Leap's Process 

"Pinulot" process

My process in trading is not that yet coherent, and it's a mixture of the lessons I have learned from different mentors and groups that I have joined. I'm still refining this process that would encompass my own style and techniques.

Some would say that FOREX can be traded by only using technical analysis, while some would say that it is better traded with fundamental analysis. I would like to use both the technical and fundamental analysis. It would nice to take note that the volatility and liquidity of a forex pair can be driven by news concerning a specific country. 

Here are the following steps I take when trading and creating a watchlist:

Before entering trade

  1. Look at the news , most commonly known as economic calendar. Check to see if there are scheduled news that is considered heavy and important that could effect the movement and direction of a forex pair. It is better to check before entering a trade. Check every morning for current trades that are active. This could help in making decisions if it would be safe to continue the trade, move SL (stop loss), move TP (take profit) and/or close the trade early to avoid negative profit, or the trade plan is already invalid. Some would say that economic calendar is one form of indicator that helps sift out the pairs that can and cannot be traded. 
  2. Look at the chart of major forex pairs, minor forex pairs, exotic pairs, and gold. Even if there are no good set-ups that could be traded in specific moment, it is still a good practice that leads to creating a watchlist. 
  3. Review the charts and determine the trend.  Form a bias (just like with k-pop idols). 
  4. Review that candlestick formations in different TF (time frames) to validate if there is support in your formed bias. 
  5. Check bias with other indicators that you are comfortable with, and ask this question: Do they agree or disagree with the bias you formed? The indicator I usually use are Relative Strength Indicator (RSI), Moving Average (MA) , and  Bolinger Bands (BBand). These indicators would help in giving you additional information if its supports your long (buy) and short (sell) bias. 
  6. Determine the best entry time at a certail price level. 
  7. Identify the trade set-up you are playing if its a break-out, pullback, or bounce play. 
  8. Decide if its a market execution or pending order. 
  9. If it's a market execution, always check the lot size you have chosen. With my small fund, what I can take for now is a lot size of 0.01. 
  10. Identify the SL and TP before executing the trade. This is a risk management step. This is unless you are going to guard and watch the trade you executed. By the way, this is not advisable especially if you'd be sitting the whole day and strain your eyes by just staring at the screen. 
  11. Check your emotions, calm the nerves, be zen and present. 
  12. Designate a value that will tell you that your trade is already invalid
  13. Remind yourself not to be greedy
  14. Write on a physical trade journal the details of the trade you are executing. Explain to yourself in terms you yourself can understand in the future, why you took the trade.  

During trade

  1. Check the open trades in the opening of major markets, namely the London open and New York open. 
  2. If your bias is strong, remember to be not affected with the surge and purge of prices. 
  3. Document all current observations.
  4. Take a screenshot of the chart. It would be better if you have identified your entry, SL and TP, drawn the trendlines, support and resistance. 

After trade

  1. Write the results of the trade.
  2. Write reflection.
  3. Analyze the whole thing.
  4. Refine the processes.
  5. Make space for improvement within thyself. 

Repeat again the next trading day. 

If I am not sure with some of the things I have encountered, I look at references in books, YouTube, and trade groups to help me understand the concepts.

This article was updated on 15 Apr 2021

She's the leap trader.