room for interpretation and decision making in the hands of the trader. As a side note, whether you want freedom in interpretation of charts, or you prefer algorithmic type trading that leaves no room for self debate, this is something you will have to find out for yourself as a trader.
Nobody else can do this for you. It may be worth mentioning that algorithmic trading is more instructional and rule based, and therefore possibly safer for beginner traders. Candlestick pattern based strategies may be used for various financial markets, and on various time frames. They are simple to understand as a concept, but often lack signal precision.
If not being the alpha and omega of your trading strategy, candlesticks and their variation, like the Heikin-Ashi, may prove to be a solid building ground. Now that your charts have the price action mapped out, let’s talk about your supporting constructions. In the foundations of price action trading lies an observation that the market often revisits price levels, where it previously reversed or consolidated – this introduces the concept of support and resistance levels into trading.
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Support and Resistance Levels
Support and resistance levels are less of a line defined strictly to a pip, and more of an area that can range from a couple, to a couple of dozens of pips in width, depending on the time frame you are looking at. Traders generally refrain from trading near S&R levels, as it is unclear whether the price will bounce off or break though. The most common, although not necessarily the most profitable Forex system that incorporates S&R is breakout trading.
When a breakout occurs and it is confirmed by a candle closing reasonably beyond a level – this serves as a signal that the market has the momentum to move further in the direction of a breakout. Besides the S&R levels, technical traders may use charting patterns like trend channels, triangles, or charting techniques like Fibonacci retracement patterns to assist them with price action prediction.
Remember that as the same chart may appear to consist of different patterns to different traders, it may also produce opposing signals, pointing towards the imperfections of the method. As for Fibonacci, techniques that include data from outside the market, like 23.6%, a seemingly random and irrelevant number explained neither by fundamental, nor by technical forces, are considered methodologically doubtful by some.
Retracement traders use Elliott wave theory as a basis that suggests the market moves in waves. After a significant move comes a smaller one, in the form of a pullback or retracement, as the price of an asset adjusts to its true trend. Anybody who has ever seen a chart will have noticed something similar.
However, claiming that Fibonacci ratios accurately predict the swings is very brave at least. As a beginner trader who is interested in looking for chart patterns, remember that the human brain is highly suggestive, and is wired to see regularity even in the most random data. Just because the brain sees it, it doesn’t mean it is really there.
The pinnacle of technical trading is a combination of two more Dow postulates – the market trends, and it trends until definitive signals prove otherwise. A trend is a market condition of the price action moving in one evident direction for a prolonged period of time, and if there’s one thing all traders agree upon, it is that the trend is your friend.
Financial traders are great fans of trend measuring and trend following, and they have a variety of technical indicators to support their strategies. Most of the indicators available on your trading platform, from moving averages, to the classic MACD and Stochastic, to the more exotic Ichimoku are all designed to point out whether there is a trend, and if there is, how strong it is.
Such traders always buy when the market is going up, and sell when the market is going down. They usually miss the beginning of a trend, and are never trading at the tops and bottoms, because their systems require confirmation that the new swing has in fact resulted in the development of a new trend, rather than being just a pullback within the old trend.
What neither trend following traders, nor their strategies like is ranging markets. A ranging market is like a horizontal trend, with the price action bouncing up and down within a confined corridor. There seems to be neither a bullish nor bearish trend at those times, and everybody sits tight until a breakout occurs, and a new trend develops and proves its legitimacy.
Trend Following Strategies
Trend following strategies, when followed correctly of course, are the safest and arguably the most profitable trading strategies out there. They perform best when used over the long-term, as trends take weeks and months to develop, and may potentially last for years or even decades. Being relatively safe, they can, in theory, yield an average of around 10-15% per annum. If you’re aiming to be a trend following trader you need to be patient, and make sure you have a lot of risk capital at your disposal.
Making $10 out of $100 will hardly satisfy your trading appetite, while making $1K out of $10K just might. Even if you are not aiming to be a technical trader, or a long term-trader, the concept of markets trending should be incorporated into your trading system, and if not as a primary action tool, then at least as an underlying market principle. Knowing which way the market is going in the long run never hurts, which is why even 15 minute intraday traders always check the bigger time frames before opening trades.
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Fundamental analysis, as opposed to technical analysis, focuses on the fundamental forces influencing supply and demand, as the primary price moving vehicles. Fundamental analysts claim that markets may misprice a financial instrument in the short run, yet always come to the ‘correct’ price eventually.
Despite fundamental analysis having close to nothing to do with the price action, it overlaps in a few areas with technical analysis. For example, both recognise the concept of the trend, and the importance of the key levels, albeit for different reasons. All in all, it is worth mentioning that the Forex market is mostly a domain of technical analysis, with fundamentals used as supporting indicators, or as a base only for a few extravagant strategies.
Fundamentals in Forex
Fundamental analysis was born in the stock market in the times when barely anybody on Wall Street even bothered laying price action on charts. Since there are no company balance sheets and income statements to analyse in Forex, currency traders focus on the overall conditions of an economy behind the currency they are interested in.
The only problem is that even though countries are much like companies, currencies are not quite like stocks. A company’s financial health is directly reflected in its stock price. Both improving and declining performance can be identified by fundamental analysts, which would help to predict how stocks should behave. For countries, however, an improving economic performance does not necessarily equal growth in its currency’s relative value.
Central Banks and Interest Rates
A central bank responds to a directive by the government and decreases interest rates to weaken the currency, thus making domestically produced goods relatively cheaper and stimulating exports. The economy improves, although the currency weakens. Next is quantitative easing.
When the interest rates are near or at the zero point, a central bank implements an aggressive monetary policy, aimed at injecting large quantities of money into a national economy, in the hope of improving the inflation, thus weakening the currency as a byproduct. In practice, however, it might lead to an increased outflow of the national currency offshore, through speculation on the markets, leading to deflation.
A currency’s relative value turns out to be a function of a great multitude of factors from national monetary policies, to economic indicators, to the world’s technological advancements, to international developments, and to so-called ‘acts of god’ that nobody could possibly see coming. For most traders, fundamentals forever remain the go-figure type of indicator – never reliable enough on its own to ever claim to be the most profitable Forex system.
That being said, the ingenuity of fundamentalists means they have developed a few interesting strategies worth researching for ideas. For example, news scalping is technically a fundamental based strategy, since a trader tracks down news releases and acts upon them.
A very seldom traded yet considerable market exposure, in addition to a leveraged account, as in this strategy, is the potential for a profitable Forex trading system, because it offers the possibility of swift gains in the hands of an knowledgeable/experienced trader. Another example are carry trade strategies.
These are long-term, low yield investments that work on currency pairs with the base currency having high interest rates, and the counter currency possessing low interest rates. This results in positive swaps that can accumulate through time to significant amounts. Please note that this style may require the deployment of your funds for long periods of time.
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There is one particular market approach available to fundamentalists that comes directly from the stock market. Its logic is this – if supply and demand is what moves the market, then it is the big player tapping the bases of the scales that moves supply and demand. Whether the market is bullish or bearish depends on the investment mood of the big players, and this is known as the market sentiment.
This concept is shared by all financial markets, including Forex. In stock, if the volumes are rising while the open interest (the amount of trades that remain open) is dropping, chances are that the market sentiment is changing, and soon so will its direction. Since the Forex market is traded ‘over-the-counter’, tracking the trading volume or measuring open interest is impossible in the way that it is performed on the stock market.
The next best thing to help traders gauge market sentiment is the ‘Commitments of Traders’ report for the Forex futures market. The CoT measures the net long and short positions taken by both speculative and investment traders – the market sentiment, basically – and is published weekly by the US Commodity Futures Trading Commission.
Following the CoT provides no precise points for entries or exits, but it does provide an idea of the mood of the market. To be specific, this method may be upgraded with methods of technical analysis, and then eventually turned into a potentially profitable long-term Forex system, that not only follows the trend, but also catches the swings.
There are many profitable Forex trading systems. Determining which one is the most profitable is impossible, as it really depends on individual preferences. How profitable a Forex system is depends on a variety of factors, starting with the trader, and ending with the market. Trending strategies perform poorly in ranging markets, and long-term strategies fail on short time frames. Aggressive traders can’t afford to wait for a month, while careful traders are unwilling to risk their money with day trading.
Using various tools, a trader is free to create their own strategy or customise an existing one, or both, having several strategies ready to be applied at their whim. Either way, a deep understanding of how a strategy works is always required, as well as the discipline to follow it. One can almost say that a Forex trading system is only as profitable as the trader using it.
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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Top 10 Best Full Time Forex Trader Trading System and Strategy
FREE DOWNLOAD FOREX TRADING SYSTEM – Top 10 Best Full Time Forex Trader Trading System and Strategy. Are You Ready to Become a Full Time Forex Trader? T
here is not a part-time trader out there who doesn’t dream of getting to the point where they can throw their day job to the wayside and trade currency from the deck of their pool. This is a legitimate fantasy that few will achieve, and for those that do it will be a hard road to get there. And below are Top 10 Best Full Time Forex Trader Trading System and Strategy you have to know;
Successful Forex Trader with Standard Deviation System
Easy and Accurate Standard Deviation Forex Trading System – How to Become a Successful Forex Trader. Anyone can get lucky trading forex a couple of times, since exchange rates can fluctuate up and down with roughly equal probability. Nevertheless, forex trading needs to be approached in a highly-disciplined manner in order to achieve optimum results over the long term in terms of consistent profitability earned by taking acceptable risks.
Standard deviation is an indicator that measures the size of an asset’s recent price moves in order to predict how volatile the price may be in the future.
It can help you decide whether volatility is likely to increase or decrease. A very high standard deviation reading indicates that a huge price change has just occurred, but that a decrease in volatility could soon follow. A very low standard deviation reading indicates the opposite.
Forex H1- H4 High Accuracy Trading System with Trendisimo Custom Indicator
Forex Trendisimo Trading System – High profits and accuracy Forex H1- H4 High Accuracy Trading System with Trendisimo Custom Indicator . This best and high accuracy Forex Trendisimo System with Trendisimo Moving Average, MACD Trend Period is very easy even for newbie trader.
Forex Trendisimo Trading System will spot the trend and fill your account with cash fast and easily. The three high accuracy indicators are the power behind this highly profitable and Simple to trade system. The signals are easy to spot and the rules are clear and easy to understand.
Correctly Identify Forex Trend with Renko Bar Chart and Momentum Trading System
High Accuracy Renko Bar Chart Trading System. I will tell how to Correctly Identify Forex Trend with Renko Bar Chart Trading System – You might be familiar with renko charts. These are simply boxes that are plotted when price closes an “x” number of pips above or below the previous close.
“Momentum” indicator in general refers to prices continuing to trend. The momentum indicator show trend by remaining positive while an uptrend is sustained, or negative while a downtrend is sustained.
A crossing up through zero may be used as a signal to buy, or a crossing down through zero as a signal to sell. How high (or how low when negative) the indicators get shows how strong the trend is.
The conventional interpretation is to use momentum as a trend-following indicator . This means that when the indicator peaks and begins to descend, it can be considered a sell signal. The opposite conditions can be interpreted when the indicator bottoms out and begins to rise.
Forex Trading with Forex Trend Channel Trading System
How to maximize profit and minimize loss in forex trading – Today we will learn how to use Forex Trend Channel Trading System with Momentum indicator to maximize profit and minimize loss.
It doesn’t matter what type of currency trading system you use these high profit Forex Trend Channel Trading System and 3 simple tips will help you increase your profit potential dramatically. These tips and trading system are easy to understand, easy to apply and even better will increase your profits dramatically.
Firstly we talk about “ Forex Trend Channel Trading System with Momentum Indicator “. If you’re a new trader who is trying to find the best method for trading, you may benefit from staying away up-front from reversals. Instead, trading can better be learned by first, identifying the major trend and second, finding trading opportunities within the overall trend. By finding trading opportunities in the overall trend, you can still have great Risk: Reward ratios without needing a rare sequence of event s are for a reversal to occur.
Finding trading opportunities within the overall trend is easy with Forex Trend Channel Trading System.
STRONG SYSTEM PROFESSIONAL Trading System
Forex Trading Tricks Of The Successful Forex Trader with STRONG SYSTEM PROFESSIONAL Trading System – The best traders hone their skills through practice and discipline. They perform self analysis to see what drives their trades and learn how to keep fear and greed out of the equation.
In this article we’ll find Forex Trading Tricks and Rules Of The Successful Forex Trader with STRONG SYSTEM PROFESSIONAL Trading System that will help you make smarter, more profitable trades, too.
- Choose a methodology and then be consistent in its application .
Before you enter any market as a trader, you need to have some idea of how you will make decisions to execute your trades. You must know what information you will need in order to make the appropriate decision about whether to enter or exit a trade. And FOREX STRONG SYSTEM PROFESSIONAL Trading System is a really accurate free forex trading system.
But, whichever methodology you choose, remember to be consistent . And be sure your methodology is adaptive. Your system should keep up with the changing dynamics of a market.
- Choose a longer time frame for direction analysis and a shorter time frame to time entry or exit .
Many traders get confused because of conflicting information that occurs when looking at charts in different time frames. What shows up as a buying opportunity on a weekly chart could, in fact, show up as a sell signal on an intraday chart.
Therefore, if you are taking your basic trading direction from a weekly chart and using a daily chart to time entry, be sure to synchronize the two . In other words, if the weekly chart is giving you a buy signal, wait until the daily chart also confirms a buy signal. Keep your timing in sync.
Most Accurate Moving Average TrendLine Trading System
Forex Trading System with a smart and reliable indicator of the trend lines True Trendline. MA TrendLine is highly accurate trend following forex strategy. The system gives you clear signals which will definitely help you to make best trades. Forex MA TrendLine hasn’t used any indicators that are hard to understand and that is confusing either. The chart looks very clean and professional.
Despite the fact that this system can be used on any time frame, time frame above 15 minutes is preferable since market is less chaotic in larger time frames. On the main window you’ve got three indicators.
Most of them are custom made indicator. There is an indicator which looks like bbands stops named as volty channel stop. A custom made moving average which is named as Vh. And even the charting types used in Forex MA TrendLine are custom made one.
Forex Trend Session Synergy Trading System with Momentum and Multi Time Frame Moving Average
How to use Forex Trend Session Synergy Trading System with Momentum and Multi Time Frame Moving Average to maximize your profits. Forex Trend Session Synergy Trading System is trend following and momentum strategies in forex markets.
Trend following and momentum strategies is a trading strategy used by many successful trading systems. Trend following trading is not very complicated in terms of rules. It can be quite tough in reality but the trading rules themselves are often not that complex.
The Multi-Timeframe Moving Average (T3 Moving Average indicator) is part of the Forex Trend Session Synergy Trading System. It will calculate and display a moving average using the bar interval, moving average type, length, and price source that you have selected. This allows you to plot moving averages based on a bar interval that is higher than your current chart interval. If you do not specify a bar interval then the moving average will be calculated in the chart interval. Multiple moving averages can be loaded into the same chart.
Trading Forex using Step Stochastic Trading System with Multiple Moving Average Indicators
How to Trading Forex using Step Stochastic Trading System with Multiple Moving Average Indicators . Regardless of how strong a strategy ever might be, it will never be 100% predictive of market movements. The future is opaque with or without a strong strategy.
A good strategy can simply allow the trader to focus on higher-probability setups and situations in an effort to win more money than they lose; so that they may be able to net a profit. And Trend Following is The Most Popular Strategy in all Financial Markets .
But, you shouldn’t have to think too hard about whether a market is trending or not. Most traders make trend discovery WAY too difficult. If you take a common sense and patient approach, it’s usually fairly obvious if a market is trending or not just by looking at Forex Step Stochastic Trading System with Multiple Moving Average Indicators .
Forex Parabolic MultiTimeFrame Trading System With TMA Slope Custom Indicator
Get 95% Accuracy and High Profitability with Forex Parabolic MultiTimeFrame Trading System – This is a Trend Following trading system. Tha Parabolic SaR 4 time frames indicator MT4 is the filter for entry position.
Sometimes you will cut out of a position only to find that it turns around and would have been profitable had you held on to it. But this is the basis of a very bad habit. Don’t ignore your stop losses – you can always get back into a position. You will find it more reassuring to cut out and accept a small loss than to start wishing that your large loss will be recouped when the market rebounds. This would more resemble trading your ego than trading the market.
Momentum Trend Channel Trading Strategy
How to Catch Forex Profitable Trends – Momentum Trend Channel Trading Strategy is mainly a trend following system designed for trading forex market. It’s based in volume, momentum, and trend channel (i-regression curve) stochastics candles.
Momentum Indicator : One of the key tenets of technical analysis is that price frequently lies, but momentum generally speaks the truth. Just as professional poker players play the player and not the cards, professional traders trade momentum rather than price.
If You Really Think You Can Do It
In the event that the financial gods are working in your favor and you can realistically pull out from your day job to focus on Forex, there are going to be a number of traits that you must adopt immediately to make it work:
- Risk Management : It is my strong belief that managing your risk is the difference between getting by with Forex and earning with Forex. This starts with never risking more than you can afford to lose. There is the obvious reason for this of course, but there is an underlying reason as well. When you stake too much money in one trade it will mess with your psyche and cause you to make irrational trading decisions. If you want to become a full-time trader, you need to avoid this by always managing your risk to reward ratio.
- Strategies and Journal Keeping : If Forex trading is to become your full time job, than you have to be professional about it. Just like an accounting firm or stock broker keeps careful notes of their transactions, you need to do the same. Take your time formulating strategies and keep track of your progress in your trading journal. This will keep you in the mindset that your Forex trading is indeed serious business.
- Emotional Distance : A full time trader must have a mindset that is strong enough to allow them to remain emotionally unattached to their trades. Part of this goes back to managing risk, but part is also tied into other emotions such as greed and anger. Revenge trading after a loss is one example of this that can quickly lead to accumulated losses.
- Patience : Above all else, a professional trader has to be patient. You need to know when it’s a good time to just sit back and wait out a storm, even if that means not trading for a few days until the markers line up right for you.
You should always have a buffer if you are going to make Forex your full time profession. This will help protect you during those times when the risk is too high to be making trades. You are better off to make use of money you have set aside during these times than to risk a big loss by making a risky trade.
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