Prepare 3 scenarios for a plan per trade
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  1. #1
    Trader ara's Avatar
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    Prepare 3 scenarios for a plan per trade

    Someone asked me, "Do you think the dollar will go down on Monday, what's your analysis?" I hear this kind of question a little less comfortable, I'm not an expert on analysis. For me, the analysis was made to determine the scenario, so if the analysis is bullish on one pair then there will be always 3 scenarios in it:
    1. If the market is bullish according to my analysis, what will I do?
    2. If it turns out the market is even bearish, not according to my analysis, what do I do?
    3. If the market turns sideway, not bearish or bullish, what am I doing ?,

    The essence of the analysis is not guessing the price, but securing equity prevents prolonged loss and maximizes profit so there is no bad tragedy for our deposit, I am a trader not a gambler, so in the trading world there is always a loss and there is always a profit, because:
    1. Understanding market interest (TREND)
    2. Know when market interest will be saturated
    3. Know with Economic order quantity (order in accordance with economic value) in order not to happen overstock, so that when the trend ends stock also sold out and start again stock with new trend.
    4. Know when to stock closeout (cover losses so as not to increase due to warehouse costs and its value will continue to fall).

    so we need analysis for the 4 things above, not guess up or down, but more precisely is what's should i do if?

    Best of luck for you all

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  2. #2
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    Good explanation, I like what you said here, even the experts will not give a perfect reply and that is because they have got to learn the market, they have gotten to have more knowledge about the market. Therefore, making analysis on the other hand is also based on probability and not certainty, hence we shouldn't be ever specific with the analysis procedures.

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  3. #3
    Trader juniorpeters's Avatar
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    if I can't predict a pair then I will avoid taking.usually after making analysis and the market opens the following week I don't trade as soon as the market open until my predictions is in line with the trend then I will find an entry point to get into the market but if it's not,I will just stay clear to avoid over analysing the market and getting trapped.

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  4. #4
    Trader sniper007's Avatar
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    Quote Originally Posted by juniorpeters View Post
    if I can't predict a pair then I will avoid taking.usually after making analysis and the market opens the following week I don't trade as soon as the market open until my predictions is in line with the trend then I will find an entry point to get into the market but if it's not,I will just stay clear to avoid over analysing the market and getting trapped.
    Wrong, we don't predict the market, all which the trader does is to make good analysis on the chart and then get to have the view on how the market works. If you are talking about making analysis then we are not predicting, what we are doing is making good analysis and then following the market, we could make mistakes still after making analysis in the market. A trader should be able to have plans for the unseen happenings.

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  5. #5
    Trader cutiekc's Avatar
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    Quote Originally Posted by sniper007 View Post
    Wrong, we don't predict the market, all which the trader does is to make good analysis on the chart and then get to have the view on how the market works. If you are talking about making analysis then we are not predicting, what we are doing is making good analysis and then following the market, we could make mistakes still after making analysis in the market. A trader should be able to have plans for the unseen happenings.
    I think I have argued on this on the past and one thing I know for sure is that, it will come to a point where prediction will start being possible. being the time when a trader is been able to predict the market movement. That is the kind of trading method I think we need to make use of. We get to succeed as a forex trader if we can wait for a long time and learn more regarding experience trading.

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  6. #6
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    The success in forex trading is really for any one who has the ability to get it done. Obviously, no trader gets to be successful when they don't make adequate plans to be followed each and every time in the market. Good planning entails the use of risk management and probability because for sure no one is certain about the market behaviors.

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  7. #7
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    Traders make the best of their analysis to see that they can have a higher chance of making profits from their trade. No matter how much we see it, we must get prepared to face the better and the worst in forex and know how to maintain a perfect management in forex. We have the chance to become successful in forex and even if our analysis are wrong, we must be very ready to learn on how to manage risk for our very own good.

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  8. #8
    Trader sniper007's Avatar
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    There is no certainty in forex trading, you need to make sure that all is planned out so that you can make money from the market. Forex trading isn't going to be a simple business wherein you get every thing as think. Be ready because the best of trading setup could fail you and a trader that plans is the one that will succeed.

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  9. #9
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    It is good to make some good plans before taking on any trades in the market. Come to think about it, the traders that has made the plans before trading will have thing easier going for them. You don't also expect to see things working the way you want them to work all the time. The planning makes the trading method very much simple and easier.

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  10. #10
    Trader cutiekc's Avatar
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    Quote Originally Posted by Tonycee View Post
    Traders make the best of their analysis to see that they can have a higher chance of making profits from their trade. No matter how much we see it, we must get prepared to face the better and the worst in forex and know how to maintain a perfect management in forex. We have the chance to become successful in forex and even if our analysis are wrong, we must be very ready to learn on how to manage risk for our very own good.
    There is no perfection in forex trading market so no matter what some mistakes will be made and then loss. Therefore that is the reason why traders have to learn and build a good trading strategy that will make them attain money. You can make money from the market but then, making plans and being ready for any thing that is to come is important.

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