I hope you already understand the importance of having goals in life. So, I won’t start quoting Tony Robbins for you, but I will mention some specifics that help you set realistic goals to help your trading.
Ok. Seriously now.
Keep a trading journal
Every time you open and close a position, you must make an entry in your journal. Note down the criteria used to enter and exit the trade as well as any observations made along the way. When you write it down, not only are you creating an invaluable resource for you to measure and track your progress, but you’re training your brain to think mechanically, which is the most important part of trading.
Never set a growth goal!
I often see new traders targeting a set number of pips per day, or a certain percentage return per month, however, You can’t take more than the market will give you. Sometimes the best trading decision you make is waiting. Setting yourself a defined growth goal will force you to trade in unfavourable conditions.
You are in total control of your success
This leads on from the previous point – You can’t control the market. However, you can control how you react to it. If you trade the strategy correctly and record each decision, then you’ve succeeded. No strategy will make money all the time; it’s simply the nature of the markets and why I don’t suggest you tie your goals to your short-term performance. However, if you stay true to a winning strategy and don’t make emotional decisions, the profits will come.
Before you start anything, you need to understand the intended destination and have a clear path in your mind on how to get there. Things happen, your plan will change and that’s ok. But you need that initial road map if you stand any chance of succeeding.
To quote one of my most loathed clichés “If you fail to plan, you plan to fail”.
Unlike the bearish engulfing pattern, the standard entries typically will not work if you apply my proprietary filters to qualify your shooting star setups because the confirmation close filter changes the way you must take your entries with this particular pattern.
Just in case you’re only interested in the standard shooting star candlestick trading method, we’ll go over the standard entries too.
Standard Entries :
The first standard entry technique for the shooting star candlestick pattern is to simply place a sell order upon the open of the very next candlestick following the shooting star .Of the two standard entries,
I prefer this one because it creates a slightly better reward to risk scenario
The second standard shooting star entry technique is to enter the trade when the low of the shooting star is broken in the Forex market, you would enter the trade 1 pip below the low of the shooting star.
if you want to learn how to trade the market using my price action trading strategies,
i highly recommend purchase my ebook (the candlestick trading bible). if you are interested,check it out in my bio, or send me a private message.
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