Which currency pairs are your favorites?
Tuesday, November 6th, 2007Most traders have some currency pairs that they like to trade. Perhaps it is because a certain pair gave them their first winning trade or because of where they once vacationed. But to answer this question, you should be checking out the report available on your FX Trading Station II platform. This is where you […]
When it comes to trading news events, faster is not necessarily better.
Thursday, November 1st, 2007Trading the various news events is popular in the FX markets. It is very tempting to want to jump into a trade right after an economic report is released and make 100 pips in a minute. Who wouldn’t want to do that? However it isn’t that easy. By the time we see that release and […]
Check the economic calendar before you open a trade rather than after you were stopped out.
Tuesday, October 30th, 2007It happens almost every time the market reacts to a scheduled news release. New traders get caught off guard as they are unaware of what is coming. Since I work with new traders as an instructor of the FX Power Courses offered by FXCM, I always get emails from a few new traders asking why […]
If you lose, don’t blame “them”.
Thursday, October 25th, 2007If you take the time to read any trading forums or listen to many new traders who are losing, you will hear one concept over and over again. These traders all lost because of “them”. You know….the ones who make sure you are going to lose your next trade. Sometimes another group is responsible for […]
If you risk too much, you can lose too much.
Tuesday, October 23rd, 2007We often talk about the money management aspect of a trade. Naturally, we recommend using a 1:2 risk:reward ratio, which means to look for two pips of profit for every pip risked on a trade. But often the question of how big of a position to open and how many different trades one […]
Get smaller or get out.
Thursday, October 18th, 2007Many times I get asked by new traders how to handle a certain situation they find themselves in when trading. These traders may have opened five or six mini lots in a trade and have seen the market move in their direction. But now the market starts to move sideways or even move against them […]
Don’t try to explain a fundamental event with technical analysis.
Tuesday, October 16th, 2007This week we are seeing some small reversals in some of the currency pairs, particularly the USD and JPY pairs. The main reason for this is the upcoming G7 meeting this weekend in Washington DC. This meeting is for the financial representatives of the largest economies in the world, the same countries whose currencies we […]
Buying when we should have been selling.
Thursday, October 11th, 2007Occasionally (hopefully not more than once) we find that we entered into the wrong side of a trade. We meant to sell, but instead we bought. After the few seconds of panic, we are left with a decision. What do we do now? Most professionals will tell you that whenever they find themselves in this […]
Learn to walk before you try to run.
Tuesday, October 9th, 2007Trading the financial markets is one of the most competitive fields in existence today.
I recently received an email from an FX Power Course graduate who was doing all the things necessary to become a profitable trader. He was showing the right amount of patience in waiting for the solid setups. The risk:reward ratio used […]
Trading is not about how much you win, but rather how much you lose.
Thursday, October 4th, 2007We often mention in the FX Power Courses that one of the key differences between a new trader and a professional trader is that new traders think about how much they can win while professional traders think about how much they can lose. It’s no coincidence that professional traders make money while many new traders […]
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