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Forex Trading Tips - Learn how to trade EUR/USD, USD/CAD
You are probably asking yourself how could a forex trader such as myself be so indifferent as to where would EUR/USD or any other currency pair be ten months from now… EUR/USD may be 1.65 or it may be 1.25… USD/CAD can go as low as 0.85 or it can go as high as 1.40… The reason as to why am I so indifferent is that I will make money either way.
Let’s have a look at the figure below.
The figure above is a daily candlestick chart for EUR/USD covering a six month period. As we can observe from the chart at the beginning of April 2007, EUR/USD was trading at approximately 1.34 and by mid September 2007, it was trading at approximately 1.40. It is close to a six percentage point change in as many months. It doesn’t look too impressive, does it?
We will now pay attention to T1..T5 arrows that are displayed on the chart. They represent five different short term trends that took place during the six month period. By using the proper leverage catching any of those multi day moves would have more than doubled our account. Catching two of them would have quadrupled our initial start up capital. Is it realistic to expect to ride all of the five trends from the above example? Not realistic at all. However, catching two or even three of them is definitely within our reach.
Let’s go straight to the point. What is forex trading all about? Is it about finding your inner self? Is it about understanding of how currency markets provide global trading equilibrium? Is it about becoming a better person? I don’t think so. I would say that forex trading is about making money. It is as simple as that. And that is precisely why you are here…
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