The concept of price trading integrates the estimation of price movements. In general words the price action trading is nothing more than making decisions based on price movements. It is also termed as trading naked as the confusion and mess of adding indicators are no longer required and the charts and pattern created by you are very clean and easy to see. Here in this article I am going to share few tips with you for becoming profitable price action trader.
- Respect your stops
If you’re looking to be successful with price action trading, learn how to place stop loss and do respect them. As long as you’ve price action setup against your expected direction, you’re bound to respect stop loss and take profit in the trading position.
According to the well experienced price action traders, the trading in Forex market has simple but undeniable integrity, which is termed as PATIENCE. It is the ability to keep your calm during the trades. No matter what system you’re using once you are able to maintain your calmness, you would be getting more success in the market. While talking about the price action trading, it plays a major role in calculating your success. The best way to do so is learn how to use stop loss with perfection.
- Trade for longer time frames
Most of the successful price action trader and the best forex broker prefers trading for the long term trends. In case you trade for longer time frames, you’ve can have look on current market structure that can help you to filter out the noise on small times frames.
- Spend lesser time in front of your desktop
Sitting at desktop for the whole day will give you nothing more than the back pain and does not add any value to your trades. It will affect you psychologically and lead to close premature positions. In such scenarios I would like to ask you to analyze and determine whether the trades meet your criteria and rules with stop loss and take profit orders placed appropriately. Just go through the trades once or may be twice a day that will help you to remain calm and will save you from mental instability.