Recently I was going through my trading notes and I happened to come across a trade that I documented a while back. And after looking it over, I realized it can serve as a good lesson to present to newer traders who may not realize that they are also making this costly mistake. Somewhere in our learning curve, we have … Read More
SMB Forex Trading Room Recap 10.25.12
In this segment, Marc Principato, CMT explains the importance of a trading plan and specifically about how many different elements must come together in order to have a robust plan. A trading plan is not about execution alone. — Marc Principato, CMT Risk Disclaimer *No Relevant Positions
Forex Trading: Less Fighting More Fishing
Much of the time when you read about trading, many use metaphors that refer to competition or war. You will often hear phrases like, “the forex arena”, “bulls battling the bears”, “you compete with the best and brightest minds in the world”. This is convenient and filled to the brim with conflict (we love drama just watch the news). What … Read More
SMB Forex Trading Room Recap 10.23.12
In this segment, Marc Principato, CMT explains the the difference between the two kinds of patience a short term trader must have in order operate effectively. There is the patience of waiting to get in and the patience of waiting for a target. — Marc Principato, CMT Risk Disclaimer *No Relevant Positions
The Forex Trader’s Fear of Missing Out
One of the more entertaining things I hear out of forex traders that I talk to is, “I can’t believe I missed that 40-pip move! I left so much money on the table!”. My question is whose table did you leave that money on? What’s even funnier is when traders claim they’re losing money because they’re missing nice moves. This … Read More
Forex Trading Room Recap 10.15.12
In this segment, Marc Principato, CMT talks about price behavior nuances around pivot points. A pivot point indicator is a common tool, yet it can offer potential reaction points where you can uncover attractive trading opportunities. It is the first step in a sequence of price action that can lead to quality trade setups. — Marc Principato, CMT Risk Disclaimer … Read More
Forex Trading Room Recap 10.12.12
In this segment, Marc Principato, CMT explains an example of the crowd behavior behind support and resistance levels. This is a basic example that emphasizes the importance of having a strong understanding of the psychology behind the movement of prices. — Marc Principato, CMT Risk Disclaimer *No Relevant Positions