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How to make a little and lose a lot trading Forex

 

Forex provides significant profit opportunities for aggressive traders because of such factors as twenty-four hour liquidity, ultra-high leverage and easy market access.  But for some reason, many of us insist on giving in to our masochistic streak, so here’s a list of practices that are sure to cause you enormous pain when trading Forex.

 

Take too large a position

This generally occurs when the trader either misjudges or fails to study the likely swings of a given currency.  Frequently, new traders simply select a lot size that “feels right” without evaluating the level of risk that such a trade contains.  Often, when the trader has encountered a few successful trades, he/she increases the size of the trades without fully considering the potential P&L (more L than P) swings that can easily occur. The considerable leverage that forex affords represents a constant temptation to make this mistake.

 

Fail to set stops realistically and fail to honor them once you set them

Stop losses represent the literal definition for the amount of risk the trader is prepared to assume and most traders calculate them in pips, not absolute dollars.  If you’ve ever stepped into a casino, you know that are required to convert your money into chips.  This is done for several reasons but one subtle effect is that of desensitizing you to the actual amount of cash that you are wagering.  Setting stops off of a position on a chart tells you what level you wish to exit, not the cost.  Viewing your stop loss in pips rather than cash can provide the same effect as that of chips in a casino. 

If you plan to stay alive trading forex, each time you set a stop a certain number of pips away, perform the simply conversion to cash and recognize that this represents the amount of money you are prepared to risk on the trade.  Then add a few for slippage (the difference between where your stop is set and where you are likely to be executed) and then honor the stop.  Failing to honor the stop is equivalent to not determining one in the first place, a surefire way to eliminate all of your trading capital.  Stop losses are the single most important tool in your trading arsenal.

 

Develop a stubborn streak

(see “failure to honor stops” above)

Read TRCI’s three golden rules of trading and be sure to ignore them as a quick way to end your trading career.

“Panic when everybody else panics… but try not to panic last.”

“If you find footsteps on your face, get up and follow them.”

“We usually can’t afford to be right… in the long run.”

 

Convert failed trades into “Investments”

When entering a trade, consciously or not, the trader has an idea of how long he/she plans to stay in the position.  If the trade works, the exit usually takes care of itself, but if the trade fails to follow the desired path, one frequent trap is to view it through a different time perspective.  This can be dangerous because each adjustment moves the position from a trade to an investment.  Such a move permits a lack of discipline to enter into the process and can lead to a potentially damaging phenomenon called “hope”.  Once hope becomes the dominant factor in decision-making, discipline will likely be ignored with disastrous results.  When this occurs, stop losses tend to show up on the endangered species list.

 

We concede that the truly creative trader that wishes to endure pain and suffering can find a plethora of ways to get the job done.  The above list represents the ones that we have found to be most effective.




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Trading Ideas for 18 December 2017

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Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

Forex Trading Outlook


Potential Trading Opportunities

  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

John M. Bland, MBA
co-founding Partner, Global-View.com EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




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The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

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The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

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The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

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Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.

 

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