Today I'd like to welcome Lawrence Korbus, Chief Forex Educator and Professional Trader at Tsunami-Trade.com to the Trader's Blog! Today Lawrence teaches us a little about how he enters trades and analyzes the markets. Please enjoy the article below, comment to Lawrence with your thoughts and insights, and check out Tsunami-Trade.com to see what he does!
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I was sitting as an invited “expert trader” on a panel with 4 other traders at the 2009 Las Vegas TradersExpo last week. They called the standing room only panel discussion: “Successful Strategies for Profiting from Forex Trading.”
They asked the question of all of us, “How do you make money trading the Forex markets?” The panelists said some things about using their decades of experience to get a “feel for the market”, and then they each in turn cited several different methodologies such as trading breakouts, and using proprietary sentiment and Elliott Wave analysis to come up with “an area to trade”. They were not more specific than that on how they entered trades. Although they all differed in how they entered trades, what I found most interesting that they all had one thing in common. They all said that they would scale out of the trade as the trade hopefully went in their direction.
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