These 5 simple steps will help turn you into a confident, disciplined Forex trader. By using the steps outlined below you can be in the top 10% of all Forex traders. That would be the few that actually make money.

There are going to be two things you notice about these steps:.

They are obvious.
They are simple.

All aspects of Forex trading should fall into those two categories.

We are starting to sound like a broken record, but Cable is in a very tight trading range. It is really difficult to make profit targets when the daily range is less then 50 Pips.

For most of the day it was less than 40 pips. With that said, once again we were perfect with our entry, which was 1.7490. The most the market went against us was 3 pips, and with some good exit strategies we were able to take a 30-pip profit out of a very tough day.

We like to wrap up every week with a review of the previous week's trading. So, here goes.

Cable gave us a run for our money last week. We were able to end the week up anywhere from 100 to 200 Pips based on personal exit strategies, so we are not complaining, but the daily trading range has been very tight and very unpredictable making big profit targets was almost impossible.

I understand that hindsight is 20/20, but I believe that there is still a great deal to be learned by looking back at Forex trading. Although this article was written ahead of the trading action I am going to discuss, by the time you read this the trading activity which we're discussing will have already taken place.

If you are not familiar with article submission, let me just fill you in on one fact, your article will not be published for several days.

Due to the overwhelming success of my last look back at Forex trading, I am releasing another. There will be a new released every day, except weekends, so you could continue to look back at how we find great trading levels.

We are firmly in a downtrend from 1.7593, and longer term from 1.7933. We have been breaking through support all week, and until we get signs or indications otherwise, the market should continue it's downward move.

It looked as though our levels last night were right on, that is until 9:00 and the release of the GDP report. Cable spiked up 91 pips in the next hour, which is exactly why we tell our traders to get out of trades 30 minutes before news and not to get back in until 30 minutes after the news.

The GDP is significant in that it is the broadest measure of economic activity and the primary gauge of an economy's health, but without a major revision to the GDP (it was exactly where it had been predicted 1.

Last night is what we call a good no trade night. Remember taking no trade is taking a position, and often the safest position. We had several good reasons to take a short position around 1.7360.

Unfortunately the market just dropped, all night, never taking the bounce up we look for our entry. In the morning in was obvious Cable was not going to give us our trade, we had news coming out ( ISM) at 10:00 AM, it was time to get out of the way, and in doing so we prevent a loss of from 30 to 40 Pips.

Looking at Friday's trades reminds me of the importance of multiple technical indictors. When I was writing Friday's newsletter, I spoke of several indicators, which lead me to believe Cable was going down. Lets review:

First we would like to decide if the up swing will continue or not, and looking at the 1 hour chart we do not believe it will.

We have been lucky over the past few weeks to be able to tell you about our good trade nights, well today we will tell you about a bad one. Personally I was stopped out of both of my trades last night for a 80 pip loss.

While it is not pleasant, it's a fact of trading, you are going to have losing trades, you would be foolish to believe you will only have good trades and never lose.

So, hopefully, you have been keeping up with my looks back on the Forex markets. Forex trading, like any other skill, can be improved with research and education.

That being said, the greatest asset for research is hindsight. Remember, in Forex trading, history tends to repeat itself. It is this fact that we will try to exploit in our looks back at Forex trading.

We will once again look to the super resistance level @ 1.7600, to protect our trades. We took an aggressive look last night, on split sentiment amongst ourselves, and as usual the less aggressive or more conservative traders won the day.

They won the day big, some of them captured 120 pips last night, while the more aggressive traders mostly took a 30 to 60 pip loss.