© Geula4x
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I think the most volatile pairs at the moment are AUD/JPY and EUR/JPY. In my humble opinion, the most predictable pair is perhaps EUR/USD. It is very easy to see how bears have protected the 1.4 psychological level successfully and have driven the price lower. Major technical levels lie around 1.37, 1.35, 1.33, 1.31 and 1.2660-1.2770. I expect bears to continue pressing lower towards at least a few of these levels.
What is your take on the British Pound versus its major peers for the short and long term?
In my humble opinion, in GBP/USD bears have protected the 1.7 psychological level successfully and have driven the price lower. I think that they will continue to drive price lower, at least to 1.6500 support area. As long as bears can protect the 1.7 all important level, I think we will see the cable moving lower, or at least sideways.
What advice would you give to those, who have just started FX trading?
In my humble opinion, new traders should follow the following advice:
- Never trade with money that you cannot afford to loose.
- Trading is not an easy way to make money. It is hard work.
- Treat your trading as a business. Take it seriously.
- Always try to keep calm when trading. Never trade when you are emotional.
- Don't rush into trades. Analyze the charts carefully and enter just the best setups.
- Start trading with a demo account only. Don't risk real money at first.
- Don't look for the "holy grail". It doesn't exists.
- Find a good strategy to follow, or create your own.
- A good strategy should be profitable in the long run.
- A good strategy should have clear-cut rules for entry, stop-loss, take profit and exit.
- Understand the idea of the strategy. It will give you confidence in it.
- Back-test and forward test your strategy extensively. It will give you confidence in it and help you fine-tune it.
- Don't follow other traders' trades and/or strategies blindly.
- Find the strategy that works for you and you feel comfortable with. Stick to it.
Which currency pair do you see as a top performer a year from now and why?
Frankly, I usually focus on much shorter time frames, like the daily and 4 hours. I am mainly a technical trader who tries to enter good setups within the current trend. In my humble opinion, predicting price one year from now requires a very good understanding of the currency's fundamentals.