How To Be A More Successful Trader In Forex | My Top 3 Trading Tips

First it’s understanding the struggle. Much of my research and training has lead me down a very frustrating, none winning trading experience. Most of my hopes and dreams to be a successful Forex trader was pilfering away down the drain month after month and year after year as I struggled and struggled to succeed with nothing to show for it.

 My thought process was that success meant strategy. Said another way.. I thought the secret to my success was in finding the magic strategy.

Unbeknownst to me there was an under current or psychology  behind successful traders that I just couldn’t grasp. I didn’t even know how to train for that. My thoughts were too clouded with that perfect strategy out there somewhere that would bring in the winning trades on a regular basis (as so many guru’s promised). You may have heard this before “in just a matter of minutes after learning this ABC.. strategy you could be making $100’s or even $1000’s every day. Right…!! and make tons of winning trades!!. Right!!

As much as I tried it just didn’t happen! Something was missing. I don’t blame the guru’s there are so many variables when it comes to trading one can’t possibly know how to train a trader through online strategy or software it takes a type of coaching for most of us  unprofessional traders. Coaching that usually we can’t afford and if we could many traders really don’t want to put in the effort.

Struggle and failure brings positive change

 

None the less there’s always hope! 

For most of us it’s just going to take one little change in our trading practices that will bring the winning trades in on a consistent bases. We have the secret to success, If you been studying trading for a bit you probably have heard it or read about it several times, yet, if you are like me it’s just not sinking in or maybe we don’t understand it. It goes something like this,  “a good trader has to be disciplined and mindful of his emotions to succeed” How many of us know this or have heard of it before? Yet we keep failing and failing.

For what ever reason I just kept looking for the next great strategy or software that was going to improve my loosing trades.

 

Don’t get me wrong strategy is important but it’s not the entire package.

 

Taking the action required to become a more successful Forex trader 

 

In this post I’m going to teach you 3 things that helped me make a big change in my trading carrier. By no means am I perfect but I’m well on my way to being a lot more successful.  I believe  you can too, turn your trading around. Below there are 3 legit Intraday trading techniques that work to improve your trading in-spite of your strategy.

  • #1. First and foremost we need to be aware of one major bad habit traders have that hinders their ability for success. For me, once I understood it, a transformation began to take place. I believe, just being aware of it and having heard it from a trusted source it will began to sink in. It is called “Over-trading” this is one of the worst habits a trader can have. Many times it is associated with emotions of revenge trading, trying to re-coupe losses or greed trading, trying to take every possible trade. In this first step just watch yourself trade and see if this happens, see if you can spot yourself feeling frustrated and over-trading, or like you are just trading to trade. Maybe after a trade that didn’t work out you try to make up for the loss. Just watch for it! During this process please use a demo trading account. You want to be successful on demo first.

 

  • #2. Journal your trades. This is where the coaching we need comes in. It’s self coaching process but it can be just as effective as any other coaching process. Personally I track the pair I’m trading, my wins and losses, what I feel about the trade, did I follow the rules?, did I execute the trade properly? etc.. It’s a good way for us to identify things we are doing and/or patterns in our trading style that help us improve. Believe it or not there is an endless amount of helping yourself by doing this. Be honest with yourself and not afraid to shine the light on your mistakes. Hold yourself accountable!

 

  • #3 Change this one thing and see what happens. This was very difficult for me at first but once I did it, it improved my trading dramatically. Plus it made my job as a trader extremely easy. This is mainly for Intraday traders. Traders that take daily short term trades. For now on when you trade if you start the day off with a looser  quit right then and there! Shut it down and wait until the next day. If you have a winner do the opposite look for a second or third trade that day. It’s a simple procedure but works very effectively.

 

Well there you have it! Try these out and see what happens. Let me know, leave a comment or send me an email. andrew@4xdaytrader.com look forward to hearing from you!

Happy Trading!

Andrew ~

PS. When you are demo trading it’s a good idea to pretend you are trying to build a successful record of your trades to apply for a mega trading job. I do this as a way to increase the value of the demo account so I can trade it like real money.

 If you are looking for a simple Forex trading strategy you are welcomed to join me in the members area where I have recorded some videos revealing a few of the ways I trade or have traded in the past. Sign up on my email list today at the top right of this page. You will then get access to my members area for free. Scroll down in the members area to see my most recent trading strategy currently using.  

Until next time, Trade well~~~

 


 

 

Trading Tip: Candlestick Price Action Triggers

Helloo…Traders

Here is another Forex trading tip! Candlesticks have been used by traders for hundreds of years. They are an old but very useful tool we can use to increase our trading accuracy. Candlesticks are used to measure the current traders sentiment at import levels that we identify on the charts. They tend to help us see the emotion of traders in the present time by the price action/formation we see on the chart.

We discussed Support & Resistance  lines in our previous post and now we want to apply this knowledge in combination with these price action triggers to help us get our timing and entries correct when price reaches Support & Resistance areas. These tricks work on both horizontal lines or slanted trend-lines, basically they can be used where ever we find support & resistance. Moving averages fall into this category as well.

See the video below for more details on how I use some of these price action triggers.

Trade well!  

 

 

Trading With Support, Resistence and Trendlines

It’s important to understand market movement in and around trendlines, support and resistance areas

These are tools that traders have been using since the beginning of trading time. They held value years ago and today are still just as valuable in understanding the market flow.

Support and resistance levels will give a trader a really good idea where price has a high probability of stalling, turning around, or taking off.  Ignoring these levels at the time of a trade would mean that the trader is taking an unnecessary risk and placing an uninformed trade.  For me they act as like a road map to trading more successfully.

Support, resistance, and trendlines are not difficult to learn, and if you can get that extra edge in your trading, you should go for it.

When we trade, looking for specific setups that are presented to us with indicators, price action or whatever your strategy is.  Once we have determined that there is a trade setup, we will do very well to verify the trade signal by using either Support, Resistance, or a Trendline.

We will find trades that seem valid, but we won’t want to take them because there is a trendline or an area of support or resistance in the way.  Shortly after the trade not taken, we usually see that price bounces off these levels and the trade we would have taken would have lost.

This Support, Resistance and trendline approach that you are going to learn is going to be an invaluable addition to any trading system or methodology.  See the video below.

 

Good Trading

 

Video 1

 

Video 2




Strategy Type #2 | 4 Price Action Techniques Trading With The Stronger Trends (2 Videos)

How I identify strong trends and use these techniques to profit off momentum in the trends!

 

 

 

 

 

  Candlesticks Patterns Free Ebook

 

Using The Forex Scanner, many traders have various tools they use for identifying trade setups but few use a logical method to find good markets to trade. Strong trends and patterns usually have the best price flow and follow through. This is why I use this tool to scan the markets and plan my trades. Trading without a plan is like taken a trip without knowing where your going. It can be fun sometimes but usually ends in disaster : 0

 

 

 

 

 

 

To Your Success, Trade Well!

 

   Click to get your Forex scanner

 

 

 

 

Overbought/Oversold (OBOS) Strategy

Hello Traders!

This video shows you how I use this indicator to alert me of these trades. It’s a nice system with a 2 to 1 win ratio as the original target. I’m using a 2 screen rule with 4hr and 1hr chart.

 

 

In addition to what you see in the video above, it is also a practice of mine to use price action as an additional filter, shown in the pics below.

 

 

 

 

   Click To get the Buy/Sell Trend Detector

INTRODUCTION TO MY TRADING METHODOLOGY & CHART SETUP (2 VIDEOS)

Hi Trading Warriors!

In these videos I will introduce my current trading style and how I set the charts up using basic indicators found on most platforms. This is hopefully a chance for you to gain professional trading knowledge and increase your success no matter what level you are at as a trader.

 

 

Video #1

 

 

Video #2

 

See the next post for the video on Strategy Technique #1

There are more videos coming up!

 

I always check the Forex Trend and Pattern Scanner to find the most trade-able Markets 

Best wishes

Andrew~

 

HA 30 Trading Tip

Good Day Traders!

I made this video in response to a question I received from one of our members. The main point I’m trying to get across is when trading I will take a few minutes to back test the strategy on the chart that I’m looking at to validate the “trade – ability” in the recent history, looking to see what  the win to loss ratio for the last few trades were.

Things change all the time in the markets but there is a truth to the concept that history repeats itself. If the strategy is working on a certain market I go with that one.

 

 

 

 

 

 

 

 

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Good Trading My Friend!

 

 

Andrew always checks his market scanner before trading!

   Forex Trend & Pattern Scanner