When to trade Forex Live rather than Demo? – Currency Strength and Weakness for Monday 7th July 2014
Hi Forex Trader,
I make my suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.
My suggestions are posted by 6pm EST each day.
Overall there is minor strength in the JPY and AUD.
Overall there is minor weakness in the EUR, CAD and NZD.
Trading Directions I am favouring for the next 24 hours
IMPORTANT: Just to let you know that Monday’s trade analysis, when the market opens at the beginning of the new week (Sunday if you are in the US/Europe) are usually the hardest to pick and if you wanted a day off trading, that would generally be the day to choose. The reason being; I am looking at the previous week’s prices and the new open prices for the week when making my analysis on a Monday and of course many things can happen between the close of the market one week and the opening of the market the next week and the market sentiment can often change. Just bear this in mind each Monday (Sunday US time)
Buy Trades – None
Sell Trades – EUR/JPY, CHF/JPY
VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given above. Use your own trading strategy and look at taking setups that occur in the same direction as my daily analysis. If you don’t have your own trading strategy then email me here for help.
WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST: Watch my weekly Forex news video.
In this week’s video I talk about:
“Going Solo” From Demo to a Live Account: Lessons from the Air”
Find out more by clicking HERE
Have a great week ahead.
Andrew Mitchem
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator
I think that microlots are a great alternative to demo. At 10c/pip it can give the trader a feel for trading real money, without taxing him too much either financially or emotionally. And it ensures that trading conditions (spread, slippage etc) are 100% realistic. So for me personally, the question is not so much “when to go live” but when to move up from microlots to something more substantial. The beauty of forex is that it’s completely scalable, hence this transition can be made gradually. The trader can deposit additional funds and increase trade sizes as his experience and confidence grows, and his performance justifies it.
Hi David, Thanks for your comments. I agree that micro lots can be a great way to start when trading live. Even now I enjoy the ability to trade in micro lots as it allows for very accurate position sizing.
Regards
Andrew