Category Archives for Friday Q&A

What is Friday Q&A?

Since starting Daily Price Action in 2014, I’ve received thousands of questions from Forex traders from around the world. In fact, this site has now reached traders from all 195 countries. Some questions have been easier to answer than others, but one thing has always been true… The answer has made someone’s Forex journey a […]

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Should You Close or Counter a Losing Position?

close-or-counter-trade

Happy Friday! This week’s question comes from Lateef, who asks: I was told that when a trade is not going your way, you should counter-trade. Is it a better option to just closing a losing position? Countering a position refers to changing the direction of a trade immediately following a loss. So if you get stopped […]

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How to Make Sense of Conflicting Market Trends

conflicting-market-trends

Happy Friday! This week’s question comes from Thambirajah, who asks: When there are conflicting trends as you mentioned in the last Q&A post – such as the daily time frame in an uptrend and weekly or monthly in a downtrend – how do you determine which one to follow? The answer to this question will vary depending […]

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When Is It Okay to Trade Against the Trend?

against the trend

Happy Friday! This week’s question comes from Karol, who asks: I have a question about playing countertrend moves. Do you have rules for trading these? What criteria do you use to decide whether to play or not? There is a fine line between being a successful contrarian and betting against an established trend. It’s perfectly okay to challenge […]

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What Is the Best Day to Trade Forex?

best day to trade

Happy Friday! This week’s question comes from Tomek, who asks: Do you trade on Mondays? When do you set orders after the weekend? Between Friday and Monday, there is a huge time gap which often leads to different price levels. When I began trading Forex in 2007, I wanted to trade every second of every […]

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How Much Money Do You Need to Trade the Daily Time Frame?

How much money daily time frame

Happy Friday! This week’s question comes from Bode, who asks: Can a Forex trader with initial capital of $500 trade on the daily time frame successfully? This is one of the more common questions I receive each month. There is this misconception that to trade the daily time frame you need a large account. Thanks […]

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How Many Currency Pairs Should You Trade?

how-many-currency-pairs

Happy Friday! This week’s question comes from Ekaterina, who asks: I was wondering what you would advise to someone struggling with consistency – to trade only one currency pair and focus on it, or look at a few pairs at the same time for more opportunities? The plethora of currency pairs the Forex market offers […]

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How to Find the Strongest and Weakest Currencies to Trade

currencies

Happy Friday! This week’s question comes from Mimi, who asks: How do you choose your pairs to trade and do you consider weak/strong currencies to pair and trade? I have found that many traders get “stuck” on the same pairs, but as currency traders we surely have to look at which currencies are weak/strong. The […]

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Should You Use a Trend Line or a Channel? (Context is Key)

trending-market

Happy Friday! This week’s question comes from Panu, who asks: I’m not sure when to use a trend line or a channel to monitor a trend. In my understanding, a trend line is used for an impulsive move and a channel is used for a corrective move. For example, if the big picture is down, […]

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How to Remember and Prioritize Forex Trade Setups

Forex trading journal

Happy Friday and Happy Holidays! This week’s question comes from Ramesh, who asks: How do you remember all the pairs you go over and which ones to trade? For example, you often recall or refer to a previous chart analysis in your present analysis, going through everything again. With so much happening across all markets […]

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How to Reduce Forex Trading Losses (Apart From Using a Stop Loss)

prevent forex trading losses

Happy Friday! This week’s question comes from Mimi, who asks: Hi Justin, would appreciate your thoughts on how a trader can make up or prevent losses apart from using a stop loss. Often a trader may be unclear about the direction of a trade even though they may have a bias. How do we handle this […]

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Should You Use “Opening Ranges” to Identify Key Levels?

question and answer

Happy Friday! This week’s question comes from Danial B., who asks: Do “Opening ranges” play any part in your analysis? I see they are established in small time-frame charts and indicate breakout direction. Are they worth the time needed to calculate and mark on my charts or should I shelve the strategy entirely? An excellent […]

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