Sell EUR/USD 1.4594 SL 1.4608 TP 1.4574
Current Balance: $276.87
Have prepared myself according to self-mental training at http://forexhypnotize.googlepages.com
Edit:
-29 pips
$247.87
Thursday, February 7, 2008
Wednesday, February 6, 2008
Forex Hypnotize
This is very helpful to keep myself in check when I'm a trading. If I'm about to do something stupid or rash while I'm trading, I make sure I watch this clip, then my mind is clear again.
Forex Hypnotize
Forex Hypnotize
Tuesday, February 5, 2008
EUR/USD 6 Feb 2008
Sell EUR/USD 1.4631 SL 1.4583 TP Not determined yet, will breakeven after 20 pips.
Balance $290.87
Edit:
-14 pips
New Balance $276.87
Lesson to learn. Would have taken profit if I set TP at 20 pips. Was greedy.
Balance $290.87
Edit:
-14 pips
New Balance $276.87
Lesson to learn. Would have taken profit if I set TP at 20 pips. Was greedy.
Why Do You Want to Trade Forex?
Why do you want to trade forex? It's a mean beast of a market, that can kill you with one swipe of its giant paws. What makes you want to suffer sleepless nights just to come out the other side as a successful trader? I'll tell you my reason. You can add to the list by leaving a comment, I'll then include it in the post.
1. I want to have financial freedom while I'm still young. There are so much more things I can do if I'm rich and 30, compared to if I'm rich and 65.
2. I want to give my parents a good life at their old ages. Bring them places they've never been able to go, give them things they've never been able to buy.
3. If I'm not financially free, I doubt I'll have kids. I see tonnes of people who are miserably burdened by having to pay so much for their kids, but they are stuck in a 9-5 job with no way out. I want to be able to provide for them, happily.
What's your reason?
1. I want to have financial freedom while I'm still young. There are so much more things I can do if I'm rich and 30, compared to if I'm rich and 65.
2. I want to give my parents a good life at their old ages. Bring them places they've never been able to go, give them things they've never been able to buy.
3. If I'm not financially free, I doubt I'll have kids. I see tonnes of people who are miserably burdened by having to pay so much for their kids, but they are stuck in a 9-5 job with no way out. I want to be able to provide for them, happily.
What's your reason?
Monday, February 4, 2008
EUR/USD Trade
05 Feb 2008
EUR/USD Sell 1.4804 SL 1.4816 TP 1.4782
Starting Balance: $229.87
Edit:
Caught the trade, removed TP at 1.4782, trailing it by 15 pips now.
Edit:
+79 pips
Starting balance $229.87
Current balance $307.87
EUR/USD Sell 1.4804 SL 1.4816 TP 1.4782
Starting Balance: $229.87
Edit:
Caught the trade, removed TP at 1.4782, trailing it by 15 pips now.
Edit:
+79 pips
Starting balance $229.87
Current balance $307.87
How to tell if your broker hunts stops
Here's an email I received from a signal provider.
Open a real or demo account at Dukascopy http://www.dukascopy.com/
and watch their price feed at the same time you watch the price
feed at your broker, or multiple brokers. At one point I used
to watch 6-7 different price feeds at one time but now only 2-3.
At news time you will see the manipulation the most. The other
brokers will widen spreads, even brokers like FXCM who say they
are now a pass through broker but is not. Unlike a true pass
through broker like Dukascopy won't have their spreads get wide
at news time, it will just be fill or
kill with your order if you try to spike news trade.
WARNING: Most brokers do not hunt stops on demo accounts, so you
must keep watching your live account, but you can compare it
to Dukascopy's demo account becuase they have never hunted my stop.
And no I am not an IB for Dukascopy.
Now here is the interesting point, watch price on all the brokers
as it hits major support and resistance levels and a very
high percentage of time you will see "price" spike on the bad
brokers. That means they are hunting your stops. You will be
shocked how often you will see it, even 5 pips off to me is
not excusable and it should not be to you also. They do
this because they are trading against you and make money every
time you lose. Please don't email me a lot of questions because
I really don't have time to explain it more, just watch lots of
broker's price feeds and you will learn. I already have heat
from many brokers on my bad list and telling the truth now will make
it worse but I am not afraid. I really want to help all you new
traders that did not know what I just explained.
Thanks,
Cindy
http://www.topforexreview.com
Open a real or demo account at Dukascopy http://www.dukascopy.com/
and watch their price feed at the same time you watch the price
feed at your broker, or multiple brokers. At one point I used
to watch 6-7 different price feeds at one time but now only 2-3.
At news time you will see the manipulation the most. The other
brokers will widen spreads, even brokers like FXCM who say they
are now a pass through broker but is not. Unlike a true pass
through broker like Dukascopy won't have their spreads get wide
at news time, it will just be fill or
kill with your order if you try to spike news trade.
WARNING: Most brokers do not hunt stops on demo accounts, so you
must keep watching your live account, but you can compare it
to Dukascopy's demo account becuase they have never hunted my stop.
And no I am not an IB for Dukascopy.
Now here is the interesting point, watch price on all the brokers
as it hits major support and resistance levels and a very
high percentage of time you will see "price" spike on the bad
brokers. That means they are hunting your stops. You will be
shocked how often you will see it, even 5 pips off to me is
not excusable and it should not be to you also. They do
this because they are trading against you and make money every
time you lose. Please don't email me a lot of questions because
I really don't have time to explain it more, just watch lots of
broker's price feeds and you will learn. I already have heat
from many brokers on my bad list and telling the truth now will make
it worse but I am not afraid. I really want to help all you new
traders that did not know what I just explained.
Thanks,
Cindy
http://www.topforexreview.com
Things to know about forex
A Guide to Forex Trading & Investing
Market knowledge and ability to understand analysis will only get you so far in Forex trading, but without the nerve to actively compete risking your own money in the process you can never become a successful trader.
Wagering huge volumes of money in a market as susceptible to change is liable to cause a whole range of opposing emotions; fear, excitement and anxiety just to name a few. Battling against your emotions in order to complete a successful deal is one of the major hurdles, which must be overcome if you are to become a trader able to close huge deals and earn vast sums of money. If you can overcome or even use these emotions to make trades on the Forex then a successful career may be beckoning, but failure to do so will almost certainly cost you a substantial amount of money and end any lingering desires to progress in the busy world of exchange rate trading.
Initiating and closing a trade at the right times are the backbone of becoming a successful Forex trader. If a person cannot execute these deals at the right times, the psychological and financial damage can be crippling. Missing a huge trend or sitting too long on a good price, can be a demoralising experience, but one that many will encounter during a career in Forex trading.
Entering at the right time is just one thing that must be done correctly, but if you are unable to leave at the right time or hold your nerve during the course of the trade, the implications are potentially severe. For example accepting a small loss just before the market rises can lead to a horrendous huge profit/loss ratio margin. Similarly sitting on a currency price that is plummeting for too long could be financially crippling. Understanding the Forex market and having faith in your ability to judge a trend will pay dividends if you hold your nerve, backing out at the wrong time can prove to be a catastrophic misnomer.
The fear generated by investing your own personal money is the main thing that must be overcome. It is the culprit in so many failure stories, people who just couldn't overcome their anxiety investing unwisely, pulling out at the wrong time, missing a rise completely, all result in failure and are caused by fear. Accepting this fear, and using it to your potential will make you a stronger trader, able to trade freely and enjoy the thrill of the exchange. Fighting it will get you nowhere, understanding and overcoming it are the best remedies to this baseless emotion.
Trading strategies will help you ride out the rough times and capitalize on the good ones. Sometimes just taking a step back and accepting a few losses will give you the energy and the knowledge to attack the Forex with renewed vigour, and make some serious profits. Accepting that sometimes you will lose out, you need to be able to take the hits and roll with a punch, there are no guarantees in the trading market, so being able to move on and start again is a skill that is paramount to generating success.
Analysis and charts can only get you so far. You must first master these things, and be able to correctly interpret the figures that are represented in order to spot the trends and make your move. But this all means nothing if you don't have the courage of your convictions. If you are too afraid to buy and not sure when to sell then a glittering career in market trading is likely to elude you. 'The trend is your friend' but it means nothing if you firstly can't spot it and secondly don't have the courage to back it. Knowledge, strategies and overcoming fear may well be the 3 best ways to become to unlock the door to becoming a successful trader. Without all 3 you will more often than not become unstuck, so prepare, practice and evaluate everything before taking the plunge in the complicated world of Forex trading.
Author Info
Michael J Campbell is the Webmaster for Forex Fusion, a Free Online Forex Trading Information & Resource website. Forex Fusion also features a great article on Forex Trading Systems
Article Source: Article Hub.net
Are you the only one losing in Forex?
Have you ever felt like you are the only one losing in the forex market? Everywhere I see, people giving out free forex signals, free forex strategies, and people replying how incredible the strategy/signal was and how many pips it made them. But when I start following the strategy/signal, it goes on a losing streak. Simply frustrating!
For a long while I thought there must be someone up the forex hierarchy watching my trading moves and making sure I lose my trades. Nothing seems to be going my way. Even when do I make a win, I'll be thrilled for about half a day, and then I have to lose it right back, and more.
Was the whole world conspiring against me? Why can't I be one of those that get to thank someone online for that wonderful strategy that has been constantly giving my pips day in and day out? Was there some kind of secret society I wasn't a part of?
It was affecting my self esteem. It felt like a personal attack, a personal failure. I know the expert advise is to not let your trades affect you emotionally, but it's hard to do so when you feel you're ALWAYS getting on the wrong side of the trade.
That was a rough patch I had to go through. I'd like to think I've survived it now. I've managed to keep my account afloat after 6 months of live trading, after coming very, very close to the bottom of my account.
When your mind starts being positive, positive things start happening. That's why I believe new traders should have small achievable targets. When you have many small wins and some small losses, rather than some big wins and many large losses, you tend to be more confident with yourself, and your trading. That realization alone, is the biggest factor, for how I've rescued my account from margin-call, from just a few dollars left.
For a long while I thought there must be someone up the forex hierarchy watching my trading moves and making sure I lose my trades. Nothing seems to be going my way. Even when do I make a win, I'll be thrilled for about half a day, and then I have to lose it right back, and more.
Was the whole world conspiring against me? Why can't I be one of those that get to thank someone online for that wonderful strategy that has been constantly giving my pips day in and day out? Was there some kind of secret society I wasn't a part of?
It was affecting my self esteem. It felt like a personal attack, a personal failure. I know the expert advise is to not let your trades affect you emotionally, but it's hard to do so when you feel you're ALWAYS getting on the wrong side of the trade.
That was a rough patch I had to go through. I'd like to think I've survived it now. I've managed to keep my account afloat after 6 months of live trading, after coming very, very close to the bottom of my account.
When your mind starts being positive, positive things start happening. That's why I believe new traders should have small achievable targets. When you have many small wins and some small losses, rather than some big wins and many large losses, you tend to be more confident with yourself, and your trading. That realization alone, is the biggest factor, for how I've rescued my account from margin-call, from just a few dollars left.
My mistakes in Forex
They say a wise man learns from his mistakes. A wiser man learns from other people's mistakes. So what have I learnt in these few months of trading? I've learnt a few golden rules.
1. Patience. After losses after losses, you get patience pounded and drilled into your head. Until one day, you no longer feel that you've lost out if you didn't catch that big move.
2. Don't be greedy. It's so much easier trying to achieve a small target than a large one, e.g. taking profit at 20 pips rather than 150 pips. It is doable of course, to achieve large targets, different strategies call for different take profit points. But as a beginner, I feel it's much better to try to catch a small chunk each time. Firstly, even if it's a small chunk out of a big move, it's fine. Some people might have even lost on that same move by being rash. Secondly, if it was a reversal, you've already took profit. You've won while others lost. Thirdly, even when you do lose, it was a small stop-loss.
If you've seen 'The Secret', you would understand the Law of Attraction. They say good thoughts attracts good things, negative thoughts attract negative things. Even if you are constantly thinking about not letting something negative happen, that's exactly what will happen! Because you are thinking about it, you are therefore attracting it. It doesn't matter if you're thinking about something you want or do not want.
So with small targets to achieve, the win-loss ratio will definitely be better than when you try to achieve big targets. You feel good about yourself having so many wins and little small losses. You feel confident when you are trading, and are no longer concerned when a loss happens. You don't think about the losses, you are happy and thankful for the wins. Guess what, that's what you attract. Wins!
1. Patience. After losses after losses, you get patience pounded and drilled into your head. Until one day, you no longer feel that you've lost out if you didn't catch that big move.
2. Don't be greedy. It's so much easier trying to achieve a small target than a large one, e.g. taking profit at 20 pips rather than 150 pips. It is doable of course, to achieve large targets, different strategies call for different take profit points. But as a beginner, I feel it's much better to try to catch a small chunk each time. Firstly, even if it's a small chunk out of a big move, it's fine. Some people might have even lost on that same move by being rash. Secondly, if it was a reversal, you've already took profit. You've won while others lost. Thirdly, even when you do lose, it was a small stop-loss.
If you've seen 'The Secret', you would understand the Law of Attraction. They say good thoughts attracts good things, negative thoughts attract negative things. Even if you are constantly thinking about not letting something negative happen, that's exactly what will happen! Because you are thinking about it, you are therefore attracting it. It doesn't matter if you're thinking about something you want or do not want.
So with small targets to achieve, the win-loss ratio will definitely be better than when you try to achieve big targets. You feel good about yourself having so many wins and little small losses. You feel confident when you are trading, and are no longer concerned when a loss happens. You don't think about the losses, you are happy and thankful for the wins. Guess what, that's what you attract. Wins!
Sunday, February 3, 2008
Rocky Trading Experience
It's been a tough few months. When I first started trading live, the most unfortunate thing happened. I made a big win. Why is that a bad thing? Because I spent the next few months trying to get the same kind of success on the first day, and my judgement was clouded. I just kept losing.
From then on, it went downhill. People say demo is nothing like trading live. It is terribly true. No matter how strong and disciplined you think you are, there will be times you will fall into a newbie trader trap. I've learnt the forex market is fierce and unrelentful. It is out to weed out the weaklings, it is an arena where only the strongest survive
I've gone from trading GBP/USD, to GBP/JPY, back to GBP/USD, now to EUR/USD and tried numerous forex strategies and forex signals.
I've been way, way to close to blowing my account. I'm talking a few dollars away. But Someone was watching over me I suppose, the trade then went my way.
It's been 6 months now. My account is still alive. And I've finally found my footing. No more slipping down uncontrollably.
As a way to control and monitor my trading, I'm creating this trading journal and will post my trades here. This is to maintain my trading discipline.
Happy trading! If you are new too, I hope you find your way soon.
From then on, it went downhill. People say demo is nothing like trading live. It is terribly true. No matter how strong and disciplined you think you are, there will be times you will fall into a newbie trader trap. I've learnt the forex market is fierce and unrelentful. It is out to weed out the weaklings, it is an arena where only the strongest survive
I've gone from trading GBP/USD, to GBP/JPY, back to GBP/USD, now to EUR/USD and tried numerous forex strategies and forex signals.
I've been way, way to close to blowing my account. I'm talking a few dollars away. But Someone was watching over me I suppose, the trade then went my way.
It's been 6 months now. My account is still alive. And I've finally found my footing. No more slipping down uncontrollably.
As a way to control and monitor my trading, I'm creating this trading journal and will post my trades here. This is to maintain my trading discipline.
Happy trading! If you are new too, I hope you find your way soon.
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