Welcome to The Traders Podcast, Episode 268. The photo above is your host Rob Booker with Bradley Fried and all their trader friends in Tokyo, Japan. In this episode, Rob talks about a question he recently got from a reader of his blog at Experts.ForexMagnates.com regarding trade size. The question was: What is the ideal trade size for a beginning forex trader? This question leads Rob on a philosophical journey about trade size and expectancy, among other things. Thanks for listening to The Traders Podcast.
Editors’ Picks
EUR/USD flirts with three-day lows near 1.1570
EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.
GBP/USD stays offered near 1.3340
GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.
Japanese Yen turns upside down against US Dollar as dovish Fed bets recede
The Japanese Yen gives back its early gains and turns negative against the US Dollar during the European trading session on Thursday. The USD/JPY pair rises to near 157.35 as the US Dollar resumes its upside journey after a corrective move. As of writing, the US Dollar Index trades 0.4% higher to near 99.15.
Editors’ Picks
AUD/USD looks weak, breaches below 0.7000
AUD/USD quickly forgets about Wednesday’s advance and resumes the weekly correction, breaching below the 0.7000 mark to hit fresh two-day troughs and opening the door to a potential challenge of monthly lows in the 0.6950-0.6940 band. In the meantime, the increasing flight-to-safety environment is expected to keep the Aussie and its risk-linked peers under intense pressure for now.
EUR/USD flirts with three-day lows near 1.1570
EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.
Gold: further weakness could challenge $5,000
Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.
XRP rises as crypto market steadies despite Middle East war
Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.
Two PMIs, two Chinas Premium
China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.
RECOMMENDED LESSONS
Making money in forex is easy if you know how the bankers trade!
I’m often mystified in my educational forex articles why so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market.
5 Forex News Events You Need To Know
In the fast moving world of currency markets where huge moves can seemingly come from nowhere, it is extremely important for new traders to learn about the various economic indicators and forex news events and releases that shape the markets. Indeed, quickly getting a handle on which data to look out for, what it means, and how to trade it can see new traders quickly become far more profitable and sets up the road to long term success.
Top 10 Chart Patterns Every Trader Should Know
Chart patterns are one of the most effective trading tools for a trader. They are pure price-action, and form on the basis of underlying buying and selling pressure. Chart patterns have a proven track-record, and traders use them to identify continuation or reversal signals, to open positions and identify price targets.
7 Ways to Avoid Forex Scams
The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?
What Are the 10 Fatal Mistakes Traders Make
Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.
The challenge: Timing the market and trader psychology
Successful trading often comes down to timing – entering and exiting trades at the right moments. Yet timing the market is notoriously difficult, largely because human psychology can derail even the best plans. Two powerful emotions in particular – fear and greed – tend to drive trading decisions off course.