The 5 Swing Trader Tips I Learned The Hard Way (Forex Market)
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In this Bangkok Forex trading vlog, I share with you my top 5 tips to make money as a swing trader in any market condition. Vlog #536
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1) Look at the charts 3-4 times a day
2) Look at the turning points in the market
3) Systems vs predictions
4) Find out when things don’t work well
5) Stop losses rules for better mindset & results
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Best Platform: https://desiretotrade.com/tradingview
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VPS (for algo trading): https://desiretotrade.com/vps
Trading Journal: https://desiretotrade.com/journal
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// ABOUT ME
My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. I always disclose this information when it is the case. As part of the Desire To TRADE family, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn’t affect you in any way in the checkout process (I’m sometimes even able to arrange a discount for you that is special from other customers).
Forex Swing Trading.com, The 5 Swing Trader Tips I Learned The Hard Way (Forex Market).
Is Swing trading much safer than day trading?
Yes turn trading is more safer than day trading and also The factor is fairly simple! In day trading, an investor goes into and also exits a variety of placements to make make money from small variations in market. Whereas, swing trading entailed holding stocks for a longer timespan, state from days to weeks.
The retail swing trader will certainly typically start his day at 6 am EST, well before the opening bell. The moment before the opening is important for getting an overall feel for the day’s market, finding prospective professions, producing a day-to-day watch list and also, lastly, looking into existing placements.
The very first task of the day is to catch up on the most up to date information and also advancements on the market. The quickest way to do this is via the cable network CNBC or trustworthy websites such as Market Watch. The trader requires to keep an eye on 3 points specifically:
- General market sentiment (bullish/bearish, crucial financial reports, inflation, money, overseas trading sessions, etc.).
- Sector sentiment (hot industries, expanding industries, etc.).
- Existing holdings (information, incomes, SEC filings, etc.).
Considerations and also Variants On How Much You Can Make
If you can take 10 (valid) trades a month, rather than 5, your earnings would increase. If you take less than 5 professions a month, your earnings drops as necessary. This assumes you keep the 60% win price and also 3:1 incentive to risk. Boost the win price or enhance the incentive: risk, while maintaining the other proportion, and also your earnings will certainly enhance. If win price or incentive: risk decline though, expect a decrease in earnings.
If you balance incentive: risk winds up being 2:1, after that your month-to-month revenue drops to about 3.5% to 4%, presuming all other variables stay the exact same.
If the win price is 50%, at a 3:1 incentive: risk, the month-to-month revenue also drops to around 4%. Extremely slightly modifications have a huge effect on productivity.
Do swing traders earn money?
When turn trading, the market you trade– stocks, foreign exchange, alternatives, or futures– doesn’t matter way too much. All have their very own advantages and all deal comparable revenue possibility. For example, if you make 5% a month trading a $2000 account, your earnings is $100. If you make 5% a month on a $60,000 account, your earnings is $3,000.
Threat 2% per trade, rather than 1%, and also your earnings also increases. Threat 0.5% per trade and also your earnings is halved. This assumes all other stats stay equal.
For simplicity, these circumstances think that you would get in and also exit placements within the month. That might not always hold true. If your trades last 2 months, after that this earnings would be spread out over 2 months. If your professions typically only last a week or so, after that the circumstances are accurate, presuming you can replicate the conditions over.
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