The GBP/USD defies my chart analysis

Traders can never be completely sure of the markets, explains John C Burford. That's why you must have a reliable system to limit your losses.

Market forecasting is about percentage odds. Every trader needs a method or system where he or she can make an educated guess as to the odds of success for any particular trade.

Not only that, but you must have an escape plan a way of telling you that your analysis is wrong and to pinpoint exactly when to exit your trade.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.