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
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
Oil - US Crude
More View more
Real Time News
  • Trading Global Markets new #podcast features @DailyFX Anlayst @PeterHanksFX , who discusses what assets would benefit in the next #recession. Tune into this new podcast episode hosted by @MartinSEssex here: https://t.co/Twr44cZ1GB https://t.co/llKzvZGDpQ
  • The #Euro remains weak against a range of currencies and any move higher is struggling to gain traction as the single currency continues to be sold-off. Get your #EUR technical analysis from @nickcawley1 here: https://t.co/9B2m0kmd4d https://t.co/ZENxpC59mP
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
Becoming a Better Trader: 6 Mistakes Holding Traders Back

Becoming a Better Trader: 6 Mistakes Holding Traders Back

2017-08-31 11:38:00
Paul Robinson, Currency Strategist

Enjoy the video? Join Paul Tuesday-Friday each week – for details, see the Webinar Calendar.

Today, we discussed common mistakes traders make and ways to overcome those issues which undermine trading performance. We did a run through of six, but it was really a few more layered within the broader scope of mistakes outlined.

Mistake #1 – NO Trading Plan (lack of preparation). Too few traders have an actual game-plan. Essentially, these traders are ‘flying blind’. Your trading plan doesn’t need to be super detailed, a couple of pages is sufficient. It needs to include risk management parameters, outline of type of analysis used in decision-making process, favorite trade set-ups (include a couple of reference charts), and how to handle both drawdown periods as well as times of success.

Mistake #2 – Don’t keep good records, or periodically review. You will find out a lot about your trading through review sessions. It’s a good idea to go through your trade history (identify strengths/weaknesses). You will identify patterns (good and bad, such as poor risk/reward, inconsistent position-sizing, trades which you tend to execute better than others, etc.). It is also a good idea when problems are identified to fix them one at a time so as to not become overwhelmed. It’s also good practice to keep a regular journal, whether written or electronic. Note anything which ‘strikes’ you. Generally, though, keep the tone positive even when addressing negative issues. Once every few days is fine, or everyday – this will likely depend on your time-frame (whether you are very active or take more of a swing-trade approach). Include things you did right/wrong, state of mind which may be impacting your ability to make good decisions, market observations or new trade set-ups you identify, and so on…

Mistake #3Trade TOO big/inconsistent trade-sizing. One of the biggest mistakes traders make. Risking too much per trade places more emphasis on the P&L and not on correctly managing the trade (Manage the trade, not your P&L). Impaired judgement due to fear and anxiety leads to more mistakes, which then can cascade into a whole host of other mistakes. So, keep your risk-per-trade meaningful, but not overwhelming. Inconsistency in position-sizing is another big problem as this leads to inconsistent results. In the webinar, we took a look at a graph which illustrates the difference between consistent and inconsistent position-sizing.

The importance of trading psychology can’t be understated. Check out this beginner’s guide –Building Confidence in Trading.

Mistake #4Over-trading. Traders fall victim to this all the time. Lots of mediocre or worse type trades mixed in with good trades equates to sub-optimal performance. We took a look the inverse correlation which often exists between level of activity (#of trades) and profitability. How can we become more efficient? Use a checklist which helps keep you on the right path. The checklist should reflect your trading plan. For newer traders, it is recommended that a physical checklist is used, but as you become more experienced you will be able to go through the process in your head. A checklist of reasons for entering a trade and risk parameters will help you avoid trades you shouldn’t be in.

Mistake #5Poor Risk/Reward. All too often traders will have risk/reward ratios of 1:1 or even worse. This forces you to be right far more often than wrong. Depending on your style of trading, having a win/rate of 50% may be quite high. For example, a breakout/momentum trader will have a low win rate but those trades should yield high levels of profits relative to losing trades. We did a quick run-through of a trade in progress to provide an example of not only good risk/reward, but also the logic behind determining entry/stop/target.

Mistake #6Overcomplicate matters. Remember this acronym – K.I.S.S. Keep It Simple Stupid. More is not better, more is often times just more. You want to identify confluences in analysis, but make sure you are seeing confluence and not redundancies caused by using forms of analysis which are highly correlated (i.e. several overbought/sold indicators will all give similar readings creating false confluence). Another thing to keep in mind, short-term traders should not overly concern themselves with every single data point and macroeconomic fundamentals. The reaction to the news is what often-times matters the most. This is not to say ignore events or be unware of when they are happening (you want to know from a risk standpoint), just be careful not to overanalyze every piece of information.

For the full conversation, please see the video above…

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinonFX.

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


News & Analysis at your fingertips.