The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Sell limit order in forex trading you want to become a MASTER of your Forex trading strategy?
If so, you will need to have laser-beam like focus, you cannot waver and change strategies every week like many amateur traders do. Forget everything you have learned up to this point in your trading career, because if you truly want to master a new Forex trading strategy you really need to wipe the slate clean of all the confusing indicator and software based trading systems you have likely used thus far. One of the biggest problems that plague traders who are trying to adopt a new approach to the Forex market is that they seem to bring a lot of preconceived notions and failed trading concepts with them. Learning to master one trading setup at a time will help you properly train your brain to become more disciplined and objective, two characteristics that you absolutely must possess if you wish to excel at forex trading. The discipline and objectivity that you will require as a result of learning to master one forex trading strategy at a time should spill over into other areas of your trading such as managing your risk and remaining calm and collected.
Obviously, if you are looking for a new trading strategy or mentor, what you were doing before was not working for you. Thus, it is paramount to your success as a trader that you adopt the same trading philosophies that your new mentor or trading strategy teaches, wash your mind of what you have learned thus far and completely immerse yourself in this new approach to the markets. What do most people that make a lot of money in this world have in common? What do Tiger Woods and Bill Gates have common?
Or how about George Soros and Venus Williams? But what is the fundamental reason, behind all else, that these people and others like them make so much money while the rest of the world struggles to get themselves out of bed in the morning? People that make a lot of money focus in on one thing that they are passionate about, and they do it over and over and over until they achieve the result they are looking for. Simply put, you cannot really make a lot of money at anything in life if you master nothing. Mastering one price action setup at a time is accomplished through literally making it the only setup you think about or look for when interacting with the market. You essentially live, breath, and sleep this one setup until you feel confident you know every angle and condition it can or should be traded in.
Keep a trading journal to record under which market conditions the setup excelled in and which conditions it performed weaker in. In closing, a very important distinction to make here is that one price action setup does not only mean entering a trade when you see a well defined pin bar or other price action setup. Thank you this article should help me be focused. I had to read this article a second time and now see that it makes a huge amount of sense. For me it is engulfing candles and pin bar. I only trade these on daily. Sure I don’t trade much but when I see them at important areas I am successful.
I may add more later in my forex career. Patience truly is needed in forex market In order to master price action. Stick to a set up no matter what. Nial, You have given a good foundation on how to master a trading strategy and look the market through it.
Thanks for this it’s really superb the mentorship you are exbiting to me is impressive ! I have discarded all for Price Action ! With it the universe will be the limit to my success . This article really inspires me to become a better trader. It’s a beautiful thing to see all that all that discipline, enquiry and examination of experience come together in an article like this one. I used to get confuse on where to enter the market and where to exit until I come across your website,now with price action setup my confussion is almost over.