Louis Jnr Book

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If you trade without a money management plan, you are just wasting your time and money. Because nothing is going to work for you, even if you have the most powerful trading system in the world. Most traders focus on how to enter the market, they spend months and years looking for the right system. i don’t want you to think like them, you should think differently if you want to become a successful trader. Money management: Position sizing One of the most important component of money management is position sizing, what i mean by position sizing is the number of lots you are risking per trade. All forex brokers now offer mini lots as the default position size. The smallest value for a mini lot is approximately 1$. There are forex brokers that offer 10 cents for a mini lot which represent an opportunity for traders who don’t have bigger accounts, they can begin with 250$, and they still have chance to grow it. When it comes to position sizing, you should think in terms of dollars instead of pips. Let’s say you are PAGE 212 OF 226
trading 3 mini lots of CAD/USA, this means you bought or sold 30.000 worth of us dollars. If the market moves in your favor, you will win an amount of money equal to 3$ per pip. If you make 20 pips, you would have profited 60$. Let’s break it down, 1standard lot is worth about 10$ per pip. And 1mini lot is worth about 1$ per pip, and 1 micro lot is equal to 10 cents. If you open a mini trading account, you should think in term of the dollars risked instead of pips. Let’s say you put 50 pips stop loss and 100 pips as a profit target. This means that if the market hits your stop loss you will lose 50 pips which is 50$, and if the market hit the profit target, you will win 100$. The size of your position depends on whether you have a standard or a mini account, and how many lots you are trading. This information is important to you because this will help you know how much money you risk on each trade. The risk to reward ratio PAGE 213 OF 226
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DTFX MARKETING PRODUCTIONS, SOUTH A
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First Published: January 2019 For m
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PREFACE FOREX MILLIONAIRE IN 365 DA
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hearts desires and perpetual needs
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own resurrection. As best as I can,
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DIFFERENT WAYS TO TRADE FX Over the
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We use fundamental analysis in the
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3. PRACTICE The best way to get a f
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your leverage ratio in accordance w
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8. KEEP IT SLOW AND STEADY One key
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TECHNICAL ANALYSIS WHY CANDLESTICKS
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Using candlestick patterns will hel
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Long bodies refer to strong buying
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CANDLESTICK PATTERNS Candlestick pa
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find in the market, in this chapter
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When this pattern occurs at the end
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The bullish engulfing bar pattern T
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The example above shows us clearly
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Remember always that a Doji indicat
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In the chart above, the market was
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The image above illustrates a perfe
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As a trader, you will need addition
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The chart above helps us identify t
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But here, the Doji candle indicated
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Right now, everything is going all
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characterized by a long lower shado
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created, you will be able to predic
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When this candlestick forms near a
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In the next chapters, i will talk a
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As you see the smaller body is tota
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ottom of a downtrend, sellers were
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The tweezers top formation consists
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The chart above shows us a tweezers
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Let’s try to answer the questions
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4: Bullish engulfing bar Please, i
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What the crowds are doing? Who is i
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The example above shows a bearish m
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But the question is what is the rig
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The illustration above shows a down
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Support and resistance are proven a
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By drawing a support level in an up
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Don’t use smaller time frame to d
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The Ranging Market Ranging markets
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But ranging markets tend to move ho
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As you can see, the market is movin
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The pullback is another chance to j
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find a lot of noise, you can’t ev
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Time frames and top down analysis A
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try to find a way to follow them on
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The second information is the rejec
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Look at what happened next: As you
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from this level which indicates tha
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The example above shows that counte
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The second aspect is the level: you
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The area between the open and close
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How to identify pin bar candlestick
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trying to put the probabilities of
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-The anatomy of a pin bar is import
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If you understand the psychology be
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The formation of the pin bar indica
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The 4-hour chart above illustrates
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The chart above shows how an aggres
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entry method helps us decrease our
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The trend: it is one of the most im
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1- The Trend: the market is trading
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trading setups to come to you, inst
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The second reason is the formation
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The same thing happens with the sec
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closes, or you wait for the market
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This is how professional traders tr
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What you have to do in this case is
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This reversal candlestick pattern c
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According to Steve Nison, the fathe
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The illustration above shows a clea
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Conversely, if prices test a resist
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Your ability to identify an engulfi
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Because you will get lot of false s
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How to trade the engulfing bar with
Page 161 and 162: In the example above, the engulfing
Page 163 and 164: By connecting the extreme highs, we
Page 165 and 166: One of the most difficult markets t
Page 167 and 168: ecause not all sideways markets are
Page 169 and 170: False breakouts are one of the most
Page 171 and 172: Pay more attention to the way the p
Page 173 and 174: If you can combine trading supply a
Page 175 and 176: As you can see all the conditions w
Page 177 and 178: When you set your protective stop a
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Page 181 and 182: which is the opposite of the engulf
Page 183 and 184: The inside bar can be traded succes
Page 185 and 186: mother candle. Your profit target i
Page 187 and 188: chart, you will notice that the sup
Page 189 and 190: you will know that the safest entry
Page 191 and 192: i recommend you to stick with tradi
Page 193 and 194: Banks and financial institutions kn
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Page 197 and 198: This setup can be considered as a c
Page 199 and 200: As illustrated above, big players h
Page 201 and 202: how to use it in a simple and effic
Page 203 and 204: Fibonacci tool can be used to trade
Page 205 and 206: But if the market is ranging, you h
Page 207 and 208: interesting about it, is that the r
Page 209 and 210: The second signal was an engulfing
Page 211: As you can see in the chart above,
Page 215 and 216: The importance of a Stop loss All g
Page 217 and 218: Because trading is all about emotio
Page 219 and 220: You have everything you need here,
Page 221 and 222: involved. I would make several chan
Page 223 and 224: ABOUT THE AUTHOR Have you ever wond
Page 225 and 226: youth from the previously disadvant
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Louis Jnr Book

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