FX Live Day Trading Live Forex Trading Room Results | 03/14/2013

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In U.S. session we covered several key levels that were relevant to the GBP/USD – Last Friday I had an exceptional Non Farm Payroll, I took a trade in the room that netted about +100 pips. I want to emphasize that it is very important to be prudent on days such as NFP.

Now let’s talk about the trade today. The first thing we discussed is the key levels and what must happen in order for me to take the cable trade. I had already the stop and possible targets laid out for this day trade. The use of proper Money Management, Targets, Stops, Lot Sizing, how much risk you would like to apply to a trade will depend on your risk appetite. We were also discussing how the larger Banks may be trading this pair depending upon the overall stock market risk at the equity open. It is important to have a trading plan to lay out before you place any trade.

We discussed the money management aspect and the fact that ones trading goals must be concrete and detailed in order for a trader to succeed. The better equipped you feel when playing these markets this usually means you have a good forex trading system. In our live Day Trading Room we teach elements that I feel can help give you that ‘edge’. To learn day trading check us out!

See the link below for more info on our DayTrading Room –