Have you ever wondered what it’s like to sit in a real time Forex trading room? To look over the shoulder of a professional Forex trader while they are educating, instructing, and guiding a room full of hungry, ready to learn and make money traders so they too can become successful Forex traders? Then keep reading. This will give you a pretty good idea.
“Good morning traders, can everyone here me ok? Great. Can you see my charts? We’re looking at the EUR/USD today. Do we have any new traders in the room today? Welcome Jonathan, welcome Asmat. Welcome to the Real time Forex Trading room.
There is a report coming out soon, so we’re just going to sit tight until it does and then we will begin to look for some trades. One of the rules that we have in our Real Time Forex Trading room is that we don’t trade before any economic reports come out. The market can get pretty hairy.
In the meantime lets take a look at what the market did overnight. Lets take a look at the big picture first. On the daily chart, the EUR/USD is still falling and there is some consolidation going on near the monthly pivot. There are a couple of bounces off of there and it looks like it’s trying to break through.
Lets scale down to a 4-hour chart and see what’s developing there. The price action is still within the wedge we drew yesterday. Now, if the price breaks below this support trend line, we’ll look for a pullback, back up to the support, which will then become resistance. If it holds there, we will look for an entry to get in.
For those of you who are still relatively new in the room and wondering what the heck we’re talking about, don’t worry, keep reading and studying your Real Time Forex Trading course manual to familiarize yourself of all the Forex basics first. Every Thursday night, we have a Real Time Forex Trading “newbie” night training session as well.
If you’re new in the Real Time Forex Trade room or if you’re a new trader please don’t trade with a live account. You should be in demo or practice mode until you have seen enough trading and have practiced enough on your own to make any live trades. When you do begin to trade your live account, please trade with a small size and work your way up.
OK, it sounds as if the economic report that came out was bad news for the Euro and the price action broke through the support line on the 4 hour and 1 hour chart. Let’s drill down to the 15-minute chart and wait for the candle to close and enter the market as per our trading plan rules. Just be patient, focus and stick to your trading plan.”
This was just a little bite of what you could expect from a live trading room everyday. You would receive more education and build upon the last day until you feel comfortable and confident enough to let go and move on to work on your own. Many traders decide to stay just because they like to trade with like-minded traders and so they don’t have to trade alone. Trading can be very lonely sometimes.
For more information about a live Real Time Forex Trading room: [http://www.day-trading-forex-currencies.com]. Dedicated To Your Forex Education.
ANDY LLOYD & THE WEDGE ‘THE BEST I CAN’ DEMO 1979.
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