June Forex Trading Wrap Up – Start Of Day Trading For July
Well it’s been a few weeks since the last recent forex trade update. I’ve been a bit busy, but things have settled down and I wanted to update how trading finished up for June, as well as the start of July.
July ended +5% up for the month, which was the 5th positive month this year. The simplicity of the confirmation entry forex trading strategy is why it manages to consistently turn a profit month after month. This market has been extremely difficult lately. We have seen more consolidation during the New York Session than I can ever remember. When the price action gets tough, simplicity is key to remaining profitable. This is exactly what the confirmation entry provides, which is the key to it’s long term success.
On to July! Again the forex market has still seen a great deal of consolidation during the New York session. Price action in the forex market goes in phases….right now plain and simple forex trading during the NY session has been tough. This month we have seen ups and downs, and for the moment we are currently sitting around break even for the month.
The confirming entry consistently turns profit, if and only if you day trade with patience. Patience is the key to getting in the best forex setups. In this market it can take a few hours to finally get a trade setup that meets the criteria. Because of this it’s easy to rush into a trade you later regret. When things simply don’t look right it’s best to remember that it’s “better to be out of a good trade wishing you were in, than in a bad trade wishing you were out. As I have said in the forex room a lot lately….things will normalize it’s just a matter of time. Keeping this in mind will keep us from forcing those bad trades. Recent trade updates will be back to normal, with at least 3 per week. See you all with the next one!