The Little Book of Currency Trading

Canadian data tends to have a delayed reaction.

Oliver Cromwell, the English military and political leader, once said, “He who stops being better stops being good.”

Benjamin Franklin once said, “Energy and persistence conquers all things”;

Part of the reason this happens is Canadian data tends to be released at the same time as U.S. data and so forex traders want to see how the market responds to the U.S. data before they take a position in the Canadian dollar.

Get It? Got It? Good!
To be a pro, you have to approach trading as a business, not a hobby!
Don’t rely on luck; preparation is the key to good trading.
Emotions can kill profits. Write out your trading plan to give your trades a fighting chance.
Always know your loss limits. In the words of John Paulson, “Watch the downside, the upside will take care of itself.”
Make the exits just as sharp as entries.

Carl Jung, the father of analytical psychology once said, “Knowledge rests not upon truth alone, but upon error also.”

Trading plans are different and evolve with time but are useful to develop a consistent regimen. In fact, all traders should strive to have a military-like discipline with the acumen to know when to take a trade and when to pass on it.

John Paulson once said, one of the key investments rules that he lives by is to “watch the downside, the upside will take care of itself.”

5. Which key levels could affect the trade? Key levels on a chart, or technical indicators, are also important.

4. What is the general sentiment in the market? Does it support the trade?