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If you're missing trades due to a busy work schedule, you're afraid to hit the button when an excellent trading opportunity comes along; pending orders may be what you need.
When I began trading, I used to be afraid to push the button. I had a fear of failure and success. I didn't want eyes on me if my trade was wrong or if I hit it big and couldn't explain how it happened.
After years of trading and teaching, many new traders have the same fears.
It boils down to 3 fears:
Fear of missing out on trades, so any trading opportunity that appears is traded.
Fear of losing, so the good trades are avoided, and the bad trades are chased down and entered without a second thought.
Having a busy work life is blamed on why trades are missed.
Do you fit in any of these fear categories?
Let's be honest for a minute.
I've been there! I know how it goes. But unfortunately, these are excuses for poor trading education, and we as people don't like to hold ourselves accountable. It's time you buckle up and take charge of your trading journey.
Let's start with these top 2 tips I'm happy to share with you. I wish someone shared it with me so I could be further along in my journey.
Tip #1 - You need to show up at the right time
I mention timeframes in almost all of my blog posts and youtube videos. That's how important they are. However, you may be showing up on your charts too much. One of the reasons you need pending orders is, so you don't talk yourself out of good trades.
I recommend trading from the daily timeframe.
You'll analyze the daily timeframe and enter trades on the daily timeframe. This has saved me from taking a lot of bad trades and overanalyzing my price charts.
I know I will hold the trade for days, so I don't have to show up every day to trade the same currency pair.
Tip #2 - You need to let the trade work for you
In my trading program, I am hosting a case study on GBPUSD. The case study is based on technicals vs. fundamentals and manual entries(market orders) vs. pending orders(automatically triggered).
"P is for pullbacks and pending orders." - Shaquan Lopez, SLFX Trading Forex Coach and Founder
Here is a GBPUSD in a downtrend on the daily timeframe example from my case study.
Since the price created a new low at 1.23851, a sell is the best direction to trade-in. An awaiting pullback would be needed to sell at a price higher than 1.23851 to make money when the price travels back down.
The bearish hammer below 1.25796 would be the entry candlestick. The risk to reward would be on this trade would be 1 to 1.51 (risking 77 pips to ain 117 pips) if you were to enter this trade manually at market order(exchange rate where the candlesticks closed).
However,
If you set a pending order on the market structure, you'd automatically get a better entry and be triggered into the trade.
The risk to reward on this trade was 1: 2.29 ( risking 59 pips to gain 135 pips). Setting up your trade to be taken in your absence can work out better if you set it up correctly and don't touch it.
Did I mention not to touch it?
How to set a pending order?
There are multiple ways to set orders, but placing the order when you know where you want to enter and exit the trade is best.
I'm not going to write all of that out, and I know you wouldn't want to read it, so I created a video that shows you how to set a pending order.
It's not as hard as you think.
A pending order is excellent when you have a complete strategy you can confidently trade. If you are having a hard time entering and exiting trades on your own, I'd love to help walk you through my three steps "YES" strategies. You need 3 "YES" to enter the trade, and you're rocking and rolling as an independent trader.
Ready to work with me privately for six weeks? You can push the button below to get a free 30-minute video call with me. Yes, you will be able to speak to me directly, but only do this if you're ready to invest in yourself.
I'm here for you
Pending orders can benefit you more when you don't have time to enter trades. So, make trading easier for yourself. Set the order, have confidence and go live life.
I invite you to comment below. How do you feel about this blog post? What questions do you have?
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