From Our MD’s Desk
Watch the news of forex carefully before you place trades. I have mentioned times without numbers that trading is all about taking risks.
This is why we preach and teach risk management skills, trade management and patience.
Yes, whilst we get careful with the news, there are very good opportunities on the table.
You need to make sure is that you are using the right lot size for your account. Your risk reward ratio should be minimum of 1:2, and you are securing and putting your trades at break even when you get into profit.
We cannot be worried about tomorrow’s news, when today provides an opportunity to make money.
Guys, take that risk but apply proper risk management and make sure you’re not jumping into trade.
My advice: You can never be a profitable trader, if you are being too careful. Just ensure you follow the rules.
Having said that, I don’t advise trading on a major news day until after the news!
Always very dangerous to be in a trade before the news, even if you are in profit.
There is something called slippage in trading during high volatility, it means stop loss may not be respected.
This year, make up your mind to wait for news to show you direction on a news day. It works!