FX TRADING METHOD
Step-by-step trade plan: 1. Before
your
trading
session, read the latest financial news across a variety of feeds to get an overall feel for what the market is focused on and what key events are influencing its movements and sentiment.
2. Select the themes that are the most prevalent and identify which currencies these are impacting the most.
3. Identify the ideal entry points on each currency in the direction of your bias, based on previous buying and selling zones that traders have been using recently.
4. Enter your Identify positions
the direction of your bias. 5.
exactly in your in what
must happen for you to lose conviction
position
and ensure that you do not lose confidence in your stance
by random market
moves against your original judgement.
6. Identify key areas that could see the price struggle - such as support and resistance areas, or the average range limits of your currency pair - and take your profits at the optimal point.
7. Repeat this process on your next trade and practice executing this approach,
Be open to learning and pers i s t
The key to su c c e ss f u l t r a d i ng is a con s i s t e nt p roc ess of pr a c ti ce and e v a l u a ti on. Pl an yo u r t r a d es tho r oug h l y, ass e ss t he o u t c omes a nd mon i t or how yo ur ma n a g eme nt of t he tr a de af f ec ted yo u r p r o f it s .
I t ’ s impor ta nt t o b e o p e n t o d e v e l o pme nt too. De s p i t e t he ma ny yea r s I ha v e s p e nt t r y i ng to ma s t er FX tr a d i ng , I am always lea r n i ng and e x p er ienc i n g e vent s t h a t mo ve the ma r k e ts in a d i f f e r e nt wa y. Wi th th i s i n mi nd , it is abs o l u t e ly vi ta l
70 FX TRADER MAGAZINE October - December 2013
f or tr a d e rs to ac c e pt th a t nobody knows all of the a n swe rs and th at the re is a lways mo re to lea r n .
If you wa nt to know mo r e about how I tr a de the c u r r e ncy ma r k e t s, I sh a r e my thoug hts on a da i l y b a s is about wh at tr a d e r s c an ex p ect fr om a tr a d i n g s e ss ion via the ‘FX Ins i ght s ’ s ec ti on of my we b s i t e .
Tr a d e r s c a n my we e k l y a l s o t r a d i n g
r ec e i v e r ec a p s
a nd ma r k et summa r i es by s i g n i n g - up to my
f r ee ‘FX
P u l s e’ newsl et t e r , wh i c h i s d i s t r i b u ted ev e ry Fr i d a y .
Jarratt Davis
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