They say you don’t know anything about a stock until you have a open position, and this is very true. You can study all the material you like but you simply won’t know if you can apply the right mind set until you hit buy!
Opening your first trade can be an exciting, nerve racking and exhilarating proposition but you absolutely must stay cool and follow the plan. Keeping a cool head and waiting patiently will be the key to success. Just remember everything you have leaned in this guide, and get on the mailing list for live trades and tips. If you don’t feel ready, do not trade! Go back and read this guide again, or open a demo account so you can practice and follow along with out risking your own money to start with, and practice with those crucial inside bars.
- Make sure you have your compare forex brokers so you can easily follow the advanced tuition later on.
- Sign up to the email newsletter to get timed intermediate and advanced tutorials as you progress
- Download your free excel trading log to keep track of your progress.
- Follow your routine, look for set ups. Slowly open each currency pair from MT4. Draw your TSR lines and check for pin hammers.
- If you see a pin hammer confirmed by TSR levels plan your trade.
- Set your stop loss with some room to breathe to give the trade some room for error.
- Set your limit order to take profit based on your required RR (Risk Reward Ratio). The only other time you should exit a trade is if you see another reversal signal.
Do nothing else. Don’t change anything. If the market stops you out and you lose, don’t worry just plan your next trade. If you win, it doesn’t matter either. Again, finish for the day or look for new trades. When you start, you really need to let the trades play out. This is probably the hardest thing to do. I call it the ‘death zone’, when a new trade is first placed there is a period where the price will fluctuate from loss to profit frequently, sometimes you will take a sharp loss and it will cause you to panic.
The only thing that should get you out of your trade is your stop loss or a reversal signal (another pin hammer or one of the two other reversal signal in the newsletter). If the set up hasn’t worked, you will be stopped out and that will be that, if it works it could be live for days or weeks depending on your RR. If you can just get past the first day or two (or hit your profit levels before that) things will get a lot easier. Get in to good habits from the get-go, and if you can’t stick to this simple rule then stop what you are doing. Exit the trade, and only trade using a demo account before you go any further and lose all your money. You can never be 100% sure what the market will do, prices go up, prices go down and they are out of your control. Just have confidence in the high probability strategy you have just learned and follow the rules.
There can be a lot to remember, but once it sinks in, it’s very simple. Bookmark this page and come back just before you make the trade to confirm everything.
So if you feel ready, head over to our compare brokers page and find a suitable platform for your needs.
Many thanks and see you in the newsletter!
All the best
P.S Trading is not something you can fully teach to another, a large percentage comes down to mindset, and passion for the art. The ones who really succeed are the ones who make it their own, they make it a deep mission to be the best at it and win in the face of great odds. There is so much noise online, a lot of it will steer you on the wrong path if you let it. I have given you need to know, and how to actually technically make trades. It’s now up to you. What will you bring to the market? How will you make it yours? Will we see you on the other side? I hope so.
If you have any questions you would like to ask you can contact me here.