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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. In today’s lesson, I am going to show you the 30-minute trading routine that I’ve developed for myself that saves me tons of time and mental stress, and ultimately improves my lifestyle.

End-of-day chart analysis basically just means you are doing your daily analysis after the market has closed. Now, the tricky part here is that different chart providers will show different close times on their daily bars, which is just silly. The New York close at 5pm New York time, is the REAL close of the Forex market, it’s the end of the trading day. The point here is, we want to make our trading decisions on the daily chart time frame and we are only looking at daily bars that have closed out. We are spending just 30 minutes or less, per day, analyzing the markets and making our trading decisions.

This is the basic cornerstone principle, if you will, of my entire trading approach. The next part of the 30-minute trading routine is my set and forget trade management approach. This approach serves a couple purposes. Setting and forgetting is about walking away and trying to purposely avoid letting yourself get addicted to watching the charts. You can set your trade up and simply walk away and go play golf or some other sport or hobby, do whatever it is that you do. The concept of set and forget is not a perfect science and I do often exit trades before they reach my pre-planned target, or I may move a target further out if the market conditions look right, such as another subsequent signal or breakout and trending market that is looking like runaway trend type. However, and I would STRESS THIS: I NEVER MOVE STOP LOSSES.

But, IF there is a LARGE signal in the opposite direction of the trade I’m in, I may exit the trade prior to my stop being hit, but these instances are rare. The very act of trading less and focusing on daily charts, increases your chances of making money over the long-term and it gives you the time off and the ability to spend 30 minutes or less a day on trading. The mental state of mind that you will get from focus on end-of-day charts and trading with reduced involvement is the state of mind you need to trade properly. The proper trading mindset is not easy to come by and most traders induce the completely wrong trading mindset by trading too much and focusing on intraday charts too much. Your busy, we are all busy, you can’t spend 5 hours a day staring at your charts, and you shouldn’t! Not only will the 30-minute trading routine allow you to fit trading into your schedule, whatever that may be, but once you start building up your trading account you will really start reaping the rewards. You set the trade up and you leave, come back and check on it tomorrow.

The trade either works or it doesn’t. By trading end-of-day and waiting for those obvious daily chart trades, you’re naturally going to get better trades than someone day trading. I typically start my day out by scanning through my favorite markets. I am looking mainly at the long-term trend and the near-term daily chart trend. I may look at the weekly first, then look at the daily chart. If I spot a daily chart signal that I am interested in, I will quickly make note of it in my trading journal and then after my analysis is complete I will come back to it and decide if I want to trade it or not.

Next, I will come back to that signal and I will decide if I want to trade it or not. If I do, I simply determine my stop loss placement FIRST, then I will determine my profit target and set my position size. Now, if a 1:2 risk reward or more isn’t clearly possible, I will aim for 1:1 or 1:1. I typically will monitor a trade I am in every 12 hours or so after the next few days. I am NOT incessantly checking on it or watching at night when I should be sleeping. One big reason I don’t do that is because I don’t ever risk more money than I care to lose. Once you start jacking up your risk beyond what you’re comfortable with, you’re doomed to start staring at those charts all night and that will cause you to make all kinds of mistakes.

You may want to use your trading journal each day to record how you’re feeling, what you’re thinking and just to stay accountable to something. Over enough time, you will notice trends and patterns regarding your feelings and your trading outcomes. There is really no end to how helpful a trading journal can be, and I highly recommend all beginning or struggling experienced traders use one consistently. Once you get into the grove of this minimalist trading approach, you will start to see it’s power and the routine will turn into a habit. The goal is to develop the proper trading habits, that is how you make money in this game.

What did you think of this lesson? Please share it with us in the comments below! For me the NY close occurs at 0000 and 0100 depending on whether it is daylight savings or not. I normally have to be up by 6-7 for school. How do you suggest I work around this? Curious as to how you know there is a big move against your position that you might exit out of early if you are only looking at the charts once a day? Thanks again for taking out the panic with your timely reminder.