While it is true that the forex market is open 24hrs a day five days a week, it doesn't mean that it's always active. Breaking down this 24hr auction house into manageable trading sessions is important. Knowing when liquidity is likely to come into the market and when it is expected to diminish, helps one determine the best time to trade.
Risk management is a phrase traders love to hate. It's the first thing new Forex traders are taught, and it's the first thing they ignore. No matter how much the pros emphasise risk management, the new trader is too easily distracted by the lure of their charts. There's no stopping the train.
Start off strong and ace your forex trading education. Through good forex education, traders can become successful no matter what strategies they apply. To do well in both execution and analysis, you must first learn how to become an efficient and knowledgeable trader. When initially focusing on education, traders can begin to understand the market and learn the best ways to profit from it. For long term success, master forex education to build a healthy and profitable trading career.
What are the habits of successful traders? How can you implement these habits in your own trading to achieve better results? In this article, you can find some tips about trading habits that may help you achieve better results.
Visualise yourself perfecting your trading method: spending countless hours working on a perfect system that has a 90% win rate and small losses. You study, study, study, and study again. At a certain point, the back-tested results give you the confidence to take it live.
"Risky" means that, like other endeavours in life, you need to plan ahead in order to manage the inherent uncertainty of the markets, and make sure that your risk capital (which, after all, is what allows you to stay in the game) is never depleted. Notional funding, proper position sizing, and discipline are key to this part of the equation.
Developed by Scott Carney and Larry Pesavento, after being originally discovered by H. M. Gartley, the AB=CD pattern has become an effective technique to have in one's toolbox. After months of research, back testing and also live trading, we feel comfortable presenting this setup to our readers. Just to be clear, the following is not the holy grail. We've simply took what Carney and Pesavento taught and traded it in our own way, and so far, it's worked nicely.
ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.