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On the daily chart the EUR/GBP is screaming and yelling: "SELL, SELL, SELL!" A breakout under the 0.8330 level would make the shorts very very happy.

But careful though, there is some serious resistance ahead, at the 0.8450 level (1 H time frame). So unless the EUR/GBP is able to break that ceiling I do not see much profit potential on that trade. So let's wait and see...

I suggest you look at the charts and only the charts, they alone can tell you the truth, the rest is just pure noise and local bar conversation.

Sure, but look at the daily charts and you will see a completely different scenario... :cool:

In fact it's quite the opposite, the pros are bored to death when they trade! Their daily "job" is to find a trading opportunity and pull the trigger, that's it. They also do not give a damn if the trade is a winning or a losing trade, for them it's just another freaking trade. So be...

Hi Ghost of Cutten. Is this statement based on extensive research or simply your personal opinion?

Like dealing with your margin calls I guess? Just kidding Ghost of Cutten :p

For me a master trader is someone who has learned to be completely detached from the outcome of each trade. This is indeed the most difficult thing to do, that's why trading is such a difficult (but highly rewarding) business.

Again, traders fail because they are playing a game with a negative mathematical expectancy. Each time you initiate a position you automatically pay the spread plus any commission. For example if you buy 1 standard lot of EUR/USD you pay about $30 to the broker (spread is about 3 pips for...

Here is a good trading psychology book I read recently, it's called "What I Learned Losing a Million Dollars", by Jim Paul and Brendan Moynihan. In my opinion this book is more insightful than the other well-known trading psychology books from Elder, Douglas and the like.

I strongly agree with LaissezFaire, even the most disciplined trader will blow up his trading account if his "system" has no trading edge to begin with. If a system has been backtested with enough data (20 years for example) and the drawdown is reasonable then the "psychological" stuff...

Well if there is no trend this moving average technique will allow you to exit your trade quickly, hopefully with some profits or at break-even. But if there is a trend, oh boy, you could really hit the jackpot ! So you win in both cases. That said I strongly believe that no trading...

In other words you do not know where your exit price is, which is a bad thing for any trader. Here is a simple but powerful suggestion : just put a simple moving average on the chart and if 2 or more candlesticks close entirely below this moving average then exit your position. This will...

The Forex and the indexes have gaps too, especially after the weekend. These gaps are usually closed rapidly but not always....

Let's get serious for a second, if you can make 2% a day you are already a master trader and you could turn a mere $10,000 into almost a million dollars and a half at the end of the year !! To give you some perspective, most Wall Street traders (Gordon Gekko included) would kill their mother...

Investing and trading are not the same thing. The returns you seek, the length of time it takes to achieve those returns, the amount of risk one is prepared to take, and the commitment one can make to monitor the investments dictate the strategy of whether to invest or trade. Buying houses in...

Really? Take a look at the chart of the Dow Jones Industrial Average for example (since 1902) and dare to tell us the up trend is just due to luck and random events, like in Poker or Roulette.

Most traders fail because they cannot beat the spread or/and commissions/fees, case closed and end of story, don't let anybody tell you otherwise. Trading is a mathematical game, if you can beat the spread and the commissions, in the long run you will make money, simple as that. In other...

Quite true my friend. In trading just like in Poker, we simply take money from less educated/experienced traders.

Trading IS gambling ?!?! Who told you that lie? Just curious.