Why it is important to understand that no trading strategy or system can stand alone ~ online forex trading demo account
1. Think of a LOSS as a business expense.
2. A loss should not be viewed as an indictment of your trading strategy.
3. Believe in your trading strategy even on days that it does not work.
4. Cut your loses early and let the profits run- i.e move stops to lock in profits but do not exit a trade manually unless the take profit or target is reached.
5. Have a reasonable pips target per trade- i.e RISK REWARD
6. Do not spend your time glued onto your screen after entering a trade- i.e SET & FORGET
7. It is normal that there are days that you will have no set up to trade. That does not mean that your strategy is bad
8. Have some time away from the markets after a win or loss. That way you will avoid taking the next trade based on emotion.
9. Before taking any trade think of how much you are bound to lose as opposed to how much you are bound to make- i.e POSITION SIZING
10. Concentrate on timeframes that you are comfortable with i.e the HIGHER TIME FRAMES.
11. After you have identified your entry set up you should harmonize your entry with the lower time frames i.e use the ZIGZAG INDICATOR
12. Use the HEIKEN HASHI indicator to filter out the noise associated with candlesticks. That way you will avoid false reversals.
14. When the market is above 70 EMA wait for SMART MONEY activity through the Volume Spread Analysis Indicator (VSA) before going short. Monitor the Volume and Spread Histogram for the following sell signs: Wide spread bar on high volume, an upthrust (pinbar or shooting star), Narrow bars on high volume, No demand bars, and a retest of the previous high point on low volume.
15. When the market is below the 70 EMA wait for SMART MONEY activity through the VSA before going long. Signs of a buy include: Wide spread bars closing near the low or middle of the bar, a reversal upthrust, a no supply bar, a shake out i.e retest of the previous low on low volume.
16. Watch the news but do not trade the news.
17. Be on the look out for the double tops and double bottoms i.e (M & W), bear flag and bull flag- all in conjunction with the VSA.
18. Avoid trading breakouts because most of the time you will find yourself buying on tops and selling on bottoms (That is the main reason why the FRACTAL TRADING often fails).
19.As a rule, always prepare to SELL when the NEWS is GOOD and BUY when the NEWS is BAD.
20. BOTTOMLINE: BUY when prices are LOW and SELL when PRICES are HIGH
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