Don't Trade Like This
« Previous Entries Next Entries »I bought and now the MACD is moving down, so should I get out?
Tuesday, November 27th, 2007I get questions like this all the time from new traders who are taking one of the FX Power Courses. They may have bought on a crossover of the MACD, but now the MACD is moving down and they want to know if they should get out of the trade. Of course, I will ask […]
Exercising patience is necessary for successful trading.
Tuesday, November 20th, 2007When the volatility slows in the FX markets like it has this week, I will usually get emails from FXCM clients who have taken one of our FX Power Courses asking me what they should do. They opened a trade and watched the market move sideways for a few days and to them, this is […]
Expand your time horizon to increase your chance of success.
Thursday, November 15th, 2007Most new traders in any market fancy themselves as day traders, getting in and out of the market multiple times a day. They are under the impression that this style of trading is less risky because there is no overnight exposure. They also think that because their protective stops are close to their entries, they […]
Sometimes the best trade is no trade at all.
Tuesday, November 13th, 2007There are many differences between new traders and professionals. But many of them have little to do with their expertise of the markets and more to do with their own actions. As an FX Power Course instructor, I get many emails from students who have had a bad trade and want to know what they […]
How many technical indicators do you use….or need?
Thursday, November 8th, 2007Being one of the Power Course instructors allows me to see the charts that new traders use for their trading decisions as they will send them to us for our opinions. I must say that many of them are so cluttered with indicators, lines and how knows what else that I have a hard time […]
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 […]
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