View Poll Results: Do you have a check list of factors to look for before entering a trade?

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Thread: Step by Step Processes to Take Before Entering into a Trade

  1. #1
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    Step by Step Processes to Take Before Entering into a Trade

    What step by step process do you take before entering into a trade?

    Similar Threads:
    Markets can remain irrational longer than you can remain solvent.

  2. #2
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    This is what I do before every trade:

    If I'm trading on 1 minute candle sticks I do the following:
    Check 5M, 15M, 30M, 1H, 4H, 1day candles to establish direction of trend.
    Look for Fibonacci retracement levels.
    Look for major support / resistance levels.
    Look at previous price action - previous pa will usually mean a similar price action after i.e. randing / trending / consolidation.
    Look at market sentiment on the trend on the forum maybe.
    Look at other sources of technical and fundamental analysis.
    Look at what news releases are coming out for that currency within the next two weeks. Look at the forecasts, build that into the price and assess what impact this may have on the currency. Always think worst possible scenario and try to protect against it.
    Look at the commitment of traders report for market sentiment.
    Look at fundamental news articles.

    IF the above factors line up with the strategy's technical indicators, then trade execution is okay.

    Decide upon an take profit and a stop loss.


  3. #3
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    Thanks for sharing thew useful tips. These tips are really very valuable and knowledge and I think to ensure our trading and get a successful results our first approach should be to watch and judge the forex market and learn from other forex marketer doing business here


  4. #4
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    I will give you the link to the best place to learn in:

    http://www.babypips.com/school/ (Forex Training Online: Learn Foreign Exchange (FX) Currency Trading)

    Every forum I read all talk of these place, I know it is good, I used and still use it.


  5. #5
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    Quote Originally Posted by angelnish View Post
    I will give you the link to the best place to learn in:

    http://www.babypips.com/school/ (Forex Training Online: Learn Foreign Exchange (FX) Currency Trading)

    Every forum I read all talk of these place, I know it is good, I used and still use it.
    I learnt quite a bit from baby pips, but I am no longer in my baby steps I have horns on my head and I'm attacking!


  6. #6
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    Wow! So happy seeing this. Kudos guys.


  7. #7
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    Quote Originally Posted by theMoney View Post
    This is what I do before every trade:

    If I'm trading on 1 minute candle sticks I do the following:
    Check 5M, 15M, 30M, 1H, 4H, 1day candles to establish direction of trend.
    Look for Fibonacci retracement levels.
    Look for major support / resistance levels.
    Look at previous price action - previous pa will usually mean a similar price action after i.e. randing / trending / consolidation.
    Look at market sentiment on the trend on the forum � maybe.
    Look at other sources of technical and fundamental analysis.
    Look at what news releases are coming out for that currency within the next two weeks. Look at the forecasts, build that into the price and assess what impact this may have on the currency. Always think worst possible scenario and try to protect against it.
    Look at the commitment of traders report for market sentiment.
    Look at fundamental news articles.

    IF the above factors line up with the strategy's technical indicators, then trade execution is okay.

    Decide upon an take profit and a stop loss.
    very well said and these factors are very important and should be kept in mind while trading....


  8. #8
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    A well prepared plan has a better chance of successful trade.


  9. #9
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    Quote Originally Posted by Rein135 View Post
    A well prepared plan has a better chance of successful trade.
    If the broker that you chose does not have the skills, knowledge, and tools necessary to properly advise the new forex trader, the possibility of failure increases significantly. more experienced brokers are more preferable than inexperienced ones because of their record of stability and reliability.I open an account with Tickmill is one of ECN broker, the broker has a speed of execution and low spreads are I needed to do scalping . this is usually the main thing when I decide to choose the right broker for scalping. this method is very suitable for me to apply in this broker because this broker provide me the spreads as low as 0,3 pips on eurusd, no
    requotes, positive slippage.


  10. #10
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    Check the trend in the bigger timeframe in daily and h4.
    Find support and resistance area. Mark the major ones.
    Assess risk vs reward of any possible trades.
    Enter a trade =)






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