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How do you find your trades?
Every day the markets offer a great deal of trading opportunities but finding them can be time-consuming and takes a lot of practise. Typical problems traders run into are being too busy to spot good trading setups or being sucked into bad ones after not enough research.
Missing good opportunities can lead to other detrimental trading practises, like FOMO - the fear of missing out. Once a good opportunity has been missed, traders will be tempted to chase the market and place trades too late when the risk reward ratio no longer favours placing the trade.
One of the best ways to find a potential trade can be by applying technical analysis to charts. However, it could be close to impossible to find time to both do the research and stay alert to place the trade when the anticipated setup finally appears. For professionals working at institutions, there is typically a whole team of traders and researchers to go through this process.
Let the experts do the homework
Brokers will sometimes provide analysis and research to help their traders lean and encourage trading. LCG offer a popular technical analysis service to all clients. The analysis states key support and resistance levels along with a pivot point and forecast the likely price direction.
LCG goes one step further by offering technical analysis on an institutional level as well. The VIP analysis has been awarded “Independent Research House of the Year” by The Technical Analyst magazine for four consecutive years and eight of the world’s ten largest banks use it. LCG provide daily forecasts for FX pairs, indices and commodities each morning that is available to LCG’s VIP clients.
The IP Analysis shows a clear overview over multiple markets and asset classes.
Track your trade and plan your exit
Every forecast states a clear level for entry, stop loss and take profit and a comment on the trade idea allowing the trader to determine if a forecast suits their trading style and risk appetite. The forecasts are presented in the morning and updated live 24/5 to help manage the trade by updating on whether the price;
- Is approaching its entry level.
- Is approaching or has reached a confirmation level.
- Has reached a stop level and invalidated the forecast.
- Has reached a profit target.