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Key secrets of price action trader

There are many different ways of trading the financial instrument in the world. You can make money by following many different trading strategies. One of the most advanced trading strategies in today’s world is the price action trading strategy. Price action trading strategies involve study of the raw price data. Professional traders use the raw price data in the chart and execute high probability trades in the market by using different price action confirmation signal. If you truly want to become professional price action trader then you must know how to manage your trade efficiently.

Most of the novice traders fail to make money in the forex industry due to their lack of knowledge and trading discipline. They consider forex as money making machine but in reality trading, the forex is just like doing any other business. If you truly want to become a professional trader then you must have a different way of approach in the financial industry.

Trading can be done in a number of different ways. You can use indicators, as or you can simply use price action trading strategy. No matter which technique you follow, you must understand the forex market very precisely in order to make a decent profit. Every single forex experts have undergone many difficult stages and they have made their unique solution to their problems.to be precise every single successful trader has their own secret in trading and price action trader is not an exception of it.

Price action trading is vast area and it requires an extreme level of discipline. As a professional price action trader, you can’t afford to take any risk in the market. Every successful price action traders follow some unique steps which help them make a decent income in the market. In this article, we will reveal some of the key secrets that every price action traders follow.

Retrace entry: Retrace entry is considered to be the most advanced price action trading strategy in the forex world. Almost every price action trader executes their trade in the market after the formation of the price action confirmation signal in the market. But professional traders wait for a minor retracement in price to execute their trade in the market.

Trading the price action candlestick with minor retracement.

Figure: Perfect retrace price action trading.

From this figure, it’s very much clear that same price action trading signal can be traded in different ways. As a professional trader, you can execute your trade by limiting your risk simply by following the minor retracement in the chart.

Risk management factors: One of the most key elements in forex trading is proper money management. Most of the retail price action traders use simple risk money management factors and execute their orders in the market. Whereas all the professional trades size their risk according to their trade setup and fundamental conditions of the economy. For instance, they are willing to take more than 5% risk if the golden trading opportunity comes in the trading chart whereas they will lower down their risk to 1% in case of chaotic market conditions. They simply assess their risk on the conditions of the dynamic market.

Execute high probability trades only: There are many price action trader who often trades all the support and resistance level in the market. But as a trader, you should know that different support and resistance level has different importance in the financial world. The professional traders only trade the key support and resistance level in the market and ignore the minor levels.

Believe in quality trade: This is one of the most common characteristics that every successful price action traders have in them. They believe in quality trade execution rather than quantity. On the contrary, the novice traders have the tendency that trading more will help them to make more money. But in reality, trading too often simply increases the associated risk in the market. In the eyes of trained professional only one quality trade in the market is decent enough to secure your whole month profit in the market. They believe in quality execution rather than quantity.

Break: Trading can be extremely confusing at certain times. To avoid such circumstance all most every successful trader takes a decent break after every two to three months. As a professional trader taking a break is extremely important since it will refresh your brain and help to organize your trading plan.to be precise you plan always get haphazard after a certain period of time and a full-time trader you need to take a decent from the market in order to organize your thought and view on the market.

Trade without emotions: Trading without any emotions can be an extremely difficult task if you are relatively new in the forex industry. As a professional trader, you must trade the financial instrument without any emotions. The moment you execute ay trading orders in the market is the very moment you lose your trading discipline. Experts always trade what they see in the chart and keep their emotions aside. This is one the key ingredients that so many new traders are losing in the forex market. They simply trade the market with their emotions and ignores the technical and fundamental factors.

If you can truly master the art of forex trading then you can make a decent living out of it. But trading is not an easy task it requires an extreme level of patience and pin perfect execution of the trading plan. Most of the professional traders in the industry have developed their trading skills through continuous learning procedure and hard work. So be ready for the hard work if you truly want to become a professional price action trader.

Author: Dwayne Buzzell – Forex Trader

 

 

 

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Amazing Trader EVENT RISK Calendar:

Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
  • POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI

  • POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
  • POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
  • POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
  • POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision


  • POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
  • POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
  • POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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