5 life hacks to improve the success of your trading strategy


Forex trading is work. The work is complex, painstaking, requiring self-organization, analytical skills and iron nerves. Before reaching a stable plus, each new Forex trader will have to study a lot of information, develop a comfortable trading strategy, and develop tricks to increase profitability.

Forex life hacks that increase the profitability of a trader

Below are the most effective life hacks for forex traderswhich can significantly increase the profit on transactions.

Life hack number 1 – we take a tit and catch cranes

A competent entry point into the market is only part of the success. It is important to properly accompany open orders, not cutting profits out of the blue, but also preventing the possibility of losing 100% of potential profit. And such an effective technique as dividing one position into parts will help in this. That is, the market participant closes the position partially.

It is convenient to do this in three steps:

  • Quick profit. You can fix part of the profit literally at the very beginning of the movement (especially before important economic data). Roughly speaking, we take the very coveted “titmouse”;
  • Slow profit. This part of the position can be held either until the intended target, or until the formation of a technical analysis reversal figure, which, by its appearance, hints at the possibility of a rollback or a complete change in trend.
  • Main profit. Hold up to the set level forex orders Take Profit or we accompany the deal with a wide Tralling Stop. But in this situation, the experience of a forex trader plays a big role.

Forex life hack No. 2 – the light did not converge on stop loss

What is one of the first trading rules in the financial markets that is drummed into newbies? That’s right, limiting losses, that is, placing a StopLoss order. But few people say that the classic rule of placing an order to close a deal is a real trap for the crowd. Why? Everything is simple here. For the most part, novice traders set stops slightly above or slightly below the local peaks of the instrument chart candles, that is, beyond resistance or support levels. Market makers understand this very well and benefit from it.

Very often in the currency market there is a situation when, before the main movement, the price abruptly “runs” in the opposite direction, exactly into the accumulation of crowd stop losses. In trading circles, this phenomenon is called stop hunting. Therefore, consider this factor, if you are afraid to refuse to limit losses by the standard method, use alternative methods of limiting deposit losses.

Forex loss risk optimization methods:

— locking a negative order;
– reversal of the transaction, opening a new order in the opposite direction of the forecast;
— averaging technique losing position in the market.

You can find a lot of information about these tactics, so it’s not worth dwelling on each one in detail. The methods have one thing in common – these are multi-way combinations, the skillful use of which will allow you to exit an unsuccessful transaction with a profit, and not with a loss.

Life hack number 3 – the robot trades, but the trader thinks

It is no secret that in the environment scalpers (trading on small time frames) trading robots – advisors are popular. In this area, the myth of full automation of trading has taken root, that is, you turn on the robot and watch how the trading deposit increases. But do not forget that an adviser is a program that works according to a given algorithm. But the trader will have to think for this program personally.

And here I would like to tell you about the main rules of trading with an adviser:

Rule 1 The frisky market is the enemy of the scalper and his robot. Turn off the adviser before important news, as its algorithm simply does not include a reaction to fundamental factors and powerful candlestick impulses.

Rule 2 Attentively choose a forex broker. For scalping trading, concepts such as the size of the spread and the speed of order execution are very important. Some “kitchens” generally sin by not counting profits from short-term transactions (1-3 minutes). We recommend AMarkets as a broker favorable to trading with scalping robots, which is as loyal as possible to this category of its clients. The broker’s order execution speed is from 0.03 seconds, and spreads start from 0.2 points.

Rule 3 More tests, less leaks. Do not be too lazy to test the work of the adviser on history. So you can understand the algorithm of its work and, if necessary, adjust the settings.

“Life hack” No. 4 – read, think, analyze

Usually, traders Beginners who come to Forex enthusiastically install indicators in the terminal and try to enter the market based on their signals. But this is fundamentally the wrong approach. First you must have information. Therefore, make it a rule every morning to skim the fundamental and technical forecast from experts. After all, it is logical: to be aware of those events that can influence the movement of the currency pair chart.

Where to look for such analytical materials? For example, on the site already mentioned above broker AMarkets quality analytics from experts and forecasts of the movement of major currency pairs are regularly published.

“Lifehack” No. 5 – compactness above all

Well, the last forex life hack, no less important, concerns, directly, the settings in the trading terminal itself. It’s hard to believe, but even experienced traders still not aware that the various indicators can be “overlapped” on top of each other. What does it give? First, the ease of analysis. Secondly, the comfort of trading is significantly increased. Sometimes the indicator fields take up so much space that even the price chart itself is not visible.

We will not claim that such a convenient function is available in every trading platform, so let’s take the MetaТrader 4 terminal as an example. How to do it? Open the “View” menu, select “Navigator”. A list of installed indicators appears. Next, hold down the left mouse button on the required Forex indicator and drag it to the previously opened window. In the “apply to” line, look for “Previous Indicators Data”. For example, we took the Momentum indicators and the well-known sliding average, you can do this trick with any technical analysis tool.

We hope that Forex life hacks will help every trader to consistently receive profit and reduce trading risks!

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