About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. Trades will be posted by 1 am ET, Monday through Thursday evening.

Read First: Trade Rules!!

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May 2006

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Pick of the Day: None

Even the best of traders have their slumps (not to say I'm anywhere near the best). Look at Barry Bonds. So what does a trader do to combat a losing streak......Stop Trading! And that's what I'm going to do. It's been a rough week, not just for myself, but for a lot of traders I follow. We've seen the dollar sell off for the past few weeks, and now it looks like we're in ranging, uncertainty mode. What's going to happen with interest rates? Are commodities going to continue to rise? What's going to happen in Iran? Is China ever going to play fair with their currency? Who knows. All I know is that it's time to take a step back, take a breather, and come back later refreshed. So, that's what I'm going to do...take a weekend off and relax!

For those of you still needing something, check out my new signals blog. I'm posting the trades and results of a new signal system I've been working on for the European/US trading session. The system details will not be posted; it's more of a record of the results. I will not post this evening, but I just wanted to let you know. Check it out!

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Napoleon Hill
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