Forex Trading Q&A SESSIONS with RJ Austria

Hi there, traders! Today is a very special day, today we are going to share something special with you. Which will answer most of the questions in your mind.  It’s a special question answer session with trading Expert RJ Austria, the expert answered a number of questions about Forex trading. This article provides an overview of the questions and the expert’s answers.

RJ Austria: Forex trading expert QA session

RJ Austria- Forex trading Expert

First of all, let us introduce RJ Austria. RJ Austria has 3 years or experience in crypto and Forex markets. He is Author of a basic technical analysis course and advance course including a trading strategy with 75-80% win rate and he is expert in strategies, patterns, Advance Risk Management, and how to be profitable in trading.


Let’s move on to the questions and answers session.

YNG WLF : What’s the best way to analyse the market?

Answer from RJ: There are two ways to analyze the market – technical analysis and fundamental analysis. I say a mixture of both will help see a clear direction of the market.
Personally, I do the DXY technical and fundamental analysis then trade the pairs against it. For example, DXY is in a breakout to the downside the fundamental also is showing a bearish news for the dollar. So I will Buy Euro/USD and GBP/USD to mention a currency pair.

Gift Sitali: Question: How do we trade with the news?

Answer from RJ: First you need the tools where to get the news. you can get news here.

Remember the news is the legal pump and dump in the forex and stocks. For the institutional traders not be noticed as manipulating the market they need the news to sell their position or pump their position.
When a retailer trades it they call it insider information which is illegal, but when the institutional trader does it they call it news and its legal.

In prop firm trading which I also trade, major news is restricted in trading as it creates unpredictability in the market and mostly market manipulation as their will be long wicks both to the downside and to the upside hitting all stop losses in both direction before going to the market direction.

Also if the exchange you are using has limited liquidity meaning not much organic traders mostly you are trading with market makers then the spread will become to wide for a profitable trade.
I advise also to do the same to avoid major news so as to avoid hitting your stop losses. Small news are fine. When the market is at a breakout point e.g EUR/USD is at breakout point to the upside, DXY breakout point to the downside. There is a bigger chance the news will be use to make the breakout possible and does make a massive move during the news.”

Arnold Fx: How can I trade with the banks?

Answer from RJ: Trading with banks doesn’t require indicators as most indicators are lagging or delayed.
Banks trade with AI. Example of delayed indicators RSI 1978, MACD 1970s. starting 1990 when the banks started trading with computers the indicators are mostly delayed.

70% are not trading in the trading floor anymore mostly outside the trading floor with computers. So if you follow indicators in trading you will mostly get a delayed message in trading.Smart Money Concept and Wyckoff Market Structure can assist in trading with the Banks. Knowing the major demand zone and supply zone. Being familiar with the drop base drop and rally base rally.”

Desire Maluleke: How can i become a profitable trader? I’d been losing for more than five years, please help?

Answer from RJ:  It is good you are still in the market. As long as you don’t give up you can recover your losses.  For your question how to become a profitable trader. You need a trading plan. In trading plan you need to have the following:
-Checklist when to enter the market
-Confirmation to the strategy that you are using.
For example with my strategy: I need to see the 4 screen in 1h tf close in green, 30mins tf close in green, 15mins tf close in green, and 5mins tf close in green, in short they are a buy signal.
Second checklist is if my stop buy order gets triggered it means I have a confirmed entry. If it doesn’t get triggered that means its not a confirmed buy position.
3rd will be the time of trading am I trading the in volatile hours? E.g if I am trading EUR/USD then I should be trading in London and US market open. If I have the confirmation of the 2 checklist but the timing is not confirmed then I pass the trade. As there will be possibility it will be a rejection.
Regarding your strategy rate them from B-A+
– B strategy 30% win rate
– A strategy 50% win rate
– A+ strategy 75-80% win rate
Then with this graded strategy you can put proper risk management. In B set up you can place .2% risk , In A set up you can risk .5% risk and In A+ set up you can risk 1% risk.

When you are up like 10% from your portfolio then you can scale up your risk also.
A+ set up you can risk 4%
A set up 2%
B set up 1%
In doing this when you’re a+ set up shows up in the market you know you can make money so you will risk bigger like 4% thus making more.
IF you do equal risk management for all your set up. It will not be profitable in your side as you will have hard time even to breakeven from your losses. For example B set up you trade 5 trades with 1% risk that means you loss 5% because you loss from all those trades.
Now you have a+ set up with the same risk management 1% per trade now you have 2 trades all in profit. So you made 2% profit which in return you are still in -3% not able to recover your losses. Consider A+ set up as Stephen Curry you are willing to risk more to him as you know he has proven track record of winning.
Then consider b set up as amateur basketball player are you going to risk the same risk for an amateur player and a professional player with 1% risk for both? It is not logical to do the same risk for both.”

Joaocatelan: What’s the best way to use Fibonacci tool?
Answer from RJ:
“Advance Fibonacci
Add .66, .702
And see these as retracement area. This fib numbers are usually used by professional day traders.

Rooke: What’s is the best Timing for entry and trading profitable
Answer from RJ: “Trading Plan is the key to be profitable. If all your checklist are approved then you enter the market. It is now in your hand what is your trading plan.
This depends on your strategy in my own strategy I have my trading plan checklist when all are check I enter the market.”
Humayoun Khan: What is your Breakout trade strategy?

Answer from RJ: Breakout strategy is my a set up. This strategy is implemented during strong volume hours. Meaning breakout will not happen if it is not in its market open time like you see EUR/USD about to break but you are in the Japan market open, you cannot expect a strong breakout most of the time a small break or a fakeout. But if you trade this during US Market open Breakout will be possible as the volume will kick to break the previous trading zone or others call it the resistance or support.

How to be happy while you are doing trading, or how can we manage risk?
Answer from RJ:“Do not get something you can’t afford that would cause fight between your spouse.
If you have $30k yearly spend $15k yearly.
If you have $100k yearly do not live like you have $150k yearly and you will still be in debt. Your state of mind can strongly affect your trading. IF you have problematic surrounding it will reflect in your trading.”

Osaan: How to be profitable and stay in the market for the next 50 years.

Answer from RJ: ” Follow these rules:

  • Follow risk management religiously.
  •  Stay with your trading plan – discipline is the key.
  • Avoid high impact news it doesn’t follow any strategy.”

BULL POWER ACADEMY: What’s the ideal way to analyse the market… Starting from what timeframes?
Answer from RJ:
“Technical analysis and fundamental analysis. I check 4h tf, 1h, 30m, 15m, 5m. with my price action scalper strategy. At the last, trade with patience and tolerance. Stay connected with us to learn more.

Disclaimer: Guriforex or its editorial policy do not necessarily agree with the content of this article.



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