What would you do differently today for better trading results?

Forex Trading is the best way to make some good money online, but to earn in it, you need to have lots an lots of practice to become successful.

Good point, mate! Could you share what you learnt recently that you felt has improved, or could improve, your performance as a trader. That is the focus of this thread.

Trade safe and prosper.

That makes perfect sense, yes. I do almost the same, only I look at additional support and resistance levels before I set the stop loss level.

which trading terminal do you use for trading? did you use social trading system?

Just a thought

Adopting a ‘what-if scenario’ in your trading analysis – particularly using a top-down, multi-time frame approach, will improve your trading. For example, it will help you better trap the market and avoid making the mistake of focusing on only one side of it.

Trade safe and prosper.

I agree. It’s best to consider all possible outcomes of the situation one is currently observing on the charts and be prepared for them rather than just one of them.

Just sharing

Jumping into a market you were not prepared for or had not analysed, just because of a sudden price movement, could be dangerous. What do you think?

Trade safe and prosper.

Agreed - do not trade on impulse, especially if you trade lower timeframes!

If you can’t overcome the urge, then log onto your demo account and make a few impulsive trades with no consequences.

Perhaps no consequences in the short run. But the trader runs the risk of developing a wrong habit which will have serious consequences in the long run.

Trade safe and prosper.

Or you could just try and treat this as a business and not as a joke. Why are all of the problems with the people, and not the techniques used? A glaring pattern in the retail community

Shall we focus on the theme of this thread: Sharing how we can improve as traders?

Trade safe and prosper.

I agree. I strongly believe that you must follow your trading plan and set of rules and not give in to the simple impulse to enter. I think that your trading strategy should be based on a discipline and intelligent rational decisions. I am not that sure entering into a demo account to give in to the urge (as written bellow by gmctwonine) is the best decision. I usually try to overcome so that in the future I avoid this from happening.

Very much in agreement, mate! Moving on to the theme of this thread. What has any member of this forum learnt last week for better trading? For me, last week I learnt to incorporate another set of S/R levels to my levels, I called them minor S/R levels. They relate to my setup time frame rather than the bigger S/R levels based on the weekly time frame.

Trade safe and prosper.

I think that one should analyze every situation on the market before opening a position. That way even unexpected movements do not necessarily become a bad thing.

Just sharing

What could you learn from this video?

Trade safe and prosper.

Just sharing

Chasing the markets can be perilous. If you want to effectively trap the markets, you don’t wait until the markets open. You don’t do it during the markets. You do it in a disciplined way involving pre-market opening analysis and define clear conditions and criteria which price action must meet as you wait for the markets to meet them.

Trade safe and prosper.

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You have two ideas competing to be the solution to a particular problem or objective. Be explicit with what the deciding factors are. Backtest thoroughly for a conclusive result.

John
We don’t count on luck.

Yes, testing alternative approaches or solutions is important. As is using appropriate criteria in the testing.

Trade safe and prosper.

I am new to his forum but not new to Forex. Only one thread brought me here, but this seems to be a very nice forum for interaction. Today I have learned that when a Forex pair moves swiftly to a new high, it usually in most cases bounce back a little within 14 hours. How frequent does that happen and how do I take advantage of it? The tendency of a pair bouncing back depends on what caused it to spike in the first place and whether there is a news event scheduled to take place within the hour that would affect the pair. So I have learned to pay attention to multiple news events in one day.

Very good observation. However, beware of the time frame you are watching. If you are watching an intra-day or low time frame you may be sold a dummy. Yes, you can get good results with daily, weekly and monthly time frames.

Trade safe and prosper.