Who’s online There are currently 11 users online. How To Double The Account In 1 Day? Submitted by User on September 13, 2015 – 23:04. Forex trading can be fun if you stop loss and take profit forex signals master the skill of risk management.
In my opinion, the most important thing in any trade is risk management. 10 trades you win 5 trades and you lose 5 trades on average. Every trade setup has a probability of failure. When you enter into a trade, you are taking the risk.
With a small risk you ensure that if the trade setup fails you will not lose much. The trick lies in entering small and testing the waters. When the trade moves in your favor and you become pretty sure that you have caught a good move, you should open more positions. This will ensure that you multiply your profits manifolds. All indicators are lagging and unreliable. The most reliable indicator as said above is price action.
In the screenshots you will see Stochastic and MACD oscillator. Moving averages work as strong support and resistance levels. I use moving averages as support and resistance levels. This is precisely what I do.
I use the candlestick high and low as stop loss levels also. So as a trader you should focus on price action much more than the indicators. Using price action solely is also known as Naked Trading. The shape of the candlestick can give you very important clues what the market is thinking and where the price is going to hit next.
Every morning, I first look at the Daily Chart. The daily candle shape, high, low open and close tell me the most probable shape of the daily candle that will be formed that day. Once I have analyzed the daily chart and make my mind in which direction the market will move, I then look at the H4 chart for possible entry signals. I only enter into a trade at the close of H1 candle or H4 candle as I have said earlier. Below I explain in detail how to double your account in 1 day. On Friday was the NFP Report release.
The red arrow in the screenshot below shows the H4 candle formed after the NFP Report release. You can see price first went up made a high and then fell. The closing price is the same as the low. When the close and low are the same, you should expect the price to go down more as this indicates downward momentum.