Category Archives for Friday Q&A

How Many Trading Strategies Do You Need to Succeed?

Woman thinking and staring at light bulbs

Happy Friday! This week’s question comes from Moshood, who asks: How many trading strategies should I have when trading the Forex market? There are thousands of trading strategies available to the Forex trader. In fact, when you account for the infinite number of technical indicators available, the possibilities are limitless. It’s easy to think that […]

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Are You Overtrading? Here’s How to Stop

Man overtrading at computer desk

Happy Friday! This week’s question comes from David, who asks: How can I stop overtrading? When I first entered the Forex market in 2007, I was trading from the 15-minute chart. As you might expect, I was opening several positions each day. I even went through a phase where I was waking up at 3 […]

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What’s the Best Day to Analyze Your Charts?

Calendar showing the best day to trade

Happy Friday! This week’s question comes from Henrico, who asks: What’s the best day to analyze my Forex charts? Finding the right time to analyze your charts is essential. It may not seem like a big deal, but it can mean the difference between finding profitable setups and ending the week with a loss of […]

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How to Sidestep False Breakouts and Even Profit From Them

Street sign showing u-turn symbol

Happy Friday! This week’s question comes from Jacob, who asks: How can I avoid false breakouts? You wait weeks for the EURUSD to break out from a key level. As soon as it does, you decide to enter on a retest using a limit order. Unfortunately, it turns out to be a false breakout. You were […]

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How to Keep Drawdown in Forex Under Control

Man with umbrella holding up orange arrow

Happy Friday! This week’s question comes from Jonathan, who asks: What’s the best way to keep drawdown low when trading Forex? If you trade Forex long enough, you will experience a losing streak. How you cope with it will determine whether or not you have what it takes to become consistently profitable. The best traders […]

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Is the Psychology of Forex Trading Holding You Back?

Man standing in front of labyrinth

Happy Friday! This week’s question comes from Yusuf, who asks: My technical abilities have improved, but I still struggle with the psychology of Forex trading. I’m always fearful of giving back gains and have trouble keeping profits after the trade. What should I do? I think you’ll agree with me that mastering the psychology of […]

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What Is the Best Platform for Trading Forex?

Image showing charts and graphs for trading platform

Happy Friday! This week’s question comes from Rizah, who asks: What is the best platform for trading Forex? There are dozens of platforms for trading Forex. When you factor in the various proprietary platforms, there are hundreds. For the beginning trader or the one still trying to find their way, this can seem daunting. Each […]

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What Is Forex Price Action?

Hand touching chart with Forex price action

Happy Friday! This week’s question comes from Megan, who asks: What is Forex price action? In its most basic form, Forex price action is precisely what its name implies. It’s the “action” of “price”. It describes the way a market moves, including its trends and key support and resistance levels. However, trading Forex with price […]

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How to Balance Market Risk and Reward When You Have a Small Account

market_risk_reward

Happy Friday! This week’s question comes from Laurie, who asks: I’m currently trading only .5% of my account and although I don’t actually feel fearful and I don’t hover, I’m still uncomfortable losing that amount of money. But if I reduce it even further, my profit is disproportionally small compared to my account balance. How […]

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What’s the Best Forex Position Size? Hint: Use Fear

Trading_fear

Happy Friday! This week’s question comes from Madison, who asks: What’s the best Forex position size to use when trading the higher time frames? You can have the greatest, most profitable trading strategy in the world, but if your risk is too high, you’re destined to struggle. Finding the right position size is a critical […]

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