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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.
After a strong run up yesterday it appears the market may try to test further resistance above 97.00. Although, this is likely fail as there is a strong resistance band between 97.20 and 97.45.
Therefore, while there is a bit room on the upside currently the bias is downwards if it gets up into those areas. If it stays in that area it would be a bullish sign but movement beyond 97.45 is unlikely today based on current averages.
On the downside support is at 96.50, 96.20 and 95.80.
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 - 01/07/2009
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