Turning Losing Forex Trades Into Winners: Proven Techniques to Reverse Your Losses
Turning Losing FOREX Trades into Winners takes a look at this discipline from a different angle, examining effective methods for dealing with trades that are in a losing position. First, it guides the trader through the various steps of determining if a trade is with or against the overall trend. Then, it explains how to decide when a trade should be closed or left open. While this reliable resource is filled with in-depth insights and expert advice that will help readers gain a better understanding of today’s FOREX market, it also contains hundreds of chart examples that will provide step-by-step instructions on how traders can recover from losses.
Author’s Introduction:
There are many trading advisors who have ideas regarding the selec-tion process and how to pick the right times to trade retracements, but overall, it is difficult to exceed the 80 percent success rate. Trading systems work with the obvious two choices:
- When to enter the market in the same direction
- When to enter the market in the opposite direction
So, if you are trading a system carefully or just anticipating with your gut, you will benefit from tactical knowledge for what I call “cost aver-aging.” Average the results of one bad trade followed by one good trade. Leave behind the emotional baggage of a bad trade and then be ready to take advantage of the market cycles at the right moment to offset losses, either partially or completely. Whether your trading system is based upon fundamental knowledge of economics or on charting technical analysis doesn’t matter. You will occasionally find yourself with open trades that are not working, and at that point I can help you take advantage of market conditions to improve your position.
“How can I succeed when my trading will not be 100 percent right?” If you have this question in your mind, then this book is for you. I will describe a method for you to analyze difficult trading situations. I will not attempt to alter your trading style or trading system, but I will help you understand how to get out of a trade that is not working for you and how to recover from many losing situations.
Contents:
- Trading Systems
- Trend Lines & Trend Walls
- Convergence & Divergence
- The Bad Trade
- Bad Trade Recovery
- Loss Recovery with MACD
- Loss Recovery with Stochastics
- Loss Recovery with Moving Averages
- Loss Recovery with Fibonacci Ranges
- Loss Recovery with Trend Lines
- Conclusion: Loss Recovery in Practice