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 […]
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 […]
Occasionally (hopefully not more than once) we find that we entered into the wrong side of a trade. We meant to sell, but instead we bought. After the few seconds of panic, we are left with a decision. What do we do now? Most professionals will tell you that whenever they find themselves in this […]
Trading the financial markets is one of the most competitive fields in existence today.
I recently received an email from an FX Power Course graduate who was doing all the things necessary to become a profitable trader. He was showing the right amount of patience in waiting for the solid setups. The risk:reward ratio used […]