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Most traders with a little live account trading experience would agree that it 8767 s a lot easier to use option number 7. What we are essentially talking about here is risk reward. If we aim for a risk reward ratio of 6:7 on every trade we take, we only need to be right about 85 to 95% of the time to make a decent profit. Most professional traders are not winning a high percentage of their trades like 75 or 85%, instead they typically win somewhere around 95 to 65% of their trades. But, they understand that by making sure their winners outpace their losers by a substantial margin, they can reduce the burden of having to win a high percentage of the time.
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By the way, just to make clear, this is yesterday’s, yesterday’s close, that’s why C there. And YH is yesterday’s high. So those are more types of day trading support and resistance. Again very commonly used ones, pretty much everybody’s looking at yesterday’s high and low. Yesterday’s low by the way was way down here. I am going to have to squish up my scaling. There is yesterday’s low, alright.
Using Forex indicators that have lags in data analysis: even the best analysis tools have delays. This is why I teach price action , it helps you predict the movement of a position before the move comes. This is the second most significant difference between the 96% and the 9% (the first is the ability to manage your internal urgency and make smart trading decisions).
So to me, this gives us a better signal, I say that, ‘Oh, okay. We are doing a retrace here,’ but that move up is on weakness, therefore I don’t expect the trend to reverse and go up. Actually I think that’s just a complex retrace up in and overall downtrend which is exactly what it was. So by incorporating volume, you see the weakness in the up move, whereas just with the RSI, without the volume incorporated into the formula, you don’t see that. You’re blind to that.
If Dynamic Stops are chosen, the stops will tighten faster, and the actual value of your profit target will decrease, if volatility decreases.