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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • The European Central Bank will consider it a job well done if there is no movement in EUR/USD or the Euro crosses before, during or after Thursday’s policy announcements by its Governing Council. Get your weekly Euro forecast from @MartinSEssex here:
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • Further your forex knowledge and gain insights from our expert analyst @ @MartinSEssex and @DColman on EUR with our free Q4 market analysis guide, available for free today. #Dailyfxguides
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • RT @Stephanie_Link: 84% of $SPX companies have beaten EPS estimates to date for Q3, which is tied for the 3rd highest percentage since 2008…
  • What is #NFP and how can you trade it? Find out:
  • What does it mean when one candle fully engulfs the previous in its price action? The bullish engulfing candle is one of the forex market?€?s most clear-cut price action signals. Figure out how to identify this pattern here:
Becoming a Better Trader: How to Construct a Trading Plan

Becoming a Better Trader: How to Construct a Trading Plan

Paul Robinson, Strategist

DailyFX analysts hold live events daily, for details please see the Webinar Calendar.

Today, we discussed a very important aspect to trading – having a trading plan. Just like anything we set out to do, having a trading plan is imperative for setting one’s self up for success. It doesn’t need to be a book, but it does need to cover a few key topics. The following are the important points we discussed and should be in every traders trading plan.

Most paramount is having a sound set of risk management rules. This pertains to not only each individual trade but also the entire account. Knowing how much you are willing to risk per trade and being able to fully accept the risk helps alleviate stress often caused by over-sizing a trade. So know your risk tolerance. You need to also have a plan for handling multiple positions – how many is a max and how much total risk will you take on all positions combined. Knowing how each trade is correlated is important here for helping determine your overall risk. You have to assume all trades could turn into losers, so what is that total amount you are willing to lose?

Know your toolbox and the types of analysis you will use. The acronym I like to use is K.I.S.S. Many of you are probably familiar with what it stands for, but for those who aren’t – Keep It Simple Stupid. Keep your analysis as simple as possible, but not so simple it isn’t realistic. Meaning, you want to use a select number of tools or methodologies which don’t have redundancies. Too many forms of analysis can cause paralysis by analysis through mind-clutter. So, know how you identify trades, and keep it simple.

Check out our Q3 Forecasts for our take on where markets are heading.

Identify your favorite trade set-ups and stick to only those. Knowing what kind of set-ups you best execute is important to consistency. Take snapshots of trades which worked out for you, and even those which you find a pattern of not working out. File them away and review them to keep yourself focused on only those set-ups which work best for you.

Have a plan for handling both adversity and success. Have a circuit-breaker in place in the event losses start to pile up. If you start having a material draw-down you need to stop the bleeding and figure out why you are struggling. It could be poor trade mechanics or it could be a market environment not conducive to your style of trading. It’s a good idea to step away from the market when going through a tough period. It helps clear your head and allows you to figure things out while not in the heat of battle. And don’t worry about missing the next ‘big’ trade, the market will be there when you return.

When doing well, there is a tendency to become overconfident and become overly aggressive. You want to have a plan for keeping yourself in check, because if you don’t that good period of trading will turn into a bad one. Going through trades and making sure you are executing them well is a good idea. Keeps you focused on the process and pointed in the right direction.

For the full conversation, please see the video above…

---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.