Weekly Forex Forcast Jan 23 – Jan 27, 2023
In today’s session, we tried AI21, a similar program to chatGPT, to help us build a forecast for the upcoming week.
We also discuss how the markets are switching into a ranging market. Trends have slowed down.
Our bias on USD/JPY is still bearish, and gold is still bullish, but waiting for a pullback before buying.
Yiannis successfully passed and scaled up his Bootcamp account. He is now trading the $125K funded account.
His next objective is to reach a 5% profit to scale up his account to $150K.
We spoke with Yiannis about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Dont miss the biggest event in 2023, which will take place in the UK. It’s going to be the largest educational meet-up trading event in Europe! For more information visit tradersday.live
Weekly Forex Forecast Jan 30 – Feb 3, 2023
In today’s trading room, we analyzed the charts for the upcoming week. We start with the higher time frames and then check the lower ones to look for intraday opportunities.
This week we expect 3 important news announcements: Interest in US and GBP, and NFP on Friday.
We see how the market is ranging in expectation of these announcements before starting a new impulse.
Weekly Forex Forecast Feb 6 - 10, 2023
In today’s trading room, we covered the difference between scalp and swing according to market behavior and not according to time.
We see how last week’s announcements created new demand and supply areas. That dictates the bias for this week’s activity.
The USD seems stronger across the board, especially JPY and Euro.
Caleb has successfully passed our PM 2 instant funding program and is now one of The5ers PM 2 funded traders, trading on a $160K low-risk account.
His next mission is to reach 10% of profit and double his funds to $320K.
We spoke with Caleb about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Weekly Forex Forecast Feb 13 - 17, 2023
In today’s trading room, we established our bias on JPYUSD bullish, euro, and pound neutral.
We explained two ways to approach breakouts, the break or the retest.
We expect CPI in US and UK to affect the market this week.
The Bootcamp Increased My Confidence and Discipline in Trading
Variya K, 35 years old, From Thailand.
Variya has just successfully passed the Bootcamp challenge. She is now one of The5ers funded traders and is trading a $100K funded account.
Her next objective is to reach a 5% profit to scale up her account.
We spoke with Variya about her trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Tell us a little bit about you.
My name is Variya Katewongsa. I am from Thailand but living now in France for my professional career. I love trading and started Forex trading around two years ago. I usually share my trading plan, technical analysis, and trading strategy there.Two years ago, I started on it with gold trading as major pair. Then learn to know that there are some proprietary firms in the market, funding qualifying traders with a significant amount of funds. So I stop my personal portfolio trading and focused only on passing the firm’s evaluation.It was difficult during the first year. All things that I have learned and understood were improper for sustainable and risk management trading. It is more like a bet. I spent the year after learning and overcoming all my trading knowledge and behavior, including start growing my technical analysis knowledge. I was just passing Chartered Market Technician Program level I (CMT level I) beginning of this year. It is a program to learn about technical analysis organized by the CMT association. Anyhow, it is just to improve my own technical analysis knowledge. My main career is nothing linked to this trading or finance activity. Trading is my part-time hobby which I will do for the whole of my life.
How long have you been trading?
I began my FX trading in January 2020. However, I personally invest in other markets as a value investor and am interested in the investment. So, for trading in FX and the oversea market, let’s say that it is now 2 years exactly since I started trading.
Briefly describe your Trading Plan and how it contributes to your success.
There will be several factors for my trading plan.1. Start Analysis with a Macroeconomics view and Money flow.
It is important that we understand how the world and economic policy circumstance is. For example, FED Interest rate decisions and inflation, how it will impact to USD index, overall indexes, FX currency, and other commodities. Then play along with that policy. As said, don’t fight the FED! It is always the first hint to take a look at the analysis.2. Technical Analysis
I have developed my quantitative analysis method into a trading view. Despite it, is several indicators. But I use them all! I have more confidence in judging the situation by using numbers and quantitative analysis conditions with a multi-timeframe. Here are the following key factors.- Trend Analysis
Share with us a challenge you faced in your trading career and how you overcame it?
As I am working as other professional fulltime job. To do it together with trading, I really need to manage my time properly then I can focus and do my best at both things. Previously I was so addicted to trading and traded almost all of the time. This can lead to the wrong decision when you are trading in the condition that you are not ready. I spent one year changing my trading behavior to have better focus.I trade just only when the price reaches the zone that I did the trading plan, which is usually in H1 - H4 timeframe. In case I am busy at work or not available, I won’t do any trading or watch the chart. What I have to do is just control myself to trade based on the plan. Just plan the trade and trade the plan. And work-life balance is also necessary.I was also wondering about the real basic of technical analysis. Did I really understand all the technical correctly? Then I put myself enrolled CMT program and spent 6 months of basic technical analysis study last year to enhance my technical analysis knowledge. At least I have learned basic technical analysis, not just only one trading system. I also attend several webinars to strengthen my knowledge. Using the one that I learn from the class to apply in my trading strategy is the key to success.Do not stop yourself from learning new things. Be always the empty glass to fill new knowledge.
How did you adjust risk management to your trading personality?
I am always using Average True Range in a Daily timeframe to calculate the stop loss point. Sometimes it is 100% of the ATR Daily range, and sometimes it is 75% or 50%. My stop loss is always based on this system, and I use daily timeframe and master timeframe to manage the risk. I am not a fan of the high Risk to Reward Ratio. According to ATR Strategy, I will calculate lot size and risk per trade accordingly to avoid losing more than what we can accept. It is from 0.5% - 1.5% of the account initial balance per total trade.
Describe a key moment in your trading career.
When I realized that the current behavior and situation that I was facing were not good for sustainability in long-term trading, I lost a lot of money, and I applied for several proprietary fund programs but failed. I stopped trading for a while and stepped back. Studying with the right knowledge and approach, adapting good trading manners, and eliminating bad behavior like overtrading, trading with emotion, or trade when the situation is complicated. Try not to focus on the money but on risk management. It was a hard time because several times I fell into the same trap. But I try to reinforce my change that if I really need to survive in trading, I MUST change. So, I believe this is the key moment of my trading career.
How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
2 years until I can stabilize my trading style. As explained above, I force myself that if I want to become a sustainable trader, I need to change myself.
What is your mental/psychological strength, and how did you develop it?
Stop trading addiction, keep calm, accept the loss, and move on.I think the key to developing psychology is to learn from your mistake. Understand what the root cause is and why it happens. Then reinforce yourself to avoid making the same mistake. It is hard, but you really need time to overcome it.Forgive yourself if you just do something wrong and believe that tomorrow you will be a much better version.
What was your strategy to successfully pass The5ers’ First Level?
This round, I trade only gold and approximately 15 trades in total for 3 challenges.Think first about the risk, but not the profit. Bear in mind that there will always be the opportunity to trade. If I miss it, I just wait for the next setup. Sometimes I am so eager to maximize RRR, but it won’t always work. I found that trading with less RRR and mainly focusing on Risk management (Using ATR as explained before) is a suitable strategy to pass the Bootcamp challenge.
How is trading for The5ers different from trading by yourself?
You need to understand several things and plan the trade in a very consistent way. While trading by myself might have more flexibility than The5ers. In addition, The5ers also provides the opportunity of growing the portfolio according to the trader’s performance rapidly.
What would you recommend to someone who is just starting with us?
Think about the risk before profit. Take your time on the evaluation. And be very careful with each trading plan. Think before you place an order.
Would you like to share anything else with us?
Thank you so much for having such a great program like Bootcamp! It is really a “Behavior Changing” Program, which brings me to have more confidence and discipline in trading.
Weekly Forex Forecast Feb Feb 20 - 24, 2023
In today’s trading room, we analyzed candlestick patterns and explained why sometimes they work and other times they do not.
In short, we are looking for how the patterns were formed on lower timeframes and if there was an institutional movement behind them.
Gold is around the 1800 level, the last key support before a potential strong down movement.
Weekly Forex Forecast Feb 27 - Mar 3, 2023
In today’s session, we checked how many of our levels from the past week actually held.
We see the clear strengthening of the USD against major currencies, especially against JPY and NZD.
Also, if gold breaks down the 1800 level, we can expect a continuation lower as there are no support levels to hold prices from dropping aggressively.
Finally, We also took a successful long scalp on GBPAUD.
Weekly Forex Forecast Mar 6 - 10, 2023
In today’s session, we analyzed the fundamental events to expect this week.
Canada seems to have stopped the increments in interest rates, and the expected number this week is similar to the previous one.
Denislav has been trading with The5ers for over a year. He is funded on the Instant Funding and Bootcamp programs.
We spoke with Denislav about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Weekly Forex Forecast Mar 13 - 17, 2023
In today’s session, we took and managed 2 profitable trades, one on GBJ/JPY and the other one on CAD/CHF.
We see the reaction of the markets to the closing of the high-tech bank in the US.
Gold, JPY, and CHF are strengthening as being considered safe assets.
Weekly Forex Forecast Mar 20 - 24, 2023
In today’s session, we reviewed the large amount of high-impact events scheduled for this week, including interest rates in the UK, US, and CHF.
Gold broke a key resistance level and headed toward 2040 prices.
We managed a position on EUR/USD, currently in DD, and explained the plan in case it goes against or in favor.
Eugene J, 48 years old, From South Africa.
Eugene has successfully passed the instant funding program and is now one of The5ers-funded traders, trading on a $40K low-risk account.
His next mission is to reach 10% of profit and double his funds to $80K.
We spoke with Eugene about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Tell us a little bit about you.
I’m a South African who grew up in a small town called Vryheid – translated to English, which means “Freedom.” After school, I tried university for a year and failed. Those years studying law meant you had to master Latin, and I simply couldn’t! After picking myself up, I got involved in marketing and sales in the South African textile industry. This was my home for 11 years until the industry collapsed due to cheap imports. Two or 3 failed jobs in different industries eventually led me to online trading in 2012. I blew a few accounts but persisted and eventually became profitable. Now I’m grateful to be able to do this full-time with The5%ers! I am married to Sonja, have a Persian Cat child named Chewy, and we stay in Pretoria.
How long have you been trading?
Since 2012 – 11 years. I am a full-time trader.
Briefly describe your Trading Plan and how it contributes to your success.
I trade a “hybrid” supply and demand strategy. I adapted a few strategies I found online to “fit my eyes.” You have to “see” the chart before opening trades. I always use a stop loss, and I’ve learned to be patient – let the trade come to you. It is a good idea to journal your trades and review your losing trades – that is the only way to become a better trader.
Please share with us a challenge you faced in your trading career and how you overcame it.
I was blowing quite a few accounts by copy-trading or using trading signals. I realized I was the only one responsible for my trading success, so I decided to take hold of my trading and not “give it away” to someone else. You have to master your own strategy. It is solely your responsibility.
How did you adjust risk management to your trading personality?
I use a fixed stop loss and don’t change it. If it hits the stop loss, I move on to the next trade. During the early years, I either moved the stop loss or did not use one at all. Bad idea!
Describe a key moment in your trading career.
During a webinar hosted by a previous Goldman Sachs trader, he showed his stats – he has a win rate of only 65%. I realized then I do not and cannot be profitable at all times. So instead, let your winning trades run, cut your losers short and focus on sound risk management.
How long does it take to become a consistent trader, and what aspects did you change that helped you become consistent?
Quite a few years, to be honest. I had to accept losing trades and had to implement a strong risk management strategy. Trading can be lonely, but you have to accept that to be successful.
What is your mental/psychological strength, and how did you develop it?
I’d say to silence the voices of the world around you, especially on Social Media. You must learn to say “No!” and focus on your plan and goals. This isn’t easy because sometimes you want to please others, especially those you love. But your success is your responsibility alone.
What was your strategy to successfully pass The5ers’ First Level?
A “hybrid” supply and demand strategy. One I developed to make sense of chart patterns. Not all people see charts the same.
How is trading for the5ers different from trading by yourself?
You meet other traders, have great in-house resources, and it feels like a family I belong to. Trading only on your own can be extremely lonely.
What would you recommend to someone who is just starting with us?
Develop your own trading strategy, never copy trade or use trading signals and use a stop loss that is part of a defined risk management plan. Also, become part of the family.
Would you like to share anything else with us?
Never give up! You will be successful if you continue investing time in your trading journey by consistently studying worthwhile content.
good interview, there - intelligent guy, glad he’s doing well with you
Weekly Forex Forecast Apr 3 – 7, 2023
In today’s session, Michael Katz, Trade the Pool CEO, explains how to build a position with the right risk approach while creating scenarios for the asset you want to trade.
He gave some tips and tricks/tools to understand when the market should shift its direction.
Michael analyzed the USD/JPY and the US indices and shared his experience on how to read the market.
Weekly Forex Forecast Apr 10 – 14, 2023
In today’s trading room, we analysed the Gold and the major forex pairs and Indices.
As uncertainty remains in the stock market, we see money going into Gold, which recently broke the 2000 level.
Technically, the break out of the level looks solid, but very soon, meeting an old supply.
Overall, we see a very rangy market with sideways movements.
CPI on Wednesday is expected to come lower, which indicates less inflation and less demand for USD
Weekly Forex Forecast Apr 17 – 21, 2023
In today’s trading room, we analyzed the fundamental events to expect this week.
We spoke about the trading festival event in June and how it will improve the trader’s skills.
We see a slight strengthening of the USD against other currencies, and we attempted to follow a setup from the audience and short AUD/USD.
Weekly Forex Forecast Apr 24 – 28, 2023
In today’s trading room, we analyzed the major pairs to look for long-term setups.
We found an interesting level on CAD/CHF, as it is trading at historically low levels. In many cases, we tend to see governmental interventions to reverse these markets.
We established a bearish bias on gold, as it formed a divergence pattern on the daily charts and bearish strength on the hourly timeframes. Based on that, we took a profitable short scalp on gold.
Weekly Forex Forecast May 1 - 5, 2023
In today’s trading room, we discussed some of the setups from last week. We see how CAD/CHF started forming higher lows and higher highs, which could be a sign of trend reversal.
We also took a long position on GBP/JPY and a short scalp on GOLD, both successful.
