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Forex trading profit examples of letters
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The motivation becomes a mix of many other emotions after failures, eventually giving up because they have followed bad advice. In this article, we will present an example of how a developed prop trader trades, the complete process on a developed algorithm based on indicators. Your future actions can be built on the same or give you an idea of what to aim for.
On the forex market scene, traders behave as the most disciplined soldiers. They have structure and procedure before trades are entered. This structure is the algorithm and the procedure is a plan. Even though beginners should start developing a concept by concept, in the end, they build a system. Each element has a role, and each element needs to be found, tested, and incorporated into the system. So as a starter, trading education is done in small steps. Consequently, you may lose sight of the zoomed out picture of the complete system put in action.
You should be familiar with the previous topics to understand what is really going on here, yet it is not required, it is also an intro into the forex trading end result. Note that the exact system elements will not be disclosed, and it does not have to be. Traders develop according to their personality, lifestyle, mindset, and psychological context. No trader system is the same, you will likely fail if a system is given to you.
If the need arises, there are already made systems you can download and plugin as a template in the Metatrader 4 and 5. Some other platforms also have this ability but you will find that availability is an issue. This example is focused on the daily timeframe only. Of course, you do not have to trade on the daily only, the system is good for all, it is just this system is designed for it. The benefits of the daily chart lie in a good life-work balance, trading sessions avoidance, and so on.
The daily timeframe is also a topic in one of our previous articles. Since this is a technical analysis algorithm, it is based on indicators. You probably know about the negative talk about them. Negativity comes from bad results with them and it comes from people who did not go beyond the popular indicators which are actually bad performers.
Pure Price Action Trading Another group against indicators are pure Price Action traders who rely on blank charts to make a decision. Some of these traders are the best in the industry although it requires a special psychological set to trade this way, it takes a long time experience to develop such skill and it does not prove to be better when compared to technical traders. However, Price Action traders still have a procedure and a plan, similar to our example. After all, our technical prop trader example does not spend more than 15 minutes to trade per day and still have better performance than shorter timeframe trades according to testing.
As per his words, you can spend a day trading on a minute chart or spend 15 minutes on a daily. Trading should not own your time, and you do not have to sacrifice results to do so. Each of the system elements has an article on our website. After you have tested them, classified them as the best, and incorporated them into your system, it is time to apply the plan and the procedure. Backtesting is a necessary prerequisite, and it is what you can work on when not trading.
Exploring interesting tools, methods and ideas are what you will do as a professional, it is how you stay at the top in this business. Testing them for your system is a must. Improper back and forward testing will cause future losses, be it by mistake or in purpose, forex will reflect your work.
The procedure for backtesting is explained in detail in previous articles, it is adapted to the system structure we are using but it can be applied to other systems. Technical Trading Our technical trader does not look at the charts until the day session is about to close. It is the time when all the day trading activity is recorded in one candle since we are on the daily chart. We have all the data we need to make a decision.
Depending on where you are or what is your broker server time, it can be during the working hours or in the middle of the night. If the timing is not convenient for you for various reasons, there is an alternative of course. You can trade a bit later the next day but using the data from the previous period or use pending orders instead of the market. It is our first information about the market conditions that affect our money management mode.
Markets move in cycles, from chaotic to calm. Flat markets do not have trends we need to produce the difference or profitable trades. Calm markets also lack the momentum to push the price and trigger our Take Profit after which we are safe from losses according to our system money management. This is a riskier environment so we adjust accordingly. Using the VIX levels we also set up exact rules on how large our position sizes are. Refer to our article about money management to know more about where we initially set up the Stop Loss and Take Profit orders and how it affects our position size entry.
The next step is checking the news events. We want to know if there is an event that can affect our potential trades or active trades. Such events are mostly classified as of high importance. Forex Factory is a good source for the events calendar where you have enough filters. Of course, some events are not reoccurring or recorded in a calendar, such as trade wars, Brexit, and so on, so you need to pay attention to these too. For example, we have avoided the GBP during the Brexit process, you cannot foresee a speech or some agreement result that has an immense effect on the trends, better to avoid this risk altogether.
If an event is due in 24 hours that is important, you skip on that currency. If you have active trades, you exit before the event. Tool Options Some traders like to customize their MetaTrader platform with a plugin tool like an indicator or EA that pulls the feedback from other sources about the upcoming events and see them on the chart.
These tools are not uncommon and can be found on forex-station. Avoiding what we cannot control is just as important as getting into the right trends. Note that trading on the daily chart absorbs any small impacts less important events cause. You can write down the currencies which have an event coming up if you do not want to import any MT4 tools and keep the list with you for the chart analysis step. If you like have a whiteboard with key info to consult before the charts are opened.
Write down your active trades here. You will have them visible on the platform but writing them down and putting them in front has a positive effect on your mind. The next column is potential trades. Here you can write down pairs that are very close to generating a signal such as a volume indicator lag clearance, possible continuation trades, and similar that require attention our system does not explicitly alert.
The trading plans are issued well in advance of the main forex trading session , then again after the main session activity stalls and the market is starting to consolidate. We also add special notes to describe the condition of the forex market. For example, if the market is choppy or mostly trending. The plans for any individual pair are in narrative form and are short and compact.
Each trading plan has a time and date stamp. All trading plans are for a minimum of pips of potential or possibly a lot more on volatile pairs, so the upside potential and risk reward ratio is sound. The pertinent news drivers is in red lettering as a reminder to check the news calendars for exact times when the market might be volatile. The rest of the market had mixed signals with some small pockets of movement. The GBP pairs are still pretty choppy. News drivers for the upcoming main session from the USD can be found on the news calendars.
Small movements on some pairs inside of smaller ranges. Good movement based on NZD strength after the news in the Asian session. After the NZD movements these pairs stalled into the main session. News drivers for the upcoming Asian session from the AUD can be found on the news calendars. About pairs are ranging but the ranges are pips which is too low for trading plans.
In the main session stick to strong heatmap signals only, or after the listed news drivers on the calendar, to consider any new trades. We would expect short term trades only tomorrow. One news driver is pending now from the NZD also, see the news calendar. These pairs were weak and dropped, but all of these pairs are inside support levels and small ranges on the smaller time frames like the H1.
No trend-based trades or breakouts today. News drivers for the upcoming Asian session from the NZD can be found on the news calendars. We think it will be one more day before several pairs start to break out into bigger trends. Tomorrow in the main session and after the USD news confine any new trade entries to strong heatmap signals only. We did not see any strong heatmap signals or any trend-based movements today.
Next major support starts at 0. Excellent upside potential. No strong news drivers on the calendar in the upcoming main session.
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