Hello Forex traders,
Hope your day is going well.
Yesterday was a profitable day for me. I had 3 trades.
GBP/AUD was a normal size trade and was a 22 pip winner
USD/YEN (not based on the ebook stats was a loser by 6 pips however was a VERY small trade)
GBP/YEN was a very small trade due to its price movement and it was a loser by 21 pips.
I have 3 levels of trading. Normal size, Medium size, and very small.
Normal size is when everything is the way its suppose to be based on ebook stats and other things listed in the ebook. (I also tell people via yahoo messenger what size I am going to be in at.)
Medium size is when the risk/reward isn't there. Which 1/2 size of normal.
Very Small size is when it looks like a decent trade but either the ebook stats aren't there to back it up etc... (1/4 size of Normal)
So even though I had 2 losers and 1 winner yesterday I had a nice profit for the day.
Usually its always normal size trading but on some days where the trades don't look as good, I need to cut down the risk. Its just good money management.
Today their are 2 news releases coming out that could effect the market but also the US Fed chairman is speaking which could always move the market.
As far as Forex Stats historically for today....
USD/YEN
GBP/AUD
GBP/USD
GBP/YEN
All are pretty good historically today based on the LazyTrading.com Software.
Have a profitable Trading Day.
Steve Hoven
alleycatnews@alleycatnews.net
http://www.LazyTrading.com