One of the fantastic things about trading forex is that it trades 24 hours a day.
You can have your charts and indicators running ( mine rings a bell when hit ) and choose to place a trade anytime of the day or night. The Japanese Nikkei is in full effect right now as it’s 2:10 p.m in Japan.
I’m in Mexico. You are in Poland. Dorothy is in Kansas. My Dad is in Canada. Who gives a rat’s ass where you are..Boom!
Kong buys EUR/USD at 1.0580. Right here……right now.
EUR/USD On A Japanese Afternoon
I bought here too Kong, fingers crossed…..
Hey Simon…..if your fingers are crossed then I “might assume” you’ve got something “riding on this” – so please exercise caution.
If it’s keeping you up at night……you are trading to large.
Perhaps consider “kicking it down a notch” position size wise and see what you can discern from this entry and the underlying fundamentals / correlations I’ve put forth.
Might allow you to trade a little larger on the next one!
Good luck ma man…you can’t win if you don’t buy a ticket.
What stop loss would you keep on EUR USD pls
Now we are asking the right questions! Bravo!
If you’ve read any of the free info at http://www.forexkong.net ( side bar ) you’ll note at least two important things!
1. I generally buy in at least 3 different lots / times as to minimize risk of a single entry ( add this to your trading and the concern for “nailing it exactly” quickly evaporates )
2. Small orders….WIDE stops! Forex enthusiasts think forex is a golden ticket to make money because of the massive leverage allowed…this is a mistake. It’s the complete opposite. Brokers offering massive leverage know all too well….you will trade too large in not understanding now it works…and you will be cleaned out within your first few trades.
Mimimum MINIMUM 100 pip stops guys! Step back and think about this from a “real world perspective” – We are talking about 10/100ths of cents fluxuating here between two global currencies on a single day within a teeny tiny time frame!??! Stop kidding yourself in thinking you can “nail it to the 1/100th of a cent! It’s 100% totally impossible.
The sooner you realize this….get over it and find means to trade “without” this infatuation with getting the “exact right price” you will finally start seeing your trades pay off.
hey kong,
the swing low in EURUSD you mentioned earlier is coming close to being invalidated by the price action today. Is there any point in which you would consider that we could actually be in a MT downtrend in EURUSD?
Another awesome question…as you are 100% correct here.
This one is getting kinda tight! So hey……it’s simple. You get stopped out and try again.
That’s it man…and I know this is what separates the boys from the men when trading forex as…..you need a bit of gas in the tank to realize your trade plan. This idea that brokers promote…that you can start an account with $500 dollars , get a sign up bonus and ride off into the sunset with your profits is complete and total nonsense.
It can’t be done…the entire brokerage system is designed to fleece small accounts with big dreams.
You ALL need to trade significantly smaller in order to see enough “time on the field” – and be there for the big wins.
This is a fundamental trade looking at longer term charts guys….I don’t care if it moves 100 pips. I’ll just hit it again.
I would consider it invalid if it takes out the previous daily low at 10530…man she is getting close!
If it breaks and holds below 1.054, likely to go further down, isn’t it?
She is stubborn here today for sure….but looking at all other supporting charts….USD…Gold etc….
This could simply turn out to be a “tough turn”.