Guest post from visionsofaffluence.com
Ok, so maybe I exaggerated a bit about you becoming the next George Soros but with these tips you will definitely be able to make a lot of money.
1. Only trade it during the U.S European Overlap.
That’s not to say that you can’t have success trading it at other times but if you want to make the most of your time then you should only trade from 8am – 12pm EST because both of the European and U.S markets are open. Also this is when the vast majority of all forex transactions take place and as a result the market will be extremely liquid so their will be great opportunity for profit.
2. Keep your stops a little wider than with other pairs.
This is the most active currency pair of them all with more people trading it than any other. Because of this it is prone to erratic moves from time to time which could result in you taking a trade and the market moving against you quickly only to turn around and move back in the opposite direction. Because of this you should give your stops a little more leeway as compared to other pairs. Remember to adjust your risk accordingly.
3. Don’t be greedy.
This is a fast moving pair so you may very well open a trade and find your self in profit quickly only for the market to turn around just as fast and leave you with a loss. Because of this you should lock in profits by closing out half of your position and moving your stop to break even once your position has reached a certain amount of profit. This is what’s known as a free trade and it ensures that no matter what you will profit no matter what happens
If you follow these 3 tips you will become a more efficient trader of the Eur/Usd. This will result in you making more money in less time and isn’t that why we trade in the first place.
Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..
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