The market has opened and rallied. Not with great strength. In fact it’s quite slow. But it rallies with a clear bullish bias. It’s clear of all S/R levels, above the prior day’s high resistance (now support) and well short of the next higher timeframe resistance level. Trade opportunity in such a case is…
Well, I’ve had a frustrating week. No opportunity to trade until Friday, and no opportunity to work on my website and newsletter service. NOT HAPPY!!! But then, that happens to us all from time to time. Life has a habit of failing to consult with us, prior to messing with our plans. What happened? Well,…
Would you like to discover a quick and simple risk management strategy that is easy to apply to any trading plan, and has the potential to vastly improve results? Excellent! I’m not talking about the placement of stop losses, which is what most people consider as ‘risk management’. Rather, this is a simple tool for…
One of the toughest times of my life – that threatened my own psychological wellbeing as well as the potential safety and security of my family – was in early 2004, when I first made the leap from part-time to full-time trading. I had the required knowledge. I had the required skills. I was a…
This is one of the most common questions I get from novice traders. They’re stuck at one of the first steps – deciding what market they want to specialize in. If you’re stuck here as well, then there’s something I’d like you to think about which may make the decision easier… You’re unlikely to get…
I often get asked, ‘when is the best time to trade forex intraday?’ Great question! Just because the market trades 24 hours a day doesn’t mean that there are opportunities available all day every day. The market typically varies in range, and therefore opportunity, at various times throughout the 24 hour period. Some periods of…
“Repeticio est mater studiorum.†(Repetition is the mother of all learning) …Saint Thomas Acquinas If you’ve noticed the small size of this article, you may suspect that this article itself is NOT the Greatest Trading Book – Ever! And you’d be correct. But don’t worry; there’s a simple explanation. This article will explain exactly…
One of the greatest processes you have at your disposal, for maximizing your learning and fast-tracking your development as a trader, is your review process. Let’s have a look at how I recommend you carry out this often-neglected part of your daily trading routine… For too many traders, the review process is simply entering their…
Trade Session Review Example Following on from Part One at this link: https://yourtradingcoach.org/trading-business/how-to-conduct-an-effective-trading-session-review-1-of-2/, let’s look at an example of a missed trade. The example is the open of the UK session on April 6th, 2010, which provided us with a beautiful Asian session breakout failure trade. The three blue horizontal lines represent pre-session support and resistance,…
I operate my trading business in accordance with my Procedures Manual, which documents the procedural steps I will carry out in order to complete: My pre-session routine My during-session routine My post-session routine My contingency management procedures Let’s discuss my pre-session routine. Feel free to use whatever parts you find useful for documenting your own…
