Greece to Avoid Near-Term Default, Maroutsos Says

Long AUD/USD

Looking for a long on the AUD/USD.
Entry: 1.06725
SL: 1.06446
TP: 1.07183
R/R: 1 to 1.64
Units: 100,000
Risk $250
Reward: $450

Markets getting ready to roll over!

We've been on a uptrend since December 15, 2011 on the Aussie. Some pull back is needed to to help alleviate all the market buy pressure. Price could not hover above 1.0841 and now we are cosolidating between 1.0841 and 1.06372. Take note at the MACD histogram. We are finally under the zero line which means a change in trend. I am looking for shorts right now. The sentiment index is showing 40% long, and 60% short which means we are net long still. I am looking for short entry on the 5min. on AUD/USD. Lets see what happens.

Why trade Forex?

If you've ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet. When you do this, you've essentially participated in the forex market! The foreign exchange market, which is usually known as "forex" or "FX," is the largest financial market in the world. Compared to the measly $74 billion a day volume of the New York Stock Exchange, the foreign exchange market looks absolutely ginormous with its $4 TRILLION a day trade volume. Check out the graph of the average daily trading volume for the forex market, New York Stock Exchange, Tokyo Stock Exchange, and London Stock Exchange. The currency market is over 53 times BIGGER! The Forex market is always liquid and trades 24 hours a day unlike the 6.5 hours of the stock market. You are able to set your own hours instead of following stock market hours. Also Forex is unlikely to gap up or down which can cause huge draw downs. Many systems can be implemented into Forex because the price action is very predictable and trends very well. Unlike the over +2000 stocks, you can only focus on the main pairs of the Forex which makes life much easier. Sure there are other markets out there, but Forex probably provides the best liquidity and is less risky considering we don't abuse the leverage involved with Forex. We will get into leverage in another article.

Remember we are traders and masters of risk!

Long AUD/USD

Looking for a long trade near bottom. We have a double bottom with strong support and over sold on stochastic. Lets take the trade and see what happens.

Entry: 1.06900
SL: 1.06618
TP: 1.07531
1:2.25 RR

Focus on 1 pair...make life easier

Sometimes life is easier without having to multitask too much. Some people are well organized while others not as organized. Some traders trade a multitude of pairs while some prefer a single pair. Through my experience trading one pair makes the most sense. You get to know the pair inside and out and know its short comings. Everything is simplified and that way it makes life easier to make more pips. Next time if you find yourself wandering too much which pairs to trade, try focusing on one pair. You sure will be more efficient.

Remember we are traders and masters of risk!

Be patient, be patient, be patient...

Patience is a critical part of successful trading. Now some people have a lot of patience doing other activities but when involved with money its always the other way around. People want to make money fast. They don't want to wait. It is a natural human tendency to hurry. Heck we all want to get to our destination faster and save more time. However the truth of the matter is that successful trading requires incredible super duper patience. You need to look for the most high probable trades out there. From my experience trading 2-3 times a week is most ideal. I find the best trades happen every 2-3 days. Even trading once a week is good. We don't want to be machine gun traders shooting at everything we see. You want to be a sniper. Yes a sniper. Trade slow motion and you are able to plan ahead and therefore you always get the best fill price. Patience is virtue.

Remember we are traders and masters of risk!