TopicCurrency Trading - Using a Forex Robot and Technical Analysis in Currency Trading
Tip 1: Have A Clear Entry Rule
For each trade you must know the exact conditions on which you will enter. Whether it is Pips-wizard-pro-review a pullback, bounce or breakout - you must know and write down the entry rule. By clearly defining the entry rule you are diminishing the margin for impulse-trading which is a major cause of losing trades. You are also trading less which means less spread and higher win rate.
Many traders does not define their entry rules in an objective manner, 'improvising' instead. This is a false trading approach which leads to inconsistency.
Tip 2: Define Your Take Profit Levels Before Entry
For each pattern and level you trade, have a clear vision of the profit you intend to achieve. In any trade you wish to enter, you must know your reward beforehand. This allows you to estimate the risk:reward better and ignore trades that does not have a reasonable ratio - thus improving your general performance. Try not to enter trades that you are incapable of estimating their profit potential.