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•Retracements Counter Trend Correction 👉Types • Pullback (on breakout down) • Throwback (on breakout up) 👉Waiting for • Don’t always occur • Performance can suffer when they do

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🟢Types of Orders 👉Trading Forex and placing orders is very similar to other types of trading. Not much changes here. But I'll go over the more common order types for those that are new to trading. 🔴Market order - this is where we jump straight in or out of a trade at the current market price. This is where you may experience some slippage on some platforms if the market is moving quickly, which is something to be aware of! If you miss the price you hit the buy or sell button at, you will be asked if you want to go with the new price. It will give you a couple of seconds to decide, and if you don't do anything, the order is cancelled. This is called a re-quote and it can be a little frustrating at times. 🔴Buy Stop or Sell Stop - this is where you enter the market going with the trend. 🔺That's probably the easiest way to explain it. In the case of a Buy Stop order, you are placing an order to buy above the current market price, so when the market moves up, your order is filled on the way through, where you want the market to continue to rise. The Sell Stop order is the opposite. You set an order to sell below the current price, and when the market falls, your order is filled on the way through, and you are looking for the market to continue to fall. 🔴Buy Limit or Sell Limit - this is where you are looking for a reversal and going against the current trend. With the Buy Limit order you are placing an order to buy below the current market price, looking for the market to drop down to your entry level, where you will be filled, and then hopefully the market would turn around and head up. A trader may use this if they are trading off Fib levels or Pivot points etc. They would have a specific reason as to why they would think the market is going to turnaround near their entry point. Dare I say it, but a Sell Limit order is the opposite. 👉You would be placing an order to sell above the current market price, where you would be looking for price to continue to your sell order, be filled, and then turn back down. Again, there may be some resistance level, Bollinger bands or something else that makes the trader think that price is going to reverse near their entry point. At the time you place your trade, a lot of platforms allow you to set your stop loss and profit target at the same time. This is up to you, but I would strongly suggest at least a stop loss is set as soon as possible. It doesn't have to be your desired stop, but as long as one is set, once the dust is settled and you are in the trade, you can quite easily adjust the stop to the preferred position. 🟢Keep in mind that a lot of these different brokers or different platforms have their rules for how close you can place stops, profit targets etc. This can vary on what time of day you are trading also, and if there is major news coming out. You will find that broker A is good for something that broker B is not, however broker B may offer another item on their platform that is far superior to broker A. There is always a trade off when it comes to brokers. The trick is to find a nice balance of honesty (very important), reliability, spreads, execution, charts, support etc. Do your homework here. #Trading_Tips @TechBusinesses

A Guide about Falling & Rising Wedge Patterns 1️⃣ WHAT IS A FALLING WEDGE PATTERN? 😀The falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping, converging trendlines . 😀It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend. 2️⃣ WHAT IS A RISING WEDGE PATTERN? 😀The rising wedge (also known as the ascending wedge ) pattern is a powerful consolidation price pattern formed when price is bound between two rising trend lines . 😀It is considered a bearish chart formation which can indicate both reversal and continuation patterns – depending on location and trend bias. 😀Regardless of where the rising wedge appears, traders should always maintain the guideline that this pattern is inherently bearish in nature. Learn Forex🕯

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💻 Successful Traders Traits and Habits 🟢Successful traders often share several common traits and habits. Here are some key characteristics and practices that are frequently observed among them: ➡️Knowledge and Expertise: They have a deep understanding of financial markets and relevant instruments, staying updated on trends and news. ➡️Discipline: They follow a well-defined trading plan, avoid emotional decisions, and remain consistent during market fluctuations. ➡️Risk Management: They employ strategies to control risk, using stop-loss orders, position sizing, and diversification. ➡️Patience and Long-term Perspective: They don't expect instant profits, patiently waiting for high-probability setups and thinking long-term. ➡️Continuous Learning: They engage in ongoing education, learning from mistakes and adapting strategies. ➡️Emotional Control: They make rational choices, avoiding decisions influenced by fear or greed. ➡️Adaptability: They adjust strategies as market conditions change and remain open to new ideas and technologies. ➡️Strong Analytical Skills: They effectively interpret and analyze market data using technical and fundamental analysis. ➡️Persistence and Resilience: They learn from losses, bouncing back from setbacks, and viewing obstacles as learning opportunities. ➡️Effective Money Management: They manage their portfolio, avoid overexposure, diversify holdings, and allocate capital wisely. 🟢Remember that these traits are generalizations, and individual traders may have their own unique approaches and characteristics. However, developing these qualities can significantly improve one's chances of success in the trading world. @TechBusinesses