Forex Solutions

12/08/2023

The most important skills required to succeed in forex trading are psychological skills and they include patience, control of greed, emotional intelligence, stress management, risk management, confidence, goal setting, and continuous learning.

Patience is a key skill for forex traders. It helps to avoid emotional trading, to wait for the best opportunities, and to stick to the trading plan. Some advantages that patient traders have over the inpatient ones include:

- Patience helps to avoid overtrading, which is the tendency to open too many positions or trade too frequently. Overtrading can lead to increased costs, reduced profits, and higher risks.
- Patience helps to wait for the right market conditions, such as clear trends, strong signals, and high volatility. Trading in unfavorable conditions can result in losses or missed opportunities.
- Patience helps to follow trading plan, which is a set of rules and guidelines that define entry, exit, and risk management strategies. Trading plan helps to achieve consistent results and avoid emotional decisions.
- Patience helps to cope with losses, which are inevitable in forex trading. Traders who are patient can accept losses as part of the learning process and move on without revenge trading or giving up.

Patience is not something that any trader is born with, but something that can be developed over time. Some ways to cultivate patience in forex trading are:

- Setting realistic goals and expectations, such as how much profit to make, how long to trade, and how much risk to take.
- Keeping a trading journal, which is a record of all trades, including the reasons, outcomes, and emotions involved. Trading journal helps to review their performance and learn from mistakes.
- Practicing meditation, which is a technique that involves focusing on the present moment and calming the mind. Meditation helps traders to reduce stress, improve concentration, and enhance self-control.

Patience is a virtue that can make a difference between success and failure in forex trading. Traders who are patient can improve their skills, performance, and profitability in the long run.

31/10/2020

31/10/2020

I realized this in my journey trying to educate people

14/08/2019

BASIC FOREX CANDLESTICK PATTERNS

SPINNING TOPS
Japanese candlesticks with a long upper shadow, long lower shadow and small real bodies are called spinning tops. The color of the real body is not very important.

The pattern indicates the indecision between the buyers and sellers.

The small real body (whether hollow or filled) shows little movement from open to close, and the shadows indicate that both buyers and sellers were fighting but nobody could gain the upper hand.

Even though the session opened and closed with little change, prices moved significantly higher and lower in the meantime.
Neither buyers nor sellers could gain the upper hand, and the result was a standoff.

If a spinning top forms during an uptrend, this usually means there aren’t many buyers left and a possible reversal in direction could occur.
If a spinning top forms during a downtrend, this usually means there aren’t many sellers left and a possible reversal in direction could occur.

MARUBOZU
Sounds like some kind of voodoo magic, huh? “I will cast the evil spell of the Marubozu on you!”

Fortunately, that’s not what it means. Marubozu means there are no shadows from the bodies.

Depending on whether the candlestick’s body is filled or hollow, the high and low are the same as its open or close.

Check out the two types of Marubozus in the picture below.

A White Marubozu contains a long white body with no shadows. The open price equals the low price and the close price equals the high price.

This is a very bullish candle as it shows that buyers were in control the entire session. It usually becomes the first part of a bullish continuation or a bullish reversal pattern.
A Black Marubozu contains a long black body with no shadows. The open equals the high and the close equals the low.

This is a very bearish candle as it shows that sellers controlled the price action the entire session. It usually implies bearish continuation or bearish reversal.

DOJI
Doji candlesticks have the same open and close price or at least their bodies are extremely short. A doji should have a very small body that appears as a thin line.

Doji candles suggest indecision or a struggle for turf positioning between buyers and sellers.
Prices move above and below the open price during the session, but close at or very near the open price.

Neither buyers nor sellers were able to gain control and the result was essentially a draw.

THERE ARE FOUR SPECIAL TYPES OF DOJI CANDLESTICKS.

The length of the upper and lower shadows can vary and the resulting forex candlestick looks like a cross, inverted cross or plus sign.

The word “Doji” refers to both the singular and plural form.

When a Doji forms on your chart, pay special attention to the preceding candlesticks.

If a Doji forms after a series of candlesticks with long hollow bodies (like White Marubozus), the Doji signals that the buyers are becoming exhausted and weakening.

In order for price to continue rising, more buyers are needed but there aren’t anymore! Sellers are licking their chops and are looking to come in and drive the price back down.

LONG WHITE CANDLE AND DOJI

If a Doji forms after a series of candlesticks with long filled bodies (like Black Marubozus), the Doji signals that sellers are becoming exhausted and weak.

In order for price to continue falling, more sellers are needed but sellers are all tapped out! Buyers are foaming in the mouth for a chance to get in cheap.

LONG BLACK CANDLE AND DOJI
While the decline is sputtering due to lack of new sellers, further buying strength is required to confirm any reversal.

Look for a white candlestick to close above the long black candlestick’s open.
In the next following sections, we will take a look at specific Japanese candlestick pattern and what they are telling us.

13/08/2019

Being young should be enough motivation to striving hard everyday to achieve your highest potential. You can only be young once in a lifetime so take full advantage and don't misuse the time 🕒you have💯

07/08/2019

Hows I challenged myself in my early years in Forex. Later turned out the best decision I ever made.

29/07/2019

2 TRADING MISTAKES FOREX NEWBIES USUALLY MAKE
By Dr. Pipslow

Starting out in the forex market is definitely an exciting experience but you must be very careful not to make these dangerous mistakes that most beginners make.
1) UNDERCAPITALIZATION
Insufficient initial capital is the first mistake by beginners, and it usually ends up killing them.
I’ve seen traders, including myself, blow their whole trading account during the first month or week. I blew one of my accounts in thirty minutes!
The trading capital is lost even before you have the time to properly learn to trade.
This is what usually happens to a new traders:
They don’t have sufficient trading knowledge and experience.
They are not familiar with risk control and money management principles.
They partially realize risks that they will have to deal with when trading but aren’t always capable of precisely formulating and evaluating them. Therefore, they often undertake incorrect actions for lowering them.
Common sense leads you to believe that the best way to initially lower risk of potential losses is to trade the smallest amount possible. Then as your experience and skills grow, you steadily increase your trade size. I think this approach is hogwash.
Newbies trying to trade with with single lots with tight stop losses to keep risk small while trying to gain trading experience, in order to trade bigger lots with bigger stop losses is dumb.
You have to understand that a small trading account actually increases the risk of losses. By starting with a puny bankroll, it’s impossible to lower risk. This is because as your account shrinks, losses take a bigger chunk.
By using short and tight stops, you increase your chances that the stops will be triggered more frequently and your total loss will consist of many small losses.
Your trading account should be as large as possible in order to correspond with market conditions and provide the necessary flexibility in making trade decisions.
The size of your trading account is another tool in your trading quiver.
Like any business, you have to make sure you are adequately funded. Don’t try to lower risk by only depositing a portion of your available trading capital.
Fund yourself right but use proper money and risk management!
2) OVERTRADING
Overtrading is when you (hoping to receive the maximum possible profit) open a huge position consisting of multiple lots. Considering the typical market activity, it’s easy to lose half or even all your trading capital with this.
This problem is sometimes directly connected to insufficient trading capital.
But it’s more likely due to the trader lacking knowledge of money management principles, which means lack of competence to control their trading capital properly.
Your trading capital is used to earn money. You should treat each dollar is like a newborn baby.
Your first and foremost responsibility is to protect it. If you lose it, you have less to help you earn money.
Have you ever made any of these mistakes? Please share your experience in the comments below. I’m sure we’d all be interested in possibly learning from each other. I know I would!

28/07/2019

just for laughs. Everyone in the industry experience such days. BTW, hope your trading week was amazing

27/07/2019

💯 ✔️