In having a successful forex trade you need to understand the three important D's of forex Trade.
1. Determine the Trend: you need to know the direction in which prices are moving. Either up or down. The prices have a pattern in which they move. Often times these pattern is a function of the time zone you are operating from. I would discuss extensively on time frames and zones in subsequent post. Prices are either moving in the Support direction or the Resistance direction. However please note it is also a function of the existing fundamental analysis.
2. Determine your take Profit: it will be absurd for you to just enter a trade without first determining what you want your take profit to be. Really you need to know your end point in terms of what you want as a profit, say $10, $20 etc. Some traders make a certain profit per trades others per day. Ensure you observe all indicators before you place a trade.
3. Determine your Trading Pattern:this has to do with the style in which you make your trades. No doubt that the London session is the most active hours, yet it is not a guarantee that profit is sure. As much as I appreciate the London hours, I prefer trades at the close of the US sessions.
FOREX trading is not a get rich quick market, but a systematic approach to building wealth. It is a High Risk High Reward market.
However with proper knowledge you definitely will always smile to the bank.
Watch out for my online tutorials soon.
