This is should be the basic...
Times:
A day in Forex should start at 5pm EST and end at 5pm EST that is what I define as a 24 hour day in Forex market.
Session:
The best traders in the world are in London, I read an article on Bloomberg a few day ago that said that brokers in London are dividing up billions of dollars in profits between them this year. Most people don’t really take notice of what a billion is, one billion is 1000 x 1 million that is a lot of money these guys are sharing up between themselves.
So when we talk about which session to trade it’s not a difficult choice, the London session is by far the most volatile and I only trade those few hours a day that London is opened.
Days:
We have both ranging and rallying days, rallying days happen around twice a week and it is usually Wednesday-Thursday.
Pair:
I trade GBP/USD nothing else, GBP/USD ranges up to 1000 pips a week nothing more than that is needed... (Currently I added EUR/USD & GBPYEN)
Goal:
I See people with some laughable goals of 5 pips a day, if you are serious about Forex you don’t want anything less than 30 pips a day. This doesn’t mean that you should make 30 pips every single day it means that at the end of the month you should have a minimum of 600 pips (30 pips x 20 days).
Summary:
1. Focus on certain pairs (the least the better).
2. Look at chart that start at 5.00 pm EST and End at 5.00 Pm EST.
3. Trade Only During London Session.
4. Trade Only Those Few Hours A Day After London Opened.
5. We want to make PIPS when the rallying happen - Normally Wednesday & Thursday.
6. Aim for 600 Pips Per Month.
Times:
A day in Forex should start at 5pm EST and end at 5pm EST that is what I define as a 24 hour day in Forex market.
Session:
The best traders in the world are in London, I read an article on Bloomberg a few day ago that said that brokers in London are dividing up billions of dollars in profits between them this year. Most people don’t really take notice of what a billion is, one billion is 1000 x 1 million that is a lot of money these guys are sharing up between themselves.
So when we talk about which session to trade it’s not a difficult choice, the London session is by far the most volatile and I only trade those few hours a day that London is opened.
Days:
We have both ranging and rallying days, rallying days happen around twice a week and it is usually Wednesday-Thursday.
Pair:
I trade GBP/USD nothing else, GBP/USD ranges up to 1000 pips a week nothing more than that is needed... (Currently I added EUR/USD & GBPYEN)
Goal:
I See people with some laughable goals of 5 pips a day, if you are serious about Forex you don’t want anything less than 30 pips a day. This doesn’t mean that you should make 30 pips every single day it means that at the end of the month you should have a minimum of 600 pips (30 pips x 20 days).
Summary:
1. Focus on certain pairs (the least the better).
2. Look at chart that start at 5.00 pm EST and End at 5.00 Pm EST.
3. Trade Only During London Session.
4. Trade Only Those Few Hours A Day After London Opened.
5. We want to make PIPS when the rallying happen - Normally Wednesday & Thursday.
6. Aim for 600 Pips Per Month.
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