Now let’s answer the GOLDEN question…
How can you get better in Forex?
You must first identify a daily target. How much do you want to make? Just make sure that you’re realistic with it. Make sure the numbers make sense based on your capital!
Let’s say you have a balance of $100 in your trading account. Realistically, your target should be $10 per day. Whatever it is, manage your expectation and always be smart.
If you have that same balance and want to grow $1,000 in a day, it can be done but the risks are incredibly high. If you’re willing to go for it and are okay with losing, then go for it.
Try to measure where you’re at based on these examples:
With a $100 account, you can target:
$10 Daily
$50 Weekly
$200 Monthly
With a $10,000 account, you can target:
$1000 Daily
$5000 Weekly
$25000 Monthly
Just remember this…
Once you hit your target, immediately stop and do something else. Don’t get caught in the greed and thirst for money. Be strategic and stick to the plan!
Manage your risks as best as possible guys. That is the only way to get on top of this. Patience and consistency will take you far!
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BOOK | Forex Hollywood
26 jun 2023, 00:09
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When analysing, it’s mandatory to look on the left side first as that is the data given. Once we have identified the data on the left side, only then we decide whether we want to buy or sell.
On the left there are 3 rejections in the Resistance Zone. Hence, that is an indicator that the resistance is strong. When the price is on the right side reaches the Resistance Zone, it will breakthrough the strong Resistance Zone. Hence, it is automatically considered as a Breakout Resistance.
When it hits Breakout Resistance, we turn the Resistance Zone into Support (RBS), wait for the price to reach and we enter BUY.
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BOOK | Forex Hollywood
26 jun 2023, 00:09
To identify whether the SnR is strong or weak is easy. If there are a lot of retest/ rejections in the SnR zone, that means the SnR we have is strong as it marks that the price will have a hard time going through the our SnR zone.
Our SnR can be found in big time frames like 4 hours, daily, weekly or monthly. It is not wrong to look at smaller timeframes like 1 hour, 30 minutes, 15 minutes etc. Its just that smaller timeframes have a lot of noise or small movements that does not give an impact as big as the bigger timeframes.
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BOOK | Forex Hollywood
26 jun 2023, 00:09
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1. Concept of SnR shapes the fundamental technical analysis of Forex.
2. Forex traders will buy at support and a nearby zone to grab the potential of a price hike.
3. Forex traders will sell at resistance or a nearby zone which has the potential to drop
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BOOK | Forex Hollywood
26 jun 2023, 00:08
Support & Resistance
SUPPORT is where we will find BUY because support is a level where demand is high causing the price the stop from falling.
RESISTANCE is where we will find SELL as it is a level where traders sell the currency causing the price to not go any higher from the level of resistance.
There are two types of Support and Resistance which will influence our decision to entry:
Support:
• Strong support
• Weak support
Resistance:
• Strong resistance
• Weak resistance
Support and resistance can also change if there happens to be a BREAKOUT (BO):
Support breakout = support becomes resistance (SBR)
Resistance breakout = resistance becomes support (RBS)
6,800
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BOOK | Forex Hollywood
26 jun 2023, 00:08
Getting on top of the game with good money management!
$50 Capital
High risk = 0.10 lot
Mid risk = 0.05 lot
Low risk = 0.01 lot
$100 Capital
High risk = 0.20 lot
Mid risk = 0.10 lot
Low risk = 0.01 lot
$200 Capital
High risk = 0.40 lot
Mid risk = 0.20 lot
Low risk = 0.02 lot
$500 Capital
High risk = 1.00 lot
Mid risk = 0.50 lot
Low risk = 0.05 lot
$1000 Capital
High risk = 2.00 lot
Mid risk = 1.00 lot
Low risk = 0.10 lot
Use this to save your account. I don’t wanna hear people tell me they’re blowing their accounts anymore
5,900
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BOOK | Forex Hollywood
26 jun 2023, 00:08
Take some time to think about it and decide which trader you are. No rush, its a work in progress!
5,300
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BOOK | Forex Hollywood
26 jun 2023, 00:07
1. Scalper Trader
In general, Scalpers always take small profits in short periods and smaller pips if compared to other traders.
Scalpers usually take profit in less than 2 hours with a pips count of around 15-30 pips
2. Intraday Trader
Intraday traders will leave their position running less than 24 hours in a day before they close or realise their profits.
Total targeted pips usually roam around 50-100 pips
3. Swing Trader
Swing traders are rare traders and more experienced as swinging one position is not an easy feat for new traders.
In executing a swing position, a trader must have a high level of patience to wait for the best setup to enter. They usually hold their positions for days, weeks, months and sometimes in a year.
Total pips targeted is usually above 100 pips!
5,300
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BOOK | Forex Hollywood
26 jun 2023, 00:07
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In the grouping of Technical Analysis Traders (TA), there are 3 types of traders with different targets and market approach:
1. Scalper trader
2. Intraday trader
3. Swing trader
4,500
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BOOK | Forex Hollywood
26 jun 2023, 00:07
📷 Photo
So… what’s the difference?
Fundamental Analysis Trader
Fundamental analysis trader (FA) is a trader with takes the market prediction using high impact news which covers economical, geopolitical or currency policies of a given country.
FA will analyse the data of a given country and judge based on what gives impact to the currency no matter how small or big.
Technical Analysis Trader
Technical analysis trader (TA) is a trader which precits the market using chart analysis like taking price action in the area or using specific indicators like Supply & Demand (S&D), Support & Resistence (S&R), Trendline (TL), Moving Average (EMA), Relative Strength Index (RSI) and many more.
TA will only analyse a chart based on price action, pattern candlestick (CS) or with the help of indicators readily available on the trading platform (MT4/ Metatrader 4)
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