Do you do it on your phone, desktop, or TradingView app? Do you decide on stop-loss and take-profit right away, or do you leave it to chance? Maybe there’s even a secret ritual involved like making an offering to the trading gods!
Here’s an example:
Check charts on TradingView or look at the Economic Calendar.
Find a pair or two that works with my system.
Look at my maneki neko for luck.
Go on my phone to enter my SL and TP and voila!
A quick look at the economic calendar
Scan the USD pairs for the clearest setup
Stalk price
Execute when the ball is in my court
If price does not play into my trap I let it go
Trading feels like being stuck in a loop.
Edit ⸻ I do my analysis and trades with my phone. I have tried using a laptop but found it is rigid. I place my stoploss order but let the trade develop as the markets determine. Exit is dependent on my satisfaction meter, or on a signal in the opposite direction of my trade.
I trade on my laptop, and I only use my broker’s platform. I definitely stay away from trading on my phone. The view is too small.
These days, I’m not trading much. I’m trying to trade just one kind of setup, and just wait if I don’t see it.
Other than that I’m not doing much. Just focusing on studying and analyzing charts.
As far as stop loss, yeah I decide my SL right away. I used to use TP when I open a position, but not anymore. I just have to let the trade ride and see what the market gives. me.
I have been involved in so many questions as regards whether to stick with the phone or go for the screen. I tried both, and my finding is there’s no difference as regards the chart view.
I make my rituals to the trading gods but there’s a question of if am making the right ritual to the right god. Imagine making swing rituals to a scalper god?
Desktop always. I can see what is happening. As I trend trade I focus on where my profit and T/P is a positive probability of succeeding as a winning trade. Naturally, it is also aligning a S/L that has a good breathing space as otherwise there is often a spike that would blow it.
IMO, guessing where to T/P spending hours per day watching the price action move is a lack of strategy, see above.
I have Expert Advisors, i.e. bots, running on forex pairs and gold on both demo and real accounts. They follow the same rules as manual trading and use signals and indicators to help them. Once they have been set up and configured correctly, they run 24/5 by themselves. The actual work here is therefore more in the preliminary stages of programming.
But even when they are running, I check the current status of the demo and real accounts several times a week via the Metatrader app to make sure that everything is running correctly and that I haven’t made a mistake during configuration, for example. Otherwise, it’s very stress-free during operation and I can do other things…e.g. go to work. XD
By the way, I’m already sacrificing to the almighty PC God! I can’t pay homage to another god! That would anger him!
I take a deep breath and shut my eyes tight, I don’t breathe or open my eyes for the next three days. After that I peep out between my fingers from behind the couch.
iPad for me. Took a while to get used to enlarging scrolling and using the tools…but I won’t use anything else now. And a trading plan…created after hours of BPips school of pipsoloogy and forum. Check the news analyse the pairs…set it and forget it. Works for me
This is not something that can be explained in 2-3 sentences I now have 10 years of experience with Expert Advisors and have learned the hard way. It was a long way from being fooled by scammers to programming bots.
I would say you should have a basic understanding of trading and its rules, then you should know what bots can do and more importantly what they can’t do. And then you should have basic programming skills to understand how bots work.
Step 1: Pray to God
Step 2: Open Spreadsheet on Computer
Step 3: Open Meta trader on Phone
Step 4: Five minutes warm up exercise
Step 5: Technical & Fundamental Analysis
Step 6: Define entry criteria (Journal)
Step 7: Happy Dance
Step 8: Execute as soon as I get my signal
Step 9: Keep managing positions
Step 10: Go out to have a wholesome meal.
HI,
I read economy and news sometimes only for my interest in it. None of my trading decision is based on fundamentals.
For trading I use price action, to spot Institutional supply and demand zones, and place trades on it with defined stop loss and take profit. The target for all my trades is based on a fixed RR of 3.5 R. I do fail in some trades, and succeed in some, overall pushing up my equity curve slowly and gradually.
I can’t give you my steps, since they are a closely guarded trade secret. However, you don’t really want my steps either, since you would probably end up unprofitable, like me.
im not doing forex anymore ,focusing on stock at the moment.
back in the days of forex ,the only things i check before entering trades is :how many layers of “shield” i had ,how many obstacles the price need to breakthrough before it can gets me.this is my protacial SL.
after entering trades i only pay attention to “newly formed low” in case of long trade and vice versa. so i can determine my entry is 1.correct 2.wrong 3.unsure,if the case is 2or 3 ,ill close the trade manually.never ever wait for it to hit my SL ,for me that’s not a loser ,it’s a disgrace ,just like any other chinese ppl ,we never pay full price.
what if the price return and shoot up?you can always enter again .with super small SL ,youll have high RRR,and when you tighten your SL = you widen your profit