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…]
On Thursday there were the following signals: The USDJPY trade was later cancelled. The GBPUSD stop loss was eventually moved to the break even point and was hit. The AUDUSD trade is still open.
Today there was just one signal to buy USDCAD, which was cancelled later due to changes in the pair’s technical analysis picture. See below:
The AUDUSD has slipped on the news and we entered a short position. Both profit targets were reached. The third unit was stopped out at 0.9361. Thus the total profit on this trade is 20+33+8= +61 pips. The USDCAD trade went up at first but than it stumbled, so we got out with a small … [Read more…]