Boring Monday…or is it?

Well, Portugal seems to be very interesting at the moment, although the EUR is holding position which does indicate stability my feeling is that if they don’t sort something out we could have Cyprus all over again (Remember that), so I’m keeping out of EUR purchases for now. I’m still holding BUY GBPUSD and SELL EURGBP at the moment looking for some slow profits today if nothing else happens.

I have MEDIUM/LOW RISK trades on as the markets have been pretty horizontal for some while. To be honest I very rarely trade High risk unless I am pretty sure Non-farm payrolls is going a particular way.

Of course there is a Royal Baby on the way in the UK which they reckon could boost the economy by $400 million!. Good news like this could have a marked affect on already strong and steady Cable.

Most forex trades lose money because they are greedy, especially those who only have a small account. It’s psychological to want to make a fast buck and I know if you have only a $200 account you are only placing probably $40 orders as medium risk trades and taking AGES to make any progress. Be patient, keep building your account slowly and you will easily manage $2000US.

To be honest I wish Brokers would allow people to set their demo accounts to the realistic funds they can afford to put into their trading accounts. What is the point of letting some one trade with $50000 if they only have a $200US real account. It would be better that the Demo account matched the real account and then as the person saved up and built up their real account they would have been used to trading at the account level they had.

Anyway – any questions or comments please post to “Questions/Comments”. Have a great days trading everyone.

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