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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How to Navigate the Forex Market Through Summer

trading_on_beach

Happy Friday! This week’s question comes from Majid, who asks: How should we trade the Forex market in the summer when things slow down? There’s no denying that trading activity slows between the months of June and August. Many traders use this time to go on vacation, which causes volume to dry up. When market volume […]

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What Should You Do During a Losing Streak?

Forex_losing_streak

Happy Friday! This week’s question comes from Peter, who asks: What should one do during a losing streak? Losing money is never fun. It doesn’t matter if you’ve been trading for five months or five years, it’s never pleasant. That makes a losing streak the epitome of a bad experience for a trader. Not only […]

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How Long Should You Hold a Profitable Position?

holding_profitable_position

Happy Friday! This week’s question comes from Mthandazo, who asks: How long should one hold a profitable position? There is a misconception that to become successful as a trader, you need a strike rate above fifty percent. In other words, you need more winning trades than losing ones. In fact,  nothing could be further from […]

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How Should You Track and Measure Progress as a Trader?

measure-forex-progress

Happy Friday! This week’s question comes from Mark, who asks: How should you track and measure progress as a trader? Most Forex traders I speak with only track whether their equity curve is moving higher or lower. While that’s certainly a relevant and worthwhile thing to measure, it doesn’t show you the big picture. For […]

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Can You Start Trading Forex With Just $100?

Start_forex_with_$100

Happy Friday! This week’s question comes from Claire, who asks: Can I start trading Forex with just $100? There is a big difference between what you can do and what you should do. That applies to trading as much as to life in general. Just because you can do something doesn’t mean you should. Forex […]

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How to Deal With “Indecision” Candlestick Patterns

Forex indecision candlesticks

Happy Friday! This week’s question comes from Rahat, who asks: What about indecision candlestick patterns that occur at support or resistance? Do you recommend using them? This might surprise you, but I do in fact use indecision candlestick patterns such as dojis. But what may not be so surprising is how I use them. As […]

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What Is a “Confluence” of Support or Resistance?

Forex confluence

Happy Friday! This week’s question comes from Mario, who asks: What is a “confluence” of support or resistance? This is an excellent question, and the answer can improve your trading performance in a big way. But like all things, it takes practice, patience, and discipline to get it right. According to Merriam-Webster, the word confluence […]

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When Should You Move a Stop Loss to Breakeven?

forex breakeven stop loss

Happy Friday! This week’s question comes from John, who asks: When should a trader should move a stop loss order to breakeven? This is one of the more common questions among Forex traders. It’s also one of the most challenging to answer because it depends on several variables. And it makes sense that it’s a […]

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Which Forex Order Type Should You Use, Market or Pending?

Forex order types

Happy Friday! This week’s question comes from Marco, who asks: Should we use a market order or a pending order when entering a new position? The answer to whether you should use a market order or a pending order depends on the situation. For instance, if you know you won’t be around to execute a […]

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What Forex Buy and Sell Signals Do I Use?

forex buy sell signals

Happy Friday! This week’s question comes from Kendrick, who asks: Would you be so kind to discuss the various sell and buy signals that you frequently or commonly look out for when trading, especially after identifying support and resistance? Just about everything I do in the Forex market revolves around six buy and sell signals. […]

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What Should You Do if a Broken Level Isn’t Retested?

Breakout-retest

Happy Friday! This week’s question comes from Pierre, who asks: Are there cases in which you can enter a breakout trade that didn’t fully retest without chasing? That’s a loaded question but no doubt a good one. To clarify, what Pierre is asking here is what to do when a market breaks out but doesn’t […]

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Should You Trade Within a Channel or Wait for a Breakout?

indecision

Happy Friday! This week’s question comes from Trevor, who asks: On your blog, you often state you are waiting for a breakout from a channel before considering an entry. Do you recommend not to trade within the trend lines even if there is a potential 2R or 3R trade? The answer to this question is […]

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How to Avoid Panicking During a Profitable Trade

panicking forex trader

Happy Friday! This week’s question comes from Carol, who asks: If a trader achieves $1,000 of open profit but then panic sets in what can be done to secure the trade and account with as little pain as possible, rather than close the entire position? A few things come to mind, but the first thing […]

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What Is the Best Way to Draw Accurate Trend Lines?

forex trend line

Happy Friday! This week’s question comes from Thony, who asks: What is the best way to place the most accurate trend line? Trend lines are one of my favorite ways to determine the strength of a trend. The way a market tests these levels and even how often can indicate whether momentum is strengthening or waning. […]

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