Hello there blog readers. Hello there forex trading colleagues. We have a flash news. There’s a forex break out on EURGBP going to the downside. This could be a long term trend after waiting a few months for the currency pair to finish its corrective waves (consolidation). Keep your stops in check. This could be a big winner and a trend up to next year.
From my very good trade on EURCHF and achieving my First Forex Goal, came the reward, an iPad 2.
I just got it this morning, just after I woke up.
A very handy tool for forex trading. I can trade virtually on any position while lying on the couch.
There should be another round of reward when I reach my 2nd forex trading goal. I still have no idea what kind of reward. What do you think should I reward myself with when I reach my 2nd trading goal? Leave your comments below….
Today is a great day for me. Today marks the day where I completely eliminated all the losses that I have incurred while learning about forex.
When I started a year ago, I tried to trade forex live. After practicing for a couple of months, demo trading, I gather up all the courage I could get and opened my first live account. During the course of the year, I accumulated a total of -$5,000. Yes… Negative… And today, I completely finally took back all the losses.
I am up +$1,063 starting today. I hope this is the beginning of a wonderful trading life. And hopefully achieve my forex trading goal.
After all that grueling experience. I would like to share to you a little knowledge I picked up while stumbling across the trading realm. There are only 3 important factors to be successful at trading.
1. Psychology
2. Money Management
3. Exit
Notice that there are no trading strategy here or indicators. Not even entry strategy. It is because those 3 factors are what determines a successful trade. Because of them, my trade has been really good so far.
I am using technical analysis when I am trading forex. Mainly candlesticks and moving averages. And yesterday, a beautiful pinbar reversal signal formed at AUDUSD. Looking to go Long on this one.
For the aggressive trader, this is a good chance to go LONG. But for the more conservative type, you might want to wait for the next bar to close before entering your position. You want to confirm that the next bar is bullish to be on the safe side.