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In this episode of the Desire To Trade Podcast, I interview Chris Weston. He is a Forex trader & Head of Research at Pepperstone.
I had the chance to speak with him on my recent trip to Australia at the Pepperstone offices in Melbourne.
Chris has made several appearances on television discussing the markets and is a trusted source of market commentary.
Throughout this trader interview, you’ll learn how professional traders think, act, and get results in the Forex market.
WATCH MORE VIDEOS WITH CHRIS: https://www.youtube.com/playlist?list=PLwmpbNUnTt6gE2tr45qy8ZIEVJ2NpFcDS
Find Chris on Twitter: @ChrisWeston_PS
Pepperstone’s Daily Fix by Chris Weston: http://bit.ly/2IxmWGB
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I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.
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This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
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Forex Event Driven Trading Questions, "Successful Traders Understand Flow" – Chris Weston | Trader Interview.
Spike Failures
Spike “failings” are equally as usual, if not even more, than spikes that continue themselves. The thinking behind is quite easy: high frequency algorithms are trading straight off the preliminary information launch. As the information gets digested, reversal or extension is established as traders dedicate.
There’s not excessive to mention below from a technical perspective aside from the fact of enjoying what occurs circa the preliminary pullback in rate.
Volatility Is Not a Plaything
Prior to we obtain too far, I’m in fact mosting likely to quit. Why? Since I recognize this concept can be taken out of context. I intend to make sure I restate the key points below:
- True spikes that continue are unusual. If you’re trying to trade in the direction of a spike, please describe this short article in regards to capturing major pullback retracement points, however utilize severe caution as well as make certain to thoroughly asses the scenario well ahead of trading time. Simply be prepared as well as utilize good sense.
- Spike reversals are equally as usual, if not even more, than spike continuations.
- When unsure, avoid. Gauging a sharp move in rate is one point, however it is only one part of the equation.
Indeed, among my subconscious objectives for today was to simply increase awareness regarding just how ill-conceived prevalent strategies surrounding spike trading can be. Spike trading is perhaps the riskiest as well as most difficult of all types of trading, yet for some reason a concept exists that makes it seems like a simple procedure.
More to find on this subject … still getting going around these components. Thanks for dropping in as well as see you soon.
What is a pip in forex?
Pips are the systems utilized to measure motion in a forex pair. A forex pip is usually comparable to a one-digit motion in the fourth decimal area of a money pair. So, if GBP/USD actions from $1.35361 to $1.35371, after that it has actually moved a single pip. The decimal areas shown after the pip are called fractional pips, or often pipettes.
The exception to this policy is when the quote currency is detailed in much smaller sized denominations, with the most notable instance being the Japanese yen. Below, a movement in the second decimal area makes up a single pip. So, if EUR/JPY actions from ¥ 106.452 to ¥ 106.462, once more it has actually moved a single pip.
Final Verdict:
Event-driven trading strategies give a great method to capitalize on boosting rate volatility, however there are lots of threats as well as restrictions to take into consideration. When creating as well as implementing these strategies, it is very important for traders to establish tight threat controls while supplying adequate space for the unstable scenario to play out on the market. Ultimately, event-driven trading strategies give a beneficial arrow in the quiver of any active investor.
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