Remove the tools you are not using
Remove the tools you are not using. Make a list of all your current analytical tools and try to state the purpose of each tool with two or three sentences. This will help you identify which tools are important for your decision-making process and help you reduce cognitive disagreements.
Reference: How to use Ichimoku tools, Bollinger Bands tools, Fibonacci tools, …
Transactions in volatile environments compared to turbulent environments
To be able to trade in volatile markets, you first need to find that market. Use the ATR to measure the volatility of your favorite tools daily. List the most volatile currency pairs — they will be options for intraday and short-term trading (one to three days).
While volatile forex markets often offer more opportunities, those markets are often suitable for traders with significant risk appetite because of the fact that the more volatile the trade, the more likely it is to lose money. high.
Adjust your transactions to fit the mainstream
Use trends in decision making. A very natural method of forex trading is to build solid basis forecasts and achieve positive trading results. Look for charted instruments that are on one side of the 200-day moving average over a period of more than three months — observe what happens if you only trade in the direction of the trend. Again, remind you that past performance of an asset is not a reliable sign of future results.
Working within a set period of time
For an effective day trading, divide the time frames according to the time of the trading session as well as market fluctuations.
Transaction logs are an important reference to help you find positive time frames to contribute to positive trading results. If it is proved that trading performance is directly affected by trading hours, simply adjusting trading operations according to the time frames that bring positive trading results can improve trading efficiency. overall.
There are no fixed rules in trading, because each individual has a different risk appetite. When developing your trading strategy, you should keep in mind that the market can turn around and be attractive in less volatile time frames, while trading at volatile times can make you lose more. If the market is not performing as expected.
Thinking regionally rather than level
Smart traders consider the direction of the trend before building a position in support / resistance areas. A common practice for professional traders is to also apply the Envelopes indicator in the chart to add areas and thus build support / resistance areas (see example above).
Choose the right trading positions
Choosing smart trading positions is one of the most important steps in trading. To do this, look for unnoticed areas on the chart by highlighting medium-term peaks / troughs (for> 2 weeks). At the same time, you should also look for reversal patterns after prices break these peaks / troughs and watch out for breakout trades as prices climb to peaks / troughs.
Optimize your entry points
Optimize your entry points by measuring the average price movement of the intraday price pattern using the geometric indicator or ATR. Observe and analyze the results.
Adjust trading stops according to market fluctuations
Failure to adjust the trading stops according to current market fluctuations can lead to market traps (Whipsaw volatility). Using market fluctuations to place trading stops is a common method commonly used by traders. However, you should also monitor changes in trading results to assess the suitability of this method for each person's trading style.
Expansion of profit targets
When trading in a trend, keep an eye out for close trades near the extreme points of the mid-term range for three to five days. Many believe that prices can break out of this range with unexpectedly large volatility. However, please note that trading in volatile markets can lead to larger losses.
Manage the size of successful positions
Flexibility is the key to achieving smooth and solid trading performance. A good trader knows when to maintain his position (for example in active day trades), make partial trades (for example in surfing trades), add to the position ( for example in long-term transactions), and most importantly, do not let your greed blur your eyes.
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