Strategy 1: Proper entry
Traders lose because of their entry. Profit depends on proper entry. It's the main thing most traders are
confused about: when to open a position. If price is too high, they enter a short position; if price is too low, they open a buy position.
Clicking a button is too easy. But do you draw support, resistance, or a trendline? Learn how to draw trendlines, support, and resistance.
At a trendline/support/resistance, price could break out/break down. That's where price action comes in.
Most traders are not familiar with price action. Learn price action properly before entering any position.
Define your risk-reward. If price bounces from support/resistance, or if it breaks out or breaks down.
Always put a stop loss and a profit target. If you don't put a stop loss, you may lose the next big opportunity.
If the weekly/monthly trend is bullish and price breaks support, try to go long after confirming price action Strategy.
And do the opposite if the weekly and monthly trend is bearish. Learn to use EMA. For Example: You can use 9/15 EMA for short-term trend confirmation.
Don't open positions too big so that if it goes against you or hits stop loss, you don't feel the pain. Take a risk that won't affect your mental state. Lower your risk if you are not confident.
Learn:
Price Action Strategy
Tools like: EMA, VWAP, Volume Profile
Technical analysis (support, resistance, and trendline)
A few things you can do before entering positions, which most traders do.
1. Always have a risk-reward defined
2. Do not exit too early if it goes with your flow
3. Check important news & prediction markets
4. Patience pays the traders; show enough patience
5. Focus on taking 2/3 trades per session
6. Wait for the candle to close and for price action to build properly
7. Avoid the London session (any session that is not suitable for you) session
8. Try to ride with the weekly or monthly trend; possibly, current price action will mostly follow that
We have a complete set of materials to make your entry perfect. We discussed only 4 methods. Always combine 3 out of 4 methods together at your entry to be extra confident. Learn materials from our Academy without paying 0 fees.