Hedging is taking a position in a currency pair, and then taking the opposite position on the same currency pair. (Btw, U.S. forex brokers no longer allow hedging on trading accounts.) Scalping is opening a position in a currency pair, and then ...

Help for Newbies (Discussion Thread)

Interesting point. I'd like to know, too. Where does that 95% come from? My guess, it's related to the Pareto Principle, or "80/20 Rule". The rule states that 80% of productivity (or profits) is attributable to 20% effort. On the flipside, that ...

The reason why 95% of new traders consistantly lose money

None taken. You bring up a good point about risk/reward. Just as in the investing world, in the forex trading world, the same rules of investing apply... Low Risk = Low Reward High Risk = High Reward Every trader is different...so is every trader's ...

Forex Trading for a living... anyone?

There are really two things required to make a living from forex trading: 1. You being skilled enough to make consistent profits. This not only includes your skill in picking profitable entry and exit points, but your skill in managing your money as ...

Forex Trading for a living... anyone?

In forex trading, when you start feeling either greed or fear, it's time to revisit your money management plan. Usually when you start feeling either emotion, it means you're risking too much. Long-term success in forex trading depends on proper ...

The perfect trading system

Quick rule of thumb...if you're feeling "fear", consider that a sign that you're risking too much on the trade (or you've set your stop-loss level too high, or perhaps you haven't set a stop-loss level at all). The point is...the key to long-term ...

Number of trades before counting consistency

GBPUSD on it's way down...bearish on weekly chart.

Cable Update (GBPUSD)

To Venice and DKallDAY... Thanks for clarifying. I didn't want other traders reading this thread to misinterpret Venice's post that it was okay to trade this way on a live account. It's just too risky.

There are no secret patterns and there will never be one

I have to disagree. This approach is a very risky way to trade. It assumes you have a high degree of confidence on the direction of the market 100% of the time. Most traders do not have a high degree of confidence in a particular direction all of ...

There are no secret patterns and there will never be one

Bears taking over... — Well, that shooting star turned out to be a bullish candle. It goes to show that waiting for confirmation is always a good idea. Anyhow, the following week turned out to be a high wave candle, marking indecision and ...

Cable Update (GBPUSD)

Just finished reading the PDF. Interesting read, especially the section on "past performance does not guarantee future results". So my question is this... If you're doing well as a trader, how do you really know that you're a good trader or if ...

There are no secret patterns and there will never be one

Any GBP/USD position traders out there? — GBP/USD is at a major resistance area on the weekly chart. Also had a doji form last week, and it looks like this week might end up forming a shooting star (depending on tomorrow's PA, of course). ...

Cable Update (GBPUSD)

If your trading rules are strict enough, with no room for deviation, then you could automate your Trading Plan. However, it all depends on your trading strategy and the type of trader you are. If you are a discretionary trader, I would assume that ...

How do you handle losing focus?

Create a Trading Plan and Stick To It — It sounds like you're starting to break your own trading rules. It helps if you write down your trading strategy into a Trading Plan, complete with entry criteria, TP, and SL levels. Also include your ...

How do you handle losing focus?