FOREX TRADE MANAGEMENT SYSTEM | Daksh Murkute | Skillshare

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teacher avatar Daksh Murkute

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Taught by industry leaders & working professionals
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Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

6 Lessons (21m)

    • 2. 2 Trade System

    • 3. Rules to Enter

    • 4. Rules to Get Out of a Trade.

    • 5. Risk Management


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About This Class


In this class i have explained the steps to make forex trade management plan correctly. No trading strategy will help you earn money without a proper risk management plan, so i have also shared a risk management plan.

I hope you all enjoy the class.

Meet Your Teacher

Hello, I'm Daksh. I am a Professional Forex Trader and founder of forex monopoly . I invest in real estate and travel around the world.

I have helped many people to transform their personal and financial Lives. 


See full profile

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1. INTRODUCTION.: no matter how perfect your trading strategy is or how much knowledge you have about four X treating you won't succeed in forex until and unless you have a solid trade management plan . A solid reading plan works like a navigation system. For me, it helps you to stick to your part off profit and make sure that you are moving in the right direction. So the better your trading plan, the better will be your chances to succeed. Importance. So in this class I will teach you Braiding Gland Foundation How to make a training plan in Three Easy steps. How to create a risk management plan based on your strategy. In my early trading days, I used to think creating a trading plan is worthless, and so I kept on ignoring it. But because off this way off thinking, I kept on losing money. I used to do silly mistakes, and I used to get influenced by my emotions even after having a good trading strategy. But one finding, I was reading a book about four Extended, which was written by a very successful for extreme in that book. Writer explained to me why it is very essential to have a solid trade. England. So I thought I should give it a try. Once I created and master my trading plan. It totally transformed the really. The trading plan has helped me to stay on track and also helps me to take decisions very effectively. I went from amateur for extended to a profitable one. I know this mistake cost me a lot off money and and it might be affecting you and costing you a lot off money. So in this class, I have compiled everything you need to know to create a training plan and how to implement it in your trading. So without wasting any time, let's get started. 2. 2 Trade System: in early trading. This after a couple of years off reading, I was finally able to understand the market charity. I used to analyze the market correctly 60% off the time, but I still feel who grew Michael. This was because I used to keep my grades running, thinking off a long time, and by doing so, I used to watch my profits turn into losses. This must have happened with many off you who have created forex before. After watching my Venus turn into losers, I used to get frustrated and emotionally dream many times, even thought of giving up on forests because watching your profits turn into losses and losing money, it's not easy for any human being. Many times I thought it must be Greek, which is making or stopping me from taking profits. So get rid off this. I tried cutting my arena show and used to target 32 4 depicts. Why cutting my been a short The prize usedto hit my pay profit and moved 100 to 200 trips in the direction off my trade, finally reaching the level which I thought it would reach. This was again very frustrating. Lucy, No one wants to watch a great move in your direction while you get out off. That many traders will tell you that this is your greed, which doesn't let you take profit. But that's not true. This is the big estimate I have worked in my forex trading June. The idea off grade hitting your target is the belief that you got from your analysis. And if your analysis is good, how can keeping high target big lead? If your take profit is high, it does not mean that you are too greedy. Maybe the great has that much off potential. The only thing wrong is that a person believes that the price will hit your take profit or the target area in no time just because the price did it. The last thinking this way is the biggest problem with every trailer out there, the forex market moves imperfectly, and there are different things involved in the movement off the price at different times. The fact is, you cannot always tell what the market is doing and many a time baby sitting. Your trade will create different emotions in your mind, which can need toe many destructive ideas, so to get rid off this, I developed a to trade system, and while using it, I started getting much better results than are you. So what is a great system? The great system is a very simple technique off managing your trade, which allows you to lock your profit safely, and at the same time, it allows you to write your winning three. What you have to do with instead of opening one single treat, you have to place who trades in the same positions without increasing yours. For example, let us see your trading with $1000. So the rescue pick portrayed is $30 that this 3% off. Normally, if you got a great opportunity, which has a risk off 25 prepare tips, you place a trade with a large size off 0110 But here, using to trade system, you will divide the lost size into two and place poo traits with a lot size off 0.5 each. You must be wondering, how can this help you manage your trade effectively? Let us try to understand this with the help Often example. In this example, you can see that the price was at a support area. The long term potential was near you. So if we would have opened a bite rate oil, we would have doubts if this price will break this resistance or not. So in this case, what we have to do is close one trade and take profit and keep the other great running at break. Even by doing this, you are also looking your profit. Plus, you are in that trade for for the appropriate. So it is a win win, and that is how you use a group rate system. 3. Rules to Enter : Whenever we create obey anything, the most important thing is the foundation everyone to build a building. We start with the foundation book and for the building to be durable so that it can last long. The foundation needs to Wistrom, in the same way you root for entering a trade will be your foundation for creating a proper training plan. So to make your trading plan work, your rules operating should be strong. Create a set off routes using the strategy, which alone and only enter endured trade when that trade fulfills all the necessary conditions, which you have in your rule book. This will help you to be consistent, and we'll also keep you out off very bad and unnecessary to It's based on the strategy you learned in this course. I've been sure you how I could hear true for getting into it and how I used them. Based on the starters you learned in the previous class, there are certain rules for getting into a tree. Rule number one. The price should be on support or resistance level for by trade. The price should be on support level and for assault rate. The price should be on a resistance level. Rule number two There should be a proper moment contained. That is a divergence on a four hour chart for higher time frame. Always avoid and trees on timeframes lower than four hours as they are not reliable, and you get a lot of false signals on lower timeframes. Rule number three. While looking for a divergence, always check if the Arisa is above or below the two extreme levels, that is, for by entry, the divergence should be formed on or below the oversold level. And for a cell entry that diverted should be formed on above the overboard level. So these are the three rules you need to follow for getting into a trade. Now let us take few examples and see how to use it and also understand which trades should we avoid. And with trades we must enter. You're br on us DJ Pua for hours. So the price started to move down from this point. It got who's back from this level. So any name, the price moved near this level. It got pushed back, so this level was acting as in strong support. So after a few attempts, the price finally broke the support level and broke the after moving down and started correcting sideways like this. And it reached the previous support level, which is now, I think, as in resistance. So this is our presidents area. So you're our first rule is validated now. The second rule is that we need a moment of change that is diverted. So when we compare this surprised with the indicator, we can see that the price has figured it'd or higher higher. But when we compare it with the other side, the ERISA has created lower, high instant and hence this is our divergence. So now the third rule is that the artist I should form divergence on the extreme levels. And if you see you that divergence this form on the or board level. As all the three rules are validated, we can now get into the tree. Let us take another example. So this is us d. C. A tip for our. So the price started to move down From this point, the price moved on, and after moving down, it started to cut it in the sideways direction like this. As you can see anytime. The price for this level, It robbed them. So this level is, I think, as a resistance for the price. So now we have our resistance. 11? No. The second rule is that we need a moment. Um, Jet, that does the divergence. Before that. When we compare the price over you with the Arisa, you can see the price created or higher. Higher. But artist, I created a lower her instant and hence indicating or diverted. Now, the third rule is that the iris I should be formed on the extreme levels. So the divergence formed on the Arisa is on the extreme. Levin's It is the or board level. So hands all the three rules are validated and so we can get into history. 4. Rules to Get Out of a Trade.: like you have rules for getting into a tree in the same way you should have rules for getting out off. You should know ven toe, cut your losers and also when you get out off profitable tree. If you don't have any, do we for getting out off trade, you will most probably end up losing of winning greed and also end up losing your account. If you hold on, we're losing great for too long. There will be two outcomes off the creating police. Either it will be a winner or a loser. Dealing with these two outcomes most effectively and consistently is very important for a trailer. Compounding small gains or a long time makes a huge difference in really and helps you grow your account or a long period off. Based on the stand that you have learned in this course, there are certain rules to follow to get out off a tree. Let us try to understand those as you have certain rules for getting into a trade. You can use those same rules to get out offered rate. The only difference is that for getting into a tree, we needed three confirmations, but for getting out. Even if we have one confirmation, we get out off the street. So what you need for low number one, get out off the trade. If the price approaches any value area that is support or resistance. Number two. Get out off the trade. If you see the divergence on the indicator under two extreme levels. Now, let us try to understand this but the help often example. So in order. DP way for our chart, I have my two points A and B the point a. The presence of Bradish divergence from an important resistance level. And hence I and a celebrated at this point after I got into the trade and the great turned out to be a winner. I close my trade at Point B because the price created a nice bullish divergence. That too, on a minor support area and the audience, I was also well below the oversold region. Now let's say I again endured a celebrate at Point C, and after the praise moved in my favor, I closed the creed at point D this time because the price reached the miners support idiot . So for getting out off a winning trade you can use the same rules as off entering poetry. The only difference is that you're even. If one condition is satisfied by the price, you have to get out off the tree. This helps you to be on a safer side and take your profits. A trader needs to cut the losses short so wife in the market, because you can make money trading forex as long as you can survive in the market. The forex market is full off opportunity but grabbed the opportunity you need to learn to survive in the market. The most important aspect off surviving in the market is to cut your losses short. There are two ways off dealing with the losses and getting out off a losing number one using the stop loss. The best way to deal with losses or losing three is to use a stop loss. This means that you really find the risk you are willing to take on a particular tree. I already accepted using the strategy you pretty my positive risk. You're taking one particular tree and please stop. For example, if a anchor a celebrate for you, I will keep my stop close. 20. Do 30 pips above this resistance area. And even if I place a silent E at this point, I will still keep my stop close 20 to 30 pips above the area. So this is how you use a stop loss who control your losses. Number two manual iterating The loss as you have certain rules for getting into a tree and if the market violate those rules after you enter the trade, you can manually close the tree. 5. Risk Management : after you're done with constructing the foundation off the building, you have an idea off. How many levels can be built upon a foundation that you made? If you made a foundation strong enough to bear a load off 2 to 3 levels, then you know anything above that will be risky and cause the building to collapse. So you always really the mind, the rest you're willing to take in the same way. You should always pretty find the risk you are willing to take in a particular trade. In trading, you will always be chalice emotionally and mentally. The market moves in a very where it creates a kind of illusion in the mind over traitor. It will many times make you feel like this rate is a winner and no one can stop you from winning Father. It will make you believe that ignoring risk management for this rate won't matter many a time when you continuously winning trades, you will feel like you are on the top off this world, and the market moved according to you and does what you want to do. This probably makes you confident, greedy, and this is where you will mess up with your account. If you're not using a proper risk management plan, a great trader is not a future predicted. The only difference is that he manages his street and less in a significantly. No matter how consecutive wins you, you should never ignore the risk management plan. I believe that the risk management plan trumps any four X training strategy. Let us learn how to use the basic this management principle. Why trading and yield exponential reasons. This is a very simple risk management principle that you should use while trading only this 3 to 5% off your account portrait and a total off 9%. What I mean is the total trade. You please. Sure, Only risk 9% often account with only 3 to 5%. Partly, I would suggest you Google escape only 3% off your account portrait. This will allow you to place a maximum off three different rates and will make sure that your account is safe. If you build a foundation which is made to sustain a Lord off maximum off who flows and without considering that you build three flows inside, what do you think will happen in this case. Obviously the building will collapse in the same way. If you are count, size can only bear a lot size off 0.10 and you open a trade with 1.0 instead. What do you think will happen? Your account will blow and you will lose money. I believe you should. Beside the Lord size off East rate independent as East rate has different risk in world. So let us learn how to manage your risk and how to choose a large size. Let us consider I have an account off $1000. So if I get a trade which has a risk off 40 pips, I will simply calculate the amount I risk or trade. And then I would choose. Our Lord says no percentage off account of risk portrayed is between 3 to 5%. So considering I'm risking 3% off my account, I can risk about $30 and I will choose a lord size off 0.10 for the risk off her defense. Now consider I want that trade and it had and restore the world off. One is to four, so I want 1 $20 on that trade, which is 12% off my coat. Now the total amount in my account will be won 1 to $0. This time I again got a trade opportunity, and it has a risk off 40 trips. This time I haven't account off $1120. So 3% off. That is 33.6. If the trade has a risk or 40 perhaps then I can use a lot size off 0.8 who make sure I'm not risking more than what I can afford to lose. In these examples, you can see I have not increased, My Lord says randomly, just because I have won the tree and I calculated the Lord size based on the risk he strayed has this is how you should calculate your Lord say's and trade smart. 6. IMPORTANT MESSAGE.: Congratulations. You have successfully completed this. Plus, if you have any questions or doubt related to this class, then feel free to ask me. I'm always here to help you. Make sure you visit my profile and follow me there. And also check out on the other classes, which I have Read it. Thank you.