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Becoming a Better Trader: Q&A Session (Webinar)

Becoming a Better Trader: Q&A Session (Webinar)

Join Paul every Tuesday-Friday for webinars. For details and a full line-up of all upcoming live events, please see the Webinar Calendar.

In this webinar, a lot of good questions were asked pertaining to trader performance and improving it.

There were a few questions about specific types of analysis, and which is best. This is a loaded line of questioning as there really is no right or wrong way to approach the markets. As long as there is an edge to the types of analysis a trader uses, then there is validity. Two points to keep in mind: One, keep it simple. Two, be consistent in applying your analysis and taking the set-ups which are identified through your chosen methodology.

There was a question about what is an appropriate amount of leverage to use. A good way to view this facet of trading is through risk-per-trade and total risk on all trades held at once. For example, risking a certain percentage of your capital on a trade is a better way of looking at how much leverage to use than just saying you will use a set amount of leverage per trade. This is because the distant you place a stop-loss from your entry will vary from trade to trade depending on the instrument, volatility, and time-frame. The amount of leverage will have a small range of variations depending on these factors.

Another question asked was, “Should I move my stop-loss to breakeven sooner rather than later?” A good rule of thumb to follow is this – once the trade has reached a point where it equals the amount initially risked, moving the stop to breakeven should still allow for wiggle-room. If you are too quick to move your stop to breakeven you run the risk of getting stopped out prematurely while the trade is still working itself out.

For all question and answers, please see the video above.

See our quarterly forecasts for FX, equity indices, and commodities to see where our team of analysts see markets heading for the remainder of Q2.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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