FINDING THE PERFECT ENTRY ~ best forex trading books reviews
While finding the perfect entry is the fantasy of every trader. There is no such thing. It is pure myth. If you get an exact top/bottom it is more luck than science. We have many indicators to help us to do this, but finding a good entry point can still be a challenge.While there are no perfect entries; there have to be entries that put the odds of success in our favor
I think the secret to getting a good entry is the waiting. I get more profitable trades than losses because I am willing to allow the trade to come to me. As a trader I do more waiting than trading. Many people dont get that, but the secret to getting your best market entry is in the waiting.
Here are some things that might help. Mark Yesterdays support and resistance , if you are near yesterdays support when you enter the market and price is moving in a bullish fashion, there is a high percentage that you can take your trade long for a good ride. If you exceed yesterdays high and you get a reversal, then you are probably in for a sweet ride to the down side.
If you are at a midpoint, you might want to wait for a pullback or bounce for a better entry. If you have enough distance from your support or resistance, then most of the time you are safe to follow that short term trend. This works best on a non trending or slightly trending market. In a trending bull market, sometimes you will dip down to just below the high of the previous day all the way down to the low of the previous day before price continues on in its bullish pursuits. In a trending bear market, price might rally above the previous days close and in rarer occasions all the way to the high of the previous day before reversing.
Never buy near yesterdays top or sell near the bottom unless you are in steps. If You sell near the previous days top or buy near yesterdays bottom, you are much more likely to get a break even trade if the market doesnt do what you expect.
Here is a great link that will show you roughly what your pair is going to do hourly and daily. It also shows you the times that your pair is most active:
This is only a guide, compare it to your charts to see how accurate it is overall.
Guys, you can do this and play with the big dogs, but you must educate yourself and employ the kind of discipline that puts you in the winners circle.
YOU CAN DO THIS (^_^)
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