Financial markets were sideways last week, which will likely continue into this week. Most Forex pairs are wedged in between significant levels of support and resistance levels. The EUR/USD formed a flag last week and closed at nearby support on the Daily chart. A breakout beyond identified S&R levels can be expected after the US presidential inauguration.
Profitable Forex Trading
We’ve wrapped up our second US trading day of the year and are off to a great start to 2017. Our P&L for the Tokyo session closed in the red, but we ended the trading day strong and exceeded my profit target of a 50-100% return on risk. In case you’re wondering why I have chosen those numbers. The answer is simple — they are achievable and repeatable, which is important for long-term success and wealth building from Forex trading. Do I expect to hit this goal every trading day of the year — no. I don’t need to in order to earn a very nice profit, but it’s a goal and like to aim for something. I’m actually satisfied with my Forex trading results if 50% of my trading days are winners, 25% breakeven, and 25% losers. Here’s a breakdown of our return on risk for the day, which puts us one step closer to hitting a double-digit return on risk for the month. Continue reading Forex Trading Day Review #2 – Profitable Forex Trading
A profitable day is always a good trading day.
Double-Digit Profits Trading Forex Goal
It was a great feeling to wrap up the first US trading day of 2017 in the black. Both the Tokyo and US sessions ended in profit, which isn’t the easiest thing to do when your stop loss is within reach — think about it. However, I have high expectations for January 2017 following last year’s double-digit January Forex profits. 2016 started out with a bang closing out over 700 pips in profit during the early part of the month, which was really exciting and although I am no longer focused on the number of pips gained/loss, I welcome double-digit profits for January 2017. Continue reading Double-Digit Profits Trading Forex Goal ~ Trading Day Review #1 – January 3, 2017