Find Users Articles Explaining Forex Event Driven Trading Rocket, The Setups I Used to Win More Real-Money Competitions Than Anyone.
Originally presented by Rob Hoffman on 8/19/17
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In this important session, Rob will share his favorite trading set ups that are working right now for Futures, Stocks, Options, and ETFs. Participants will be able to ask him questions and watch him share his set ups live.
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This is a rare opportunity to learn from a top trading professional in the industry.
About Rob Hoffman
Rob Hoffman is considered one of the top traders and the most respected to mentors in the world. He has won more real money, on-site, domestic and international trading competitions than any other trader anywhere, including the very prestigious Salon Du Trade held annually in Paris, France.
Mr. Hoffman offers his students a very unique live trading experience. His students are able to look over his shoulder and ask questions as he trades live, in real-time. He mentors traders on how to use the same techniques he uses during all of the top trading competitions and does so right on the screen in front of them in his real live trading account, something very few traders are willing to do.
Rob Hoffman and Become A Better Trader, Inc. provide must-have educational resources in the areas of futures, forex, stocks, options and ETFs with a focus on both intraday and swing trading strategies for short- and long-term traders and investors. You can sign up for free daily market videos, and learn more about Mr. Hoffman at BecomeABetterTrader.com.
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Forex Event Driven Trading Rocket, The Setups I Used to Win More Real-Money Competitions Than Anyone.
Ignorance is Not Bliss
The reason I’m investing at any time describing what I did above was simply to hopefully open your eyes as to simply exactly how complex determining whether a spike will certainly proceed, can be. It is except the newbie, yet most beginners salivate over the potential fast money that can be made trading these things. And a lot of obtain killed at the same time, because they’re generally showing up at the O.K. Corral with a BB gun. They have few, if any kind of data, with which to function, or maximized approach, and so on. In addition to latency in execution problems, and so on.
As rare as spikes can be, outright conviction in terms of their continuation is even more rare. As an instance, for myself, with every little thing I understand now, it might occur 2 5 times per month relying on the context, as well as 5 is pushing it. I’m simply human. Any other human with a regular capacity to learn is possibly going to fall in comparable region.
I’m speaking about seeing an initial first reaction to the information or occasion, as well as within secs of digesting the headlines claiming to myself “yes, so long as nothing else conflicts, this is going to proceed, no question regarding it.” Yet after the spike occurs, what then? What various other methods of analysis do we have?
What is a base as well as quote currency?
A base currency is the very first currency noted in a forex set, while the second currency is called the quote currency. Foreign exchange trading always entails marketing one currency in order to acquire another, which is why it is estimated in sets the rate of a forex set is just how much one unit of the base currency deserves in the quote currency.
Each currency in the pair is noted as a three-letter code, which tends to be developed of two letters that mean the area, as well as one representing the currency itself. As an example, GBP/USD is a currency set that entails acquiring the Excellent British extra pound as well as marketing the United States dollar.
So in the example below, GBP is the base currency as well as USD is the quote currency. If GBP/USD is trading at 1.35361, then one extra pound deserves 1.35361 bucks.
If the extra pound rises against the dollar, then a solitary extra pound will certainly be worth a lot more bucks as well as the pair’s rate will certainly enhance. If it drops, the pair’s rate will certainly reduce. So if you assume that the base currency in a pair is most likely to reinforce versus the quote currency, you can acquire the pair (going long). If you assume it will certainly damage, you can market the pair (going short).
To keep things bought, a lot of suppliers split sets into the complying with categories:
Major sets:
Seven currencies that compose 80% of worldwide forex trading. Consists Of EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD as well as AUD/USD
Minor sets:
Much less frequently traded, these often include significant currencies versus each other instead of the United States dollar. Includes: EUR/GBP, EUR/CHF, GBP/JPY
Exotics:
A major currency versus one from a small or arising economic climate. Consists Of: USD/PLN (United States dollar vs Polish zloty), GBP/MXN (Sterling vs Mexican peso), EUR/CZK
Regional Pairs:
Pairs identified by area such as Scandinavia or Australasia. Consists Of: EUR/NOK (Euro vs Norwegian krona), AUD/NZD (Australian dollar vs New Zealand dollar), AUD/SGD
Summary:
Followed severe caution around that initial pullback point. Chasing the motion without any type of verification in terms of continuation is going to be your killer. Quick stop losses in fast markets.
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