What’s the hardest part of Forex trading? It’s not finding trades, that part is easy.
In yesterday’s webinar I showed you exactly how to find trades using my price action strategy.
The hardest part is entering and managing your trades.
Anybody can find a trade, but only real traders can enter at the right time, exit at the right time, and set a smart stop to protect against losses.
- Where and when do I enter this trade?
- Where is the smartest place to set my stop?
- Where is the smartest place to set my target?
Answering these questions correctly is the difference between winning a trade and losing a trade.
Smart Entries, Stops & Targets
In day two of the mastering Forex webinar series I show you how to manage trades by using smart entries, stops, and targets.
It doesn’t matter what strategy or system you are trading, you need to know how to manage your trades the smart way.
christopher Bakainaga
Thanks very informative
Mike Lombardo
I have been bouncing around for a pretty long time in my learning process and this was very powerful for me.
Pavel
Hey nick!
First and foremost – your free webinars are extremely good. They are spontaneous and informative – a mix I find as spicy and to the point.
I just want to stretch out with a question here about entry techniques.
I am a very conservative trader and I enter my trades only after I see price confirm the reversal with a close High/Low. Yeah. Sometimes I miss a lot of good trades like this, but more often than not, these missed trades are failed ones.
If price action leaves my entry point too much, I know that 9 out of 10 times it will retest the same area anyhow and I will enter at the retrace.
Do you think my strategy is too conservative or does it sounds like a good plan?
Thanks in advance,
Pavel.
Ranny Reeves
awesome Nick, thanks for helping with ales stressful way to trade. your the man
Asghar Ali
Thanks It is very informative but there is some confusion why do you explain the following setup on USDJPY chart. This setup have all formalities which required according to your strategy, one preceding trend second indecision candle on support and resistance areas third good money management please explain about this setup
http://prntscr.com/gp5zh9
Nick
As I mentioned in the video, at the time that that set-up was happening, there was something going on that made it so that that set-up didn’t seem very viable. I do not remember what that reason was as it was a few months ago now.
Like you said, there was a preceding trend, indecision candle on S&R area and it would have had a good RR. But, like I say in the video, sometimes it just doesn’t work out. With this trade, if you entered a trade when the second indecision candle made the higher high, you would have just gotten stopped out at your stop loss. If you wanted to enter after the second indecision candle, your entry would have not triggered. I’m not sure what else you want me to explain, I hope this helped.
Asghar Ali
Thanks for explaining my answer
Ufoo
Hello Nick, I have a question based on this video. Please forgive me for not putting the q
Ufoo
Hello Nick, I have a question based on this video: https://www.youtube.com/watch?v=AgXGELP3VyQ&t=504s. I apologize for not putting the question in the right blog post. I could not see the post. Watching the video, personally I would have put a buy order few pips above the first resistance; so that the order would be triggered once price has broken the resistance, and closed above it. I do not understand why you did not do that. If my approach is wrong please tell me. Again thanks a lot
Nick
Not sure which resistance area you are referring to when you say “the first”… which one is first?