Daily Outlook
Are you lost, as to where the different currency pairs might be heading? A mixture of too many indicators, gut-feeling, and hot tips from trading guru´s tend to induce this kind of blurry picture. Here at TradeProfits, I post a daily outlook whenever the market shows us some good opportunities, and hopefully this can help you a step in the right direction.
I mainly focus on major pairs, and the trades I look for tend so have a minimum of 30 pips stop loss levels and all the way up to around 200 pips, all depending on which kind of setup we are looking to trade.
Daily outlooks will, as a rule of thumb, be posted just around the London open. The positions typically have a duration in the range of 30 minutes to a day or two at the max.
Here are a couple of things to be aware about regarding my daily outlook videos. First of all, they are not posted on a regular daily basis, although one might get that impression from the name. Think of it, as a daily outlook for the particular day it has been posted, and not as something which I post every single day.
The ideas presented in the videos are exactly that; ideas and nothing more. I am not a regulated financial advisor and I am not to be held liable for any losses you might incur. If you take a trade you are the one responsible for it – period.
Furthermore, the ideas presented in the videos will have somewhat of a vague characteristic – There will be no pending orders, that is. There will be more talk about areas to look for possible trades than specific suggestions on exactly where to enter a trade. If the area is reached, it does not necessarily mean that a trade should be issued at this level, as things might not line up very well at that time for that trade.
A key aspect to long term profitability is money management. No matter if you chose to follow along with the ideas presented here, or solely focus on your own trading system, you need to have a strong focus on money management, and position sizing. If you take any trade based on the daily outlook, I highly recommend you risk no more than 1% of your entire account balance (at a max) on any given trade. This should be the same, no matter what kind of stop loss you have on that particular trade. If we take a trade with a 25 pip stop loss or if we take a swing trade with a 250 pip stop loss, the risk exposure for the trade should be the same; No more than 1%.
We are dealing with a probability game and because of that, no single trade can justify a significantly larger portion of risk than any other trade (in my opinion). Which kind of risk exposure you want to have on each trade depends on your risk profile. But risk of ruin and the psychological aspects that naturally comes with too much risk which might lead to over-trading and a sense of urgency to “win back” makes it obvious why a low risk exposure per trade is favorable.
About TradeProfits
Day Trading and short term trading with a particular focus on the forex market is the topics of TradeProfits. TradeProfits is used as a way to articulate information which hopefully can help the readers here to take better trading decisions; both in terms of actual trading on the market, along with advices on what works and where the scammers are hiding. Trading Forex in a profitable manner is based on a combination of important aspects, such as consistency, honesty, and in general – an appropriate psychological mindset.
Here at TradeProfits I will do my very best to get the readers a step in the right direction towards
Consistent and Profitable Trading
I have been trading this market for a long time by now and started out as everyone else, getting scammed and lured into sketchy products and services, promising rags to riches. My focus has changed, from constantly chasing one system after the other, whereas I today solely focus on a systematic approach which is based on a mixture of specific criteria’s along with bit of intuition. More information about my trading approach can be found in different posts on the blog.
If you have any questions, feel free to write me an email, and I will do my best to get back to you within a short period of time.
