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Traders require strategies and resources to help
determine when is the best time to enter
trades. Trader's can protect their
trading capital and ensure profits by:
Having a trading strategy
with clearly defined entry and exit
guidelines
Having a
sound money management plan
Taking advantage of the
online resources that are available to them
Trader's should consider the following when
preparing to trade:
Currencies that are moving a large number of
pips per day are more likely to provide the
trader with trading opportunities over those
currencies that have small daily ranges. The
more that a market is moving, the better the
chance that profit can be made from the market.
It is easier for a trader to get a small amount
of pips per week on a currency that has a larger
total daily movement than a currency that does
not move many pips per day. For example, it is
easier to get 50 pips out of a 300 pip daily
range currency than to get 50 pips out of a 100
pip daily range currency.
Analysing current and upcoming news events is
part of Fundamental Analysis. Traders
must be aware of news items that are soon to be
released and the expected affect they will have
on the market. The current days upcoming
news items can be seen below:
Overall market direction is an important
criteria for understanding where the market may
move in the short term. Looking at the longer
term shows the major direction of market
movement. If looking at long term time frames,
which have the same general trend, it can be
expected that major market impulses will be in
the direction of those trends. Traders should
also look at long term timeframes to identify
potential points of support and resistance and
to see if the market is contracting or range
bound. This allows Traders to adjust profit
targets and trading strategies based upon market
conditions.
NOTE: Please
click on the corresponding currency pair compass
to change trend line graphs.
The world times give an indication to the trader
which currency markets of the Foreign Exchange
are open. Traders should be wary of trading
outside of a currencies market times as markets
tend to be thin (low volume of traders) at these
times.
Knowing when and when not to
trade and when to exit a trade is the goal of
currency trading. A trader can improve the
probability of making successful trades through
the use of well defined Entry and Exit criteria.
The FXTG Indicator Package allows a trader to
use innovative technical analysis techniques to
enter and exit the market.
Please Click the Video to Watch an Example of the FXTG Target
Trader in Action
