When many people first embark on Forex trading they think that their lives are going to magically change overnight and that their bank balance will triple. The truth is that mastering Forex trading doesn’t happen in only a few days or weeks and that one is bound to lose money before one makes money. In order to minimise losses and maximise profits it is vital to have a solid plan in place and a good understanding of common mistakes so as not to make them yourself. The number one most common
Posts Tagged trading forex
I had opened a long trade on EURJPY a few days back after seeing some support around the 12700 mark. My entry was perhaps a bit premature as I hadn't waited for a confirmation of the support line. However, on the second day, the price actually moved down to support again and tested it (at this point, my drawdown was around 100 pips). This would have been the better place to have gone long but looking at the chart, I would have probably entered at exactly the same price. Anyway, the follow
Today we got stopped out on our Euro trade.. if you look at the chart yesterday evening, you can see that there was a bullish bar.. it wasn't quite a pin but you can see that there was buying where the price had hit the 20 day MA line. At that time, it looked like a good place to go long and so I did! However, as you can see with today's price action, the market pretty much went into freefall and invalidated our entry and stopped out our trade. We lost 60 pips!