The strategy employs multiple timeframes, including M1 and M5 for entries, H1, H4, D1 for identifying the trend for the week, and MN for determining key support and resistance levels. I typically prefer to hold medium-term positions (up to one week) but will occasionally engage in scalping positions for less than an hour. The average trading lot is determined by dividing the equity by 500-1000 pips.
It is important to note that this strategy carries the potential for drawdown, with a projected maximum drawdown excluding expenses of 50%. As a professional trader, I am fully aware of the risks associated with margin trading and take steps to minimize these risks through careful trade planning and the implementation of risk management tools. However, it is important to acknowledge that the risks of Forex trading remain substantial. Therefore, my strategy primarily relies on interpreting market conditions and making human decisions for entering and exiting trades, without the use of stop and limit orders. Master your emotions first, then you will master your trading!
10 trading tips from Intomillion
- Remember that trends in the market tend to persist, so it is wise to align your trades with the current trend.
- When analyzing the market, it is crucial to base your decisions on observable data rather than assumptions or preconceptions.
- Emotional control is a vital skill in trading, and mastering it should be a priority.
- Instead of focusing on the number of pips, focus on the percentage movements of the market. This will give you a better sense of the potential returns on your trades.
- To minimize potential losses, it is often beneficial to exit losing trades quickly. Conversely, it can be beneficial to hold onto profitable trades for a longer period.
- It is important to avoid over-trading, taking a break from trading can help to prevent impulsive decisions.
- The market is often more powerful than individual traders, so it is important to maintain a humble and realistic perspective.
- Following the lead of more experienced traders can provide valuable insights and strategies.
- Stay informed about current market news and trends.
- Continuously strive to improve yourself as a trader, rather than simply aiming for short-term gains.