Thursday, January 17, 2008
Forex Mini Trading - How To Make Big Profits Trading The News!
There are many ways to trade the Forex (Mini Trading). One profitable approach is the trade the news. News traders like to get in the market at the very open. These traders like to get the quick and short term profit. Often the question comes up, How do you consistently make this trade for profit? The first advice I give (as with all trading) is to avoid greed and fear. With that out of the way I advise the following strategy. Let others go first. Avoid being the first in the position. Unless you have a good understanding of Forex Mini Trading/economics let others tell you and confirm for you what is actually presenting itself as opportunity. If you are simply relying on the news and analysis, it s not a great idea to be the first one in the position. The problem with getting in too soon is that the market can initially react opposite of those analysts expectation at the open. Project the STOP of the short term price rally by using the near term trend (up or down) volatility. The volatility is one of the most effective indicators of finding the exit point for the short term event trader. Don t be thrown by the Mid-Way Turbulence . Even in the short term rally, it s doubtful to have a nonstop ride. As one trader put it, Many individuals have the tendency to protect the profit, thus liquidate his/her position if there is any kind of retracement. Give at least 10 to 15 percent of expected movement as cushion for your trade. More important than all these reminders is the need to build confidence in your trading. There are many ways to do this but I do not know of a better approach than getting a really reliable and effective set of trading strategies. Click on the link below to find the best FOREX trading strategies anywhere. If you are looking for a way to make consistent profits through a proven forex program then you have come to the right place: fxprofits.info Howard Teel is an experienced Trading Manager that has been involved in the markets for many years. He has been the President of two online trading firms.