Currenty up 123 pips on the Usd/Jpy. I took profits along the way at specific targets and still have a portion running.
The week roi is about to cross up, but I am guessing we will have some bear before we see a large bull run up. The ROI on the week tends to take a little time, sometimes a few weeks to really commit to that direction.
New resistance has formed so I am locking in profits.
Friday, July 24, 2009
Exciting week ahead!
I look forward to an exciting week ahead. A number of 'key' pairs will have Day X's and I believe that we will be looking for some quite large runs.
I am watching and waiting on the USD/CAD to hit a key target of 1.0783 and then become a powerful buy. I am seeing that this could easily climb 800 pips in a matter of 10 trading days.
We will also be having a Day X on the Eur/Cad, GbpUsd, EurUsd, and the Kiwi, NzdUsd.
I am watching and waiting on the USD/CAD to hit a key target of 1.0783 and then become a powerful buy. I am seeing that this could easily climb 800 pips in a matter of 10 trading days.
We will also be having a Day X on the Eur/Cad, GbpUsd, EurUsd, and the Kiwi, NzdUsd.
Tuesday, May 26, 2009
Watch for Sells on the Kiwi
Keep an eye on the NzdUsd in the coming weeks. Should be good sell opportunities and we should see some good moves. I will watch and wait this week, but the start of next week, I will be very alert for opportunities in the Sell position.
Thursday, May 21, 2009
Success with the Yen
Well the trade I was looking for happened last night. ( The first of many on the Buy side of the USDJPY)
Entry was at 94.56 and it rose to 95.08, over 50 pips profit. Very nice trade. I am still in it with a smaller position as I took profit off the table and am looking for another entry in the coming hours.
Entry was at 94.56 and it rose to 95.08, over 50 pips profit. Very nice trade. I am still in it with a smaller position as I took profit off the table and am looking for another entry in the coming hours.
Wednesday, May 20, 2009
I've got the Yen's and its not a terrible thing!
Hello readers,
Last week was a great break, I enjoyed this vacation better than most.
Quick post, the Jpy family is going to have a big couple of days. I will be focus almost primarily on the usdjpy and the gbpjpy.
It is a buyers market and the Yens are on sale! Currently the USD/JPY is at a price of 94.47 and the GPBJPY is at 149.28 expect to see a big price difference by the end of next week.
I will look for any viable reason to buy these in the coming days.
Last week was a great break, I enjoyed this vacation better than most.
Quick post, the Jpy family is going to have a big couple of days. I will be focus almost primarily on the usdjpy and the gbpjpy.
It is a buyers market and the Yens are on sale! Currently the USD/JPY is at a price of 94.47 and the GPBJPY is at 149.28 expect to see a big price difference by the end of next week.
I will look for any viable reason to buy these in the coming days.
Thursday, May 7, 2009
AArrrrgh! I've been lax!
Sorry for the delays in posting. Life doesn't slow down for anyone and I in particular have had a crazy couple of weeks.
Just a quick update. The last 2 weeks have gone very well. I track my progress in % and the last 2 have been positive, and on track for my goals.
Last week I was up over 5% for the week, and this week, tho only trading thru Thursday morning I am up 6.5%.
Nice steps toward my goal of becoming a professional trader.
Now the good news! I am going on vacation to Destin Florida and am not sorry.. I will try to post while away. May my readers find the rivers wide and the pips o' plenty.
Just a quick update. The last 2 weeks have gone very well. I track my progress in % and the last 2 have been positive, and on track for my goals.
Last week I was up over 5% for the week, and this week, tho only trading thru Thursday morning I am up 6.5%.
Nice steps toward my goal of becoming a professional trader.
Now the good news! I am going on vacation to Destin Florida and am not sorry.. I will try to post while away. May my readers find the rivers wide and the pips o' plenty.
Monday, April 20, 2009
Rules....Who Needs Rules....
I DO!
Well I entered a wonderful trade, and I exited too soon. I got concerned regarding some of the signals that I used to enter the trade, and chose to exit early.
One of my main rules is that regardless of the outcome, you stay in a trade till it either pays you out or the broker takes you out at your stop. That seems easy enough, however, sometimes emotion gets the better of me.
I am telling you this because I'm not doing it again. I took a loss on the trade to minimize what I thought would be a much larger loss on the UsdJpy. But as you can imagine, the trade never hit my stop, and as a matter of the fact, I would be up roughly 120 pips right now. Oh, and the target keeps getting farther away.
Great lesson: If you can't stand to take a loss at the stop you set up when you entered the trade, you are risking too much on the trade.....
Well I entered a wonderful trade, and I exited too soon. I got concerned regarding some of the signals that I used to enter the trade, and chose to exit early.
One of my main rules is that regardless of the outcome, you stay in a trade till it either pays you out or the broker takes you out at your stop. That seems easy enough, however, sometimes emotion gets the better of me.
I am telling you this because I'm not doing it again. I took a loss on the trade to minimize what I thought would be a much larger loss on the UsdJpy. But as you can imagine, the trade never hit my stop, and as a matter of the fact, I would be up roughly 120 pips right now. Oh, and the target keeps getting farther away.
Great lesson: If you can't stand to take a loss at the stop you set up when you entered the trade, you are risking too much on the trade.....
Friday, April 17, 2009
Next Weeks Opportunities
I will be looking to start of the week:
Selling:
Two of my favorites the EurUsd and the UsdChf are very indecisive right now, will be looking for shorter term positions thruout the week in hopes of a strong trend developing.
Selling:
- GbpJpy Target of 145.61 (This is just under 100 pips from the close on Friday)
- EurJpy Target of 127.86 ( This is around 250 pips from Fridays close)
- GbpChf
- UsdJpy Target of 97.15 (That is a 200 pip drop from the close on Friday)
- GbpUsd
- UsdCad
- EurGbp "**" Strong Buy signals!!! Target of 89.43
Two of my favorites the EurUsd and the UsdChf are very indecisive right now, will be looking for shorter term positions thruout the week in hopes of a strong trend developing.
New Targets and Trade Opportunities
Last weeks trades followed very nicely with the targets that were set.
The UsdChf went down to a target which was over 200 pips away and stuck it in less than 2 days. By Tuesday night it was down 250 pips and started the recovery. Which by the way was in excess of 300 pips. That one trade was in excess of the amount of pips many traders see in a month.
I will be providing this weeks trade opportunities and targets before the market opens Sunday night.
The UsdChf went down to a target which was over 200 pips away and stuck it in less than 2 days. By Tuesday night it was down 250 pips and started the recovery. Which by the way was in excess of 300 pips. That one trade was in excess of the amount of pips many traders see in a month.
I will be providing this weeks trade opportunities and targets before the market opens Sunday night.
Traders Delight
Well the week was very eventful.
Work took me to Chicago and so I was unable to trade Thursday or Friday, however, I still was able to get over 200 pips for the week.
Not a bad week by my standard, but a long way from my goals. I'm going to save them for a while, but before long my numbers will reflect my daily pip total.
My account is still around the $2040 mark and but only because of a couple of mistakes, the 2 mistakes below cost me $70. That may not seem like much but $20 is 1% so that was a 3.5% worth of mistakes, and on an account with $200K that would be equal to a $7000 mistake!!
Work took me to Chicago and so I was unable to trade Thursday or Friday, however, I still was able to get over 200 pips for the week.
Not a bad week by my standard, but a long way from my goals. I'm going to save them for a while, but before long my numbers will reflect my daily pip total.
My account is still around the $2040 mark and but only because of a couple of mistakes, the 2 mistakes below cost me $70. That may not seem like much but $20 is 1% so that was a 3.5% worth of mistakes, and on an account with $200K that would be equal to a $7000 mistake!!
- I accidentally entered the wrong currency pair for a trade. This pair had a very large broker spread of 8 pips and I had to close it for a loss, as I had no reason to be in that trade.
- I had another trade on Monday that I was going to enter for just 50 cents per pip, ( my standard entry right now does not exceed $2, because of proper risk management), however, I fat fingered the entry and entered for $5 per pip. I was down almost 15 pips when I noticed the error. I am proud to say that I closed the trade immediately because that was a risk I was not willing to take. The trade turned around and paid out very well, and I was glad to sit on the sideline and watch it do just that.
Tuesday, April 14, 2009
Lack of Posting
Had a great day today over 100 pips.... I will fill in the blanks soon. Having to travel for work.
Chicago again... tomorrow I will fill in the blanks.
Sorry for the lack of info I will surely let you know what is going on.
Chicago again... tomorrow I will fill in the blanks.
Sorry for the lack of info I will surely let you know what is going on.
Friday, April 10, 2009
Targets for the Future
Using the time away from trading for research.
A couple of targets:
A couple of targets:
- USD/CAD looks like there is a long term target down for the CAD @ 1.1873
- USD/CHF looks like there is a long term target down for the CHF @ 1.0736
Holiday Friday
Just to say "Enjoy your holiday break, I hope you are getting the extra day off."
I am not trading today. The vol. is too light the market will not always act correctly on light trading days.
Here is a truth to remember: Some of the highest paid people in the world are traders, and they can take a day off whenever they choose. Why would the ones with the real clams in the market work on a day when other big traders are taking the day off? So the spiral expands and fewer trade and the market sets still.
I am not trading today. The vol. is too light the market will not always act correctly on light trading days.
Here is a truth to remember: Some of the highest paid people in the world are traders, and they can take a day off whenever they choose. Why would the ones with the real clams in the market work on a day when other big traders are taking the day off? So the spiral expands and fewer trade and the market sets still.
A good Trading Day.
Everyday I'm getting a better grasp of what it takes to be successful in trading. Expansion not contraction of your sight and mind. This is what allows you to see how to find solutions to what makes your trading difficult.
Am I willing to learn something new? or am I too narrow in my own focus to appreciate how someone else can help you expand? When a master traders gives you some advice do you:
Wanna guess what I was doing? Ha! I was profitable yesterday in spite of myself.
2 Things today:
1. My trading account is now $2025 so I am heading in the right direction.
2. Start really looking at the long term compressions for details into which direction that you trade. You should drill down to the small charts ( 30, 10 or 5 min.) only to find the best entry to follow the longer term trends ( 4hr, Day or Week)
Am I willing to learn something new? or am I too narrow in my own focus to appreciate how someone else can help you expand? When a master traders gives you some advice do you:
- Ignore it... I know better.
- Apply it instantly.
- Ignore it til your method stops working and you realize you are an idiot for not listening....
Wanna guess what I was doing? Ha! I was profitable yesterday in spite of myself.
2 Things today:
1. My trading account is now $2025 so I am heading in the right direction.
2. Start really looking at the long term compressions for details into which direction that you trade. You should drill down to the small charts ( 30, 10 or 5 min.) only to find the best entry to follow the longer term trends ( 4hr, Day or Week)
Wednesday, April 8, 2009
It was a beautiful trading day!
Had a great day trading! Multiple trades that succeeded over 100 pips today. The more important thing is that I made almost 5% on my account.
And did it with good risk management. Many trades were under 3% risk. Outstanding day.
Better details later.
And did it with good risk management. Many trades were under 3% risk. Outstanding day.
Better details later.
Tuesday, April 7, 2009
Traders Distraction
http://farm4.static.flickr.com/3159/2807838577_83cbed0126_o.jpg?t=1053139
Here is a small distraction for you. This will take your mind off a loss.
Here is a small distraction for you. This will take your mind off a loss.
Monday, April 6, 2009
Back to a Normal Week
Today has been good, 2 good trades and more than I want to count that I missed. My account is moving back in the right direction. I am now at $2050+ and hope to be above $2100 by the end of the day.
I hit a trade on the Aud/Usd and another on the Usd/Chf. I am watching for another trade to develop on both the UsdChf and the EurChf.
I hit a trade on the Aud/Usd and another on the Usd/Chf. I am watching for another trade to develop on both the UsdChf and the EurChf.
Friday, April 3, 2009
My Challenge to YOU!
Ok, many of us have been trading for a while. So my question is this.
Are you starting to get comfy, are you starting to slow down in your learning?
Hope not, because we are just scratching the surface. My challenge is to look for more of the 100 confirmations. Figure out how to make your trades safer.
Learn to Drill Down, is it possible to get a better entry on that trade?
Great Non Farm Friday to you. I am back at it strong 12 Midnight Monday morning.
Are you starting to get comfy, are you starting to slow down in your learning?
Hope not, because we are just scratching the surface. My challenge is to look for more of the 100 confirmations. Figure out how to make your trades safer.
Learn to Drill Down, is it possible to get a better entry on that trade?
Great Non Farm Friday to you. I am back at it strong 12 Midnight Monday morning.
Thursday, April 2, 2009
Study of the S90's
As I stated I am taking the week off from any live trading. Today I am taking the opportunity to do better research into S90's.
These are a specific methodology of one of my instructors and they are very powerful. I will use these point of support and resistance to get a better feel of whether I should go for more or less pips. And whether, if one is behind me, if I can limit the size of my stop/loss.
These are a specific methodology of one of my instructors and they are very powerful. I will use these point of support and resistance to get a better feel of whether I should go for more or less pips. And whether, if one is behind me, if I can limit the size of my stop/loss.
Wednesday, April 1, 2009
Tuesday, March 31, 2009
Crazy Week that is ending very early.
Well the week that is has been crazy at best. I only traded one trade today and it was a small loss. There are a few factors this week that are keeping me from good effective trading.
1) The G20 is meeting in England. This the meeting to figure out on a world scale how to avoid a global depression. This is having a big affect on the movement of the forex market. A lot of indecision.
2) Friday is "Non-Farm" Friday which is the biggest announcement that affects the market. This is the unemployment numbers for the U.S. as you can imagine this causes a lot of axious traders even early in the week.
So..... no trading till Monday, except for demo. Watching and waiting is better than trying to determine market movement within a volatile week.
1) The G20 is meeting in England. This the meeting to figure out on a world scale how to avoid a global depression. This is having a big affect on the movement of the forex market. A lot of indecision.
2) Friday is "Non-Farm" Friday which is the biggest announcement that affects the market. This is the unemployment numbers for the U.S. as you can imagine this causes a lot of axious traders even early in the week.
So..... no trading till Monday, except for demo. Watching and waiting is better than trying to determine market movement within a volatile week.
Monday Bloody Monday
Well Monday I'm off and running in the opposite direction. Took 2 losses today, hard to take. But I am very conscience of risk management and didn't allow myself to loose more than what I can emotionally and financially handle.
I won't risk over 5% on any trade, most of the time it is around 3%. Those are losses you can survive. Some trades will increase your account as much as 20% so if I keep the losses down, then the wins will take care of themselves.
On the bright side, I am testing a new trade, and it is going well. On my demo account I traded it 4 times Monday and it paid out every time. Keep in mind, I trade from 2 am to about 7am each day, I still have a job that I really enjoy. I am able to set alarms that tell me when a trade is about to happen so I can still get my sleep. These trades paid a total of 112 pips. Remember my goal is only 50 pips a day. So I am on the right track. ( I know I should have traded these live and traded the losers on the demo..... Oh well.
I won't risk over 5% on any trade, most of the time it is around 3%. Those are losses you can survive. Some trades will increase your account as much as 20% so if I keep the losses down, then the wins will take care of themselves.
On the bright side, I am testing a new trade, and it is going well. On my demo account I traded it 4 times Monday and it paid out every time. Keep in mind, I trade from 2 am to about 7am each day, I still have a job that I really enjoy. I am able to set alarms that tell me when a trade is about to happen so I can still get my sleep. These trades paid a total of 112 pips. Remember my goal is only 50 pips a day. So I am on the right track. ( I know I should have traded these live and traded the losers on the demo..... Oh well.
Sunday, March 29, 2009
Beginning my Journey
Hello readers!
Thanks for helping me keep after my challenge! I am working to start a true challenge that will push me and my limits of what I think is possible. I have been trading the forex, which is the Foreign Currency Exchange in the early morning hours for 6 months now.
I am ready to start trading live, meaning with real $$, and this is the way for me to keep accountable. Nothing like putting it in print!
I will keep a daily record of my activity. My account currently has $2200. I am working this up to $5000 where I will then take the Challenge of turning $5000 into $95,000...... in 90 days.
Yes I think it is possible, and yes I think I can do it. So please follow along, and root me on!
Thanks for helping me keep after my challenge! I am working to start a true challenge that will push me and my limits of what I think is possible. I have been trading the forex, which is the Foreign Currency Exchange in the early morning hours for 6 months now.
I am ready to start trading live, meaning with real $$, and this is the way for me to keep accountable. Nothing like putting it in print!
I will keep a daily record of my activity. My account currently has $2200. I am working this up to $5000 where I will then take the Challenge of turning $5000 into $95,000...... in 90 days.
Yes I think it is possible, and yes I think I can do it. So please follow along, and root me on!
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