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Prepare for your trading week with our unique strategy insights. Dylan and Max break down the Forex, Commodities, Indices and Crypto markets on a weekly basis to give you an over the shoulder look into the markets. Compare, adapt and capitalise. (45 minutes + in length)
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10th July 2020
“Amazing community and the guys are top notch👌🏼 super helpful and super responsive, never have I learnt so much about trading since I joined this community.”
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Forex trading can be an incredibly rewarding way to make a full time or extra income. It can be a fun and exciting hobby that teaches you an array of skills which can aid you in many aspects of life. However, many beginner forex traders who are new to trading can get discouraged by a string of losses and the hype surrounding this topic, especially if you are following the wrong accounts across social media platforms, promoting win after win (you see this a lot).
In this article, I’ll be diving into a small 1% tweak that could save you countless trading losses in the beginning stages of your trading career.
Being an open blog, I won’t dive into the real technicals behind this topic as all of this will be covered in The Social Traders Strategy (and will likely confuse you if you are unfamiliar with trading). This article will provide you enough of an insight to hopefully protect you from unnecessary losses, if you are already somewhat familiar with trading forex, commodities and cryptocurrencies.
Ok, let’s jump into it.
As you may already know, the forex market and your trading will always feature losses; in fact, your pathway to consistency will often look like this;
W, W, L, L, W, L, L,
A random string of wins and losses, where your wins take a larger chunk out of the market than your losses.
No trader that claims a full 100% strike rate is telling the truth, it is only natural to come into losses when in this space.
W, W, W, W, W, W
Is not possible.
However, we can move the odds in our favour by using this one small piece of advice.
I want to run through a process called Lower Timeframe Confirmation.
This is a EURUSD long setup that was shared within our TST Pro Telegram channel. Without bombarding you with our overall strategy, we’ll keep things super simple here.
At The Social Traders we are price action traders that account for liquidity using SMC (smart money concept techniques). Using our discretion and price action we can understand that the price formation developing here has price action slowing and descending in nature – typical characteristics of price action that is ready for a change in trend short, medium or long term depending on the higher timeframe seen before.
Now the majority of inexperienced and unguided traders will be looking to trade a limit order below the market or directly sit on technicals around this area. We have the confluences:
3rd touch of trend
Price action stalling
Liquidity take from lows
Falling wedge pattern
Traders using this approach will likely get chewed up in the market as limit orders sat directly on technicals without confirmation is a dangerous game.
In this case, the market could have easily continued to push lower or wick buyers for further liquidity resulting in a quick loss for traders buying the immediate bounce.
We have a solution to get around this.
Lower Timeframe Confirmation, is to wait for price action to break the most recent minor swing. This will confirm that the bulls (buyers) in this case are willing to step into the market and change the trend.
At The Social Traders, this gives us confirmation to be on lookout for entry.
Dropping down to the lower time frames in order to paint a clear picture, in this case we have dropped down to the 5 minute time frames, meaning every candlestick represents 5 minutes worth of trading data.
As you can see here, price action has pushed above our most recent significant swing high, printed a new high, then dropped all the way back to the downside into the orders that created the move.
This is where we get in.
Liquidity has been shaken from both sides of the market, then we enter.
What’s your goal today?
1. Join The Social Traders To Improve Your Profitability
We’ve helped over five hundred traders, using our unique SMC & Patterns strategy. To discover how we can help level up your trading:
2. Learn how to trade to the highest level
Jump back into our free community, our strategy dashboard will give you access to module 1 this includes our highly rated videos ‘The art of discretion’, ‘The power of liquidity’ and ‘The beauty of the swing’
Join pro and browse over 25 videos and articles, containing an amazing number of useful tools and techniques. Many traders tell us they have simplified and refined their process resulting in consistency by following the advice in these videos and articles.
Jump to strategy now
3. Join our team (we’re actively looking for new team members)
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