You spot a great GBP/USD trade set up. You check ForexFactory to see if any news is due out. You confirm your analysis and remind yourself of your money management rules. Finally, you go back to your platform and take a short. You are targeting 40 pips and almost immediately your trade goes into profit.
Recently I have been making some changes to the way I trade. My method has always consisted of two trading techniques; break out trading and reversal trading. I use both of these techniques, in my day to day trading, but there is always a more dominant technique.
From mid-2005 through to 2007 reversal trading was my dominant technique. Strong break outs were not as common during this time. The market had a tendency to have mini-breakouts and then reverse.
He is one of the most accomplished investors on Earth….
Warren Buffet is a personal hero of mine. His story has always inspired me and he is one of the reasons I do what I do. So here are some of his most famous quotes, with a few thoughts on how they relate to Forex.
It was a huge undertaking but the free Forex course is finally completed.
I always felt there was a lot of information out there about Forex but nothing that really brought it all together, in one place, and explained things in a logical manner. Hopefully, I have managed to do this while stressing the importance of planning your trades.
When I first started making the videos for this course,
It’s finally time for the free video course to be released. Tomorrow, Monday the 3rd of January, I will be opening the registration page. If you are already on the early bird list then you’ll receive an email tomorrow afternoon with the details on how to access the free Forex course.
Here’s how this course will work. The course will be split into three modules. One module will be released each week.
Just a quick heads up for those of you getting ready to trade this week. I usually steer clear of trading US Thanksgiving week as the market can become unpredictable. if you’re a newbie or if you simple want to play it safe you should consider taking this week off.
Personally I finished trading for 2010 on the first week of November. I usually like to give myself December off.
As Forex traders, our biggest assets are our minds and bodies. If we get sick, or we cannot concentrate, we can’t take good trades. In other words, we do not make money.
Unfortunately, Forex doesn’t really require any heavy lifting, or exertion. So, when it comes to keeping our body and minds fit we need to work at it. I know from personal experience, if I do not push myself to do exercise during the day, I can end up spending up to 8 hours sitting in front of my computer.
One of the most annoying things about Forex trading is trying to describe your job to people. I cannot recall how many times I have tried to explain how Forex works to people I meet. Even some of my close friends simply do not understand what Forex is all about. And it doesn’t help that Forex has a reputation for being a shady business akin to online poker.
Over the past few months my trading has been evolving. I have started looking away from simple S+R line trading and looking more at candles. Don’t get me wrong S+R lines still make up a big part of my trading but they have taken a back seat to candle patterns.
This is because I have been delving into price action analysis. This is the analysis of the movement of price as it is happening.