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Author: Justin Low
2

A real example of Greg's lesson over the weekend

Greg's video here highlighted a key lesson in trading: Don't let fear crowd out your chance of success in trading.

Ironically, when I watched this over the weekend and saw Greg mention the NZD/USD I couldn't help but smile because that is exactly what happened to me when I was on a break last week.

To cut things short, basically I decided to open a trade while I was off for a trip. It's something I wouldn't ordinarily do and it is something I always advise against. But I did it anyway - mainly because it was only a short trip.

And I just wanted to share my thought process behind it.

I was on the train during my travel and popped open my phone and glanced over some charts. And I saw the NZD/USD hourly chart. The pair had a bit of a spike following earlier in the day but once again failed at a test of the 200-hour MA (blue line) - and more concerning was the fact that the "death cross" formation was starting to be seen.


I entered a short position in the pair @ 0.73175. But the most important part about all of this is defining and limiting risk. I am in no position to constantly monitor my trade and I pretty much would not care for it all too much if the trade was a poor one - considering how little time I had to digest it. But as long as my risk is defined and limited, that is okay. I am in control of the fear element of the trade.

Now, the kiwi was already one of the poorer performers on Monday and Tuesday when I was around - so in my head it makes sense for a further continuation because nothing has really changed so far.

Needless to say, the trade went well and I even scaled out profits at 0.72996¹ and 0.72450². I talked more on scale trading and the psychology of it here.

¹ Exited after the pair touched below the March high just above 0.7300
² Exited after the pair fell below the early March low which helped to stall downside earlier


As the pair broke below the 100-day MA (red line) on Friday's close, it looks set for a test of the 38.2 retracement level again - a key support level. I'll be looking towards that for my next step of action.

But basically that was my thought process behind the trade. I don't have strict trading principles per se, but there are things that I regularly - if not all the time - practice in my trading because it makes sense. This was one of the rare cases that I decided to veer away from that, but it is also a case in point of what Greg is trying to get through with his message:

Don't let fear crowd out your chance of success in trading.

It wasn't as though I was away for two or three weeks, so I was still confident in executing the trade. And as long as my risk is defined and limited, there should be no reason why fear should get in the way of me attempting the trade in the first place.

And that is no different from any other trading day.

If you are of course going off for a long break or holiday, this is something I wouldn't recommend. My actual advise would be to just detach yourself completely, order a glass of Long Island and kick back under the sun.

It's worked wonders for me in the past and I will do so again when I do actually take a longer break.

But this is just to share with you guys my trading thought process in relation to Greg's educational video over the weekend.

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Author: Greg Michalowski
34

Don't let fear crowd out your chance of success in your forex trading

Forex educational video Fear can get out of hand in your life and in your forex trading. If you let it get the best of you, your chance of success starts to dwindle. Don't let it happen to you.

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Don't let fear crowd out your chance of success in your forex trading


Author: Greg Michalowski
Category: Education
34


Forex educational video Fear can get out of hand in your life and in your forex trading. If you let it get the best of you, your chance of success starts to dwindle. Don't let it happen to you.

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EUR/USD falls below Friday's low, what's next?
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Author: Adam Button

With volatility elevated, it's a great time to have a look at equities

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With volatility elevated, it's a great time to have a look at equities


Author: Adam Button
Category: Education
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Learn to trade equities live There are ways to make money in every market. We focus on foreign exchange but the equity market is flush with opportunity and Meir Barak trades live with hundreds of traders each day.

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Author: Mike Paterson
Category: Education
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It's the end of my time at ForexLive and here's a few final thoughts 12 April So here it is. My final offering and a bit more than 3 lines. What started as a 3-day audition ends after 5 years 2 months and 30,000+ posts. Seems like a lifetime to you? Yep, well try sitting this side of the fence! It's been a journey for sure.

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The tale of André-François Raffray Bad luck is as old as humanity. Any casual historian can tell you of dozens of turning points in history that were battles won by pure luck.

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Japanese candlesticks: Lifehacks & tips

 How to use Japanese candlesticks Japanese candlesticks represent the best type of a chart. It surpasses the line chart significantly and is just more visually pleasurable than the bar chart. Knowing that technical indicators have plenty of drawbacks (they lag, they redraw, they are too ambiguous) understanding price action itself is a must. Japanese candlesticks in this sense can give traders a pretty good idea of what was and what is happening at the market and (surprise!) help them find the most likely scenario for the future.

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Author: Forex Live
Category: Education
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 How to use Japanese candlesticks Japanese candlesticks represent the best type of a chart. It surpasses the line chart significantly and is just more visually pleasurable than the bar chart. Knowing that technical indicators have plenty of drawbacks (they lag, they redraw, they are too ambiguous) understanding price action itself is a must. Japanese candlesticks in this sense can give traders a pretty good idea of what was and what is happening at the market and (surprise!) help them find the most likely scenario for the future.

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Breaking news from the US President, he has instructed Treasury to consider an additional USD 100bn in tariffs on China trade  Post on the breaking news from a while ago is here:

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March is done and dusted. What can we look forward to in the EURUSD in April?

Something more than what we experienced in March? It is month end/quarter end for most traders.  Good Friday is today and most traders are taking the day off.  So it makes sense to take a broader look at the EURUSD.

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March is done and dusted. What can we look forward to in the EURUSD in April?


Author: Greg Michalowski
Category: Education
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Something more than what we experienced in March? It is month end/quarter end for most traders.  Good Friday is today and most traders are taking the day off.  So it makes sense to take a broader look at the EURUSD.

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Author: Adam Button
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Here is the rundown on the new set of regulations coming to European forex trading

European Securities and Markets Authority lowers leverage The wild-west days of trading in foreign exchange are slowly being curbed. At one point, 200:1 leverage was standard and it seemed anyone, anywhere could open a broker.

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Author: Adam Button
Category: Education
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European Securities and Markets Authority lowers leverage The wild-west days of trading in foreign exchange are slowly being curbed. At one point, 200:1 leverage was standard and it seemed anyone, anywhere could open a broker.

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Move over Big Mac, now its the Latte Index of currency valuation

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The Wall Street Journal has put together a , using purchasing-power parity (PPP) (i.e. comparing the cost of the same good in different countries) - to estimate which currencies are overvalued and undervalued

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BOE looming large but what's the likely outcome?

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BOE looming large but what's the likely outcome?


Author: Mike Paterson
Category: Education
7
Bank of England interest rate decision at 12.00 GMT 22 March It's been covered a few times but as always it's customary to throw a few thoughts into the pot despite my "trade what you see" approach so here's what I think we should be looking out for fwiw:

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Author: Forex Live

Trading Cryptocurrency with SimpleFX: Step by Step Guide

This article is provided by SimpleFX, a forex and CFDs broker Few months back FX and CFD broker SimpleFX launched its . In this article we will walk you through the process, from download to placing your first trade. If you but are unsure how to get started, you can now consult this simple guide to a simple trading platform.

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Author: Forex Live
Category: Education
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This article is provided by SimpleFX, a forex and CFDs broker Few months back FX and CFD broker SimpleFX launched its . In this article we will walk you through the process, from download to placing your first trade. If you but are unsure how to get started, you can now consult this simple guide to a simple trading platform.

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Author: Adam Button
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The output gap is like a lot of things in economics: It works in theory

Don't mind the gap The Bank of Canada was talking about the output gap way before it was popular. It's been the central bank's guiding light for years. A report the BOC released Friday shows they might be having second thoughts.

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The output gap is like a lot of things in economics: It works in theory


Author: Adam Button
Category: Education
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Don't mind the gap The Bank of Canada was talking about the output gap way before it was popular. It's been the central bank's guiding light for years. A report the BOC released Friday shows they might be having second thoughts.

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Video: I won a shareholder lawsuit

I didn't see this one coming I tell the improbable story of how I won a shareholder class action lawsuit. It took more than 10 years but it paid off and I learned a few strange lessons about trading.

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Category: Education
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I didn't see this one coming I tell the improbable story of how I won a shareholder class action lawsuit. It took more than 10 years but it paid off and I learned a few strange lessons about trading.

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Video: The 3 big problems in the world

The progress of the past 100 years was incredible, but the next steps are tough In my , I talked about how we've already solved the 5 great problems of the 20th century. But it's not all rosy because in this video I look at the landscape and ahead to future and talk about the three great problems this century and how they will be very difficult to solve.

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Category: Education
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The progress of the past 100 years was incredible, but the next steps are tough In my , I talked about how we've already solved the 5 great problems of the 20th century. But it's not all rosy because in this video I look at the landscape and ahead to future and talk about the three great problems this century and how they will be very difficult to solve.

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Pump-and-dump schemes are getting smarter in crypto and everywhere else

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Author: Adam Button
Category: Education
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It's the oldest scheme in the book, but it still works The CFTC is out with a warning about pump-and-dump schemes in cryptocurrencies. People promoting stocks and then dumping them have been around as long as stock markets. It's the premise of The Wolf of Wall Street and the birth of the internet added an entire layer.

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Video: The five big 20th century problems are solved

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Author: Adam Button
Category: Education
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Five reasons to be optimistic about the future It was a rough week in global markets so it's a good time to take a step back and look at the ultra-long term. To me, being bearish in the big picture is insanity because mankind has already solved so many problems. I talk about how all the main challenges of the 1900s have been fixed, or are on their way to a solution.

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Trading Education: In volatile markets, you have to pick your spots (and hope a little)....

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Trading Education: In volatile markets, you have to pick your spots (and hope a little)....


Author: Greg Michalowski
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"Trade the wide", and rely on your technical tools. When the markets are volatile and influenced by lots of forces, you really don't know what is around the next corner.  

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Trading Education: In the game of trading, it makes sense to keep your trading vision as wide as possible

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Author: Greg Michalowski
Category: Education
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Keeping your eyes wide open, can influence your bullish/bearish vision. I look at the price action as a game, and in games there are winners and losers.   For traders it is the buyers or the sellers who are the winners or losers.   One is winning. One is losing 

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Coming up at the bottom of the hour: US Non Farm Payroll and other employment data

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Author: Mike Paterson
Category: Education
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US data risk at 13.30 GMT 2 Feb Yes folks, your next keenly awaited/over-hyped data risk due shortly but I do believe that it carries less weight nowadays as indeed much of the data does with emphasis on politics and trade. In the data coming up I'd say wages more important than jobs still.

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Can traders learn from "The Process" of the most successful college football ever?

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Can traders learn from "The Process" of the most successful college football ever?


Author: Greg Michalowski
Category: Education
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Alabama's Nick Saban explains how "The Process" changed the success of his football team. Nick Saban is arguably the most successful college football coach ever (that is American football).  He recently won his 6th national title at the University of Alabama by beating Georgia in overtime with a ferocious 2nd half comeback.  

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Mervyn King's advice to Powell is good advice for any trader

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Mervyn King's advice to Powell is good advice for any trader


Author: Adam Button
Category: Education
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An overly-busy trader isn't a great trader Former Bank of England Governor Mervyn King probably shouldn't be giving advice -- he wasn't a great central banker -- but he does anyway and hits on a great point.

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Author: Adam Button
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Video: The worst way to earn $1257.67

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Video: The worst way to earn $1257.67


Author: Adam Button
Category: Education
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Any money is good money, or is it? A few months ago, I got a bit excited and some things I maybe shouldn't have written. But I'm the kinda guy to put my money where my mouth is -- even if it broke one of my unbreakable rules.

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Any opportunities left in FX?

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Author: Adam Button
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What's the next big trade? I love talking about markets with Jarratt Davis because we have the same fundamental bent. We hosted a webinar on Friday. If you couldn't make it, we'll try to do something even better in the future.

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Three tips for right now from someone with 10 years of professional trading experience

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