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I’m Phil, and I run SmartMoneyForex.com. Many of you will know me as phil838 from Babypips, and as the author of Phil’s Basic Chart Analysis Trading Method.
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How you think is how you trade.
Trades are won and lost in our heads, not on our laptops. The psychology of the market, trader emotions and mental discipline are, along with money management the key to Forex success. It’s about developing the trader mindset, and then applying that to an excellent methodology. After all, learning to trade Forex is a new life skill. (more…)
Trades are won and lost in our heads, not on our laptops. The psychology of the market, individual psychology and mental discipline are paramount. It is about developing the trader mindset, and then applying that to an excellent methodology. Learning to trade Forex is a new life skill. We have to change our psychological makeup in order to succeed in Forex trading. (more…)
Forex trading is a hard enough profession without having to worry about the criminal activities of your broker, and even the biggest Forex brokers can have problem with the law!
Recently the National Futures Association brought an “emergency enforcement” against one of the largest brokers in the US, FXDD. You can find more information in this news release from the NFA itself… (more…)
Hi guys. First off I want to apologize for not having a video analysis this week. I’m sick with the flu right now and my voice is almost completely gone, plus I just don’t feel well enough to shoot a video!
We had some great action last week, with some important lessons that I don’t want to skip, so I will be doing a video wrap-up of last week’s trades and price action later this week, once I get my voice back.
As for upcoming trades this week, there are NONE! The Cyprus news bailout has severely upset the markets, making technical analysis all but impossible for the next few days. I’ll be staying out of all trades until the market stabilizes and we see things moving normally again.
Remember, knowing when not to trade is just as important as knowing when to trade, and the next few days are definitely NOT the time to trade!
I’ll be getting around to all the forum questions and emails I’m behind on later this week, once I start feeling better.
I’ve been away from my charts for around 24 hours, so haven’t been able to post an update on this trade.
Since I wasn’t going to be able to monitor the trade closely I left it with a 70 pip automatic takeprofit, which was hit a few hours after the trade opened.
I chose a 70 pip target because the next S&R and trendline were just too far away, and since I needed this trade to be 100% automated it was too risky to set a TP that far down. I chose 70 pips because that was my stoploss, and I never want to exit a trade with less than a 1:1 Risk:Reward ratio (unless I absolutely have to).
To be honest if I was monitoring this trade I probably wouldn’t have gotten out before the reversal (I would have closed it at break-even), so it’s a good thing I wasn’t home!
As you can see we also had a new reversal signal below, but the price never fell so it didn’t turn into a trade.
If you still have a pending order for this trade on your charts you need to remove it, because it’s no longer a valid signal.
If you were watching your charts you should already be in this one. Price had two trendline bounces (one being a LWC) and I entered right after the break of the bottom of the LWC at 1.3005
For an exit target I’m looking at an old S&R zone from December, which is between 1.2884 and 1.2872. Of course if I see strong reversal signs I might need to get out sooner.