Forex Mentors

A great start to the week with multiple trading opportunities spotted by Zak Lloyd the live forex trading teacher  and mentor in the www.fx500club.com. As Zak said today it was the early bird that catches the worm and Zak had got into the room just after 6am gmt this morning. He had been watching the dollar index all last week and had been warning us to watch for dollar strength allong with euro weakness. Based on his research and also by studying immediate price action Zak decided a short on the euro / usd would be the safest trade this morning.

He told us to consider going short at  1.3935 with a stoploss at 1.3975 and a first target of the 1.390 area, take some profit at that point and consider adding to the trade if it retraced to 1.3945. He did expect this trade to test the monthly pivot at 1.3825 over 110 pips away from our entry. There were a few other very good setups today that we could have taken. I personally traded the euro/ gbp short for 60 pips and also shorted Oil for 50 pips, all in all a very good days trading.

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Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room