Update on supports and resistances. ( 01/03/2012 07:44 )
Pivot: 35.60
Our Preference: SHORT positions below 35.6 with targets @ 33.7 & 32.7.
Alternative scenario: The upside breakout of 35.6 will open the way to 36.45 & 37.3.
Comment: as long as 35.6 is resistance, likely decline to 33.7.
Trend: ST Bullish; MT Bullish
Key levels Comment
37.3**
36.45**
35.6*
34.787 Last
33.7**
32.7**
31**
Tips
Never risk more than 2-3% of the total trading forex account One important difference between a successful and an unsuccessful forex trader in forex Market is that the first is able to survive under unfavorable conditions on the forex market, while an unsuccessful forex trader will blow up his account after 5-10 unprofitable trades in the row.
Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.
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