Do You Know When Your Trade Entry is Good, Better, Best, Or Worst

When you get a signal to trade, what criteria do you use to decide if the trade has a higher probability of succeeding? This kind of information can be extremely important and can elevate your trading profits. I would like to recommend you establish your own Trading Map.

When your trade signal alerts you to your trade

Forex Trade Alerts

Let's assume you are using the Rsi, the Relative drive Index to trade and you are using the 4 Rsi Trading Signals to signal your trade entries. If you use this method you would most likely be using The Rsi Paint Indicator which is a rights Rsi indicator used for trading this method. It alerts you to all reversal signals produced by Rsi as well as divergences on anything currency pair you are trading and anything time frame.

Do You Know When Your Trade Entry is Good, Better, Best, Or Worst

Let's assume the signal alerts you while you are watching the evening news via your cell phone. What do you do next?

The criteria

The first thing you would do is put the Tv on Dvr so you didn't miss the news and the second thing is you would go to your computer screen and get some vital information from the chart where the signal occurred. In our principles you would article the price at 3 closes, two before the signal and one at the signal, the Rsi at the signal and the distance from a 200 involving average.

Next you would enter the data into a calculator on your screen called, The Rsi Statistical Scoring Calculator. This calculator would tell you the target for the trade and the retracement that occurred to the signal point. This is important information that you need to know before entering the trade. It would also ask for momentum indicators. It would also look at the Rsi level and decide if it was in the right range.
What does it matter?

Make a Trader's Map

It matters because every trader should have a "Trades' Map" that determines whether the trade is good, better, best or worst. Take a piece of paper and divide it in quarters. In the first box in the upper left write, "Good", in the box in the upper right write, "Better", lower left write, "Best", lower right write, "Worst".

Now what? If your principles is like mine you know what a "Good" trade is so you would write down the minimal conditions for a good trade. This might consist of the type of signal, the location on the chart in connection to a involving average, the time of the trade, etc. Each box would consist of items like a check list that would make a trade great than the next one. Hopefully the things you would write on your "Trade Map" would heighten from box to box with the irregularity of the "Worst" box where no criteria for a good trade would exist.

This is an perfect exercise and will heighten your decision-making. For example if you entered 10 trades during the week and found that you were flourishing in 7 of the trades you would look to the quadrant of the other three trades and see what might be improved on. If you eliminate one bad trade it as the corollary of not only enhancing the behalf next time around but eliminating a loss.

If you would like to see our Map go to the website listed below and email me. I will be happy to send you a copy of ours.

Do You Know When Your Trade Entry is Good, Better, Best, Or Worst

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