Hello and welcome to another edition of the bulls vs the bears. Today I have a simple message. If you want to achieve humongous profits as a forex trader, you need to choose a trading strategy and perfect it. You need to master the trading strategy like the back of your two hands.
Your trading plan must reflect the trading process to the point where every trade must turn into profits. For you tom accomplish this feat find a strategy that you are comfortable and stick to it exclusively. Master the strategy completely to t he point where it becomes a second language for you.
How Do You Accomplish This?
- By mastering fundamentals such trade signals, trade entry stop loss, trake profit, e.t.c
- Make sure you are not distracted by any silver bullet or holy grail strategies. By that I mean strategies that promise fast profits but rather deliver black holes.
- Believe in your strategy to the point where your strategy becomes a force of habit
- Think process first , money second. Concentrate on enjoying the trading process for the profits to start flowing like a river
- Even more important, make discipline and patience as your mantra when perfecting your strategy. You can’t afford to treat the process like Russian Roullette . You have to approach the process like a sharp shooter.
But I don’t Know Which Trading Strategy To Start With
How about getting started with the beloved pin bar chart pattern. Let’s see how the pin bar looks like using the EURUSD pair.
Here we see the bullish pin bar pattern on the left and the bearish pattern. When you trade either pattern, make sure you look out for strong pin bar singnals with long protruding tails. The tails should stick out from the price action nearby. The tails should be so obvious you can’t miss them.
Practice with the most obvious signals so you gain some confidence trading these patterns and give yourself the opportunity to win a trade. Of course you must develop a trading plan. For better affirmation, you can print out these chart patterns to help decide which one to choose make your trade entry. Although they may looks slightly different, just remember that the pin bar has a long protruding tail, and it must have confluence with a key level, dominant trend or both. Don’t make it look like rocket science.
Now let’s look at a few examples of pin bars in action using the AUDUSD pair
Here we have a strong pin bar signal along the line of support. These signals are so clear you can’t miss them.And they had confluence with the previous trend. The risk reward you get on jumping on these price signals is huge. Once you make your entry along the halfway point of the second pin bar after a retrace down the pin’s tail you are good to go.
These patterns take about a month to form. So just exercise a little patience for these patterns to take shape. Once these signals come into view, you pull the trigger.
Now let’s look at an illustration of a counter-trending signal using the EURAUD pair
Take a close at the line of support on the far left of the graphic. You see a counter-trending pin bar signal as indicated by the left arrow. The pin bar has its classic protruding tail in plain view. I mean talk about acting like a peacock here. When you see this long protruding tail, it’s time to take the trade.
Notice the third signal(Black signal) at the second support. We see a major bullish surge thanks to the initial protruding pin bar right next to the first full candle. After a brief retrace of the portruding pin bar the bulls go for the jugular. Once you make your entry using a 50% retrace you are like to realize a huge 1:4 reward. This will definitely be good news for your trading account.
Now even if you miss the trade, you are likely to get a second crack at the cherry when this signal shows up a week later. It doesnt happen all the time. But when you spot this signal again don’t waste time. It’s like a shooting star. If you miss it you are toast.
That’s s wrap for “Perfect Your Trading Strategy For Humongous Trading Profits.” If you want to make huge profits, focus on perfecting one forex trading strategy. Ignore the the forex information choking the internet and focus on mastering one forex trading strategy that will make your life easier. Because if you don’t you will be pulling your hair day in day out trying to make sense out of multiple forex trading strategies.
Master it to the point where you are literally dreaming about it in your sleep. So get cracking and learn one price entry signal at a time until you become a master of your own domain. Til then take care
Til next time take care.
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