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I remember hearing the phrase "10 pips and dips" around my second year of trading from my trading peers. The only thing was I wanted more than just ten pips.
I could see far beyond a ten pip move, and others wanted to know-how. They'd also never seen a clean chart like mine and wanted to know how I could see price moving so vividly without indicators such as Bollinger bands, moving averages, and the cloud.
For me, it's easier to explain. I was meant to be a swing trader.
So let me give you my best three tips on how I can catch 100s of pips trading forex and how you can too.
Tip #1 - Become the Swing Trader
There is no money made when you don't hold the trade. It's as simple as that.
Swing trading is more than showing up to place the trade. First, you have to be able to see the trade through. While this may be easier said than done, know that it can be done.
It begins by changing your mindset. Recently I caught a 500 pip move on GBPJPY that took three weeks to fulfill. That equated to over 165 pips a week.
I couldn't have done that had I not analyzed the move and understood the trade could take some time to give me the money!!!
So, let's take a deep dive into the proper way to analyze a swing trade.
Tip #2 - Use Higher Timeframes & Create Space
Use higher timeframes such as the monthly, weekly, and daily timeframes to analyze the trend and plot your structures. The higher timeframes represent more pips in fewer candles.
This means when you plot the structure you trade on these timeframes you're creating more space for price to travel from one price point to another. If you measure the distance between your structures and they are less than 50 pips on average, chances are you have too much noise on your charts. This is going to force you to keep entering and exiting trades too early.
Think you can commit to analyzing your trades on one of these higher timeframes? Commit to one and stick to it for a few months. I recommend the daily timeframe if you're new to trading.
Tip #3 - Use This 1 Trading Strategy
One of the best strategies I've found that can help you trade big moves is trend trade.
Trend trading is one of the easiest ways to trade. Simply put, in an uptrend, you'll buy above higher lows.
In a downtrend, you'll sell below lower highs
You don't have to wonder or guess how to do this alone.
You can watch a quick video of me explaining these tips in more detail below.
In Conclusion
Using the higher timeframes, trend trading, and developing a holding mindset can help you succeed as a swing trader. You can learn more about Swing trading in my Coaching Program & Community Trade On Purpose.