It's not a good idea to get too cocky about success you've been experiencing in the market. Almost all traders experience a failure at some point. Try to stay level headed and learn from the market and from the moves you are making. Keep building on your knowledge and be aware of any unsavory patterns. There is always something to learn and a little modesty can go a long way.
Saturday, June 21, 2008
Choosing a Broker
Make sure to do your research when choosing your Forex broker. Many brokers are more concerned with making money from your money then making you money. Read the blogs, join the forums, ask around and then choose wisely.
One Cross at a Time
You should concentrate on one cross at a time. If EURUSD is working for you then stay with it, don't get distracted by the activity of GBPUSD. Stay focused and consistent.
Identifying a Good Move
You want to buy when there is a spike in the currency cross. It is probably best to buy at the first hint of the market being overwrought and then immediately sell when the market becomes oversold. This method will allow you to effectively recognize a constructive move and also give you time to see it through.
Crossing Short-Term and Long-Term Moving Averages
At the moment when the short-term and long-term moving averages cross their prices become equal. Many non professional traders fall prey to this scenario and it is one to look out for and avoid.
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