To be able to trade the forex market you have to deposit money with a broker. The broker executes your orders on your behalf and they generally get paid the spread between the buy and sell prices of whichever currency pair you trade. This can vary between 2 -10 pips depending upon the currency pair. […]
Took profit this morning on our NZDUSD trade which was a short from 0.83398 using our 5 minute strategy. Was nice to get some nice pips from this as this pair has been tricky to trade lately. We are still long GBPUSD from 1.59218 , currently that trade is up 200 pips with Stop loss […]
Simple fact is you wont avoid them all and will never have a 100% record as a forex trader no matter what all the spam emails and websites tell you. However you need to be aware of the main mistakes you can and will make as a new trader. Trading without a stop / moving […]
GBPUSD keeps trying to break upwards , if it clears the 1.6170 zone, next stop 1.62 and upwards after some sell orders cause some down movements.
Morning all EURUSD is in a long channel right now. One way to play this is to use price action on a break of the channel either to the upside or downside. Let the break confirm itself before entering. ie , wait for a retest.
Where you are now. You have probably heard about trading Forex through a friend or a spam email promising that you can turn $100 into many thousands in a very short period of time. (this claim by the way is bs) So your interest got perked. The very first thing you need to do after […]
So now we have a basic clean chart setup. How is a trade opened? Real easy. if your using MT4 press F9 and the trade order box pops up. Quite a few options here but for now we will just take a look at the trade order Type. There are 2 types of trade entry. […]
When trading the markets your Stop Loss and Take profit levels are probably the most important things you should know before placing a trade as these define your trade plan and your risk management. If you do not know your stop loss you cannot assess your risk managment and if you do not know your […]
No trades yet today , typical Monday morning really. There is also no news releases today of note so may continue to be quiet. Do have this snippet of information, that Barclays turns short-term bullish on GBP/USD, targeting 1.6260/90; they say a break above resistance around 1.6120 has allowed change of short-view to bullish from […]
Waiting for the week to open here on Sunday night. Our GBPUSD trade is sitting pretty at + 200 pips with 120 pips locked in (stop moved up) and we have already taken some profit off the table last week. So will be fun to see how the market reacts when it opens! Myfxbook Analysis […]