I tend to agree. Mondays show the lowest pip ranges across all significant forex pairs. My own look-back on GBP/USD also shows Mondays have the highest total of "inside days" and lowest total of "outside days", suggesting probabilities of really ...

In One Sentence - How Do You Trade?

I respect your intentions with this project Custos but I'm going to post concerning a cross-wise view of assessing sentiment. Firstly, I too believe sentiment is important. But why? Because it can indicate price direction. So if price does not move, ...

Sources of sentiment

Good words viptrading but I'm pretty sure new and not-profitable-yet traders will not see what you're driving at. Too many traders see a loss as a mistake, they screwed up. Too many are obsessed with the amount of money they win/lose per trade ...

Learn to become friends with your losses (for newbies)

I am currently trading GBP/USD break-outs around the London open, using the 0700 M30 bar as the range for bracket trade order, and hoping for a profitable manual exit at 2pm (UK time).

In One Sentence - How Do You Trade?

First off, brokers don't move spreads randomly - they either do it to limit their corporate risk owing to current or anticipated market volatility, or they do it deliberately to hit clients's stops. The second one has a bad reputation but is not as ...

Widening Spread Keeps Triggering My Stop Loss

A trend on a chart is only a useful trend if it matches your strategy and set-up rules. There is no universal definition of trend because this would not help all traders . So, let your strategy tell you what sort of trends it needs to work and to ...

Does the Market Trend More or Range More?

Both stop-loss and TP are orders to your broker to close the trade when the price you specify is reached. Always set a stop-loss when you either open a trade or set an entry order to open a trade - this makes sure your loss stops increasing as price ...

What is a stop loss and take profit?

Be very cautious about multiple positions. There are 28 significant forex pairs, comprising exchange rates between AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD. Each currency occurs in 7 pairs, for example, EUR/AUD EUR/CAD EUR/CHF EUR/GBP EUR/JPY ...

Do you trade in all pairs that you have?

Glad you mentioned the EUR/CHF debacle in 2015. Private retail traders should not have been on the wrong side of that trade. You will see on the charts that price had been falling for about 18 months. Focusing in on the months prior to this pair's ...

What happens when accounts get blown up?

Aim for at least 6% profit per month. If you make this you will double your account in 1 year if you do not withdraw any capital. Backetest and demo trade your strategies until you are confident you will get 6% per month but do not trade live with ...

Leap of faith...

Brokers in heavily regulated jurisdictions are required by their licences or operating permits not to take money from people who the regulators/politicians believe to be at risk of serious financial damage. This is to protect the consumer from ...

Dukascopy refuse to accept my transfer of money

As I understand it, the idea is to open trend-following positions on pairs which have established both short- and long-term trends. The odds of a trend continuing compared to the trend reversing are better than 50:50.

Follow the Candles

5% a week? - a great week mrdfx, well done. Actually I'm struggling a bit with the setting of SL and TP for this strategy. I have a basket open of very small equal-sized positions which is altogether equivalent to 15% of the margin available. My ...

Follow the Candles

If I've understood this system correctly there are some major principles at work here which might help guide traders - 1. find a strong trend from the chart and follow it 2. trend must be both long-term and short-term 3. follow all the strong ...

Follow the Candles

I admit I was making an assumption here - that the trader who starts with £1000 and makes a 6% profit per month and so doubles their account per year is starting with a strategy that produces 6% profit per month. They aren't starting from knowing ...

Are you a full Time Trader Or Part Time?

You don't need to be ambitious with capital. Starting with £1000 will work. It is the monthly profit percentage where you need to be ambitious. 6% is the target. You need to establish a strategy that will double your account in 12 months. This ...

Are you a full Time Trader Or Part Time?

These are some good points. I for one have never and will never trade through an EA. Your point on taking note of the economic calendar is bang on the mark and too often ignored. But the principle here appeals to my experience of all price charts in ...

Follow the Candles

Yep, my basket of very small trades was down around 0.75% and am now up around 1% and expect to close everything soon - can't see much forex price action in Thanksgiving week after tonight's NY close. Nice.

Follow the Candles

I opened my basket just before the NY close. For convenience rather than any stronger reason. I'm not using the software but trying to replicate the principles using charts and manual entries. I have a large basket - 17 positions - currently -1% but ...

Follow the Candles

I'd be surprised to hear of much price action on most pairs between the NY close and the London open which might affect this strategy. The exception would be AUD and NZD pairs if there has been some high impact national or regional news. As for the ...

Follow the Candles