FXWW News/Open/Wrap

Asian market open, Monday September 16th

FXWW Asia Open Briefing 16-09-2013

Talk that Summers has withdrawn from race for Fed Chair has caused a dip in the USD across the board.

  1. Morning Sean, well Summers is officially out! Ad the USD/JPY tumbled, and we got past 99, but now are below again. theres a lot of talk about 97 again, you feel we well be gojng there possibly, Im still bullish for now, but you think we might dip to 98.5 range again today?

    1. Oh yes, i forgot to mention, i took so long position for today when the market opened and we dipped, just asking cause the Nikkei looks bearish currently, so wasn’t sure if I should cash out soon if i get a better opportunity.

  2. Hi Abdullah, I have nasty feeling that USD is in for a very bad week. Prefer to sell rallies personally in all USD pairs. Might get some risk-on to benefit USD/JPY dip buyers but mkt still long so more likely lower this week imho.

  3. Well i think im just going to trade minimum for the next three days (if i can control myself) especially since i believe the taper is really going to be dissapointing for many, and I dont want to risk my account! Sean i had a question, generally speaking, what is that max leverage one should use on their account, profissionally speaking for you fund manager types? I want to change my trading techniques, and the first thing would be is to impose a self cap on my leverage, so thats why i asked.

  4. When opening a position, I’d stay very small say 3:1 or 5:1 leverage, then when you are more confident in a trade or have some profit to play with, then you can increase aggressively for shorter periods. There are no magic rules, just use common sense.

  5. Thanks for the advice Sean, you know the forex world, all the texts out their say use minimal leverage, then the brokers offer ridiculous leverage, so sometimes newbies (as myself, until i dont do at least 5 years ill consider myself one..:) ) get tempted with all the availability, but then i have to remember im not in Las Vegas, I didnt start to do this to gamble with my money, still, i wanted to hear what percentage the experts use, Thanks for the Advice! Sean maybe thats what you should add eh, once a week, a trading tip,maybe something techinical or not ( you know better then me) cause i can gurantee that most of your readers as myself arent pros, just a thought!

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