General rules

1. Before thinking about putting on any trade, look to see if there is enough profit margin and a reasonable stop loss. If not, stand aside!

Emotional plan

1.If I see a good trade opportunity with a good profit margin, take it (eliminate fear)!
2.If I lose a trade, don’t get angry and don’t make revenge trades (eliminate anger)! Prepare for the next good opportunity!
3.Do not take trades just for the sake of trading!
4.Cut your losses short and let your profits run!
5.Always stick to the rules!

Trade plan

A. Breakout trades

Put a buy/sell stop above/below resistance/support with stop below/above resistance/support if:

1.Price has already touched the level at least twice recently or price has touched the level less than 10 hours ago.
2.Volatility is rising near the level (strong momentum).

Only take a breakout of a level a single time in a day span.

B. Classic S/R trades

1.Put a limit order for the strongest S/R zones!
2.For weaker S/R levels, wait for a confirmation on the M5 chart, before entering a trade!
3.Do not trade used and abused levels!
4.Do not fade the same level twice in a single day!

Hi, guys (that is, if anyone is still reading this blog)!

I’m back. Sorry for not posting lately, but I’ve been very busy with work and University exams. Today, though, is my first day as a Forex trainee at Active International, a trading company based in Bucharest, Romania. I’ve started trading a demo account for a month and after that, hopefully, I will be granted a 10.000 EUR or bigger real account to trade. Can’t wait to make some cash

Cheers!