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Forex Trading Admin BoardSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Forex Trading Admin Board Over the past 18 years of trading the markets I have always had an admin white board next to my main desktop computer. This has kept me disciplined and methodical in my trading approach. I am very regimented and disciplined and I try as hard possible to limit the amount of errors in my trading. Below is a list of some of the elements that i have on my white board to prepare my self before, during and after trading the markets; 1. Economic Calendar events for the trading day (time, Asset and Importance of the news event) 2. Notes for the day ( What to improve on, how am i feeling,Goals for the day/week/mont, Mission statement, Date.....) 3. Monthly drawdown SOP 4. Risk per trade 5. Risk per capital 6. Individual checklist 7. Orders ( currently in or maybe coming up in the near future) 8. Watch-list ( any assets that may have a potential - Inline with my strategy) 9. and lots more.... I have an extensive amount of information on this board. Listed above is just a quick taste of what it in-tales. Please let me know if you any questions Happy Trading :)
TVC:GOLDEducation
by SMPTrader
The trend may turnAt the moment, we are seeing accelerated weakening of the dollar and high volatility for our pair. We observe how the pair easily overcame several levels of resistance and is currently approaching the 1.3040 mark. On the 4-hour chart, the price exceeded the average moving period of 120, and therefore we assume that the trend is upward. We believe that in this situation it is worth looking for points to enter long positions. Consider the marks of 1.3040, 1.31 and 1.3150 as your goals.
Long
by SuperForex
Why do you trade? Trading Goals and motivations (trade plan)Why do you trade? Consider writing down your personal trading goals. The following are my personal Trading Goals & Motivations (taken from my trade plan). Goals - Consistency 1. Focus on the process and let the results happen 2. Think in probabilities and whether I followed my plan. (Not right or wrong) 3. Master the ability to sit on my hands 4. Demand constant improvement 5. Follow the rules of my trade plan, ALWAYS. 6. Master the mental game Goals - Financial 1. Fund and trade full account 2. Replicate my current income through trading (short term plan) 3. Once (1) is accomplished, maintain and build wealth (long term plan) 4. Have the freedom to quit my job if I so choose Motivations 1. BE SUCCESSFUL = Achieve repeatable, consistent trading, reach goals, 2. Live the life I want. Flexibility, lifestyle, comfort, schedule, travel 3. Enjoy the journey 4. Continue to learn and get education
FX:USDOLLAREducation
by brettschoenfelder
Next Weeks Trading Plan for EURUSDHere is my analysis for next weeks trading plan for EUR/USD Overall the current trend is a Bearish Trend, as Price levels are below the 100 and 200 Simple Moving Averages that I have placed. Since i never manage to place a Short Trade, it may be too late and the trend may come to an end :( so I set up a Ranging Market setup which will help me determine if the trend will continue to go Bearish or have a reversal to a Bullish trend But if it ranges for the mean time, I hope to catch some good trades along the way. A brief explanation of my analysis setup The top and bottom Black Lines are the "Resistance" and "Support" levels that I have chosen to mark my trading area. The center black line is a 0.50 Fibonacci retracement level. For the green lines they represent the 0.618 and 0.382 retracement levels respectively. The blue lines are the 0.50 Fibonacci retracement levels for the 0.382 green line to the Black "Support" line and the 0.618 green line to the black "Resistance" line The red lines are the 0.50 Fibonacci retracement levels from the blue lines to the Black "Resistance" and "Support" lines The arrows on the chart shows the trade executions Blue Arrows =Observation areas and Stop-loss areas. Green Arrows = Areas for Long Positions Red Arrows=Arrows for Short Positions On the Left side of the chart,it shows the illustration of the Profit/Loss Ratio of the trades that will be made. This setup also helps me determine trend formations. If price levels break through my "Resistance" it may signal a Bullish Trend and if it breaks through "Support" levels it signals a possible continuation of the bearish trend.
by HillDo100