An interesting trade here. Ultra low risk (less than 2% of these trades fail to make a profit). Having failed to make a break above the “congestus” (deep grey) formation we get a short trade signalled with a half position (£10/pt) and we make a market entry at 1.3419 and then watch the trade develop. After 15 minutes the “traffic lights” indicate we should top up to a full position short, and we add another £10/point to make us fully loaded at £20/pt.
After that, it’s a simple job to trail the trade down and in this case, I was stopped for 17 points at full position plus an initial 5 points at the half position.
£50 + £340 = £390 with only a 2% chance of a trade failure.
You may ask why I didn’t do more than £20? It’s simple. I follow rules. My current maximum position is £20/pt. I stick to the rules and I make money. Today in total I’m £810 in profit for two simple trades. Others were available but all failed the risk-reward test.
Trading forex successfully takes time and patience. Stick to the rules and you could make more money than you can imagine. But it’s NOT a quick fix. It takes time to learn your craft. Once you do… its possible to make £500 / day in as little as 30 minutes just watching the evening session for a couple of currencies.