As it's the weekend, if you follow my channel you'll see come the weekend i like to go over the charts and try and give a little lesson/background to how i read my charts.
Now, everyone has a different outlook on charts and that's okay. The way i trade may not suit someone else and the way they trade may not suit me and that's fine because you should all find what works for you and what you find is the easiest way to trade.
Now i've made a line to the side of the candles to show in as basic form as i can how i trade. Clearly we are in an upward channel that should be very easy to see to most, and within that channel we are making higher highs and higher lows. When i'm looking to enter the trade i'm normally on the 15m chart so that is normally easy to show you where i find entrys but basically when price makes a new high, we look for structure on the 15m chart or even the 1hr chart to see where price should (i say should because nothing is a certain in forex) come back to test and then continue on it's direction.
As you can see 2 trades took place on this pair so far and both have come out nicely. Could i have entered more? Yes i could and more than likely would've played out in profit but with news events, and everything going on that would be basically gambling. Stick to your plan!
Now USDCHF has come to an interest area. We have reached a strong 4HR Structure zone which in most cases i would like to see reject and swee some some bearish movement however, the $ at the moment is soaring so we need to be mindful of that and this is where a plan comes in to play. If i see a continuation up, a clear bullish break of this level then i will wait for price to come back and test structure before buying. Likewise, i'd like to see a clear bearish break and then price to pull back before i get into sells.
Be patient, don't just jump in to a trade protect your account balance. Risk no more than 1% a trade - if you're starting on a £100 account i know that sounds terrible because you're risking a £1 but even so if you make a 3.33RR then you'd have made over £3. I am in no way affiliated with FTMO but if you're starting with a small amount of money my advise would be build that up to say £500, take out a FTMO challenge for a £10,000 account and trade with that.
Be smart about it, if you think you will grow a £100 acand above all else hacount in 30 days to £100,000 then you shouldnt be trading, it's not going to happen. Trading can make you a a very very nice life but only if you're smart about it. Have a trading plan, stick to your plan and above all else do not revengetrade. If you hit SL so what, if you've managed your risk correctly you should be happy to lose that amount of money. If you've ever risked then you've not stuck to your plan it will never work.
Everyone has bad weeks in forex, i dont know any serious trader who can sit and say i've made profit every week since i've started. If you have done that and you've been trading for 3/4 years then you should be a multi millionaire because you'd have a 100% success rate. Last week we finshed up 12% in profit on our account. Which is a fantastic result. Let's say for example that was on as £10,000 account that would be £1200 profit in a week that includes losses, and includes correct risk management.
I hope this little message reaches out to the right people becuase as we all do when we first start trading we jump in with everything and think we'll be rich in a couple of months and then reality hit's when you make some losses. I've been there, i've made the mistakes and i've come out the other end with weeks/months of sleepless nights back testing and learning and doing everything i could to understand the markets. It's okay to be new to forex and once you learn it it's life changing. But if you are new, takeyour time. Manage your risk correctly. There are apps out there to help with stuff like that if you're unsure on what your SL should be and what lot size you should be using etc.
If anyone has any questions i'm happy to help! :)
Now, everyone has a different outlook on charts and that's okay. The way i trade may not suit someone else and the way they trade may not suit me and that's fine because you should all find what works for you and what you find is the easiest way to trade.
Now i've made a line to the side of the candles to show in as basic form as i can how i trade. Clearly we are in an upward channel that should be very easy to see to most, and within that channel we are making higher highs and higher lows. When i'm looking to enter the trade i'm normally on the 15m chart so that is normally easy to show you where i find entrys but basically when price makes a new high, we look for structure on the 15m chart or even the 1hr chart to see where price should (i say should because nothing is a certain in forex) come back to test and then continue on it's direction.
As you can see 2 trades took place on this pair so far and both have come out nicely. Could i have entered more? Yes i could and more than likely would've played out in profit but with news events, and everything going on that would be basically gambling. Stick to your plan!
Now USDCHF has come to an interest area. We have reached a strong 4HR Structure zone which in most cases i would like to see reject and swee some some bearish movement however, the $ at the moment is soaring so we need to be mindful of that and this is where a plan comes in to play. If i see a continuation up, a clear bullish break of this level then i will wait for price to come back and test structure before buying. Likewise, i'd like to see a clear bearish break and then price to pull back before i get into sells.
Be patient, don't just jump in to a trade protect your account balance. Risk no more than 1% a trade - if you're starting on a £100 account i know that sounds terrible because you're risking a £1 but even so if you make a 3.33RR then you'd have made over £3. I am in no way affiliated with FTMO but if you're starting with a small amount of money my advise would be build that up to say £500, take out a FTMO challenge for a £10,000 account and trade with that.
Be smart about it, if you think you will grow a £100 acand above all else hacount in 30 days to £100,000 then you shouldnt be trading, it's not going to happen. Trading can make you a a very very nice life but only if you're smart about it. Have a trading plan, stick to your plan and above all else do not revengetrade. If you hit SL so what, if you've managed your risk correctly you should be happy to lose that amount of money. If you've ever risked then you've not stuck to your plan it will never work.
Everyone has bad weeks in forex, i dont know any serious trader who can sit and say i've made profit every week since i've started. If you have done that and you've been trading for 3/4 years then you should be a multi millionaire because you'd have a 100% success rate. Last week we finshed up 12% in profit on our account. Which is a fantastic result. Let's say for example that was on as £10,000 account that would be £1200 profit in a week that includes losses, and includes correct risk management.
I hope this little message reaches out to the right people becuase as we all do when we first start trading we jump in with everything and think we'll be rich in a couple of months and then reality hit's when you make some losses. I've been there, i've made the mistakes and i've come out the other end with weeks/months of sleepless nights back testing and learning and doing everything i could to understand the markets. It's okay to be new to forex and once you learn it it's life changing. But if you are new, takeyour time. Manage your risk correctly. There are apps out there to help with stuff like that if you're unsure on what your SL should be and what lot size you should be using etc.
If anyone has any questions i'm happy to help! :)