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Recap of the Firsty Trade
Recap of the Firsty Trade continued...
The price has touched both the ema and the support and resistance line. You are now able to enter your trade once the bar has closed.
As you can see the trend continues and would not hit the stop loss you should have entered. This is a prime example of a Firsty Trade; however it is definitely not the only example. This being said, the most important key to success with the Firsty Trade strategy is your discipline. Trends in the forex markets do not change very often especially near a support and resistance zone. This means that you will constantly be tempted to place trades by your emotions. To be successful you need to be very selective and make sure that your trade sets up perfectly from a technical stand point. This may mean that you will not trade very often. Although trading often is tempting and can be more exciting, it cannot be stressed enough how selective you must be in order to successfully implement the Firsty Trade.