For almost all of 2007, many students in the FX Power Courses were buying pullbacks in the EUR/USD and selling rallies in the USD/CAD and doing quite well since they were trading with the trend. But trading has become more difficult lately as there has been little follow through on any move up in the [...]
While we recommend traders always use a protective stop when in a trade, identifying that stop level can be a daunting task for new traders. One thing we do not recommend is using a fixed amount to risk on each of your trades. An example would be risking 25 pips on every trade, [...]
When we start one of our FX Power Courses, we ask new students to introduce themselves and let us know a little bit about their trading interests. If you take their explanations at face value, you would be surprised at what you hear. Some are there for the excitement of trading, while others are there [...]
I truly enjoy the tools that DailyFX+ gives me as a trader, and the advantage it provides in making decisions on my next move. – Robert, Louisiana
The best Forex trading site around. – Brett, Australia
I like the order board feature from IFR markets. It is very useful in picking entry and exit points as well [...]
Once a new trader comes into one of our FX Power Courses they want to know the tricks of the trade. Many will ask if there is one thing that has a mystical power over the currency pairs and if they learn that, it will make them a better trader. Most are kidding, [...]
Too many times I hear about new traders opening a trade using the 5-minute chart (not my favorite approach) and when the market moves against them, they move to the 15-minute chart to justify staying in a little longer, hoping that the market will turn around. Then if the market continues to move against them, [...]
I 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 [...]
When 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 [...]
Most 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 [...]
There 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 [...]