Chief Currency Coach at FxBootcampThu, Feb 21 2008 14:00 GMT
Duration: 2 h, 0 min
Moderator: Maud Gilson
A trader with a SMART PLAN for every trade, a trade plan based on solid analysis before they pull the trigger, has a much greater survival rate on the long-term. Reacting to the market is a simple game of chance. This may work for some traders on the short-term, but eventually, their luck runs out.
Planning a trade in advance allows a trader to gather intelligence and formulate a strategy before they execute the tactics of getting in/out of a trade according to the plan. The benefits to learning how to plan your forex trading are immediate. First of all, you stop making stupid trades. Second, you make less trades. Lastly, you end up making the same types of trades repeatably, which means you can trade with this methodology throughout your career and not rely on your gut instinct or a flip of the coin.
In this Part 1, Wayne McDonell will take you through the step by step process reading the markets and creating a trade plan.
You will learn how to use:
- Moving averages to align market with price.
- Support & Resistance of market and price.
- The long term Trend as "Fair Market Value".
- Pivot Points analysis for Profit Targets.
- Limits for Exits.
- Mentally prepare for each of your trades.
- and more!
Recording of the webinar