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.
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 pips Week 6: +150 pips Week 7: + 20 pips Week 8: +155 pips Week 9: + 23 pips Week 10: … [Read more…]
The GBPUSD reached its first profit target precisely but did not advance any further. We closed the remaining two units at break even. Therefore the total profit for this trade is +20 pips.
None of the trades were triggered yesterday. Today we went long GBPUSD, see below:
The best is a vague term. What is good for one person might be completely useless for another and vice versa. The most popular platform for retail Forex trading is MetaTrader 4 (MT4). This platform is used by the majority of brokers around the world. The advantages of MT4 are numerous; 1) It has most … [Read more…]
A lot of Pips! – that is the message we received today from one of our subscribers in Europe. He traded the GBP news release today the way we teach at Plain Forex Trading. Way to go! We did not trade these news as they were released at 4:30 am EST. None of our signals … [Read more…]
Answer by Dave Hughe: An exchange rate is the value of one currency converted into another. In an exchange rate, there are always two components: a base currency and a counter currency. An exchange rate can be quoted directly, when the foreign currency is the base currency and the domestic currency is the counter currency … [Read more…]
We bought AUDUSD at 0.9382 with a Stoop-Loss at 0.9339. Unfortunately this trade did not go anywhere and hit the stop at night. The total loss from this trade is -129 pips.
The current market conditions are still very challenging. The total profit for this week is +218 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 pips Week 6: +150 … [Read more…]
There was just one trade today, which was a news based trade in USDCAD (see the previous posts). The trade resulted in +20+37+58 = +115 pips. See the chart below: