Special thanks to Mike Hamilton for the following guest post:
Forex, trade the best times of the week to improve your profits (with the best set up) then go fishing or something
Trading forex is like reading a train timetable, you can schedule the best slots of the week to trade and then go fishing (or what ever turns you on) the rest of the week.
When the train leaves the station, it can really run; but the potential of the move is related to the type of data and the session in which the data is announced (Euro or US).
Forex is a popular market but few traders understand the combination of technical analysis, timing and chart selection in such a rewarding and very technical market. Using a few aspects of fundamental analysis combined with all the usual technical analysis skills gets results.
On the 23rd October 2009, the GBPUSD dropped 380 points; my trading room is primed for moves like this with preparation the weekend before, previous day analysis on the regular premium video the night before and a specific set up to follow on the day in the live trading room.
Do you want to trade oil, dow and gold? No need to get into these volatile markets as certain forex pairs move in tandem with these commodities and are much easier to manage than the volatile markets linked to the futures market.
Coming up in a presentation (watch out for the dates).....
What are the best times of the week to trade forex?
What currency pairs would you trade on the day?
What preparation do you need to find the best chart of the day?
How can you get in the trade with more certainty and lower risk?
To view daily trade videos from Mike, please click the following link: Daily Videos with Mike
- Mike Hamilton
DISCLAIMER: ALL material is for educational purposes only. For investment advice please seek help from qualified FSA regulated personnel.