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Coping With Risk Management
Hosted by: Dan Cook of IG Markets
Date: Wed, Jul 1, 2009, 15:00 GMT
As Amos Hostetter once said, “Take care of your losses and the profits take care of themselves.” Risk management hits on the roots of trader psychology, therefore, Dan Cook, Senior Market Analyst at IG Markets, considers it to be one of the most important aspects of trading, and one that any trader can master. While risk management is often discussed, it is rarely understood. The subjectivity of entry and stop placements and varying trading time frames makes it difficult to generate consistent trading results.
During this webinar, Cook will divulge the risk management principles that should be included in any trading plan. The discussion will focus on several concepts: risk/reward ratio, risk to equity and the psychological aspects of stop placement. Additionally, Dan will discuss how currency traders can use binary options in cases where a spot forex position does not offer the best opportunity from a risk perspective.
The pair is currently pushing higher to test the 1.4140 level. This is a significant level and could give us early indications of where we are going over the longer time frames.
If the resistance level at 1.4140 is broken the next resistance is a former spike high at 1.4175. If the break is real, a target for the breakout is 1.4250. There is also some resistance expected at 1.4200-1.4210.
Failure at the 1.4140 level will find minor support at 1.4100, 1.4060, 1.4000 and strong support at 1.3980.
After the push higher yesterday the pair is very much back in a trading range.
Early action today has been contained between 96.30 and 95.80. A break above 96.30 is likely to move to the 96.60 resistance level and beyond that 96.90.
A break below 95.80 is likely to find support at 95.60, 95.30 and 95.10-95.00.
Disclaimers: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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Forexpros.com Daily Analysis - 30/06/2009
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