News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • 🇦🇺 Westpac Leading Index MoM (SEP) Actual: -0.02% Previous: -0.27% https://www.dailyfx.com/economic-calendar#2021-10-20
  • Hold your breath. Bitcoin is a sneeze away from tagging an intraday record high. $BTCUSD https://t.co/dT6uewVqTR
  • 🇯🇵 Balance of Trade (SEP) Actual: ¥-622.8B Expected: ¥-519.2B Previous: ¥-637.2B https://www.dailyfx.com/economic-calendar#2021-10-19
  • Heads Up:🇦🇺 Westpac Leading Index MoM (SEP) due at 00:00 GMT (15min) Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-10-20
  • Heads Up:🇯🇵 Balance of Trade (SEP) due at 23:50 GMT (15min) Expected: ¥-519.2B Previous: ¥-635.4B https://www.dailyfx.com/economic-calendar#2021-10-19
  • RT @Peter__Wood: @JKempEnergy Lots of copper demand on the horizon. Source https://t.co/qX6K1SAVRO https://t.co/WQr7kuf2sU
  • The New Zealand Dollar made new highs against the Japanese Yen but remained in a range trading environment against the Swiss Franc. Will NZD/CHF make new highs? Find out here: https://t.co/ULGSBe2tex https://t.co/YOxSxTKtqy
  • Gold prices are under pressure after China growth slowed and New Zealand inflation surged, with investors pricing in more aggressive central bank policy outlooks, which is supporting bond yields.Get your market update from @FxWestwater here:https://t.co/9Jiy8IKqQv https://t.co/YEib0pnKjk
  • Energy has been on a tear, with crude oil having recently broke above a major long-term threshold. Right around 77 was big resistance from a decade ago. Get your market update from @PaulRobinsonFX here:https://t.co/H9vnIzWSa1 https://t.co/KUs252TdkY
  • RT @BrendanFaganFx: Nasdaq 100 Outlook: Tech Stocks Continue Higher as Netflix Posts Strong Q3 Results $QQQ $NFLX $NDX $NQ_F Link: https:…
Guest Commentary: How to Scale Up Responsibly in Forex Trading

Guest Commentary: How to Scale Up Responsibly in Forex Trading

Yohay Elam, Forex Crunch,

After some steady and overall successful trading, you feel it is time to move up. Your success so far has been based on hard work. The process included learning to lose some money and accepting the losses. Most importantly, you made more gains that losses and you have been consistent over a few months.

So now you are thinking of scaling up: making more money in your trading. It is important to scale up in a sensible manner. Here's why and how:

Scaling up can be done in 3 ways: enlarging the position sizes (the preferred method), adding more trades in each session, or extending the trading hours. More details are available here.

Whatever method you chose, do it responsibly. Here's how.

One move at a time: If you do more than one move at a time and something went wrong, you will not know what happened. It will be hard to put your finger on the reason: was it the extra trading hours or the pressure due to more trades. Was it both? So, it is better to take one step at a time.

Don't take extreme steps: Don't take your scaling up to the extreme. For example, if you add more trading hours, add one hour and not four. If you enlarge your position sizes, remember to stick to the money management rules.

Wait before the next move: After scaling up once and seeing that it works, do hesitate before scaling up once again. Take your time in verifying that your change worked. As with starting to trade for the first time, early success may be dangerous. Potential greed to disaster, just after you have managed to stabilize your forex trading.

What is your experience with scaling up? Do you use different methods?

Further reading: 5 Most Predictable Currency Pairs

By Yohay Elam, Forex Crunch

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES