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 [...]
Being 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 [...]
Most 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 [...]
Trading 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 [...]
It 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 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 [...]
We 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 should have [...]
Many 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 [...]
This 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 [...]