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.

Free Trading Guides
EUR/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
GBP/USD
Bearish
USD/JPY
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
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Breaking news

British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

Real Time News
  • If you were expecting a December resurgence rally, this is about the best combination of lift as you can expect - perception of Trade War and Brexit progress. Woe is the day that this fails to actually lift the markets
  • We get a December 15 tariff delay AND a Conservative majority in the UK election? APAC equities, #AUD, #NZD are going to have a fun time in the upcoming session
  • $USDJPY Daily Pivot Points: S3: 107.94 S2: 108.28 S1: 108.42 R1: 108.75 R2: 108.94 R3: 109.27 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $GBPUSD @ 1.35
  • $EURUSD has topped its trendline resistance back to May 2018 and the 200-day moving average as well. Wrapping up Brexit uncertainty would benefit the EU as well
  • The #Dow Jones surged to record levels on the back of a dovish #FOMC rate decision and hopeful trade war headlines. Get your market update from @PeterHanksFX here: https://t.co/8xAsf11xHe https://t.co/Mf0EjrLGXP
  • If you don't usually follow London/European markets, a good follow to get local insights during this UK election volatility is our own https://t.co/GhQS1Fuaxt
  • $USD $DXY | US Dollar Index plunges below the 97.00 handle to its lowest level since July as the British Pound rips higher on hopes that #Brexit 'paralysis' will be no longer https://t.co/k97BaRcPMK
  • #SP500 futures pointing noticeably higher heading into Friday's Asia Pacific trading session as sentiment-linked #AUD, #NZD soar, anti-risk #Yen lower after Trump signed a #TradeDeal and the UK exit poll crossed the wires. Risk-on tilt may follow ahead https://t.co/tBkofnYr1o
  • $GBPUSD is currently sporting its second biggest single-day rally since the UK voted for Brexit back in June 2016 https://t.co/6WU3Edud6L
Becoming a Better Trader: Q&A – What’s Plaguing You? (Webinar)

Becoming a Better Trader: Q&A – What’s Plaguing You? (Webinar)

2017-03-30 12:06:00
Paul Robinson, Currency Strategist
Share:

Paul conducts webinars Tuesday – Friday each week. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

Today, we did a Q&A covering a host of questions. It was the first Q&A in this series, and it went quite well – the plan is to do them periodically moving forward. The questions varied from psychology to trade execution to specific types of trade set-ups.

One of the questions asked was, “What to do after a big loss followed by a series of smaller losses?” First things first, get out of the fire. You will likely start gaining clarity right away once you pull yourself back from the market. If you are having a tough run you have to stop the bleeding before you can proceed. Then take a close look at your trading and examine various facets by asking yourself some questions – What were market conditions like? (was it not conducive to my trading style?) What types of set-ups led to the losses, and were they within my game-plan? (if no game-plan, need to establish one before all else.) Was I implementing proper risk management? (risked too much per trade, poor risk/reward, etc.) Those are just a few questions to ask yourself, but a good start once you get out of the fire.

Another person asked about setting targets. The simple answer is that whatever type of methodology brought you to the point of entering the market should be what takes you out of it too. Also, make sure that your target relative to your stop allows for a sufficient risk/reward ratio (~1:2 or better is good).

Another question was, “What do I do when I enter long and get stopped out, then enter short and get stopped out, and so on?” This means you are probably taking low probability set-ups, and I’m sure you probably didn’t have much conviction in those set-ups to begin with as they didn’t truly fit within your game-plan. Or, your stops could have been placed too close to your entry, causing you to get shaken out without allowing the market to move in your favor. Take a step back, wait for the market to align itself in one direction and make sure to provide wiggle room.

There were numerous other questions asked as well, for full details please see the video above…

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES

News & Analysis at your fingertips.