Cable Update (GBPUSD)
{quote} Lol so your a winner ,,well i say good luck to all, i have been both so i know ,high and low,, we are all equal ,,Regards E
Honestly, i dont know whether to feel sorry for some of you or laugh? No wonder dictators can take control of a country when they have simple people with simple minds.......... man....
While many traders are attracted to the Forex market’s 24-hour trading and fast moves, others choose the Forex market for its long trends and responsiveness to key support and resistance areas. Position forex traders usually hold their trades open for months, weeks and years. This type of trading is attractive to people who either have limited windows of time to trade or people who want to diversify their trading with both long and short-term trading strategies.
In addition, position trading can allow a trader to sleep at night because they do not have to “baby sit “their trade. With position trading, a Forex trader can risk 200 pips to potentially make 1000, 2000 or 3000 pips. To get started in position trading just follow these 4 steps.
Learn Forex: AUDNZD Weekly Support and Resistance
https://media.dailyfx.com/illustrati..._Picture_2.png
Created with Marketscope 2.0
In the chart above, you can see that AUDNZD has been trading in a large 3300 pip range for the past 10 years. Currently, AUDNZD, has rebounded from an 8 year low. This low in the 1.0450 area could be the beginning of another 3000 pip run higher. Positive MACD divergence marked the first big run higher and we can see the beginnings of positive MACD divergence some 8 years later.However, before we jump into this position trade there are some concepts we have to understand.
Many traders believe that position trading is the realm of the billionaire traders like George Soros or Warren Buffet due to the large stops and whipsawing intraday price action. However, using low leverage is the first step. Though traders have as much as 400:1 leverage available, it is not necessary to use in this type of trading. Using 10:1 or less leverage will allow a trader to stay in the position longer and withstand the day to day fluctuations. Step two goes hand in hand with step one and that is to use small position size. Risking 1% of your trading account on any one position trade.Using 250 to 400 pip stops with low leverage and low smaller position size opens the door for 1:10 and 1:20 risk to reward trades.
The third step is to use long time frames like weekly and monthly. By using these time frames, a trader gets the wider perspective and a more complete picture of where price was and where it could potentially go. It is easy to spot multi-year highs and lows that serve as reversal points at key areas ofsupport and resistance on longer time frame charts.
The fourth step is to be patient and let the market unfold for your trade setup. This is probably the most difficult step as we live in a “microwave oven society” that thrives off of instant gratification. This is far from a “get rich quick” strategy but slow and steady gains are possible with little effort.
---Written by Gregory McLeod Trading Instructor
{quote} when u have a new born child thats quite a lot my friend from the outbacksdid well
. Never again. I have even more respect for him making $$$ on that trade now.
{quote} Its a new idea thats been floating around, so I'm glad we could help you out...
{quote} yes true.. diff methods, but what about some of us that are both intraday and swing?Good day everyone, best trading.
{quote} 4 Steps to Forex Position Trading By Gregory McLeod, Currency Analyst 08 March 2014 04:18 GMT {image} {image} {image} {image} {image} {image} Talking Points: Position traders usually enter and exit trades based on large, macroeconomic themes. A large amount of capital is not required when low leverage is used. AUD/NZD has rebounded from an 8-year low and higher prices can be expected. While many traders are attracted to the Forex market’s 24-hour...
{quote} I actually think Ima lose a finger on the EU trade but oh-well I have 9 others. Forex is about learning how to lose well. Imo people who don't know how to lose will fail at forex but we are all winners for giving it a shot in the first place
{quote} Seems like this bro has been using HDA's calls as his trading signal but he unfortunately applied a 50pip stop and was taken out of that call. He sure is mad as hell that he had a loss and HDA is in profit. Its human nature.
{quote} Haha, sure go ahead. It's from Mark Twain BTW.
{quote} you cant be that bad you have been around for sometime,,gl E
