Forex Day Trading

Why bother with free forex signals when the professional forex currency day trader teachers in the www.fx500club.com live online forex currency day trading school, show you how to spot your own trading opportunities, they also call live trade setups in the room and also send forex signals to your email or mobile phone, the best of all worlds.

Today is Wednesday July 1st 2009 and I am still holding this trade I took yesterday evening, in fact I have added to the trade after taking some profits and then letting it retrace.

Yesterday morning was a slow start with no clear setups but once the US markets opened the direction became clearer, I took USD / CAD long and usd/ jpy long, both very clear setups using the 15 minute charts , both worth over 100 pips each. Both taken using the www.fx500club.com live online trading school system / strategy.

Put simply the www.fx500club.com strategy is to use moving averages pivot points and price action to identify levels of support and resistance, we then use cci indicators and also price action on the lower time frames to get very precise entry points. Profit target are also determined by previous levels of support and resistance, old highs, pivots, round numbers etc.

My entry for the e/j trade shown in the chart above was 135.17 putting my stoploss below the daily pivot at 134.85,  my first target being the previous high 135.73, I took the trade before the setup was 100 % perfect but the euro was looking strong against the other currencies and the stop was quite small, it represented a good reward risk ratio. When I woke up this morning I had hit my first target so closed half the trade anticipating a retracement, I got it and added back on at 135.60, if all goes well I will keep doing this, taking profits at the highs and adding to the trade on the dips.

The perfect setup came at just after midnight. I have saved the 5 minute chart below to show you the correct entry, notice that all the moving averages are below the price, along with the monthly and daily pivots, they are all acting as support under the price with clear space above, nothing to stop the price going up, lovely.

I am so glad I found Dan Armitage and his live online trading school, the www.fx500club.com, he along with James Boord, Zak Lloyd and Hemal Pandya have transformed my profits from trading forex, the live trading room is also a great place to spend your time whilst waiting for good trading setups, the men and women in the group are becoming great friends, they are from all nationalities and all ages so there is never a dull moment. Who said earning money trading forex wouldn’t be fun.

The best thing is the price of membership to the www.fx500club.com, at just £97 per month you can make that back 10 fold in just one trade.

Click Here to get a FREE days entry into the fx500 club live trading room

Always Remember.

Keep your risk as a percentage of your capital low (1%), equals stress free trading.

Always work out potential losses before potential profits.

We are paid to take risks, if you aren’t in a trade you cannot win a trade!!

Buy off support and sell off resistance.

Bank partial profits early and move your stop loss to break even as soon as you can.

I am learning how to trade these setups and indicators across all time frames with the help of the fantastic team at the www.fx500club.com They have a live forex chat room and share their charts so that you can watch them find potential trades in real time.

They also have a school for learning how to trade longer term charts at www.fxmonkeyschool.com.

The fx500club and fxmonkeyschool, forex trading school don’t just trade charts and indicators alone, they teach us to use correlation of the whole market before entering a trade. It truly is the best place to learn how to trade forex properly, safely and profitably. It’s all about the pips and about protecting your capital.

Click Here to get a FREE days entry into the fx500 club live trading room