Here is a list of essential things that I feel a trader needs to have in order to become successful. 1. Stop overtrading! Overtrading is the one thing that will destroy your account like nothing else. Obviously if you don’t trade or trade minimally it’s difficult to make money. Some newer traders are almost afraid […]
During the latter two days of this week I looked at the markets for over twelve hours and found a grand total of zero trades to take. Thursday Thursday provided some potential areas that could have possibly been worthy of trading. The pivot point and support 1 level came into play multiple times in addition […]
January 6 was an interesting day, as it directly related to several articles written recently. As the US session began today the EURUSD was moving within a triangle pattern, following a trending move down. The expectation based on the trend was that the price would break lower out of the triangle. Therefore, using the strategy […]
I wanted to address something I get asked probably the most often, which I can generally summarize as “How do I become good at trading in a very short period of time?” The truth is that the very best traders (and investors) are those that have put in the most time to become successful at […]
Those familiar with my blog here know that I tend to pretty much always stick with an overarching trading strategy centered around support and resistance levels. For binaries, that continues to be true. I have tried breakout strategies in the past for binary options, but I’m simply not very good at it to be perfectly […]
It was a few hours into the London session before a strong trend began. That is way I prefer not to range trade in the EURUSD. There is a high likelihood that the range won’t last very long, and what many traders view as ranges are just consolidations in a longer-term term trend (not always, […]
By creating your own strategies you will have a much better idea about how your strategies work, compared to if you just use someone else’s. You’ll know when your strategy works and when it doesn’t, which means you’re better able to filter trades and capitalize on good opportunities. Most of all, creating your own strategies […]
Triangles are one of my favorite patterns; they are easy to spot, and even using a very basic approach (as outlined in Trend Continuation Patterns) can provide excellent trades. The basic strategy is to draw the outline of the triangle around the price (when the pattern occurs), and then wait for a breakout. There are […]
A common trading problem is that if you wait too long to enter a trade–until everything looks perfect–the trend is likely almost over. Yet, if you try to anticipate changes in direction you’ll likely be too early and thus sustain losses before the market turns in your favor. If Goldilocks were a trader, she wouldn’t […]
Expected a quiet day today amidst holiday trading, but it ended up being anything but. An early rally triggered multiple stop loss order above former highs on the longer-term term charts, creating a strong rip higher followed by a slower but equally spectacular drop. Throughout the London and early-US session there were a number of […]