Welcome to my live trading session of Forex (GBPJPY). I trade Forex, Gold and Crypto here, and alongside that, I engage in light discussions on various aspects of trading, from risk management to mindset and strategy, that are of great value to everyone, especially new traders.
The highest level of GBPJPY market on Thursday was 191.54 and the lowest was 190.25 with a bullish candle. In last week, we have seen a bearish candle touching 192.03 on upside and 188.23 on downside with closing on 190.79 level.
Before elaborating my trading strategy, I would like to advise new traders that their first target, as a Forex trader should be to save your capital. Once you have mastered saving your capital, then go for earning from Forex trading. And after getting the skill of earning, you should try to become rich or millionaire by Forex trading. But if you directly want to achieve third level, you can never be profitable.
The Forex market is very uncertain. There is no strategy that is always 100% profitable. Risk management, proper psychology and control of emotions are the factors behind my strategy. I may be in loss, in a session or in a day, but not in a week or a month. That’s how things work in the life of a Forex trader and that’s the beauty of Forex trading. The key points of my trading strategy are as under:-
I do Semi-automated trading.
It’s very difficult for a human to control his psychology and emotions during trading in highly volatile market of Forex. That’s why, I believe software tools are necessary in Forex trading. I use hybrid approach in my trading that involves human input as well as my own developed Expert Advisor (EA) algorithm to hint for best entries in trendy and sideways market, keeping in view the running fundamentals of the market. My EA doesn’t follow the direction of any daily technical analysis, but looks for suitable entries in both directions; Sell and Buy. The TP, SL and breakeven settings are performed by the EA bot, that really makes my work easy. I constantly keep on improving my EA to improve its performance.
I trade all Sessions.
No doubt, there is more trading volume in the market during New York Session and during sessions overlapping. However, good opportunities can come any time. That’s why I love to trade all sessions, looking for nice entries.
I take multiple positions in same direction.
Whenever, I found a suitable entry, I run multiple positions of same Lot Size and same Stop Loss, but with different Take Profits. One of these positions will have open TP, in order to take maximum benefit from big market moves. Sometimes my SLs may trigger in a row, but these net SLs are much smaller than my net TPs. That’s what makes me profitable.
I do Breakeven of remaining positions after one or two TP Hits.
In my trading, when one or two TPs are hit, I move SLs of all other running positions to Breakeven level. This may deprive me of taking benefit from my entry, if market retests my entry level and then bounces back in my direction. In this case, I don’t take next entry in same direction. I’ll wait and the waiting period sometimes may extend even up to a couple of hours or so, until I found an opportunity in opposite direction. Then I will take my next entry.
Disclaimer! All sharing of live Forex, Gold and BTC trading is for learning and educational purposes only and is not a financial advice. Everyone is responsible for his own decisions. However, risk management should be your top priority, as trading is a risky business.
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