Today we are going to be discussing the topic, what to do when you don’t know what to do in forex trading. you know, if you are an active forex trader, and if you notice the market, for the past, almost four, five weeks, even six weeks now, the market has been ranging mostly, especially if you are a swing trader, okay If you’re a scalper, you might not notice, possibly, you know, because you trade on one minute or you trade on five minute chart. But, if you are a swing trader that trades, trading on four hours of daily chart, or sometimes a weekly chart, you will notice that most currency now I’ve been down or ranging.
And that the market is a little bit quiet. So what do you do in that kind of a situation That’s what we are going to be discussing right In this video. So what do you do when you don’t know what to do Especially when the market is quiet, when the traders are sleeping or when the market is sleeping, when the bull, the bears don’t even know what to do, and the market is indecisive, you know, there’s indecision in the market, you do know what to buy or whether to sell, or you even have some trades that you ‘ve placed. And the trade is like, okay, is not going anywhere. Like one of my accounts, I, I have this, GBP, CaD give you a card on me. I’ve been on that trade now for like almost, almost seven weeks, you know, I just live it there. So what do you do in that situation?
Number one, you do nothing. You do nothing. Okay. You cannot force the market to do what the market doesn’t want to do. But remember we don’t, we don’t tell the market what to do for the market. Tell us the market, us what to do,we just simply follow what the big guys are doing. I mean, you and I if you’re watching this video right now, chances are that you are what we call the over-the-counter trader. We are retail trader.
So your money is insignificant to the market. So you cannot control the movement of the market buy you wait. So for instant am creating this video today on a Tuesday morning, if you notice on the Forex calendar there is a pretty much nothing going on. Okay. And the calendar, yesterday, there was no serious, fundamental, news going on. I mean, that went on today, pretty much nothing. But tomorrow there’s going to be, I believe there’s going to be news coming up that will affect, Canadian dollars.
So now in that situation, you don’t do anything. You just live the trade. And that is why I normally recommend swing trading. Okay. For most of my students, swing trading will put your mind at rest. Number one, it could be slow. It could be boring, but when you place your trade, you have time to do other things. For instance, I have trades going on right now in different. I mean, I have about eight or 10 different accounts, right And I have trades going on in most of them, but I still have time to do what I’m doing. I still have time to do charity walk. I still have time to create this kind of video for you.
I still have time to take care of my family. I still have time to do the work of the ministry. I hope you know, by now that probably a pastor, that’s why I’m called the Forex opposed to, because I’m a minister of the gospel. I taught forex market for a living and I mentor others to do the same. So when market is down like that, all I need to do, or when market is quiet like that, all I need to do is just, you know, pause and keep doing my other activities as a person that is the period to, you know, work on my training courses or lessons or videos create, create, materials, write books.
You know, I have a book that I’m writing right now on price action. It to come out very, very soon. I’m so excited about it. So that is the time I have to work on the book on the book like that. That is the time also that I have to prepare messages, sermons, bible studies, for church. That is the time I have to work on my blog. That is the time I have to edit my videos.
I, by the way, for you to know, I edit most of my videos, 99.9% of my videos. I do the editing by myself. So those are the times that I have. So it will do all the Forex market is even though the Forex market is 24 hours market. But every day it’s not Christmas. It’s not every time that you have to trade. Except if you are a scalper. If you’re a scalper one way or the other, that must be a trade that was being treated. But then if you’re a scalper, you know, you are paying a lot and spread to your brokers. We’ll be talking about that in one of my blog posts. Very soon, you are paying out a lot or if you’re a swing trader, you could have just one trade in a week or in a month. So what do you do when you are not doing anything?
You know that is the time also for you to go back to your, to your chart and do back-testing. That is, is time you go back on your chart and look into your system, do back testing So when market was like this, if I please say trade, this is out, the trade would have ended. If I close the tree, that is where you will calculate. Okay How many percent can you say, okay, this trade or this system that is how, we calculate that, okay. This system as a 85% of winning a rate, 95%, we knew, right So you go to your system. That is good time to also watch some videos. You are not supposed to be watching tutorials or watching videos or watching the lessons where you are supposed to be trading. I’m talking to active traders. Now guys, serious time for you to trade.
If you’re a London breakout trader, you know, okay, if you’re in US you wake up early in the morning, you trade the market. That is not the time to be watching videos. That is not the time to be trying to install charts. That is not the time to want the forex apostle to connect to you. That is the time to trade. Then when market is quiet, when the market is sleeping, that is the time to watch lessons, to read books on Forex or, or lifestyle. Generally, that is it’s time to catch up with your family members. That is a time to catch up on your personal, you know, routine or task that you have going on. So that is exactly what you do, where you do know what to do in the market – when the market is sleeping, the market is quite. Everything looks as if, okay, nothing’s really moving.
That is exactly what to do. You don’t do anything. You don’t force the trade. Remember you don’t force the trade. You let the market tells you what to do, or you do what the market says, do what the market says. That is exactly what to do.
Then I hope you know that the market, when I’m talking about market now as a Forex or stocks or, or cryptos trend, that 30% of the time, okay 30% of the time, that is when we experience trend. And that is why you are not supposed to romance one system. You are suppose as a Forex trader, you are supposed to have different strategies that you use. Their is a strategy you use to trade when the market is ranging, their is a strategy you use when the market is trending. Their is a strategy you use when the market is about to break out and all this we have especially, if you, if you’re a one of our tradermatic users, you will discover that to tradermatic is a trend trading system. But at the same time, you can use it to trade breakout.
And of course, if you fxsniper user, you know, that that is basically for breakout. So I knew the first two hours of the markets, you are trading, london breakout, or you are trading New York breakout, or you are trading asian market breakout by the way.
By the way it’s a beautiful, beautiful Tuesday morning, everywhere. So everywhere. So quiet. I mean, that is what, living there live in the, the, the living life oat your term. That is when you can wake up when you are tired of sleeping and go to bed when you are tired of working or tired of playing, that is exactly what that is all about.
So, okay. So as I was saying, you have a different system. Just think about it, that you go to a mechanic shop. Okay. The mechanic has a mechanic, mechanical engineer, or as popularly called mechanic, the mechanic engineer has different tools. You know, like they have spanner size six. Then we also expand our size 12. So depends on what they want to work on. There are some screws that we use. There are some screws that we use, screw drivers got some screws they might ever use plier.
So the same thing, he’s you as a forex trader you will have, you should have different system that work with different market conditions. So what you use for breakout is totally different to what you use for Trend, you use for what you use for your pullback. You know, like right now, I mean, I’m so excited about the Forexmatic 360, it’s actually a 7-in-1, system.
Also, you use it to trade breakouts. You use it to pull back, especially the pullback, feature of it is so wonderful. I mean, my students are getting wonderful, wonderful results with it. So you have different different systems like that. the, that is the time you go and begin to back test, look at, okay, what I would have done when the market was like this, what I would have done where the market was like, this, that is what to do. Okay. I hope this video makes senses to you.
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