Currency Trading Information Channel
Day Trading the Index Futures - How to Judge Good Entries
QUESTION: If the SP futures fall through support and go straight down for another two points, and I want to get short, should I a.) enter immediately, b.) two points below support, or c.)should I wait for a pullback and then try to get short?
You've got to be patient enough to wait for entries that have two things: first - a high probability of immediate gain, and second - a small potential for loss if the worst happens and your hard stop gets hit. This principle applies to all entries, and it's useful to think about it when you're trying to decide whether to enter on a pullback or a continuation of a move.
Entering on a pullback offers less dollar risk than chasing the market because you can place your hard stop on the other side of support or resistance and risk only a point or two. (Of course, this doesn't mean you're going to hang around and let the market hit your hard stop if things go wrong.)
Entering on a pullback also gives you a better chance of gaining a point or so in the first 30 to 60 seconds of the trade. This is important, though very few people seem to be talking about it, perhaps it's a well kept secret.
I rarely (almost never) chase the market. Here's why. Usually, if you chase the market for your entry, you'll get filled about the same time the crowd's emotion is exhausted. The market will pull back and you'll have to get out immediately (if you're smart). On the other hand, if you're stubborn and you don't get out immediately, you'll have to suffer through the pullback and *hope* that the trend continues before your stop is hit. If the market gets close to your stop, you'll be tempted to move the stop away just a little bit. Once you give in to the temptation, you've got an expensive trading habit that may eventually take you out of the business.
Whenever you find yourself *hoping* that the market will come back and get you out of a bad position, you really have to head for the exits *now*. Don't even think about the commission, or all the time you spent waiting for the setup. just get out.
QUESTION: What if there is no pullback?
If the market breaks through support and keeps going down without a pullback, you just have to be a pro and let it go. All the lost opportunity in the world won't take your account balance down, but chasing high-risk, low-probability entries will cost you.
Mike Reed is author of TradeStalker's RBI Trader's Updates. He has been trading the Market for 23 years. His support and resistance numbers have been published on the internet since 1996. Mike's nightly support and resistance zones are specific and incredibly accurate. He offers an unlimited free trial of his nightly TradeStalker RBI Trader's Updates. http://www.TradeStalker.com Copyright 2005 Mike Reed
MORE RESOURCES updated Sun. September / 20 / 2020
Is it worthwhile to trade currencies? Cyprus Mail
How Forex Trading Works Market Realist
Proven Forex Trading Strategies for Beginners The FINANCIAL
Facts You Need To Know About Forex Trading Forbes India
Beware! That 'forex trading' may be a scam Nairametrics
Trading Money: FOREX, Cryptocurrency, or Both? Euro Weekly News
Will crypto trading get as regulated as the stocks or FX trading? Crypto News Flash
Strong Chinese Data Helps Boost Forex Market Mood Securities.io
Is Forex trading legal in Nigeria? Nairametrics
Why currency traders are now buying US dollars Nairametrics
What is the exchange rate of USD (US Dollar) / JPY (Japanese Yen) on Saturday September 19, 2020 - Born2Invest
What is the exchange rate of USD (US Dollar) / JPY (Japanese Yen) on Saturday September 19, 2020 Born2Invest
Day trading guide for Friday's market Economic Times
What is the mid-market rate of GBP (British Pound Sterling) / USD (US Dollar) on Saturday September 19, 2020 - Born2Invest
What is the mid-market rate of GBP (British Pound Sterling) / USD (US Dollar) on Saturday September 19, 2020 Born2Invest
Forex Trading apps Techstory
How the value of a currency is determined Yahoo India News
Relevant trading-focused information authored by key players in the futures, options and forex industries - Inside Futures
Relevant trading-focused information authored by key players in the futures, options and forex industries Inside Futures
Forex.com Review 2020 | Read Before You Trade CoinJournal
I can change the fortunes of people with Forex Trading says young billionaire Refiloe Nkele aka Ref Wayne - America Daily Post
I can change the fortunes of people with Forex Trading says young billionaire Refiloe Nkele aka Ref Wayne America Daily Post
How to Start Trading with Forex Signals Programming Insider
Explained | How India plans to regulate its cryptocurrency trade? Moneycontrol.com
With high inflation, capital inflows, currency appreciation, tough decisions are needed - The Indian Express
With high inflation, capital inflows, currency appreciation, tough decisions are needed The Indian Express
Why Is Forex Trading A Good Income Source? Soko Directory Team
Best Forex Indicators for Day Trading in 2020 DailyForex.com
USD/CAD Analysis: Expected To Make Pullback Action Forex
What is the exchange rate of USD (US Dollar) / CNY (Chinese renminbi) on Tuesday September 15, 2020 - Born2Invest
What is the exchange rate of USD (US Dollar) / CNY (Chinese renminbi) on Tuesday September 15, 2020 Born2Invest
USD/CAD Breakout Occurs Action Forex
AUD/USD: Aussie Dollar Struggles Around $0.73 Currency Live
The Analytical Overview Of The Main Currency Pairs Action Forex
Retail Sales In Sight In Canada Action Forex
What is Forex Trading? How to Trade Online Securities.io
EUR/USD: Further consolidation expected Currency Live
Daily Technical Analysis Action Forex
What is the exchange rate of EUR (Euro) / USD (US Dollar) on Friday September 11, 2020 - Born2Invest
Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money
Forex Forecast and Cryptocurrencies Forecast Action Forex
Everything To Know About Getting Into Forex Trading GQ Australia
What is the Forex Market? Securities.io
UK fintech Revolut launches cryptocurrency app to make digital currency exchange easier for Australians - NEWS.com.au
UK fintech Revolut launches cryptocurrency app to make digital currency exchange easier for Australians NEWS.com.au