Dear Traders,

Live Forex Trading Room Results | February 7th, 2013

This week has been a great week in pips in our live forex trading room. Some topics included Money Management, Risk Management, Using Stops, Position Sizing, how much risk on each trade - we have encouraged our members to follow a trading plan, incorporating both risk management and money management together in their trading. A plan can never be complete without these important elements and these elements are taught daily day in and day out in our Live Forex Trading Room.

Using  technical analysis in  day trading requires more than just charts, developing a plan of action and goals is essential. Using a  technical system and strategy can only be accomplished through rigorous work. We know once we take that trade we sometimes become emotional. Trading a game of probabilities - so you should control whatever factors you can. After the trade has been placed certain criteria can be implemented to help each trade reach its max potential.

What I have covered today are the basics - the fundamental stepping stones of what we follow here in our Live Forex Trading Room. The trade today was taken not just because our indicators lined up but also other factors were a part of this great trade.

1.) Pattern was recognized/

2.) Support levels breached

3.) Candle momentum strong

I can list about 5 other key reasons to take this trade today. Here is a brief video to help explain this trade.
If you would like to learn more about our Forex Day Trading Room, not ready to join? Signup on our twitter or join our new Facebook.

Regards

Gerard (B.T.)