You should always remember that there is no instant way to succeed in this world. There is no shortcut for freedom. Everything requires struggle and sacrifice; one should become absorbed in what he's doing both physically and mentally.

Being a successful trader is not an easy thing, but you can achieve it. Making profit is the way to trader's success, and strong determination is the key. There are some important things on the Forex market which every trader should get to know.

Let's take a more detailed look on them. The primary goal of any trader is making a profit and increasing wealth by using the price movements. Such famous traders as George Soros, Goldman Sachs, JP Morgan, and his allies are those who make the price to move on the Forex market.

Let's call them the Market Makers MM. The MM has a significant capital that can drive the Forex market; they can even shake the economic stability of some countries if they wish to do that. The retail trader with limited capital capabilities is like small fish versus sharks. Because of the panic, your orders may be closed by ф stop loss.

Or even worse - by stopping out. When the MM open short positions, the price starts to move up smoothly and gradually and after a while, a sharp up movement takes place which then begins to weaken slowly.

This process is known as "out of steam. This causes a side-way movement of the price, and the flat takes place on the market. From that moment the MM will wait for important economic news which will be a momentum for them to improve their position to continue opening new buy orders, to begin sell orders or not to do anything. When the news is released, the market will start moving fast and chaotic; the prices will go up and down quickly.

This is a "shake out" caused by the MM. Often, the retail trader is trapped by this situation and starts to open transactions carelessly. He is afraid to "miss his train. It happens because the Forex market is moved by human psychology. The desire to get profit, fear of loss, panic, and other feelings or emotions influence the Forex market movement.

The proverb says: "Depth of sea can be seen, but who knows the hearts of people? The same is with the Forex market. Nevertheless, Forex has a memory. The desire to get profit, fear of loss, panic, and other feelings or emotions influence the Forex market movement. The proverb says: "Depth of sea can be seen, but who knows the hearts of people? The same is with the Forex market. Nevertheless, Forex has a memory.

The price movements repeat from time to time, and it helps traders to understand the Forex market and to create some tools for trading analysis. Thus such popular methods and instruments of technical analysis as Elliott Wave analysis, Gartley pattern analysis, candlestick pattern analysis, analysis of WD Gann, various expert advisors and indicators were founded.

As it has been already mentioned, the market is very unpredictable. This means that the trading process requires some humility. A trader should respect the "will" of the market. He should have humility to manage the situation when the market is moving against the analysis and trading strategy.

A trader with his strategy on the Forex market is like an adventurer who stays alone with GPS device in the forest. But at a specific moment, his GPS turns off, and he goes in the wrong direction. When the adventurer gets lost, he tries to remember his way, realizes his mistakes and makes decisions which help him to reach the goal.

The same is while trading if you have humility to stop for a while and to think over all the mistakes which were made you will reach your trading goals. Humility helps to keep calm in any situation. Professional traders are those who have the patience to wait until the conditions on the Forex market correspond to their trading strategy, and they have an opportunity to make a profit.

Patience is required from the moment the order is opened and till it is closed. But it is especially important in the middle of a transaction when trader needs to watch the price movement which can go any direction and stay calm in order not to close the order too early or too late. Nial Fuller, a professional trader, said that the most appropriate animal to describe himself as a professional trader is an ALLIGATOR.

Crocodiles exist in this world for millions of years. Alligator does not spend their time on small prey. It saves energy for the big prey, staying patient and waiting for a long time. But as soon as the prey is in the range lunge, alligator does not hesitate to grab it. So I have found out a technique using the evening star and morning star candlestick pattern.

The evening star candlestick pattern consists of three candles. Let me tell you about the rules of the perfect evening star or morning star pattern.

Morning star is its opposite pattern. You can relate this to Drop base rally or Rally base Drop as supply and demand concepts. Now the rules here are as follows. Let me clear a confusion that key levels are just lines not zones. We will draw an exact price level in case of key levels. These are not zones. Every trader has his own perspective but according to my experience key level is the exact price where market reaction decides its direction. This was a simple strategy to draw a key level.

Key Levels can only be traded with a strategy. For example, if you are trading supply and demand strategies then you should use key levels for a trade entry point.

For example, a demand zone at a key level has a much high probability of winning. In the chart above FTR fail to return hold well which was a key level. Stoploss was also safe because it was above a strong key level.

These are advantages of key levels. it is a necessary tool for technical analysis in forex trading. I hope you will like this Article. For any Questions Comment below, also share by below links.

Use Tradingview for technical analysis instead of mt4. Join Telegram to get trade ideas free.

Trading can be a very exciting adventure for you but can also be very frustrating. A great percentage of retail traders do not succeed in this game. This is because they neglected some of the key necessary for their success. A lot of factors can determine if you will be among the few that succeed in trading or among the many that fail. Knowledge is power. You must read good books, attend webinars , enroll in a trading course, and even get a mentor. It takes several years of intense training to be an expert in any field.

Trading is not different; learn all you can. You can either go for Full course or simple one strategy guide book like Elite Swing Trader. Then once you have found your strategy, practice trading it… like placing 10, trades on it before you even go live trading. For one thing, it will help you choose the trading style that suits you — scalping, day-trading, swing trading or position trading.

It helps you to manage your emotions and keep them in check. This is very important. If you are a compulsive gambler who cannot control your own temptations, you probably should stay away from trading entirely. Start small and gradually grow as your experience of the market increase. Even if you have the money to trade full lot size, start with a cent account.

Patience is a virtue. As you get used to the market and can comfortably manage wins and losses, you can start increasing your position size. There is time for everything under the sun — time to trade and time not to trade. Choose the session that suits you best and trade only that session. Avoid the greed of trying to trade all the sessions.

You will only burn out. Be smart. Take your time to search for an honest broker that is fully registered with the FCA and has a good business history. A good broker is like a gold mine while a dishonest broker is like a leaking pocket. Your broker must support ECN account and allow you the freedom of setting your stop loss as your strategy allows. You should also have no problem withdrawing profits.

You can take a look at some awesome brokers here. You must have a trading strategy whether fundamental or technical. In the battle of trading, you need a strategy to know when to attack, when to defend, and when to retreat. Whichever style you follow — scalping, day-trading, swing trading or position trading — having a strategy is a must. Keep your strategy as simple as possible though. Do not use too many indicators so as to avoid confusion —analysis paralysis.

Having a strategy is not enough; you must have a plan for every contingency. You must have plans for taking profits, taking losses, risk management, and money management. Trading is a serious business. Use your strategy to develop a robust and suitable plan that can help you maximize the potential of your trading system. Without a plan, all is doomed before you even start. Take time to sit down to plan and to think before doing anything else.

As bookkeeping is to businesses, so is a trading journal to trading. It helps you keep a record of your trades , when they were taken, how they were taken, their outcomes, and special comments. Reviewing your trading journal will help you see your mistakes, your tendencies, and your efficiency in implementing your trading plan. The essence is to learn from your mistakes. You must be able to manage your emotions to be able to trade effectively.

Mindfully focus on the trade at hand, be courageous, and have self-belief. Fear, greed, and anger are some of the most predominating emotions when we trade. You must control your four fears — being wrong, losing, missing out, and leaving profits on the table — so as to avoid: holding on to losing trades, jumping the gun, pursuing trades, and taking profit early.

Do not overtrade or revenge trade. If you do not know how you can control your emotions, I can surely understand. Trading is a business and you should treat it as one. You should have a solid business plan with clearly stated growth strategies and income utilization plan. Are you going to withdraw all your profits, leave them for your account growth, or invest them in another business?

Do you have a clear growth plan? You can succeed in trading if you consistently do the right thing. Consistent winners know the keys, make their rules and keep them. Every professional in any field and any industry require hours and hours of training. Trading is no different.

In fact, maybe trading requires way more hours than even a pilot. Because essentially, in the world of trading, you have to compete with other traders to make money. All you need is to have your live account verified! Of course, you need to open a live account USD30 from each Forex Broker Below. Both Forex Brokers have excellent rating! Broker 1.

Broker 2. Save my name, email, and website in this browser for the next time I comment. Share Tweet Share Email Whatsapp Print. Broker 1 Broker 2 We use both of these brokers and proudly promote them! NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies. Other Analysis Today. Learn and SHARE the Knowledge! This might also interest you Click Here to Leave a Comment Below 0 comments.

Leave a Reply: Save my name, email, and website in this browser for the next time I comment. Leave this field empty.

Let me tell you about the rules of the perfect evening star or morning star pattern. The price movements repeat from time to time, and it helps traders to understand the Forex market and to create some tools for trading analysis. Believe it! You can either go for Full course or simple one strategy guide book like Elite Swing Trader. As you get used to the market and can comfortably manage wins and losses, you can start increasing your position size.

Categories:

• Forex Brokers
• Forex Bitcoin
• Binary Options online
• Binary Options
• Forex