The only stop-loss trading strategy you need
Find out what has a potential setup and then find out among those setups what has the highest reward with the lowest risk, so when I say that, I mean what has the smallest stop loss but the most amount of pips you can pick up that is to the upside is the thing that You want to put yourself in a situation where you are taking as little risk as possible to get the maximum.
The only stop-loss trading strategy you need
That’s the name of this game right and so, by coding 28 charts every week, you’re allowing yourself to find those setups that if you’re not looking at them, you can’t figure out what they are and you can’t trade them, you know one of the things that helped me with coding 28 A pair.
And it’s a little workbook in this workbook, where you can get an idea of organization and not the ideal organization that you can become organized, so it lists all the pairs that you want. Retrade and you can decide why you’re trading or what you’re taking and what you’re seeing because when you’re looking at 28 different pairs, you can get confused with the different setups.
Create something for yourself in Forex to have all your currency pairs listed
You won’t remember everything so I have to record what you thought you saw and knew daily on a strange cat I see bullish activity but over the four hours there is a potential reversal that I can sell for 200 pips I will enter it when I see this this this and this is correct so you can easily go back and check this, So I recommend if you’re not using that, create something for yourself where all your pairs are listed, you’re giving yourself some space to write some notes on why you’re doing what you’re doing or what you’re seeing and then tracking it.
I like what I have because it’s cloud-based, I can access it from anywhere and it’s easy to access right, so if you’re like writing, get a notebook to make that happen but somehow you need to record your analysis even if it’s on a chart, put it On the chart so you know what you’re dealing with and you can see things are going well, I would also recommend that when you record what it is you see that you’ve set it up on the chart.
And when I say set it up on a chart, I mean simply draw the setup so draw your trend line, draw your stop loss, draw your take profit, and draw what you need to see to happen to enter, and then what you think will happen as well, which will be helpful to you as you move through the settings.
Coding various currencies
About everything I code in every single week there’s no way it would be possible but what I do is in my charts, I go ahead and I draw everything out and I take a picture you know a screenshot or whatever you want to call it and then when I come back at the end of the week it’s happened this week I may not have entered into or prepared for this trade because I had other opportunities that I was looking for or was actively participating in.
So it’s good to see that I’m getting better at this like my analysis is pushing it and I know what I’m doing right so I highly recommend that you do that if you’re using a smart trader now he doesn’t have a long and short tool like trading watch Smart Trader if you’re watching I think that’s something you guys should add because now we’re doing it the old-fashioned way.
Where I pull my stop loss into a red box with a red draw box and I pull out my stop loss take profit using the green box you know but it’s working now and I’ll combine that with the lot size calculator that I have because it will give you the position size that you’re trading right now and that leads me To my other point people ask like you, you trade everything.
Know the position size you need to take in Forex
Like I said it would be impossible for me to do that unless I was taking 10-cent sizes on everything and I don’t want to do that because that would take forever but that calculator will help you figure out what size position you need to take based on the account you have.
You can do the calculations manually, you can certainly do it manually, but I’m someone who likes to process consistently and correctly and I like things to be accurate, so I use the calculator that I plug in like the account size, I enter my desired risk percentage for the account size and then based on the setup, So based on my stop loss, it tells me what lot size I need.
I have to address it now when I first started trading this wasn’t something that was taught to me unfortunately it was something I learned later in the game when I first started trading I downloaded mt4 and I just started figuring things out and I’m like okay this high volume thing didn’t I knew it was a big volume I’m like this is the multiplier if I increase this, I’ll make more money.
Summary
What I didn’t know was that if I increased it too much I would lose money so that came later in training for me, where I started to understand the relationship between lot sizes, and then constant growth, and the ability to grow the calculation in the calculator.
