1. Engage only 2% of your equity.
2. Trade only one currency pair at a time.
3. Risk to reward ratio of 1:3
4. In any case do not fail/fall from your plan.
5. Irrespective of a large equity, do not hesitate to put stop loss and take profit.
6. It is all about taking intelligent guesses, so with time, you can guess as to how much a pair slips or soars on
an average trading day.
7. After using zillions of techniques, and indicators, I have come to believe that Bollinger bands work the best
in 15 minutes to 1 hour time frame for most of the currency pairs.
8. Eur/Usd, Gold and Silver all follow the same patterns.
9. Hammer/hanging man both indicate trend reversal.
10.Gravestone Doji/ doji star, again indicates a reversal.
11.Dont fret if you see you missed a big wave.....just wait for a week, you can again join in the party. The best thing about forex is that you always get a moment to party, if not today, then tomorrow.
12. Like what I do is, I check for the price of Gold at the time when London market opens, then I simply keep a pending buy order at 30 points below the high till that time; and another of half strength at 20 points below. That means one of 0.5:1.5 and another of 1:3, and normally they get realised as per the Indian standard time.
13. Also the above practice I do with the simple moving averages in mind from 15 minutes to 1 hour of time frame for the Eur/USD and 4 hours work best for the Gold and Silver commodities...
No wonder, I live a comfortable lifestyle, which most of the people find way too lavish.....
2. Trade only one currency pair at a time.
3. Risk to reward ratio of 1:3
4. In any case do not fail/fall from your plan.
5. Irrespective of a large equity, do not hesitate to put stop loss and take profit.
6. It is all about taking intelligent guesses, so with time, you can guess as to how much a pair slips or soars on
an average trading day.
7. After using zillions of techniques, and indicators, I have come to believe that Bollinger bands work the best
in 15 minutes to 1 hour time frame for most of the currency pairs.
8. Eur/Usd, Gold and Silver all follow the same patterns.
9. Hammer/hanging man both indicate trend reversal.
10.Gravestone Doji/ doji star, again indicates a reversal.
11.Dont fret if you see you missed a big wave.....just wait for a week, you can again join in the party. The best thing about forex is that you always get a moment to party, if not today, then tomorrow.
12. Like what I do is, I check for the price of Gold at the time when London market opens, then I simply keep a pending buy order at 30 points below the high till that time; and another of half strength at 20 points below. That means one of 0.5:1.5 and another of 1:3, and normally they get realised as per the Indian standard time.
13. Also the above practice I do with the simple moving averages in mind from 15 minutes to 1 hour of time frame for the Eur/USD and 4 hours work best for the Gold and Silver commodities...
