The trading range is usually pretty tight from 0:00 hr GMT until the beginning of the London Session. Looking back we see that the market usually makes a big move one direction or the other. The problem is the sell-off before the rally or the rally before the sell-off. To minimize this we set Entry orders just above the estimated head-fake (with stops) and we do the same on the short side, the plan is that one order will get filled and make a run in that direction, ideally one should trail up the stop to at least a breakeven point when profitable in case the market returns to its recent range.
1. Review the overnight moves in recent weeks, create a major move ratio, example 5 nights, 3 major moves, (60% success ratio)
2. Place
demo trades for at least two weeks, then if successful start of with one lot in a mini account (remember wealth is a by-product of consistent success, lottery winners don’t last!)
3. Identify a currency pair that you find some consistency with and study the average movements and other factors that have an effect on direction.
Though of the Day!
If you double your money daily starting with one dollar it would only take 20 days to reach 1 million.
Consistency Builds Wealth, figure out a system that works, start small and let it grow, losing profit is better than losing income.
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