Forex trading course London – the system you can use every morning
Forex trading course London, NY, and Tokyo is one of my favorite systems! It is Petko Aleksandrov from EA Forex Academy, and today, I’ll answer the top 10 frequently asked questions we receive for the Forex trading course – London, New York, and Tokyo trading system.
The first question that I will answer is:
1. When do you break even with the system in this Forex trading course London, NY, and Tokyo?
For the newbie traders break even is when you enter into a trade, and if you’re on the profit, you place your Stop Loss on the entry level. So, if the price reverses down, if you have bought, you will get out of the trade with zero losses. Now, break-even is very useful sometimes, but keep in mind that you don’t make profit. You don’t lose money, but you didn’t profit as well. So, it’s like you didn’t trade at all.
I use Break Even only in the cases when I enter into the trade in the morning, catching the volatility, because this is the idea of the Forex trading course. And, if the price stays in a range, just very close to my entry, and I see that a couple of hours, there isn’t any volatility anymore with this currency pair. The Forex profit supreme meter changes, and at this moment, I don’t know what will happen till the end of the day.
So, I prefer sometimes to place the break even, to make sure that if the price reverses, I will not have losses. And at the same time, I still give it a chance to reach my Take Profit and to go into my direction and to have some profits at the end of the day.
2. If the overnight range is big, do you keep the same Stop Loss?
That is an excellent question, by the way. It’s a common mistake for many new traders when you have a strategy with predefined Stop Loss, like the one that I demonstrate in the Forex trading course, you have to keep the Stop Loss. What you can do is, you can reduce the entry amount.
So if your Stop Loss distance is too big, you have to keep it there. Because it should be there according to the system. So, what you can do is, you can reduce the trading amount that you were planning to trade with. You will enter with fewer lots, but you will still keep this same Stop Loss distance.
3. Is the Forex profit supreme meter available for Meta Trader 5?
To make it clear here, the Forex profit supreme meter is available for Meta Trader 4, and it’s not available for Meta Trader 5. Many students try to place it on Meta Trader 5, and it will not work there.
Is the Forex trading course London is available for MetaTrader 5?
- it is applicable for Meta Trader 5 and on any trading platform
- the FPSM indicator is possible only for Meta Trader 4
- the system uses indicators that are available on all platforms
4. Why do you use the 21 EMA exactly in the Forex trading course?
Well, the 21 EMA is a really old method in trading on the Forex market, so the EMA is a little bit more complicated formula than the Simple Moving Average. However, it is 21 period, and we are trading it on H1. So we are looking at the last 21 hours.
And the EMA is placing a little bit more weight to the recent bars. So the idea is to catch the trend direction within the day. If it is longer, you will not be able to see the changes inside the day. The idea here is that 21 it’s less than one day, it’s within the day, and it catches changes in trend direction very quickly because it gives weight to the recent bars.
You can Google the formula of the EMA easily it’s not complicated. It’s just a little bit more difficult than the Simple Moving Average, but I can say use 21 EMA very successfully. And, if you practice with it, you will see that it works great. Of course, if you find a better value, it will be even better for yourself.
5. If you trade the London session, do you wait for the GBP news or for the news that is coming from the United Kingdom?
Well, you have two choices here. If there are essential news that is coming up, usually two and a half hours after London is open, you better wait for the news. Because they might affect the market even before they were released.
Now, the other thing is, if you see massive volatility with the pound, you see it on the top, or on the bottom of the Forex profit supreme meter, you can trade it as well. Just make sure that you will exit quickly before the news. I know many Forex trading courses London or other market-related trade the news, but with this system, I prefer to avoid it.
6. Where can I find Meta Trader 4 anymore?
Well, Meta Trader 4 is not available anymore at the official site of the Meta quote company, because they are trying to push the traders to Meta Trader 5. However, many traders still prefer to use Meta Trader 4.
I still prefer to use Meta Trader 4, and it is available on the websites of the brokers. So when you choose a broker with Meta Trader, you can download Meta Trader 4 from the broker’s website.
7. What to do if the MACD goes in the opposite direction?
If I place one MACD on my trading screen, you will see that it changes on an hourly chart pretty often within the same day. However, if any of the indicators, no matter is it the EMA, is it the MACD, or any other indicator that you are using, you better exit the position, if you see an opposite signal:
So, no matter which system we are using, the one from this Forex trading course, or any other. If you see that any of the indicators show the opposite signal, it is time for you to take your profit. And get out of the position.
8. Do you use the trade sheet from the Forex trading course London for every trade?
Тhe trade sheet is handy even for advanced traders. Yes, I still use the trade sheet every day for the trades that I open, because this way we can improve my trading. We see what mistakes we have done along the week. We see what we have missed:
We see what we could improve, and of course, we see the good trades. But try to find even in the excellent trade some mistakes. Try to see how you could have done it better. And the trade sheet helps, because if you do it daily with every trade, you will see how useful it is.
And I attached this trade sheet to the course so that every student can use it.
Why do you need a trade sheet in this Forex trading course London?
- learn from the mistakes you have done
- see what you have missed in the last trades
- have a statistic for all the trades you did
9. Are some currencies not available on the Forex profit supreme meter indicator?
Well, this is if you don’t have all of the currencies in your market watch. If you look at my screen, you will see that if I right-click over any of the currencies and I go to show all. This will force the Meta Trader to show all of the assets available for your broker:
I have done that already here, that’s why it is not showing any difference. But usually, when you open an account with the broker, you will not see all of the currency. So make sure that you see all of the currencies. And then drag the indicator once again over the chart.
10. Why do you use the overnight range in this Forex trading course?
The overnight range is a very old method, and this makes it important to the market. And this is very important for you to remember. When something is essential for the market, it impacts the market. When many people are looking at it, they take action when the price breaks, right?
So, when something is important to the market, we have to take advantage of it. The overnight range is a really old method to use on the Forex market. I just have combined it with a couple of indicators to make it more profitable.
If you have any questions, don’t hesitate to ask me.
Write at our Support Forum.
I’m always here to answer you.
I can’t wait to see you inside the class!