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Module 8: Lesson 7

4.Make a checklist:

1. Begin by sketching your charts.

Focus on 3-5 pairings, that is recommended.

Furthermore, we begin with the daily time period to assess which direction the price is trending in.

Here you may also set your daily lines.

  1. Next, we’ll look at the h4 charts. Here’s a closer look, and this is where you’ll create your S&R Lines, or Supply and Demand zones. Which one is best for you?
  2. When we have done this, we can usually tell if there are any interesting entries on the way. As a result, we mostly go there to WAIT! Waiting for the proper opportunity to strike.
  3. We will verify whether there is any news before we initiate a transaction. This may be done at www.forexfactory.com. If there is any news, either now or later, it is a good idea to write it down so that you are not surprised.
  4. Now that we’ve completed our preparations, we must wait until the appropriate time.

Stick to your trading plan at all times, never hurry into a transaction, and most importantly, have a lot of patience!!!

  1. General Tips & Suggestions

The saying “you are only as good as your last transaction” is somewhat accurate, but a skilled trader who seeks to improve and add value must go back and examine prior trades.

If you’ve ever traded using a demo account, you should be aware that a large loss may be restored with only one click of a button.

In the actual world, things are not like that. It’s not in our nature to stare our flaws in the eyes, but it’s something you must do. That is the only way you’ll be able to improve your shortcomings.

Examining your performance will reveal a lot about you, including which trading strategy is ideal for you. Pose the following questions to yourself:

  • With which pairs do I get the greatest results?
  • Which of my pairings do I execute while I’m losing?
  • During which part of the day am I the most profitable?
  • On which days have I suffered the biggest losses?
  • When am I the most profitable?
  • Do I have better long-term trading results or do I have better scalping results?

Virtually anyone or rather, every average person can open a chart and create technical lines. Is it true that your technical drawings are accurate and successful? The truth is that 70% of all traders are unable to accurately sketch their technical analysis.

You will be a failure even before you begin the trade if you set up your trend lines or critical levels incorrectly. But don’t worry, we can get rid of the rough edges thanks to current technology. We can check if we acted appropriately by taking screenshots before and after the exchange.

“The simplest thing to do is to plan ahead. If you don’t, we applaud you on behalf of the other market participants.”

Keep track of every transaction you make; ideally, in the form of a spreadsheet. After you open a transaction and when you close it, you must complete your spreadsheet. You may use this list of transactions to evaluate your deals after you’ve closed them.  There is no such thing as a perfect or proper spreadsheet for a trader. Make your sheet in any way you like. Make it simple and enjoyable for yourself.

Getting your spreadsheet up and running isn’t the difficult part; keeping it up to date is! Many dealers fail in this area. It should be a part of your trading process to finish your spreadsheet. Don’t be like the majority of people and say, “I’ll do it later.” Do it right now, in this very moment.