Hello Everyone,
Thank you all for attending today’s webinar, we talked abouusing price action to determine the entry level, SL and TP orders… I got a few mails from other traders having probems to see yesterday’s webinar, we switched the format of the video, eveyone should be able to see them. Here are the links:
Todays Webinar: Entry, SL and TP based on price action
Yesterday’s Webinar: Price Action
Have fun!
Raul Lopez
Hello Everyone,
In today’s webinar we talked about PRICE ACTION. Here is the link to todays recorded webinar:
http://www.straightforex.com/forex-price-action-video.html
Enjoy It!
Raul Lopez
Hello Everyone,
Why do you think trading is dficult? I think there are a number of reasons, but I think the most important one is that it is different than other endeavors. If you approach your trading in the same way you approach other areas of life, you’ll find yourself in a very difficult situation. I wrote an article about this, I think you’ll like it:
http://www.straightforex.com/what-is-the-most-difficult-thing-about-trading-successfully.html
Feel FREE to comment…
Trade Safe!
Raul Lopez
Adam Kritzer wrote a very intreresting and informative article about the correlation between USDCHF and CHFJPY, more info about this post here:
http://www.forexblog.org/2011/06/how-to-trade-the-franc-yen-dollar-correlation.html
Regards,
Raul Lopez
Hello Traders,
Next Monday we are about to start a new course, we have recently changed the course structure to your benefit… it includes: trade recomendations, lifetime access to webinars and videos, permanent support and more… if you are interested please follow this link:
Please contact me at info@straightforex.com if you have questions.
Regards,
Raul Lopez
Hello Everyone,
The structure of our courses has been changed, we now offer more benefits including ssending you all our trades to your mobile device. Please go to the next link to know more about our new training program:
Feel free to comment if you have any question…
Raul Lopez
Earlier this morning I got another signal to go long in the EURJPY and decided to go long again, increasing the size of my trade. This goes against the usual trading practices as most traders try to “secure” some profits (taking partial profits) once the market moves on our favor… Here is what I think: If the market moves in my favor, I know that the likelihood of my trade hitting the TP order increases, why would I take partial profits limiting my profit potential? Instead of limiting my profit potential what I’m trying to do here is increasing my trading size, in case the market hits my TP order, my gains will be larger…
I have certain rules about how to add to a position, one of them is that on my first trade I should not have nothing at risk, meaning that at least my SL order on my first trade is at break even (I have it here at +64 pips). Here are the numbers of this trade:
1st Trade:
Entry: 115.91
SL: 116.55 (locking in +64 pips)
TP: 119.96
2nd Trade:
Entry: 116.96
SL: 116.55
TP: 119.96
If the market goes against me and stops me out, I will make 23 pips (+64 pips trail stop on 1st trade – 41 pips 2nd trade SL).
Now, if the market goes in my favor and hit both TP orders, I will make 705 pips (405 on my first trade + 300 pips on the second one).
How do you manage your trades? Feel free to comment…
Trade Safe!
Raul Lopez
Forex Training
Next week we’ll be giving FREE access to our Forex trading room, Monday through Thursday from 6:00 to 7:00 pm EDT. You can register here:
https://www1.gotomeeting.com/register/552491736
Its important that you attend the first session on Monday, as we’ll review our system and explain exactly what we look for to enter the market.
Again, we’ll meet Monday through Thursday at 6:00 pm EDT.
Hope to see you there.
Regards,
Raul Lopez
Next week, the 28th of February we will be hosting another webinar titled “Price Action Analysis and Forecasts”. We’ll review our strategy based on price action and will analyze the market in real time using this strategy. You can register here:
http://www.forexpros.com/live-events/webinars/price-action-analysis-and-forecasts-11199
Feel free to invite your friends.
Raul Lopez
If you are interested in Price Action, that is, using price action as your main indicator to enter the market, you might be interested in this article I wrote earlier this week:
http://www.straightforex.com/perfect.html
Please let me know what you think!
Have a nice weekend!
Raul Lopez
I do, well… it depends, if there is no G7 meeting and I have a more than 80-100 pips in my favor I keep them open, otherwise I just close them.
This is the case for my GBPUSD trade which I opened yesterday, it was trading around my entry level, so I decided to close it. The market only has a slim chance to change its sentiment, but it is still possible.
Another possibility is that the market could gap against me, and since there is not enough room, the best thing to do is just to close my trade.
Have a great weekend!
Raul Lopez
Forex Training
This week has been one of the most difficult weeks to trade since I remember, not because the results in my trading (because I didn’t place any trade this week) but because how the market behaved in the long term charts.
You see, I trade based on what the market behaves in the long term chart, I analyze them and decide in which direction I’m trading that particular currency pair, and to tell you the truth, I saw no clear direction in most currency pairs and crosses. Good I stayed in the sidelines this week.
Possible reasons for this “misbehavior” : Interest rate announcements from the JPY, AUD, EUR and GBP, recent interventions of the BOJ, NFP report, talks about the Yuan (CHY), G7 meeting this weekend.
How did you do this week?
Regards,
Raul Lopez
Forex Training
There has been a lot of buzz in the Forex industry about these new regulations for the US retail Forex dealers, which will make them offer at most 50:1 leverage to Forex traders (for major pairs).
MHO about these new regulations is that they are a step forward to make the Forex market better for traders. Sometimes we need someone else to take care of ourselves.
So what will be different the next 18 of October, when the new regulations will take action. Let’s see an example:
Before the 18 of Oct.
If you open a trade (standard lot) using a 100:1 (1% margin) you would use US$1,000 to open your trade (as collateral in a EURUSD trade transaction for instance) and you would use the remaining capital to support your trade in case the market goes against you (of course you could use SL).
After the 18 of Oct.
With the new regulations, you will only be able to use 50:1 (2% margin), so you would use US$2,000 to open your trade, also as collateral in a EURUSD trade transaction.
(For mini accounts divide it by 10)
So the only thing that will change is the amount of money you need to open a trade, the pip value will be exactly the same.
Now let me tell you something, if these new regulations affects the way you are trading, I’d recommend you to think about your strategy again, you are probably risking too much (again IMHO). And I’ll suggest you to take a new look to your money management technique.
The same happened when they got rid of the hedging feature, a lot of us were uncomfortable with it, but having contrary positions in the same currency pair is exactly the same thing than no having a position at all (brokers were collecting additional spread from a position that is nonexistent). So, it was in our best interests, but we still resisted to that new rule.
Change is good! And I think the new regulations are specially one of those changes that will make the Forex market better for us.
What do you think?
Cheers,
Raul Lopez
Earlier this morning I was talking to a friend (who is outside of the trading world), she asked me what was the most difficult thing about Forex? I say, well, there are many things: you need to use a well developed system, risk and trade management, money management, you need to be discipline and patient, mentally fit, etc… Then she said: “No, what is THE most difficult think about trading? Name one”.
She got me to think about it, and it wasn’t until 3 or 4 hours later that I got the answer to that question:
The fact that you are never in control over the market
You can do everything right, follow all your rules, enter when you are supposed to enter, set your SL and TP orders at the right place, and still the market could go against you.
When doing everything right in other areas of life, 95% of the times you’d get exactly what you expected, but that’s not true in the trading world, be it Forex, options, stocks, etc.
But we have to learn to live with that (because there is nothing we can do about it). One of the things that helps me deal with this is that I don’t relate the outcome of one particular trade (positive or negative) with the way I trade. That is, I do things right when I follow the system (even if the the market goes against me and hits my SL), and I do things wrong when I don’t follow the system (even if the result of the trade is positive).
I know that if in the long term I follow my system, my chances of success are greater.
Trade Safe!
Raul Lopez
Forex Training
Hello Everyone,
Next week we are going to continue with our series od live trading sessions. In these sessions we are going to talk about:
To register and more information please go to:
http://www.straightforex.com/free-forex-trading-room.html
Trade Safe!
Raul Lopez