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Risk management is at the core of any good trading plan, without having a sound set of principles to follow a trader is doomed to fail. We outline rules and factors to consider when customizing a risk management game-plan right for you.

We understand the difficulties of trading, which is why we’ve put together a variety of guides designed to help traders of all experience levels.

Risk management is one of the most important aspects to successful trading, but far too often it’s overlooked. Job #1 for a trader is to always keep yourself in the game. A sound strategy and the discipline to follow it will go long way towards ensuring you stick around.

If you are in the learning stage, your objective is to keep losses very small until you figure out what you are doing from an analytical and strategy standpoint. Adhering to sound risk parameters early-on will go a long way towards building a foundation for later on.

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Our DNA FX quiz can tell you what type of forex trader is buried within your DNA. Simply answer the 14 questions honestly to learn which style of forex trading you are best suited for.

If you’re new to forex trading the results will help you develop your trading style and strategies, but even established traders might discover something about themselves they weren’t aware of…

The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Find out about the history of the Fed, its influence on USD and how to trade Fed monetary policy decisions.

USD/JPY appears to be stuck in a narrow range as it struggles to push back above the 50-Day SMA (110.16), and the exchange rate may continue to consolidate ahead of the Kansas City Fed Economic Symposium scheduled for August 26 – 28 amid the ongoing weakness in longer-dated US Treasury yields.

It hasn’t been a good month for the Australian Dollar. In mid-July it was noted that there was “nothing to like, no saving grace” for the Aussie, and at the start of August the data suggested a weak seasonal tendency could weigh on AUD-crosses. Both of those perspectives, as time has told, underplayed the weakness that was about to plague the Australian Dollar. Delta variant concerns have crippled the Australian economy, and now the Reserve Bank of Australia is on its backfoot with respect to stimulus withdrawal – far behind its major counterparts.

Alas, the worst may be over – at least for now. Emerging morning star candlestick patterns in both AUD/JPY and AUD/USD rates speak to bottoming potential in the near-term, with the Aussie buttressed by the fact that industrial base metals – copper, iron ore, nickel – are starting to climb.

AUD/USD rates are establishing a morning star candlestick pattern, a three-candle cluster that hints at a near-term bottom....

The US Dollar Index (DXY) hit a fresh yearly high last week as the trend, albeit sluggish at times, off the May low continues to be favorable for higher prices. The pullback after taking out the year high created in March could offer traders an opportunity to join the upward trend.

There is support at the 93.19 level, the top an ascending wedge formation. This is viewed as the first level to look for the DXY to solidify and try and turn back up. If price falls back inside the wedge risk will start to increase that a larger reversal is underway, but the underside line of the pattern near 92.85 will need to break first to validate that scenario. This will be viewed as a line-in-the-sand for a long/short bias.

With that in mind, looking to enter at either support level provides would-be longs with a backstop to use to assess risk. The latter level being the most critical.

Should support hold and the USD turns back higher, there is room to run. The next major...

Gold prices have continued to rally over the past week, leaving the ‘flash crash’ scenario from two weeks ago even further in the rearview. At this point, Gold prices are up more than 7.5% from the flash crash low of August 9th, which happened to post at a key spot on the chart, right around the same 2021 low that established a double bottom formation back in March.

To learn more about the double bottom formation, check out DailyFX Education

Last week started with Gold prices digging into a big zone of resistance running from 1789-1797. And while that zone helped to hold the highs for much last week, this week started with a bang as Gold prices scaled-above this zone and ran right into the next spot of resistance, plotted from 1804-1808. This current resistance area was a batch of swing-lows from early-August trade that have now been repurposed as resistance.

Chart prepared by James Stanley; Gold on Tradingview

Taking a step back for some...

USD/CAD extends the pullback from the fresh yearly high (1.2949) as the Relative Strength Index (RSI) falls back from overbought territory to indicate a textbook sell signal, but the Kansas City Fed Economic Symposium scheduled for August 26 – 28 may keep the exchange rate afloat if Federal Reserve officials show a greater willingness to switch gears.

The cryptocurrency market rebound continues with the market as a whole adding another $100 billion to its market cap over the weekend. Bitcoin outperformed Ethereum in the rally, while a host of alt-coins made strong single-digit gains to continue their rebound off their multi-week lows. News that PayPal is introducing a cryptocurrency section to its app - to allow customers to trade a select few coins - has helped to underpin the ongoing bullish sentiment in the market.

Weekend Article:Bitcoin, Ethereum Pushing Towards Fresh Multi-Week Highs, Alt-Coin Rally Resumes

Bitcoin broke recent resistance over the weekend and is now making what looks to be an orderly move higher, something not normally associated with the volatile cryptocurrency space. The next level of technical resistance is close by with the 61.8% Fibonacci Retracement just above $51,100 before the mid-May double-top around $59,500 comes into view. The 20-day sma is about to break above the 200-day...

The bull flag pattern is a great pattern to add to a forex trader’s technical arsenal. Explosive moves are often associated with the bull flag. This article will look at the potentially higher probability forex trading opportunities of the bull flag pattern.

Learn to trade the bull flag pattern: Main talking points??

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When it comes to buying and selling forex, traders have unique styles and approaches. This is because the forex market is one of the most liquid and largest in the world and as a result there is no one single way to trade.

Knowing when to buy and sell forex depends on many factors, but there tends to be more volume when markets are volatile because of the associated higher risk. This article will explore the concept of buying and selling currencies using practical examples as well as additional resources to boost your forex trading experience.

The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Find out about the history of the Fed, its influence on USD and how to trade Fed monetary policy decisions.

Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. These concepts will be explored in this article to shed some light on the mechanics of slippage in forex, as well as how traders can mitigate its adverse effects.

It’s not uncommon for forex traders to approach trading with the aim of collecting ‘x’ many pips a day from the market. Some may even consider adopting a strategy that only makes X amount of pips per day. However, there are complications that arise from this approach and setting such unrealistic goals.

This article will answer the question: “how many pips per day?” and explore the best approach to using pips – considering market fluctuations which affect daily pip movements and how to capitalise on this with a solid trading strategy.

Our DNA FX quiz can tell you what type of forex trader is buried within your DNA. Simply answer the 14 questions honestly to learn which style of forex trading you are best suited for.

If you’re new to forex trading the results will help you develop your trading style and strategies, but even established traders might discover something about themselves they weren’t aware of…

Fill in our simple online form

We'll ask about your trading experience

Instant Online Verification

We can usually verify your identity immediately.

Fund Your account and trade

Withdraw money easily, whenever you like

A Doji candlestick signals market indecision and the potential for a change in direction. Doji candlesticks are popular and widely used in trading as they are one of the easier candles to identify and their wicks provide excellent guidelines regarding where a trader can place their stop.

In this article we explain how Doji patterns are formed and how to identify five of the most powerful and commonly traded types of Doji:

Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Interpreting charts can be intimidating for novice traders, so understanding basic technical analysis is essential. This article reveals popular types of technical analysis charts used in forex trading, outlining the foundations and uses of these chart types.

Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out the window. The forex market is open 24 hours a day, so this means no trader can keep an eye on it all the time. So, traders need a way to execute our trading plan that fits with their daily schedule.

This is where setting up forex entry orders comes into play. Entry orders allow traders to set the price that they would like to buy or sell a currency ahead of time. This will only be executed if that specific price is hit. There are several benefits to trading forex using entry orders, which we explore below.

Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. This article will cover the following key areas about psychological levels and round numbers in forex trading:

Throughout history there have been a number of extremely meaningful volatility spikes across major financial markets. Each had defining characteristics that made them similar, despite occurring in very different markets and for different reasons.

The continuity seen across these volatility cycles is a good thing, because while it doesn’t necessarily make a major volatility spike predictable, historical precedence offers a blueprint for identifying conditions that are supportive for a potential vol-event to occur, and how they are likely to unfold once in motion. This can be of great help in guiding trading decisions, whether that is to steer clear of a potential vol blow-up or move towards it with the appropriate strategy that can take advantage of the outsized price swings that come with unusual levels of volatility.

We will first discuss what a volatility event typically looks like in terms of the behavior of volatility itself, then take a close look at...