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Member since 02/27/2018
Name: Engine Forex
Website: https://engineforex.com/
About Engine Forex\r\n\r\n\r\nIf you can learn about and master simplistic price action strategies, then you are well on your way to doing well as a Forex trader. \r\n\r\nNevertheless, the majority of part-time Forex traders have a tendency for overcomplicating things, and there really is no need to. \r\n\r\nIf you can learn how to read charts properly, if you can understand the marketplace and you can apply those skills together with a few simple strategies, then it’s almost inevitable that you will be profitable. And we teach you how to do just that at https://engineforex.com/.\r\n\r\n\r\nYour Trading Psychology\r\n\r\nAgain, if you want to be profitable at trading, psychology is among the most important aspects to come to grips with. \r\n\r\nYou do have to apply a variety of basic concepts, including: \r\n\r\n• If you trade with emotion, you will end up seeing losses.\r\n• Impulse is bad, where logic is the winner. \r\n• Those that are successful at trading have discipline that is unwavering. \r\n• Where trading opportunities continue to arise, capital does not necessarily always continue to flow.\r\n• Those that are the best at the game of trading do not allow ego to get in the way of good decisions. \r\n• Those that are the best also keep things simple. \r\n• And those that are the best find an edge. \r\n\r\n\r\nForex Trading Strategies\r\n\r\nThere is no one strategy for trading that is going to be perfect at all times. \r\n\r\nAnd if you are continuing to search for that perfect strategy, you need to stop because this will equate to the major hindrance that you have in terms of enjoying success. \r\n\r\nAll that you need in any particular trading plan is to have an edge. \r\n\r\nFor the most part, good strategies will see profitable trades approximately 70 to 75 percent of the time. \r\n\r\nThough even if you have a 1:1 R:R, it’s still very possible to make yourself a lot of money. \r\n\r\n\r\nThe Take Profits / Stop Loss Levels\r\n\r\nYou must have set levels in place whereby you set a target profit level and once that level is hit, your trade closes out automatically. Further, you must also have a stop loss level set in place so that any losses do not simply spiral should there be any sudden price changes. \r\n\r\nThis is called your Take Profit Level and your Stop Loss Level. \r\n\r\nYou must likewise have these Levels in place so that you are able to calculate the Risk / Reward Ratio. \r\n\r\nMoreover, you can also set a Trailing Stop. This is where the stop level trails, at a distance that is specified, behind current market price. \r\n\r\nWhile there are some that will say that if you do utilize a stop loss, then you ought not to be trading because you don’t understand what it is that you are doing. \r\n\r\nThis is quite incorrect, and if you wish to enjoy consistent profits, you must have a Stop Loss in place. \r\n\r\nThere’s only one time that you ought to have a trailing stop, and that is whenever a position exceeds the profit target that you originally set. Further, the trailing stop should be beyond market levels where the price has risen to recently (potential reference points.)