Trade With Precision Newsletter - Education

Our job as traders is to scan the markets until we find a valid trade setup according to our strategies. We then enter the trade according to our rules and manage our risk while we are in the position. Depending on where our stop loss and profit target levels are we then exit the trade with either a profit or a loss (yes all traders have to learn to takes losses, it's just part of the business) and then repeat the process in search of the next trade. 

Craig Cobb takes us through how he goes about planning out his trades and creating a stalking list of charts to keep a close eye on.  It’s all very well finding a chart that is trending strongly but the art of trading comes with the timing of your entry. The timing of entries comes about from planning out trades in advance and watching them until they setup perfectly.

There are a few key themes in the Forex market that continue to lead the way in 2015 and that is US Dollar strength and Euro weakness. When you get one strong currency and pair it with a weak currency you get a really nice trending market. That is what we continue to see on the EURUSD forex pair.

There are a huge amount of markets right across the world that you can trade, however allot of traders just choose to stick to just one or two markets. Some traders may even just trade one forex pair like EURJPY. But what happens when the EURJPY chart doesn't show any clear direction? They continue to trade that market and lose money trading in poor, choppy conditions. If you are one of those traders you might want to end the frustration and consider opening yourself up to a whole range of markets including Forex, Commodities and Stocks. When you have the ability to trade many different markets you have higher odds of finding charts with clear direction which will be allot easier to trade than charts with no clear direction.