Forex Traders: I Want to Call you Up

Forex Traders

Forex Traders please respond

Recently we have been asking Forex traders to look at some important elements in their trading that will help them become profitable traders.  In the last week we have looked at Forex  trading systems, Forex trade size, and also taking profit early in your trades. The reason we have been focusing in these topics is because that we have noticed that execution of the forex trading plan is what is causing traders to fail in trading. The purpose of this article is to call up forex traders and ask them to make a commitment to be more diligent and disciplined in following thier trading plans. I know for me it has helped tremendously when someone will shine some light on my areas of weakness to enable me to overcome in areas of my life.  So that is what we are going to do today, shed some light on Forex Traders weaknesses.

Forex Traders Challenge:

I require three things for from you they are listed in bullet format below:

  • I am asking for everyone that reads this post to make a commitment to yourself and to your trading.
  • I am asking that each trader that reads this post writes a complete trading plan- if they want they can share  that plan here in the comments below.
  • I am asking that each trader make a declaration in the comments that they desire to become better traders and that they will have a trading plan and will follow that plan.

On the Path to becoming a profitable trader:

Now that you are serious about becoming a trader you will start to see the impact that has on your trading.  Also following your trading plan will help you to see whether or not your strategy that you setup actually works or not. I will be posting my trading plan on the blog in a couple of days which should help you come up with a guide in your own trading plan if you do not have one yet. I have also posted a trading plan in the past.

If you take a step and take action you will find great improvement in your trading.

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Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

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  • Thanks for sharing perry very useful.

  • Matt, 

    Thanks for the comment, I am 35 Matt and I want to retire from one thing to do another. I believe we should always working it gives us a purpose and keeps us alive.

    I am 35 I wrote that two years ago. 

    Please keep us upated on your trading plan and how it goes.

  • Perry Mazza

    Hi Matt,

    I use a daily pivot template. The  support and resistance data paints automatically on my hourly charts each trading day. The key is to respect the levels for the current day and the two prior days. As for entries, I’m always looking for exhaustion candles (small bodies and long tails) at, near or across one of the pivot points. This indicates a possible reversal of an up or downtrend. The candle color does not matter.  I look at the pivots as walls and assuming my analysis is correct, the next pivot point ( 3 day period) is the guaranteed profit zone. Price will almost always go there. When correlation is in play, it’s amazing how often all 7 pairs will move in the same direction (eur, ej, gbp,aud & nzd paired with usd) and the opposite direction for (cad & chf paired with usd). So instead of trading one pair for 20 – 30 pips profit, I can achieve as much as 10 – 20 times the number of pips across all 7 pairs; however, I exit all pairs at negative 200 pips. 

    Perry 

  • Matt Barker

    Hi Perrymazza, if you don’t mind sharing I am wondering what pivot points you use? Do you mean the daily, weekly, and monthly pivots? Or is this referring to something else? Thanks!

  • Perrymazza

    My Trading Plan: I  trade on the hourly charts every single day. I look for exhaustion candles (reversals) at the pivot points across 7 correlating pairs (eurusd; eurjpy; gbpusd;audusd;nzdusd;usdcad;usdchf). At the close of each hourly candle, I do my analysis on all the pairs and determine trend continuation or possible reversals and  which is the leading pair(s) and which is the lagging pair(s). I then enter all pairs at the same time (batch trade with a hot key) and exit all pairs together when one or more reaches their respective pivot point. With regards to pivots, my template plots 3 days of data so  I am mindful of the support and resistance points over a 3 day period. Rather then a fixed stop loss, I exit all pairs at my threshold of negative 200 pips; however, by trading all the correlating pairs together, I frequently achieve 150 – 500 pips in a single day. Finally, I always trust my analysis and size my batch trading properly; and if there is anti correlation, I stand aside until the market corrects. Other then candlesticks and pivots, I don’t use indicators except for MACD to look for divergence or hidden divergence.

  • Matt Barker

    Hi Casey,

    I would like to state that I desire to become a better trader, I do have a written trading plan (written 6 days ago), and I will follow that plan and make changes when I see a need for that.

    I went back and viewed your previous trading plan video and was impressed with your desire to retire at the age of 40. If you don’t mind revealing this, how old were you when you wrote that plan and how old are you now? Is this still one of your goals?