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The trend is really your friend, only before there is that bend in the end. Trend-following systems must have positive expectancy incorporated into them; for trend-following tend to have low accuracy. Moreover, one needs to pay attention to demand and supply levels, because of major reversal points.
People are ‘clearly’ interested in knowing how to make huge returns – like 1000% – within the shortest possible time. Well, that’s possible. But there can’t be anyone who enjoys long-term survival in the markets with that kind of trading mindset and high risk. That’s suicide trading! Overtrading – whether in sum total of all trades or excessive position sizing of a big trade is when your account is over-leveraged. For example, I may open 10 trades when the total risk on my account is not more than 5% or I may open only one trade, and my account would be staked with up to 50% or 80%. – May 1
Sometimes, economics news has large impacts on the markets and the effect would be long lasting. Sometimes, the effect would be temporary, only causing some short-term counter-trend movements in the markets. News trading isn’t that bad, providing the trader knows what she/he is doing. News trading isn’t for the faint-hearted, and the inexperienced. So you must have a killer strategy at hand, including effective risk control measures. Many run away from news trading without knowing that events rule the markets. – May 2
It’s true there are Forex scams everywhere. But do we brand a company a scam because of one or a few customers are dissatisfied with their services or because they habitually do something bad to most of their customers? Sometimes, peoples’ opinions can be wrong. Forex contests are good, but the usual problem is that too much emphasis is given on how much money the winners make, rather than how many pips the winners make, relative drawdowns and numbers of trades. Trying to make as much money as possible is clearly suicidal. – May 2
I started trading several years ago – trading like most other rookies would do. In time, I got frustrated and decided to leave and go face the hard world outside. Then I began to come across market wizards, whose principles have helped me a lot. I’m now happy I’m a trader. I’ve to be honest here. I spend less than 30 minutes per week on trading, and yet I average several hundreds of points per month. I spend more time online because of other activities like research and articles writing. One of my secrets is the optimal use of stops, take profits, breakeven stops and trailing stops. I don’t need an EA to do this for me. – May 3
The EURUSD tends to have the lowest spread with any FX broker. Major pairs and crosses also tend to have low spreads. The less popular and the less traded a pair/cross is, the more probable it is that its spread is high. Some brokers offer high spreads, and some offer tight spreads. Some fix their spreads, even in volatile markets; while some float their spreads during this period. In my own opinion, the GBPJPY – as it’s true of other JPY pairs – is approaching significant supply zones. While the major bias is bullish, I don’t think the bulls have more stamina to push up the price far longer. There may be occasional rallies in the near-term, but eventually, this cross would nosedive and fall for most of the month of May 2013. – May 4
