Spartan Forex Trader Academy

Forex trading tips for the coming week

Nikos — Sat, 19 May 2012 16:55:38 +0000

Hi traders!

Forex pairs like the EUR/USD, GBP/USD, AUD/USD, and EUR/JPY are moving, or I would even say dropping for the last 3 weeks with almost no pullbacks or retracements on the higher time frames. Usually that changes after 3 weeks of movement in one direction. Of course we need a confirmation first and that means, we are expecting a higher low on the 1h chart or a green candle against the main trend on the 4h or daily chart. This would confirm a possible bigger retracement on those pairs with target the previous resistance areas. The EUR/USD did show already some buyers strength, so we have to wait and be patient.
Now, if the price consolidates and moves lower later on, we will possibly see a fast break to south. In this case we keep or reinstate our shorts and target our next support levels coming from the daily and weekly chart!

Have fun!

How to master forex trading

Nikos — Fri, 18 May 2012 20:51:31 +0000

Please read the following questions and if you can answer all of them with “yes” you should be making a lot of pips by now. If not, you will need to work on yourself until you can answer at least 95% of all below questions with “yes”!

1. Do you always follow the technical system rules (at least 9/10)?

2. Do you always follow your money management rules (risk)?

3. Do you analyze your trades in order to look for mistakes you do?

4. Do you have a trading journal?

4. Do you have a trading plan?

5. Do you follow your plan?

6. Do you set achievable goals?

7. If you do a mistake and know it, are you trying not to repeat again?

8. Do you organize your trading (times /days and standard hours to trade)?

9. Do you know what kind of trading style you want to follow? Intraday/scalping/swing trading?

10. Are you sticking to your trading style?

11. Can you control your emotions?

12 Do you feel confident when trading?

13. Do you think of making profits when you look for a trade setup?

14. Do you always take responsibility for your own actions when you trade?

15 Do you have confidence in your trading system and yourself?

I don’t want to frighten you, but the questions above are very serious and many traders underestimate them.
Mostly it is not even their fault, because the marketing strategy many brokers use, talk about “free and easy money”!
That of course does not exist. A professional trader will never hand you his/her money over without a good “fight”!
A serious trade will stick to the rules and grow his account on long term. Everybody else will lose. As Simple as that.
Trading can be easy and simple, if you stick to the rules!

Print the above questions out if possible and glue them next to your desktop as a reminder and guide for your trading in future.

EUR/USD Live session trade and management video

Nikos — Thu, 17 May 2012 18:20:43 +0000

USD/CAD Put this pair on your watchlist

Nikos — Thu, 17 May 2012 09:51:45 +0000

Don’t forget, that this will be a short trade setup against the main daily long up trend. So be careful and look for support bounces in case you enter.
In case usd/cad breaks the 1.0200 area, look for long setups on the 1 h or 4 h chart with target the 1.0300 and 1.0400 area in extension!

EUR/USD Close to major support

Nikos — Wed, 16 May 2012 20:41:27 +0000

The price almost reached the low (1.2600/20) of January 2012. This of course is a major support area. Now, the big question is; will the price move down and bounce in this area, or will it break the support. One thing is for sure – If you are short, stay short with at least one part of your position and see what happens. In case the price bounces in the 1.2600 area and the candles moves up fast, come out of your short trades and look for long entries. It could be that we see a trading range in this area, before we get any clear direction, so keep your eyes open! If the price decides to break the 1.2600 support, aim for the 1.2550 area.

The Charts “know” the news!

Nikos — Tue, 15 May 2012 15:45:26 +0000

Look at all the touches on the 1 min chart under resistance.
The price moved lower before some important news after the US open session and triggered a short entry on the 1 min chart with a stop of 15 pips.
Look at the price in the green circle on the chart. It dropped in seconds and moved down about 60 pips during our live trading session today!
This is a great example to prove once again that the chart already knew Look at all the touches on the 1 min chart under resistance.
The price moved lower before some important news after the US open session and triggered a short entry on the 1 min chart with a stop of 15 pips.
Look at the price in the green circle on the chart. It dropped in seconds and moved down about 60 pips during our live trading session today!
This is a great example to prove once again that the chart already knew what was about to happen!

Stick to your trading rules

Nikos — Mon, 14 May 2012 22:47:41 +0000

Try to stick to your trading management rules and you will protect your invested money the best way possible!
Remember; you are not gambling, but trading financial markets.
You want to survive and grow your account steady for many years.If you do a mistake, you will pay for it. That is how the markets work.
A mistake or a simple loss won’t hurt you or your trading account as long as you stick to the rules. The reason many traders lose their money is, because they risk too much and forget about the rules. A big loss is not easy to recover. Sometimes you will get lucky, but it is all a matter of time before your backside gets kicked and you can start all over again…if you have the strength!
The truth is that we all did that at least once or twice and learned to listen to the market the hard way. As long as you learn from your mistakes and don’t’ do the same mistake again, its ok!

Live trading Room…There is still time to join!

Nikos — Sun, 13 May 2012 22:02:36 +0000

Hi Friends, traders and members!

Our free live trading and training month has started almost 2 weeks ago and I must say I have met some passionate traders. I would like to thank you guys for being focused and active in the trading room during the sessions. I know that it is not easy to manage aggressive scalping trades fast, or leaving swing trade positions open for days and weeks if you are not used to it. But that is ok, and that’s the reason we practice all these things together on live charts. You are doing a great job. Keep it up!
I will catch up with you soon (same schedule) and hope we get some nice chance to trade this week

Have a great day\night

Nikos Mermigas

P.S. In case you haven’t signed up and paid the 3 € for the technical expenses yet, make sure you do it today. We still have 2 weeks of live trading left!
Please click the following link and you will receive your login details within the next 12h hours.
http://www.nikstradingalerts.com/live-trading-webinar-may-2012/

EUR/JPY Swing trade update

Nikos — Sat, 12 May 2012 09:18:58 +0000

The 4 h setup made about 70 and 140 pips profit with the first 2 lot.
I will trail the stop for the remaining lot to 1.0160 for now (20 pips profit) and try to maximize the profits on this trade with 0.9900 as target!

XAU/USD Should we really buy Gold right now?

Nikos — Fri, 11 May 2012 09:44:59 +0000

XAU/USD Gold

Gold is a very volatile metal and worth trading. The whole world is talking about this metal lately. Every “financial advisor” is trying to convince you of buying gold in times of financial crisis like these. But be careful! The trading charts seem have a different opinion right now.
You see, XAU/USD (Gold) moved up for the last 10 years and reached the 1920 area back in 2011. But what is it doing right now. If you take a close look at the attached gold chart, you will notice that the price created many lower lows and broke previous support and wedge formation on the weekly chart.
With a few words; it won’t be a wise decision to buy gold right now. We need to see major resistance lines breaking and then a long trade setup, followed by a clear signal, before we even think of buying gold.
Looking for short setups on timeframes like the daily chart would be a much smarter move right now. Having said that, we need of confirmation there first too of course!