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A Forex Trading Plan: Limit Your Greed and Make $53,000 Per Month After Two Years

George Bernard Shaw:
People who say it can not be done, should not interrupt those who are doing it.

The title of this article resembles the seductive sentences you see a lot on scam and phishy or HYIP and Ponzi scheme websites. Please don’t get me wrong. I am not trying to refer you to one of these programs. I want to talk about one of the most important reasons of forex traders’ failure and show you a good way to overcome it.

I don’t know how long you have been trading forex, but you can be among those traders who have been trying to make a living or at least a supplementary income through forex trading, but have not been successful so far. There are a lot of people who have spent several years to learn forex. They have tried so many systems and strategies but they still lose. They still think that they have not found a good system and their problem is that they don’t have a good trading strategy , but they are wrong. They have had several good systems but they have not been able to make those systems work and make money for them. They know much more than what they should know to be a profitable trader, but they still read and learn more and more and still they think that they have not learned enough.

GREED is the most important reason of their failure. They have not been able to become a profitable forex trader because they are greedy. Because they are not even aware of their greed. It controls them and pushes them to overtrade and take wrong positions, but they don’t know. Greed is a normal emotion that everybody has. If you have not been greedy so far and if you think you are not greedy, just trade forex and see how greedy you are. This is normal. Everybody likes to work less and make more. Everybody likes to become a multi-millionaire or multi-billionaire within the shortest time but the problem is this strong desire can not only prevent you from getting rich, but it doesn’t even let you become a profitable forex trader who is able to make a steady small income every month.

The problem is that sometimes we don’t know what greed is, what it does and how it works. If you overtrade; if you take positions when there is no strong and sharp signal; if you take the position while it is too late and you should wait for another trade setup; if you push yourself to trade every day and when you don’t find a trade setup one day you feel angry, guilty and uncomfortable; if you try to double or triple your account within the shortest time; if you get furious when you see you have missed a good trade setup; if you take too much risk and trade more than 2-4% of your account; if you don’t close a wrong position as soon as you are realized that it was a mistake; if you follow several trading systems and strategies because you want to have as many trade setups as possible every day; if you still look for e-books and articles every day and you read them and follow and try their directions and you are not happy with what you have learned; if you like to trade with small time frames to have more trade setups; if you set a big pip or monetary goal for yourself and you get upset when you can not achieve it… THEN you are not able to control your greed.

I don’t say you are greedy. I say you are not able to control your greed. Because everybody is greedy. The difference is some people are able to control their greed and some people are not.

Now let me share something that I shared with members of Forexoma Live Market Analysis today. Then I will tell you what to do to become able to control your greed and become a profitable forex trader. Please read the below paragraphs to see what made me talk about greed:

Last Friday daily candlesticks had formed a very strong sell signal with several currency pairs including NZD-USD which had the best trade setup,but unfortunately market was opened on Sunday afternoon with a big gap, almost in all of the currency pairs that had already formed a trade setup. Usually when market opens with a gap, it is used to go against the gap direction and fill it because those traders who already had a position from the last week, when they see they are in a big profit because of the gap, they get overwhelmed and close their positions to collect their profit and so price goes to the other direction right after the market open. But last night it didn’t fill the gap and kept on going down. In these cases, I just call it bad luck and then forget about it and wait for another trade setup. I never enter if I am late. If I can enter on time and with the price that I should enter, I do it, otherwise I ignore the trade. This is a very important aspect of discipline that a trader should have. Our greed pushes us to enter even when it is too late. I know it is a pain to see a good and a strong trade setup runs away from you while you are not on board, but this is part of the game too. We can not catch all the movements.

I read somewhere that a trader said he preferred to be late than wrong. But I think being late can be as risky as being wrong. So I prefer to be right and on time than wrong or late.

Maybe many of you, have been trying forex for several months or even a few or few years but have not been profitable so far. You make some profit every now and then and lose it with some bad trades. Let me share a million dollar secret now. It is the right time to do it.

You will become profitable only when you become able to control your greed. You should be able to ignore some positions and signal that don’t look good and strong or you are late and it is not safe to enter. If you review your memory, you will see that most of the bad positions you have taken are because you have not picked a strong signal or because you had missed a strong signal but you pushed yourself to enter and make some profit and get out. But they went against you right after you entered. Maybe they have been waiting for you to enter to change their direction. Sometimes it really looks like that a position has been waiting for you to enter and right when you clicked on buy or sell button, it changed its direction. It is because you are late or you have picked a poor signal.

Being late or picking a poor signal is because of nothing but greed. You can not ignore the money that it may make for you. So you take it. When it comes to trading, everybody becomes greedy. Please don’t get me wrong. I am not criticizing you. This is normal. Everybody likes to work less and make more. I knew myself as someone who could be everything but greedy. But when I started trading, I discovered my greed. It showed up. It is hard to know it first. You have no idea. It pushes and controls you but you don’t feel it. You are not aware of its presence. You will become a profitable trader only when you know it and become able to control it.

This was all I told them.

What is the solution?

The other problem with greed is that it covers your eyes and doesn’t let you see the bigger picture. You think, to become rich, you should have a $100,000 account and double it every month and as you can not afford to have such an account, you try to double or triple your $5000 account every week to reach to that level but you wipe out your account every month. This is your greed that doesn’t let you sit and calculate and see how much money you could make if you just would be patient and happy with a small amount of profit every month and what account size you would need to become rich in a short time. I have done this for you. Probably you have seen it on the July first week performance report but here I have done it differently and more precisely. I have created a spreadsheet for you that helps see your future.Click here to download the Excel spreadsheet. I have called it Forexoma $1000 Forex Plan.

Enter your account size in the primary account size cell. I have entered $1000 as an example. In the “profit per month” cell, enter 25 which means 25% profit per month (I have already entered it). After you press enter, it calculates the monthly profit you can make.

So, if you start with a $1000 account and you make only 25% profit every month and you don’t withdraw any money for 24 months, you will have a $211,758.24 account and you can make $52,939.56 per month after 24 months or two years.

It is unbelievable, isn’t it? But it is true. You could never imagine that a $1000 account could be changed to such a huge wealth. Please note that to make such an income, you don’t have to triple your account every month. You should only make 25% per month which is extremely easy.

Now try it with different amounts of primary account size and profit per month values and for example see that if you start with a $2000 account and the same 25% profit per month, you will make $105,879.12 per month, after 24 months. Try it yourself and see.

What does this Forexoma $1000 Forex Plan have to do with controlling your greed?

When you see how much money you can make with a $1000 account and making only 25% profit per month, you will not overtrade, you will not try to triple your account every month, you will not trade poor and weak signals, you will not follow several different trading systems at the same time, you will not take too much risk, you will not… and so you will not wipe out your account and you will become a profitable trader. You will know that there is no rush. You have enough time. You can wait for the best trade setups. You will not take any position. You will take the best ones. This is how your greed can be controlled. Do you agree?

Ref forexoma.com

Use of indicators

Most commonly used Indicators:

1. BB

Use :
 trending up ( BB is up, price is along upper band)
Trending down(BB is down, price is along lower band)
Reverse: See for cnadlestick pattern of reverse

Squge:
Price is above 200 ma and BB squge price tend to break up and reverse down


Use MACD with BB

Entry:

• BB contracted
• Bandthwidth squeege
• %B>0.5 before break out
• increase volume
• Breaking resistance

or 

• BB contracted
• Bandthwidth squeege
• %B<0.5 before break out
• increase volume
• Breaking support

Indicator need:

BB
BB width squeegee
volume indicator

Bullet prof tips for forex trading

Here are some trading tips:

Never miss these.......
1. Never overtrade


2. Never enter order which you afford to loose.


3. Enter only one order in a time.


4. Use stop loss.


5. Market can move any direction


6. Use higher time frame for trend. higher time frame have superiority over lower time frame.


7.Upper shadow indicates market tends to go down, lower shadow indicates market can go up.


8. Tp for 1 min chart 10,


TP for 5 min chaart 15
TP for 15 min chart 20-25( candlestick ei time frame theke response kore, higher time frame valo)
TP 1hr chart 60( Ichimoko kinku huya valo)
TP for 4 hrs chart 200


9. Always use MACD divergence has great effect


10. Use 200 EMA to determine the trend.


11. Draw trend line for trend,  higher time frame have superiority over lower time frame.


12. Day trading 15 min chart is used , 5 min chart used to see Elliotwave.


13.Fifth wave failure may form which lead to doji formation, wave 4 may cross wave 1 territory


14, wave 2 retrace upto50-78% of wave 1, measure daily high and low in 5 min chart if >40 pips this is the 
active wave.


15, wave 4 may retrace upto 38% of wave 3.


16, Use MACD divergence in 5 min chart to see finishing of wave 5.


17. MACD shows higher volume in wave 3 then in wave 5.


18. Never become anxious after putting order. Elliotwave is formed in every time frame.


19. Always use both lagging and leading indicator.

20. Look for SR in every time frame


21.See candlestick formation in every time frame


22. Scalping is profittable but risky


23. Trade only 1.00 pm-10.00 pm in BD time when both european and usa session overlaps.


24.
I enter first entry on the basis of 5 min chart
2nd entry on the basis of 15 min chart, ( candlestick ei time frame theke response kore, higher time frame valo)MACD 
3rd entry on the basis of 30 min chart
4th entry on the basis of 1 hr chart  apply ( Ichimoko kinku huya valo)
5th entry on the basis of 4 hrs chart.


Tps no 25:
When everything fails U are depressed........... Do not worry apply Andrew pitch fork trend channel .. see where the price is 
in relation to channel...go higher time frame such as 1h/4h/1 day.... 
apply the previous sequence.........




always keep these in mind... U will become successfull trader.

Daily trading Made easy

Hi, all forex trader

thanks for staying with me.

Today I am introducing most easy trading system with 80 % accuracy for day trading

Here Indicator I use 

: MA(200 EMA)

Time frame any
But I use 1 hr , 15 min chart for day trading

How do I detect trend:

when candle close above 200 ema in 1 hr chart, trend is up, 1 hr time frame,'
go for 15 min chart for entry, if candle closes above 200 ema, so its todays trend is up

vice versa for uptrend

Confirmation:

MACD, see Macd line cross the zero line and MACD historogram at least 2 bar formed above zero line
trend is confirmed and vice versa for down trend.

Forex is nothing.... Understand

forex is nothing its market psychology.

Understand the market, market movement, money will come automatically.

When ever you enter into the market is not important, it is important how the market moves...



If u can understand the market , you will be gainer, otherwise looser.

Bullet prof Simple powerful Day trading strategy

Hi all,

I am tradying forex for the last two year,

Here i am putting a powerful strategy but its quite simple for day trading.

Here I use

MA(200),50
MACD
Price action

How to catch trend:

Go 15 min chart:
Plot 200, 50 EMA,

Trend:
See where price close in relation to 200 EMA, if price close above the 200 EMA, trend is up
price may touch the 200 EMA, Its time for good entry, So put SL 10 pips below the price.

Confirmation:
Just plot MACD, See MACD line cross and historogram(min 2 bar ) present above zero line.
Vice versa for sell.

Vice versa for sell.

Solid state Day trading Bible

I do day trading for the last 2 yrs.


Its My pleasure to inform U how do I trade.


first of all I see the total trend, 1 day, 4 hrs,1 hrs, 15 min chart.
I write the trend in my log book


I usually sit at 6.00-10.00 PM, its time where most of the movement of price occurs.


At first i draw trend line in 1hrs chart and 15 min chart.
Then I draw trend channel 


I look for trend breakout in 1hrs, 15 min chart


I look for candlestick chart in 1 hrs and 15 min chart


Then draw 200 EMA, 50 EMA, see price inrelation to price action


Then draw BB(12,2) to look for trend, non trend , sign of reversal


then go for MACD to confirm the trend


I use stochastic 14,3,3 it produce signal before any other indicator
But here some fake out occurs,


I use Rsi to filter trend


Then finally I take the decission to trade.


I use 3% of investment at a time, open another trade after closing that


I always use stoploss in every trade.


I know loss is a part of trade, I take it easily.


I never overtrade.


Thats all, I do.

My Scalping strategy

First of all.

I look for trend, Make trend line.......Its simple and easy 1hrs chart
I think this is the main trend to day.

next I go for trend line in 15 min chart, this is the min trend to day.

Next I use some indicators
Some are are leading indicator(stochastic,RSI) and some lagging (MACD),MA(200 EMA)
BB(12,2)

Then I look for market condition

Start of trend, retracement, end of trend

Thus I put entry and exit

How do I trade Daily

I am trading for the last 2 yrs .

I use 1 hrs chart for trend detection and 15 min chart for entry.

Indicators I use:

MA 200(EMA)
Trend line, trend channel

Strategy I use:

Trend line, and trend channel break  strategy.

I draw trend line on 1 hrs chart, It is the major trend of the day, then I draw 15 min chart
It is the minor trend of the day.

Always remember, Minor trend retreacs on major trend.It retreaches up to 61.8%

I use stochastic to see retracement , and candlestics for retracement


Trend line : Draw trend line
1 hr chart 
price above 200 EMA, trend  Up

15 min chart ,price below 200  EMA, trend down, it will retrace upto 61.8% of major trend.

So enter buy entry with stop loss

If 15 min chart trend is also up, enter buy.

And vice versa

See trend line break, it indicates the trend is changing.


with thanks

Easy trading technique

Hi,
Today I am presenting Here the most easy trading techniques.

It is most easy for Novis.

Indicator used:

MA( 9 EMA, 45 WMA)
RSI
MACD

Time frame : 15 min, 1hr,4 hr, 1 day

How to use:

When 9 EMA cross 45 WMA from Below to up, the trend is Up..... trend is up
And vice versa  in down trend

Confirmation:

Candle close above the crossover: in uptrend
Candle close below the crossover in downtrend

Rsi>50 in uptrend
RSI<50 in down trend

Note: See RSI trend line and break

MACD: above>0 up trend
MACD below<0 downtrend

If u miss the cross over, wait candle touch the 45 WMA, it is good entry point in up trend
Vice versa in downtrend.

Always use stop loss:

Complete Guide line to day trading

Some Basic:

I am day trader,

What I do:
What I do not do:
First I look for any important news for trading and open trade accordingly.
I sit trading at 1.00-3.00 PM, 6.00-9.00PM

I use 1 hr chart for determination of trend, 15 min chart for entry point.
I draw trend line in 1 hrs chart, It is the major trend of the day.I draw trend channel in 1 hrs chart.
Then I go for drawing tren line in 15 min, It is the minor trend of the day.

If these goes confused I use 4hrs chart, 1 day chart for major trend.


First, 
Trend line break strategy:
I see whethether price breaks the trend, 15 min, 1 hrs, put buy and sell accordingly

I never put overtrade in a day...... its harmfull
I never put frequent order......Its destroy the trade.
I use 3% of my capital for each trade, put stoploss in every trade.

Indicators I use:

BB(12,2)
MACD
MA(200ema)
stochastic (14,3,3)

Trend: 
15 min chart:
BB---- Upward, MACD above zero(It confirms the trend)
price above in 200SMA
Stochastic cross the oversold range.

So trend is up, If 1 hrs trend is also up go for Buy,
If  1hrs chart is downtrend, 15 min chart trend is up,
So main trend is down, the up trend will retrace up to 61.8% of main wave
It should be confirmed by stochastic and Candlesticks.


Trend in 1 hrs chart:

BB,MACD
Stochastic
MA,

Always use both leading and lagging indicator
To see extension, use fibbonacci extension.

Best time of trading for bangladeshi

Usually In summar 6.00-10.00 pm is the best trading time, time time both USA and UK, European session overlap. This is best trading time for bangladeshi.

In winter 7.00-11.00PM.

But remember Market moves greatly(2/3 rd movement) 6-8 pm and last 9-10.30 pm rest (1/3 rd movement) in first few hours and 


1.00pm to 3.00 PM European and UK session overlaps. kintu ko move korbe.


happy trading hours


with thanks

Best Days of the Week to Trade

So now we know that the London session is the busiest out of all the other sessions, but there are also certain days in the week where all the markets tend to show more movement.

Below is a chart of average pip range for the major pairs for each day of the week:

Pair	Sunday	Monday	Tuesday	Wednesday	Thursday	Friday
EUR/USD	69	109	142	136	145	144
GBP/USD	73	149	172	152	169	179
USD/JPY	41	65	82	91	124	98
AUD/USD	58	84	114	99	115	111
NZD/USD	28	81	98	87	100	96
USD/CAD	43	93	112	106	120	125
USD/CHF	55	84	119	107	104	116
EUR/JPY	19	133	178	159	223	192
GBP/JPY	100	169	213	179	270	232
EUR/GBP	35	74	81	79	75	91
EUR/CHF	35	55	55	64	87	76

As you can see from the chart above, it would probably be best to trade during the middle of the week, since this is when the most action happens.

Fridays are usually busy until 12:00 pm EST and then the market pretty much drops dead until it closes at 5:00 pm EST. This means we only work half-days on Fridays.

The weekend always starts early! Yippee!

So based on all these, we've learned when the busiest times of the market are. The busiest times are the best times to trade because they give you a higher chance of success.

Managing Yo Time Wisely

Unless you're Edward Cullen, who does not sleep, there is no way you can trade all sessions. Even if you could, why would you? While the forex market is open 24 hours daily, it doesn't mean that action happens all the time!

Besides, sleep is an integral part of a healthy lifestyle!

You need sleep to recharge and have energy so that you can do even the most mundane tasks like mowing the lawn, talking to your spouse, taking the dog for a walk, or organizing your stamp collection. You'll definitely need your rest if you plan on becoming a hotshot trader.

Each trader should learn when to trade.

Actually, scratch that.

Each trader should know when to trade and when NOT to trade.

Knowing the optimal times you should trade and the times when you should sit out and just play some Plants vs. Zombies can help save you a pound of moolah (pun intended).

Here's a quick cheat sheet of the best and worst times to trade:

Best Times to Trade:

• When two sessions are overlapping of course! These are also the times where major news events come out to potentially spark some volatility and directional movements. Make sure you bookmark the Market Hours cheat sheet to take note of the Opening and Closing times.
• The European session tends to be the busiest out of the three.
• The middle of the week typically shows the most movement, as the pip range widens for most of the major currency pairs.

Worst Times to Trade:

• Sundays - everyone is sleeping or enjoying their weekend!
• Fridays - liquidity dies down during the latter part of the U.S. session.
• Holidays - everybody is taking a break.
• Major news events - you don't want to get whipsawed!
• During American Idol, the NBA Finals, or the Superbowl.

Can't seem to trade during the optimal sessions? Don't fret. You can always be a swing or position trader. We'll get back to that later. Meanwhile, let's move on to how you actually make money in Forex. Excited? You should be!