Answer by Dave Hughe: He explained it himself in the book: he did not follow his own rules. This is exactly why so many people blow their accounts in Forex. I used to be fascinated with Jesse Livermore but later on I realized that he had a gambling personality. Nevertheless, his advice is as sound … [Read more…]
Answer by Dave Hughe: The major part of investing and trading is money management. If you don't mind losing all your money and even more if you trade on margin, then you don't need stop loss orders.On the other hand, if you want to control your risk, stop loss orders are a must. View Answer … [Read more…]
Answer by Dave Hughe: Fibonacci lines and pivot points are in favour because they work. Why they work that's a different question, to which there is no straight answer. But isn't that amazing to see how price touches a Fibonacci or a pivot line and reverses its course? Personally, I use FIbonacci lines and pivots … [Read more…]
Answer by Dave Hughe: The truth is: you never know. But there is definitely a conflict of interest between the client and the broker regardless of what they say. Always assume that your broker might be trading against you and question everything that happens in your account. Prior to committing to any broker check all … [Read more…]
Answer by Dave Hughe: A good trading system does not have to be complicated at all. I trade profitably just like you said: with the help of few indicators and basic patterns. Below you can see the results of the trades posted in my blog:Week 1: +231 pipsWeek 2: – 19 pipsWeek 3: +415 pipsWeek … [Read more…]
Answer by Dave Hughe: If you trade and not gamble, the advantages of using a mini or even a micro forex account are numerous:1. Trading with real money, which makes you emotionally involved as opposed to a demo account, where there are no real emotions. Thus, you learn to control emotions.2. Trading in real-life conditions … [Read more…]
Answer by Dave Hughe: Hypothetically, yes you can become rich in forex starting with only $20. For that you need a solid trading system, strict money management, lots of patience and a little bit of luck. Trade micro lots, use strict money management rules and use the power of compounding by reinvesting your profits. I … [Read more…]
Answer by Dave Hughe: In Forex market there is greater leverage and you can also trade in micro lots. This allows starting with a small capital and risking just a few dollars per trade. Otherwise, where to trade is a matter of preference. If you know what you are doing, you can trade profitably in … [Read more…]
Answer by Dave Hughe: The currency trading is no different from other forms of trading. You have to have a trading system, a trading plan, a sound risk management and the discipline to follow them. View Answer on Quora
This was a short slow week that resulted in a small loss of -32 pips. The up to date results since the start of this blog are as follows: Week 1: +231 pips Week 2: – 19 pips Week 3: +415 pips Week 4: +366 pips Week 5: +137 … [Read more…]