Thursday, February 26, 2009

Word of advice from my Mentor

Word of advice from my Mentor

Keep in mind that you also need your pivot point and trend lines to act as support and resistance. It is not possible to turn a profit without them. If you simply take every signal the Force generates you will fail as trading FX is not that easy or else everyone would be extremely wealthy trading FX.

What you need to do is learn the "personality" of the pair. This will take some time. Like anything else over time you eventually find the moves of the Eur/Usd (EU) almost predictable as you look at the pair form patterns you've seen time and time again. Its important that you wait for the correct setups such as TL bounces and so on. Some time you can wait hours for the right move and sometimes a fraction of that time just for 30 or 40 pips. Thats the name of the game!

"Well said and done" Chocolate Pips

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