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Selective Forex Trading: by Don Snellgrove

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Appendix A. Selections from CFG Newsletters

PERIPHERAL TRADING IN THE FOREX MARKET

Often traders, especially neophytes, allow emotions to take over and rule the rules of trading. This usually produces failure, and the trader leaves the forex industry with losses, never to come back. Some will come to their senses and begin following strict rules for selective entries while using tight stops. After all, I have said many times, "The greatest distance to travel in the forex is found between the ears."

I have seen over and over in the lives of many neophyte traders that they experience the same agony of loss by going live too soon. However, some accept responsibility for their actions in the market and move on to success by not giving up. Enduring the test of time and paying the dues of time in the market is obviously one of the burdens that all beginners have to experience.

What is peripheral trading? Peripheral trading is what I refer to as a type of awareness that traders need to have when entering or exiting a trade. To solve the problem of unawareness in the markets, you should become aware of how to identify certain critical levels in the market that usually create a bend or a reversal. As most traders know, there are Fibonacci levels within trading ranges that could be identified into infinity, and the larger the trading range, the larger the number of identifiable levels of historical Fibonacci levels that are established during former trading ranges. The levels are referred to ...

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