Trading.Forex.Profit

Moved !

2009-09-04T20:44:00.001+03:00

The blog has changed and moved to : http://forextradingforaliving.wordpress.com

18 August

2009-08-18T18:09:00.002+03:00

Bought NZDJPY @ 63.797
Sold EURCAD @ 1.55800

Soon to be updated...

2009-08-14T00:14:00.001+03:00

20 July Trade

2009-07-20T07:55:00.000+03:00

Sold USDCAD @1.10781

15 July

2009-07-15T12:36:00.000+03:00

Sold GBPCHF @ 1.76776
Sold CADCHF @ 0.95339

22 June trades

2009-06-22T13:20:00.001+03:00

Sold GBPUSD at 1.64573

EDIT: still going strong, will pass +100 pips mark

Got a Blackberry !

2009-06-22T06:12:00.000+03:00

Got myself a couple of days ago a new toy, aham, trading companion: a BlackBerry 8310. What can I sauy ? I'm in love with it and completely addicted.

I had a Palm Tungsten E2 which I used as my digital assistant a Samsung mobile phone for my telephone needs, and a sansa sandisk mp3 player for music. Now I have all these gadgets and more in a very stylish and sexy BlackBerry.

It works great, the internet speed is very good and takes mobility to a whole new level. I will also be using the BlackBerry for mobile trading, as Deltastock offers mobile trading. Haven't yet placed or closed a trade on it, but surely in the days to come I will have the opportunity to do it.

I have tested it with the special mobile trading page from Deltastock and it works good so far, will wait and see how the execution will go.

The mobile platform from Deltastock offers charts but not in real time, so I will also be installing GFT's Dealbook to use as my charting software wheb I'm on the go.

What I've been up to

2009-06-22T06:08:00.000+03:00

Studying. For my finals. 13 exams, thousands of pages.

Haven't traded in the last week because I was too busy focusing on my exams. However, I expect this week to be different, so stay tuned and have a great trading week

08 June Trades

2009-06-08T07:11:00.002+03:00

Sold USDJPY @98.39, possible retracement.

EDIT: Bought GBPCAD @ 1.7863

Steve Jobs to return to Apple

2009-06-07T15:12:00.005+03:00

Steve Jobs is said to return to Apple as scheduled, after six months of abscence due to health conditions. It is being speculated that Steve Jobs will make his comeback on Monday, in San Francisco, where Apple will hold its annual Worldwide Developers Conference. It is also being said that Steve Jobs will probably unveil a new version of the Iphone.

Despite the fact that Steve Jobs is the central figure for Apple, his abscence has not worried investors as Apple's stock has risen quite substantially, even with him not at the helm of the company. This has made clear to investors and analysts, that Apple can go on without Steve.

As you can see from the charts, when Steve left Apple on medical leave in January, Apple's stock price was trading at around $80-90, and now it's above $140, a very nice growth in it's price if you ask me.

However, due to psychological reasons, derived from behavioral finance, be sure that if Steve returns on Monday, Apple's stock price will rise.

Twitter

2009-06-06T18:02:00.003+03:00

I've just opened a twitter account for the blog, so be sure to follow it :)

https://twitter.com/TradingFXProfit

05 June EURNZD, EURAUD

2009-06-05T10:33:00.002+03:00

shorted EURNZD as explained here

EDIT:

also, shorted EURAUD

EDIT: Closed both positions yesterday

Wait for it...

2009-06-05T09:21:00.006+03:00

I mentioned earlier in a post, how one of the best ways to trade is what I call the sniper-trading method, when you wait for a setup, sometimes it takes hours, sometimes days, but then when you shoot, you hit your target and you hit it big, by big I mean in pips.

For example, right now I'm waiting for a setup on EURNZD.

As you can see we've had a pretyy cool uptrend on the 4hr chart in the last 2 days. The last 5 candles however have been in a sideways trend, indicating that the market is not yet sure what it will do next, go further or retrace.

From my experience, when there is an uptrend with good momentum(like the one a couple of days ago, followed by a sideways trend, and then followed by red candles - lower lows), a retracement is likely to happen.

As we can see from the chart, we are now at a red candle, with very high probability to go lower. However, the setup is not complete. We must wait for at least another candle that will break this candle's low in order to consider entering. Right now, there are 30 minutes left until candle close, so we'll have to wait and see. Until then, I'll go ahead and study some more for my Prices & Competition exam which I will be taking in a few hours >.<

EDIT: well, a new candle has formed, which has already made a lower low. However, as you can see, the price is near the 2.23 mark, will wait until price goes to 2.2260/50 to consider entering

Revenge Trading

2009-06-02T14:27:00.004+03:00

Revenge trading occurs when after losing a trade, you immediately enter another trade. Most of the time the second trade you enter is not a valid trade, based on your system, but rather, it does not obey some of the rules, and you take that trade on impulse.

Why does this happen ?

This happens largely due to the fact that you have lost money on trade #1, and now are angry at the market for taking your money, and you want it back. You immediately look for another trade, one that obeys some, but most surely not all of your rules and enter it. You want your money back, and you want it as quickly as possible, that's why you e

nter another trade. However, after some time you realise that the trade is not good, and is not acting in your best interest, and you close it for another loss.

What is the solution ?

After a losing trade, or several lost trades in a row, close your trading software and do something else besides trading, that will clear your head. Read something, watch TV, etc, but resist the temptation to trade. Call it a day, i think this would do you and your account better than looking for potential trades. There is always tomorrow.

It takes discipline to win in this forex trading game, without discipline and proper money and risk management you're account will reach margin call in no time.

What happened today was that i lost 3 trades in a row. I obeyed my system, didn't take any loose trades, but it turned out that all 3 trades moved after a while in the opposite direction, as seen here. It happens. You can't win 'em all.

After I closed all of the 3 trades, I looked at the market for another opportunity, and took it, shorting the USDJPY at 95.62.

After a while however, this trade also turned a couple of pips against me, and for fear of not losing again, i closed it rather quickly for a $2 loss.

We are human, and it's normal to have emotions, even when trading. It's important however, to control our emotions and not to impulse-trade.

I'm calling it a day. See you tomorrow :)

What are your experiences of such a behavior.

02 June Trades closed

2009-06-02T14:17:00.004+03:00

well, it happens, all 3 trades turned out to be losers.

exited the long USDCHF because it was not in my best interest to stay any longer, as the currency pair started moving heavily against me.

exited EURUSD because the currency pair started moving heavily against me

exited NZDCHF for the same reason.

It sometimes happen that your system gives you a couple of losing trades in a row. The idea is not to lose faith in the system, stick with it and be disciplined and follow you rules.

Current balance: $760.18

02 June Trades: EURUSD, USDCHF, EURNZD

2009-06-02T10:25:00.004+03:00

Entered long USDCHF at 1.0731: candles making higher highs, Psar below candle:

Shorted the EURUSD at 1.41188: candles making lower lows, Psar above candle:

Entered long EURNZD at 2.19140: candle turned white, Psar below candle

From now on I will be posting trades as I take them in real time

01 June Trades: EURGBP, GBPCHF, GBPAUD

2009-06-01T22:22:00.009+03:00

I saw an opportunity in EURGBP and sold @ 0.8727. Heiken Ashi candle was red, Psar was above candle.

I exited when the candle was close to support and forming a doji, at 0.8627

I made 100 pips on this trade.

Another trade I took was on the GBPCHF. I bought at 1.7285, the candle was white, Psar was below candle:

I exited when candle was close to resistance, at 1.7575.

I made 290 pips on this trade

I also traded the GBPAUD today.

I bought at 2.0346, seeing an opportunity to go long, however after a few hours the price started to retrace heavily, and i closed the trade at 2.0233, thus losing 113 pips.

Total pip count for today: 100+290-113=277 pips

Capital: 798.86

Journey to $1 million dollars

2009-06-01T21:41:00.003+03:00

A while ago, I posted here , that Deltastock was offering 100% bonus on first deposit. So, i decided to open a new account at this broker and bring this account to $ 1 million dollars trading forex.

How much time will it take me ?

I don't know, to be honest. A couple of years.

How do you plan to do this ?

Well, at first i planned to invest $500, so i would have $1000, but i ended up depositing $384, so my account is now $768(because of the 100% bonus).

Of course, I do not plan to turn these $768 in $1 million, I will keep on depositing money on a regular basis, at least in the first year.

My action plan for the first year(June 2009 - July 2010) is as follows:

Month	Capital	Pip Value	Target Profit(capital)	Actual Profit	Additional Capital
June	$768	$0.1	$100(868)		$200
July	$1045	$0.1	$100(1145)		$300
August	$1445	$0.1	$100(1545)		$400
September	$1945	$0.2	$200(2145)		$500
October	$2645	$0.2	$200(2845)		$500
November	$3345	$0.3	$300(3645)		$500
December	$4145	$0.3	$300(4445)		-
January	$4445	$0.3	$300(4745)		$200
February	$4945	$0.5	$500(5445)		$500
March	$5945	$0.5	$500(6445)		$500
April	$6945	$0.6	$600(7545)		$500
May	$8045	$0.7	$700(8745)		$500
June	$9245	$0.8	$800(10045)

Every month, except for December, I will invest additional capital

My target goal is 1000 pips per month

Google present at the Bank of America and Meryll Lynch Technology Conference

2009-05-28T14:41:00.003+03:00

Google will be present for a question and answer session at the Bank of America and Meryll Lynch Technology Conference, which is held in New York.

To access the audio webcast of the session, go to http://investor.google.com/webcast.html

Google is currently trading at $405.45

Oil hits six month high

2009-05-27T16:32:00.003+03:00

Oil hit a high of 63$ a barrel, after Saudi Arabia oil minister said the demand was increasing.

When we think about the fact that just 5 months ago, at the turn of the year, Oil was trading at around $32 a barrel, that's almost a 100% increase in price.

Demand for Oil is picking up, that's a sign of optimism, Ali Naimi said, especially in Asia.

Opec is widely expected to keep the oil cartel's production steady when it meets tomorrow in Vienna. Opec produces 40% of the world's oil

23/30 investors expect gold to rise this week

2009-05-27T07:23:00.005+03:00

A survey conducted by Bloomberg found that 23 out of 30 investors expect the price of Gold to rise this week on the back of the weakness of the dollar and inflation fears.

Gold now is heading towards a crucial resistance level of $967, a break above this level is likely to bring significant up move towards the $1000 area, a failure to break the resistance level is likely to result in sideways trading. Breakout lower of the support at $949, may bring a further down movement to the $935 level

As for me, I'm staying on the sideline to see if Gold breaks support at $949

GBPUSD short

2009-05-26T12:25:00.003+03:00

Also shorted the GBPUSD at 1.5792, as i see a good opportunity for it going down

EURUSD

2009-05-26T11:16:00.002+03:00

Well after everybody speculated what the EURUSD will do on Monday after closing the week above the 1.40 level, everybody was a bit dissapointed yesterday to see no action.

Today however is a different story. We now see the EURUSD trading around 1.39, 100 pips away from where it closed on Friday. A lot of people though that there will be a gap on Monday, that EURUSD will go to 1.41 etc, but that did not happen. Instead, EURUSD is on the verge of a mini-downtrend, given the fact that 1.40 was a tough psychological reistance.

Shorted EURUSD at 1.3907

Calm waters today

2009-05-25T21:30:00.003+03:00

Taking into consideration the fact that the USA is celebrating Memorial Day, the markets have been very calm today, displaying low volatility in the forex market.

USDCHF continues to drop, currently trading at 1.0823

GBPUSD is trading between the 1.5850 - 1.5920 area

EURUSD is surprisingly quiet, hovering barely above the 1.40 mark

USDJPY was one currency which displayed some action brought on by the fact that North Korea tested some nuclear missles today

I have not taken any trades today, because of the low volatility in the market, and because i didn't see any reasonable opportonity to go long or short in any currency pair

Nuclear Test in Korea leads to Yen's fall

2009-05-25T21:20:00.003+03:00

The Yen has been rising recently to the highest level in more than two months against the dollar. However this stopped today, as North Korea conducted its first nuclear test in 3 years and launched three short-ranged missles.

Geoffrey Yu, strategist in London at UBS AG(the world's second largest currency trader), said that the yen underperformed as investors sold the currency as a knee-jerk reaction to North Korea's nuclear test, and that the government has begun to express unease about the yen's strength.

This is a typical example of how not only financial news, but also political news can affect the currency market.

Currently the Yen trades at 94.78

Hungary's Central Bank Key Rate Decision

2009-05-25T16:01:00.002+03:00

The Magyar Nemzeti Bank, which is Hungary's Central Bank held it's base rate at 9.5% in line with economists' expectations. The last time the Bank changed the interested rate was in January lowering it by 50 basis points to 9.5%

Dollar at 2009 low

2009-05-24T11:04:00.002+03:00

On Friday, the dollar reached a new 2009 low, reaching the lowest level against the euro since December, as investors look for alternatives to the US Dollar and on the fear of global economy's prospects.

The Euro rose past the 1.40 mark, reaching a high of 1.4049.

The Dollar Index ( DXY) fell to the lowest level since December, where it traded at 80.045, making the index lose almost 4%(3.6% to be exact), this week. This is the index's worst performance since March.

At the last meeting of Fed Policy makers, released on Wednesday, it was revealed that the Fed was looking at the possibility of buying more Treasury or mortage-related debt. Those kind of programs, which enables low borrowing costs for consumers, companies and home buyers are considered negative for the currency.

We'll have to see on Monday if the Euro continues to rise, passing the first daily resistance at 1.4044

Deltastock offering 100% bonus

2009-05-19T11:58:00.002+03:00

Deltastock is offering 100% bonus deposit(up to 1000 euros) for Romanian traders.

I find this a good idea. Of course, apart from the fact that it is a marketing strategy to attract customers, I applaude this strategy. I think it contributes a bit to the development of a financial culture in Romania, which is unexistent btw.

There will be a lot of people who will take advantage of this offer. I will be one of them. I will open another account and invest $500, that means my account will be worth $1000. That will be the account from where i will post everything, every trade, thought etc, and I will show you that trading the forex market can be profitable. This will begin starting from June. Until then I will be making regular updates on my other account.

Back

2009-05-19T11:57:00.001+03:00

I'm back to posting. So, stay tuned

January Results

2009-02-22T12:05:00.002+02:00

+1924 PIPS. It was a good month

What to expect this weekend

2009-01-30T11:03:00.003+02:00

- system analysis and performance for the month of January

- tools you need to trade my system(mainly knowledge of certain things)

so make sure you subscribe to get the lastest as i post it

AUDUSD, EURCHF, AUDJPY

2009-01-30T09:12:00.003+02:00

AUDUSD short on the 28th at 0.6632, currently + 165 pips

EURCHF short on the 29th at 1.5084, currently +190 pips

AUDJPY short on the 29th at 58.89, currenlty at +102 pips

will be making an analysis of performance for this week and for the whole month of january during this weekend.

GBPUSD, EURUSD

2009-01-28T16:12:00.002+02:00

have 2 orders still open from the 26th .

currently GBPUSD +350 pips

EURUSD +100 pips

Coming soon...

2009-01-27T08:10:00.002+02:00

- forex education

- videos

- podcasts

- my trading system explained

stay tuned...

Thain gives billions in bonuses for Merill Lynch employees

2009-01-27T01:10:00.004+02:00

now this is just unbelievable.

John Thain, Merill Lynch's last chairman and chief executive officer(before Merill's mergeer with Bank of America) plays with money just like that. In a year when Wall Street hits rock bottom, and losses are in the billions, he approved billions of dollars in bonuses for ML employees.

Now, why would a CEO do such a thing ? I mean, sure, you give bonuses to keep your best people, to motivate them, etc, but so much money when the company has done so badly, with losses of billions ?

over a thousand pips

2009-01-26T23:18:00.005+02:00

k, well, long time no post.

had a lot of work to do, but now i'm back. i've been trading all this time though.

so, here's the situation:

Quickpost this image to Myspace, Digg, Facebook, and others!

a total of 1059 pips so far for the month. not bad.

edit: also closed a EURCAD trade which was running, for 242 pips

closed a CADJPY trade which was running, for 65 pips

so, a total of 1366 pips for January so far.

06 January. Still going strong

2009-01-06T11:49:00.006+02:00

Well, after a good night's sleep and a healthy breakfast, the situation is as follows:

EURUSD is continuing its downtrend with no signal that it's going to reverse soon. Holding on to position. Currently: +224 pips . LATER EDIT: closed EURUSD for +244 pips

USDCHF is continuing its uptrend, holding position. Currently: +231 pips

NZDUSD has no steam thus far. I'm going to wait a little more. Currently : -48 pips. LATER EDIT: closed NZDUSD for -101 pips

EURGBP is looking sexy. Continuation of downtrend ahead. Holding position. Currently: +207pips

EURCHF: closed this position for a total of -56 pips

EURCAD: this is the sexiest one. +792 pips and counting. Holding on to position

GBPCHF: Continuation of uptrend is expected. Holding on to position. Currently: +370 pips

Also, closed GBPAUD yesterday for a total of -101 pips.

So far for January:

Floating pips: +1600 pips

Realized pips: -14 pips

05 January. nearly 900 floating pips

2009-01-05T22:35:00.012+02:00

A new trading year has begun. Best wishes to all of you with your trading !

Today for me has been a great day. Why ? Well here's the

reason:

As you can see, i have around 900 floating pips. Now's that's what i call a great amount of sexyness for one day :). of course the orders are still open but i am monitoring them.

Let's move on to taking every trade at a time:

EURUSD

EURUSD's decline from 1.4719 resumed today and is currently at 1.3571. Further decline is expected. Currently +99 pips

USDCHF: currently +84 pips

AUDUSD: currently -81 pips

NZDUSD: currently -70 pips

EURGBP: currently +143 pips

EURCHF: currently +11 pips

EURCAD: currently +485 pips

GBPCHF: currently +253 pips

Calculating Your Balance Sheet

2008-12-26T20:10:00.002+02:00

in the previous post, i stated how important it is to see where you stand from a financial point of view before beginning investing.

Here i hope to bring you an improved version of calculating your balance sheet.

There are 3 steps to creating your balance sheet and thus determening your net worth. These steps are:

1. Gather all your records:List all your assets and their value

- use the internet for research

- be as precise as possible

- use fair-market value for real property (homes, cars, etc)

- do not forget to include any money owed to you by friends, relatives, etc

- for automobile use Nada Guides and ebay as references

- values of antiques can be referenced on ebay

- values of stocks and mutual funds can be tracked down at Yahoo Finance, MSN Money Central to name a few

- values of savings bonds can be tracked at Treasury Direct

- be honest

2. List all your liabilities a.k.a debts and their balances

- this includes past-due or current due bills

- be honest

- list ALL your debts, even money you owe to your friends, relatives, etc

3. Use the excel sheet provided to calculate your net worth.

Again, it is very important to be honest and sincere. Your goal is to find out your true net worth and your current financial situation.

(Note: this is not my spreadsheet. All credit goes to It's Your Money

Download Spreadsheet

Preparing to invest

2008-12-26T18:02:00.004+02:00

Preparing to Invest

So you heard about the stock market and the potential riches it can give you?. Great. Now hold on. Before you go out and open an account with a broker and put your saving or the money you've got and start trading you need to first make an analysis of your financial situation.

This is a crucial step. If your financial situation isn't sound, you have no place in the stock market or in the investing world.

In order to analyze your financial situation, be sure to follow these steps:

1. Establish a starting point

You need to find out how much money you can afford to invest in stocks. The first rule of investing is: Never invest money you cannot afford to lose. That means that if you got $4000 in a bank account, and only have that one bank account and your job, and want to invest that $4000 in the market, forget it.

Now, that you have your starting point – wanting to analyze your financial situation, turn to step 2

2. Prepare a balance sheet

A balance sheet is a list of your assets, your liabilities and what each item is currently worth, so you can arrive at your net worth. Net worth = total assets – total liabilities.

Here is how a balance sheet looks like for a small business:

Don't worry, your balance sheet wont' be that complex (although this one is a fairly short one).

Now let's start in preparing your balance sheet.

Pull out a pen/pencil and paper. (I have included an excel spreadsheet at the end of the post for those of you who love excel).

The second document you should prepare is your income statement. An income statement lists your total income and your total expenses, that way you can see how well you are doing.

If total income > total expenses, great !

If total income <>

Make sure you have an emergency fund !

Your main goal here is to have a reserve fund comprised of 3 to 6 months of your living expenses in cash. Why ? Because you might lose your job, and finding a new job could take anywhere from 3-6 months, and this way you will be safe in case the unfortunate event happens. Too many people don't have an emergency fund, and thus they put themselves at risk.

Be sure that before you think about putting money into the market you have an emergency fund.

Now let's move on

- List your assets in decreasing order of liquidity

Liquidity refers to how quickly you can convert an asset into cash. Listing your assets in order of liquidity on your balance sheet gives you an immediate picture of which assets you can quickly convert to cash and which ones you can't.

Here is an example of a list of assets in order of liquidity. Use it as a guide for making your own asset list

Asset Item	Market Value	Annul Growth Rate%
Cash on hand and in checking	$200	0
Bank savings accounts and certificates of deposit	$1,000	2%
Stocks	$5,000	10%
Mutual Funds	$2,000	9%
Collectibles, art etc	$250
Auto	$5,000	-10%
Residence	$150,0000	5%
Total Assets	$163,450

- List your liabilities

Liabilities are bills that you're obliged to pay. It is important to also keep track of your liabilities, because otherwise you may end up thinking that you have more money than you really do.

Look at the table below as an example and use it as a template for your list

Liabilities	Amount	Paying Rate
Credit Cards	$4,000	15%
Personal loans	$15,000	10%
Mortage	$100,000	8%
Total liabilities	$117,000

- Calculate your net worth

Net worth indicates your total wealth. You can calculate it with this basic equation: total assets – total liabilities = net worth

In our example, our net worth would be: $163,450 – $117,000= $46,450

- Now analyze

You have created your balance sheet. Now analyze it and identify ways in which you can increase your wealth. For example taking the money from the cash account and paying off the debt on the credit card because it charges you a lot of interest, etc

Taking hold of your personal finances is a very important part of your journey to becoming financially independent.

I recommend using Quicken as your tool for personal finance. I use it and am very happy with it.

You know you've been trading too long when...

2008-12-01T10:21:00.003+02:00

this is a list of funny quotes taken from different forex forums regarding the above statement. it is meant to be funny, but in some cases it is so true :))

You know you've been trading too long when...

- Your wife has to wait for a closing bid on other side of 100EMA for you to exit your position

- you would have no idea what day of the week it was if the markets didn't close on the weekend.

- you find weekends tedious and boring, and actually enjoy Mondays because it means the markets are open again

- When your body clock revolves around the market opens

- You used to watch porn, now you just watch charts all day and read forex forums

- When you sit by the water watching the magnificent sunset over the mountains on the island out in the bay, and you think, as you look at the silhouette, "triple divergence"!

- When you see a car numberplate starting GBP, and you think, "Hmm, maybe I'd better check how my cable trade is going

- when u hear the words stop and limit it means something else to you

- when you dream of scalping pips on horseback while wearing war paint

- Your idea of a REALLY exciting Friday night is to sit at home with a glass of wine, and/or bowl of popcorn, to trade the Non Farm Payrolls

- Your biggest turn-on for the week is watching those sexy white candles filling and rising up...

- you've conveniently repositioned your bed / matress so you can see price move during sex

- you no longer accept modern art in any other form than TA charting

- your armchair has a post-it that reads "Pip Commander"

- you can quote at least 8 currently applicable currency pair prices off the top of your head any day of the year

- you can talk longer and more enthusiastically about interest rates than about sex and sports

- When you can't pay your mortgage because good money mangement won't allow you to write a check for more than 2% of your checking account

- When choosing the caliber of restaraunt for a first date you need to seriously consider the risk to reward ratio.

- you finally deem it unwise drop your shorts and expose your hedge at a news event.

- when you try to teach your girlfriend to trade

- when a stop loss becomes your only form of using protection

One of my favorites is

- when you try to teach your girlfriend to trade. A funny conversation came up one day with a friend of mine a while back

Moni: and how are things going with your girlfriend ?

Me: great

Moni: have you taught her forex ?

Me: no

Moni: that means you don't love her yet

=)) :|

30 September 2008

2008-10-01T21:55:00.006+03:00

remember that GBPUSD trade form yesterday ?

Well, it didn't hit my S/L of +100 pips and it continued moving downward, and I eventually closed the trade at 1.7800 giving for a profit of +484 pips.

That concludes the trading for September for a total of +1686 pips

29.09.2008

2008-09-29T10:56:00.004+03:00

right after i woke up today, at 7:00(GMT+2) i saw an opportunity in GBPUSD and shorted it at 1.8284.

currently am over 150 pips in profit.

I will let this trade run a little more. S/L is set at +100 pips, so whatever happens i still have captured +100 pips for today

26 September 2008

2008-09-26T10:13:00.005+03:00

Sold EURJPY at 154.66

edit: closed EURJPY on 29.09 at 154.34 for a profit of 32 pips.

Bought EURAUD at 1.7636

edit: closed EURAUD on 26.09 at 1.7561 for a loss of 75 pips.

Currently this system has produced +1202 pips for September

25 September 2008

2008-09-25T00:25:00.003+03:00

Sold GBPUSD at 1.8465

Edit: closed trade at -114 pips.

currrently +1245 pips for the month

24 September 2008

2008-09-24T09:19:00.005+03:00

closed EURCHF at 1.5923 for a total loss of -17 pips.

currently watching EURCAD and AUDCAD

currently +1359 pips for the month

23 September

2008-09-23T12:26:00.003+03:00

Bought EURCHF 1.5940

23 September 2008

2008-09-23T10:06:00.005+03:00

Today I closed the open trades from 19 September

Closed AUDUSD at 0.8414 +290 pips

Closed EURJPY at 155.73 +408 pips

Closed AUDCAD at 0.8740 +108 pips

Total for 23 September (closed trades from 19 September): +806 pips

Total for September so far: +1376 pips. nice :)

19 September 2008

2008-09-23T10:02:00.004+03:00

Sold USDCHF at 1.1177, closed trade the same day at 1.1066 - 111 pips

Bought AUDUSD at 0.8124, trade open

Bought EURJPY at 151.65, trade open

Bought AUDCAD at 0.8623, trade open

Total for today: -111 pips

Total for September so far: +570 pips

18 September 2008

2008-09-23T09:58:00.010+03:00

Sold USDCAD at 1.0658, closed the trade the same day at 1.0644 +14 pips

Bought GBPJPY at 190.77, closed the same day at 191.29 +52 pips

Bought NZDUSD at 0.6694, closed the same day at 0.6736 +42 pips

Total for today: +108 pips

Total for September so far: + 681 pips

17 September 2008

2008-09-23T09:58:00.009+03:00

No trades today using this method

16 September 2008

2008-09-23T09:53:00.005+03:00

Sold USDCHF at 1.1101, closed the trade the same day at 1.1061 + 40 pips

Sold EURCAD at 1.5159, closed the trade the same day at 1.5128 + 31 pips

Total for today: +71 pips

Total for September so far: 573 pips

09 September 2009

2008-09-13T14:33:00.001+03:00

September 08 High and Low were:

High:195.64

Low:188.47
That means that our entry orders will be:
Buy Stop: 195.87

Stop Loss:194.97

Take Profit:196.77

Sell Stop: 188.24

Stop Loss: 189.14

Take Profit:187.34

Sell order was triggered, but did not have enough steam to reach our take profit, and reached our stop-loss.

So far this strategy has produced:
Trades taken: 5
Wins:2
Loss:3
Pips:-50 pips

10 September

2008-09-10T23:30:00.003+03:00

well today EURGBP and GBPCHF still haven't convinced me, but I made 49 pips today on EURAUD.

toal for this week so far: 502 pips.

again, bear in mind that this may not happen every week.
I will later post an article about how 20-50 pips/day can make you rich. and I will also talk about the pips/day mentality.
Everything I write is about stuff I have learned and which are proven in time.

So stay tuned

09 September

2008-09-09T22:45:00.002+03:00

No trades taken today, however keeping an eye on GBPCHF and EURGBP, potential trades for tomorrow

453 pips for 08 September

2008-09-09T16:17:00.003+03:00

I am currently working on a new system that I will be testing in the weeks to come.
So far, it has generated 453 pips for 08 September.

The orders I set were the following:

GBPJPY sell at 191.54 closed at 189.88 +166 pips
EURCHF sell at 1.6024 closed at 1.5970 +54 pips
GBPUSD sell at 1.7649 closed at 1.7552 +97 pips
CADJPY sell at 101.46 closed at 101.09 +37 pips
EURADU buy at 1.7360 closed at 1.7459 +99 pips

TOTAL PIPS: 453

not bad for one day, not bad at all.
Mind you, this is just one day, a system has to be tested for a long period of time.
And the best way to test a system is to forward test it in real time, and not back-test it.

08 September 2009

2008-09-08T00:23:00.003+03:00

The entry orders for this week are:

Buy stop = 190.34

SL = 187.47
TP = 193.21

Sell stop = 187.47
SL = 190.34
TP = 184.60

But as you can see if you look at your daily chart of GBPJPY, the price opened at a staggering 430 pips difference from frida's close, nowhere near our entry orders and thus making them obsolete.

08 September 2009

2008-09-08T00:16:00.003+03:00

Well, a new trading week has started, and together with it, we received a surprise from GBPJPY as it opened at 193.40.
That's 430 pips between friday's closing price and monday's open. wow.

Anyway, so the trade wasn't triggered today. Oh well, tomorrow is also a day.

So far this strategy has produced:
Trades taken: 4
Wins:2
Loss:2
Pips:0 pips

05 September

2008-09-08T00:10:00.003+03:00

Candle opened at 189.32 and quickly began a strong down move, making our goal of 50 pips easy.

high for today:189.47
low for today:186.15

For the first day of the week starting 08 September the entry orders will be:
Sell Stop:185.92
Buy Stop:189.70

So far this strategy has produced:
Trades taken: 3
Wins:2
Loss:1
Pips:50 pips

GBPJPY Facts

2008-09-04T21:36:00.001+03:00

Interesting facts about GBPJPY

The highest high for GBP/JPY during the last 30 years was 571.98, it was on Feb 80.

The lowest low for GBP/JPY during the last 30 years was 129.32, it was on April 95.

The highest month range during the last 30 years was on Nov 82 (open price was 464.77 and reached a low of 395.66, which is almost 6900 pips in one month.

The biggest drop for GBP/JPY was 44000 pips during the period of Feb 80 and April 95. (15 years)

The biggest climb was 12200 pips during the period of April 95 and July 2007 (12 years)

04 September 2009

2008-09-04T01:46:00.003+03:00

Today GBPJPY continued its downtrend, but not enough to hit our TP. Actually, during the day it tried a bit of a retrace, so that our SL was hit. So, the total for today: -67 pips.

Today's high: 194.06
Today's low: 191.91

That means that our entry orders will be:

Buy stop:194.29
SL: 193.62
TP: 194.96

Sell stop: 191.68
SL: 192.35
TP: 191.01

So far this strategy has produced:
Trades taken: 2
Wins:1
Loss:1
Pips:0 pips

03 September 2009

2008-09-03T09:54:00.005+03:00

This was a great trade. From the beginning of the asian session GBPJPY started declining, and our entry order at 193.90 got hit. Soon afterwards, our TP got hit at 193.23, and thus resulting in 67 pips for today - 8 pips spread = 59 pips.

Now, yestersday's (02 September) numbers are as follows:

High: 194.86
Low: 192.57

That means that the following pending orders need to be placed:

Buy Stop: 195.09
SL: 194.26
TP: 195.99

Sell Stop: 192.34
SL: 193.24
TP: 191.67

So far this strategy has produced:
Trades taken: 1
Wins:1
Loss:0
Pips:59

02 September 2009

2008-09-02T00:06:00.003+03:00

So, yesterday's high was 196.88. That means:that we will set our buy stop at 197.11 (+23 pips from high) and our stop loss at: 195.98. Take profit will be 197.78

Buy: 197.11
SL: 195.98
TP:197.78

Yesterday's low was at: 194.13
Sell:193.90
SL: 195.03
TP: 193.23

01 September 2009

2008-09-01T23:20:00.003+03:00

An interesting thing happened today. Today's candle opened at 196.75 as you can see from the picture above.
The sell-stop was at 197.60, so the trade wasn't triggered.
When you look at it, you would say right now: argh, i have missed a great opportunity. well over 250 pips. 250 is a meaningful pip account so i understand why you would feel this way.
However, don't feel bad. Opportunities will always exist in forex. One of the most important thing to remember is that not being in a trade is better than being in a losing trade.

So, 0 pips for this week based on this strategy

01 September 2009

2008-09-01T06:49:00.005+03:00

As i said in my previous post, the pending orders set on Friday were:

Buy Stop: 200.58
TP: 201.25
SL: 199.91

Sell Stop: 197.37
TP: 196.47
SL: 198.04

Today however, GBPJPY opened at 196.75 and rapidly declined to 195.32. It closed at 198.32 on Friday, so that is a 300 pip move very rapidly.
Unfortunately, my order did not get filled, so 0 pips for today. One might think: I just missed a great opportunity, and be sad, i mean a 300 pip move like that in such a short time... but don't think/feel like that.
There will always be opportunities in forex. And remember,a no-trade is better than a losing trade.

0 pips for today
Total pips beginning September 01: 0

GBPJPY weekly breakout system

2008-08-31T13:25:00.002+03:00

This is a weekly GBPJPY breakout system, which uses the last 2 candle of the 4 hr chart as the breakout boundry.

Will start testing this system beginning from tomorrow, September 1st, and will post results here.

Entries for next week
Buy stop = 199.12
SL = 197.60
TP = 200.64

Sell stop = 197.60
SL = 199.12
TP = 196.08

GBPJPY daily breakout system

2008-08-31T12:55:00.004+03:00

This is a daily breakout system. it is supposed to give you an average of 50 pips daily. ( a note: do not believe in those averages, pip win/loss ratio is much more important than daily pips, because there can be some good days and there can be some bad days).

System Setup:
Currency Traded: GBPJPY
Necessity: High and Low of the previous day
Entry: +/- 23 pips from the High/Low of the previous day
Exit: +/- 90 pips from the High/Low (including entry pips)
Stop Loss: 67 pips
Risk Reward Ratio: 1:1

Time to set trade: at the beginning of the Asian Session: around 12:30 am EST

I recommend using FXDD to try this out, as their candle closes when we enter new entry buy or sell stops.

I will be trading this method and posting results here, beginning from tomorrow, September 1st.

High of Friday, 29 Sept: 200.35
Low of Friday, 29 Sept: 197.60

Buy Stop: 200.58
TP: 201.25
SL: 199.91

Sell Stop: 197.37
TP: 196.47
SL: 198.04

What is forex ?

2008-08-29T23:47:00.002+03:00

You probably all heard of the forex market by now. Forex stands for FOReign EXchange, and is the biggest market in the world, surclassing all other markets in terms of liquidity, volumes etc.
Plain put, imagine forex like a stock market, but instead of trading shares, you trade currency pairs such as EUR/USD for example.

Pertaining to the stock market, you probably have also heared a lot of people who have made a killing in the stock market. Well, considering that forex is xx bigger than the stock market in terms of turnover, volume and liquidity, imagine what you can do in forex.

Forex Trading for Profit

2008-08-29T14:30:00.000+03:00

Welcome to my forex trading blog. Here you will learn about forex trading and tips on how to trade forex successfully for a profit