Foxx Forex Secrets
Tips and Tricks that only experience will get you...
- We only trade the London & NYC sessions (3am-5am & 7am-11am est. are the highest volume hours).
- Follow only 1-2 pairs for several weeks to months to learn the ins and outs of that pair.
- We DO NOT OVERTRADE or REVENGE TRADE. We look for 1 or 2 setups per morning to enter and if we do not see it, we close the computer and go on with our life. If we lose a trade we learn and move on. There will always be better trades the next day, week, etc. PATIENCE is key.
- We stick to number 3!!! You must have the discipline to stick to your plan/rules. Period.
- Once we see a trading opportunity, we determine our stops and targets (typically 2:1 risk) and assign a risk percentage (normally 1-2%), then we confidently enter the trade and believe in it.
- When the trade goes hard against us, we may close part of the position to minimize our losses or sometimes (depending on original risk) we may enter again at a better price.. manage the trade!
- When the trade goes in our direction, we remain patient and let the trade make as much money as possible, actively watching price action and candlesticks.
- Depending on price action we will close profits earlier in certain situations.
- We chart in the evenings and early in the morning everyday, and base our analysis on technicals mainly, with a minor emphasis on fundamentals.
- We focus on enjoying our life and when great setups come, great! When we wake up and the setups are not favorable, great! We move on and live our life. DO NOT TRADE mediocre setups. It takes a lot of belief and discipline to wait for good setups but it is a MUST!