June 4, 2011

3 Things To Wait: Trader's Guide to Maximize Profits

3 Things To Wait: Trader's Guide to Maximize Profits

"To wait is excruciating for some. For trader, waiting is gold."

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One of the main distinction between successful trader and mere human are their ability and willingness to develop their patience and persistence.

The true test to our persistent is when we are asked to wait. Remember the feeling?

Now there are three things you need to wait, when you are in front of your screen trying to make a pip or two.

The Market Hour

One of the thing you need to wait when trading foreign exchange is the market hour. Market hour depends on the pair you trade. Every pair represents a nation or a union, such as Euro representing European Union.

And every market or nation has its own 'rush hour'. The hours when the market is moving fast, real fast. 

The tool I use to mark the Market Hour (session) is Forex Market Hours software.

Forex Market Hours


After waiting for the right session for the right currency pair, then it is time to set up the chart with our hand picked technical indicators. 

Waiting for confirmation depends on your own choice of method. Be it breakout or reversal trading method, you need to wait for the price action to be confirmed. How many times do you jump into a trade, without a single analysis, just because you see the price moves wild?

Wait For EXIT

Another difficult task of trading is to decide when to exit, and actually executing that decision. This still related with your trading system and money management method.

The way to help you find exit is to plan your exit before you enter the trade. It is like setting the path to emergency exit. You don't want to get trapped in fire do you? So, plan your trade and trade your plan.
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Remember, Keep Trading Simple!

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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