Trading.Forex.Profit

Moved !

noreply@blogger.com (TradingForexProfit) — Fri, 04 Sep 2009 17:44:00 +0000

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

18 August

noreply@blogger.com (TradingForexProfit) — Tue, 18 Aug 2009 15:09:00 +0000

Bought NZDJPY @ 63.797
Sold EURCAD @ 1.55800

Soon to be updated...

noreply@blogger.com (TradingForexProfit) — Thu, 13 Aug 2009 21:14:00 +0000

20 July Trade

noreply@blogger.com (TradingForexProfit) — Mon, 20 Jul 2009 04:55:00 +0000

Sold USDCAD @1.10781

15 July

noreply@blogger.com (TradingForexProfit) — Wed, 15 Jul 2009 09:36:00 +0000

Sold GBPCHF @ 1.76776
Sold CADCHF @ 0.95339

22 June trades

noreply@blogger.com (TradingForexProfit) — Mon, 22 Jun 2009 10:20:00 +0000

Sold GBPUSD at 1.64573

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

Got a Blackberry !

noreply@blogger.com (TradingForexProfit) — Mon, 22 Jun 2009 03:12:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 22 Jun 2009 03:08:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 08 Jun 2009 04:11:00 +0000

Sold USDJPY @98.39, possible retracement.

EDIT: Bought GBPCAD @ 1.7863

Steve Jobs to return to Apple

noreply@blogger.com (TradingForexProfit) — Sun, 07 Jun 2009 12:12:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Sat, 06 Jun 2009 15:02:00 +0000

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

https://twitter.com/TradingFXProfit

05 June EURNZD, EURAUD

noreply@blogger.com (TradingForexProfit) — Fri, 05 Jun 2009 07:33:00 +0000

shorted EURNZD as explained here

EDIT:

also, shorted EURAUD

EDIT: Closed both positions yesterday

Wait for it...

noreply@blogger.com (TradingForexProfit) — Fri, 05 Jun 2009 06:21:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Tue, 02 Jun 2009 11:27:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Tue, 02 Jun 2009 11:17:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Tue, 02 Jun 2009 07:25:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 01 Jun 2009 19:22:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 01 Jun 2009 18:41:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Thu, 28 May 2009 11:41:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Wed, 27 May 2009 13:32:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Wed, 27 May 2009 04:23:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Tue, 26 May 2009 09:25:00 +0000

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

EURUSD

noreply@blogger.com (TradingForexProfit) — Tue, 26 May 2009 08:16:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 25 May 2009 18:30:00 +0000

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

noreply@blogger.com (TradingForexProfit) — Mon, 25 May 2009 18:20:00 +0000

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