Dec. 3 new orders
AUDUSD news play
Buy 0.9147 SL 0.9109 P1= 0.9163 P2= 0.9178
Buy 0.9147 SL 0.9109 P1= 0.9163 P2= 0.9178
Sell 0.9124 SL 0.9145
USDCAD Sell 1.0634 SL 1.0658 P1= 1.0616 P2= 1.0603
Protect your forex account!
Big losses will ruin your forex account! Just don’t let them happen.
You can’t make money trading forex unless you control you losses. And the only way to protect yourself from big losses is to use Stop Loss orders. A stop loss order is a simple Buy Stop or Sell Stop order, which you use to close an open position.
A stop loss order becomes market buy or sell order once the price reaches its level. Therefore when market moves fast, the actual execution price might differ a lot from what you expected. You just should be aware of that fact and try not to place stop loss orders at major psychological levels where everyone else places them.
Also, it’s a good idea to remove stop loss orders prior to news releases and 1-2 minutes after releases. It’s not uncommon for a price to swing wildly in the direction opposite to the main move just before and even after the news release.
Some advice placing mental stops, which means just keeping a certain price in mind and closing your position once the currency pair trades at that level. I don’t believe in mental stop loss orders. They just don’t work for me. I am too emotional for that. Also, if you trade in your spare time, you might not be able to react when a big move against you happens.
Remember, if you lose half of your account you will have to double what’s left just to get back to where you started.
It is not easy to double your account unless of course you risk too much. And in most cases, by risking too much you will erase whatever is left in your account.
Always know your risk. Decide on where your stop loss will be before you place the order. This simple step will save you tons of money and will keep you in the game of trading forex.
Dec. 2 end of day results
GBPUSD P1 was filled for 16 pips profit, 2 more positions are still open SL 1.6367, which if hit will make this trade a break even
USDCAD and EURUSD are still open
USDCAD Buy
USDCAD Buy 1.0646 SL 1.0618 P1= 1.0664 1.0684
EURUSD
EURUSD Sell 1.3519 SL 1.3565 P1= 1.3504 P2= 1.3495
Dec. 2. Good morning!
GBPUSD Sell 1.6359 SL 1.6408 P1= 1.6343 P2= 1.6322
Notice how EURUSD reached both profit targets just as expected
Cancelled both trades before going to sleep but both pairs performed as expected. EURUSD price dropped to 1.3525 reaching both profit targets before bouncing back up.
As I said before, there is no reason to get upset for missing an opportunity. Profitable trades in Forex happen every day. One has to be patient and persistent.
Dec. 1
EURUSD Sell 1.3574 SL 1.3616 P1= 1.3554 P2= 1.3534
USDJPY Buy 102.64 SL 102.28 P1= 102.84 P2= 102.94
Making money in Forex is simple.
Yes, making money in forex is simple but not easy. All that one needs for success is to win more than half of trades while keeping the average loss smaller than the average win.
Dave’s Forex Trading Secrets
