Thread: Help 4 Struggling Trader

Hi,

I am looking for some advice from some more experienced trader to improve on my trading system/rules. I have removed a lot of indicators from my system and I am designing my own based on the past 9 months experience in learning and experimenting.

Please review and add or take away what you feel may benefit my system.

Trading Rules
Morning Setup

Watch or read a motivational trading video or article and visualize your day
Log into your MT4 trading platform and broker account set up your charts
Check & print out news for the day stick on your whiteboard
Analyse forex factory interactive discussions to get a feel/buzz/hype for the day

Pre Trade Checks

Analyse the trend filter and look for multiple red/green circles
Analyse at major & minor pairs trending using the 3 SMA 30, 50, 100 and filter out good/bad opportunities (close down the bad ones)
Write down the pairs on your whiteboard your strongest opportunities in the market and reasons why
Analyze the average true range and projections check the overnight Asian session moves
Decide if market is in a Trend, Range or Breakout phase

Main Analysis

Analyse longer timeframes for the trend ensure they match up approximately
Analyse M/W/D/4/1 candle colors match as many up as possible
Analyse and draw major and minor areas of support and resistance levels on higher timeframes preferable 4/D/W/M timeframes -
minor on the 1 Hour. Use market structure extreme points sharp swings.
Analyse the slope up/down detect harmonic waves bouncing off support & resistance, trend lines
Analyse market supply and demand zones (market turning points over previous few days) on multiple timeframes confluences
Analyse flags, triangles, range patterns vortex points and decide if you will be swinging or breaking out depending on pattern confidence (stay clear of expanding triangles and diamond patterns)
Detect psychological levels round numbers 1000, 500, 100, 20 and 80 levels check if you can match them up with major and minor structure points. Also, check If trend lines start and finish with round number both east and west points.
Match up Fibonacci points on the M/W/D/4/1 look for confluence points to match up on the above on your setup charts
Match pivot points M/W/D/4/1 to major and minor structure points of your own if they do not confirm leave them out
Switch to line chart and look for double/triple tops
Analyse candlestick formations on the higher and current timeframes look for patterns and confluences
Look for ABCD/Gartley/Butterfly patterns measure AB CD legs fall in line with 38-61.8% fib levels. Also, look for possible projections to the 100/127/161.8% fib extension levels.
Analyse MACD/RSI for trend points and divergence levels and extreme overbought and oversold levels
Measure risk/money ratio at least 1:1 or higher reward ratio to enable trade to take place
Write down all your analysis in a trading journal and decide if it sounds good and has multiple reasons 3-10 points to trade

Entry Rules

Keep your mobile nearby and broker phone number on whiteboard
Enter trade on the 15/30 min charts
Look at the clock and session timings!
Wait for a rally or dip
Wait for the close of the candle
Look for double/triple candlestick formation analyse the momentum of the market
Set your stop loss, entry, 2 take profit levels BEFORE you pull the trigger
Hit Buy on a red candle and Sell on a green candle pin bar if possible

Exit Rules
DO NOT MOVE YOUR STOP LOSS LET IT GET HIT
DO NOT MOVE YOUR TAKE PROFIT LEVELS
CLOSE 80% TAKE PROFT LEVEL 1 AT 22 POINTS/20% TAKE PROFIT LEVEL 2 AT 44 POINTS
WRITE DOWN YOUR RESULTS IN YOUR TRADING JOURNAL
AFTER 2 WINS OR LOSSES CEASE TRADING FOR THE DAY

Forex trading is surrounded by a fact for a trader that the market is so easy to survive with assuring expected profits with minimum investments and investing whenever is desired. Similarly, these programs also fascinate the traders and affiliates for earning huge profits in the minimum time requirements

Yes it does. Maybe its got to do with lack of confidence and a need for confirmation, but yes the other persons view definitely clouds my views.

A good point to add to my rules, keep away from others views

@ Pipsaholic, that is a nice detailed process you have documented.

Thanks
Regards
Camille Janssen
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