Forex Philippines

Ahhh… After playing with different timeframes. I pretty much got the idea at what timeframe I’m comfortable with. The idea is this, it should match your personality. If you’re a full time forex trader who don’t want to miss every good trade that may come by, be a day trader that trades smaller timeframes (5 minute charts to 1 hr ). If you’re a more long term and just wants to take a time off after placing a trade consider becoming a swing trader (days to weeks).

I say this because I kinda mess up the timing of entry and exit. I hold positions longer even though im in the 5 minute chart, resulting in losses. I tend to close position on a winning trade too early on a longer chart (days) and the result, I don’t earn much money as I have to.

So knowing the right mix would give you the idea how long should you hold trades.

I already have a trading goal. But just to make it official, I’ll write it on this journal so I can comeback later and see my progress. This year 2010, my goal is to reach $5000 per month in profits in forex trading.

Main Goal for 2010
$5,000 profit per month in forex trading.

By the end of 2010 I should be earning at least $5,000 per month. Breaking it down to days $5,000 / 20 = $250. That is $250 per day.

How To Reach Goal

• I’ll be patient.
• Trade only on longer charts. Daily / Weekly. I’ve had very bad experience with day trading but have great success with daily and weekly, so I’ll stick with daily and weekly for now until I’m familiar with day trading on demo account.
• Follow the trend.
• Follow my system.
• Remind myself to refrain from overtrading.

My ultimate goal is to earn my first million dollar with forex. But it will take a while I know. Just keeping a more reachable goal for now based on my experience.

I’ve been reading some beginner stuff about forex trading and one thing that caught my attention is that many experienced trader always advice not to trade on mondays. The reason behind this is because you want to know what will be the starting setup for the coming week so letting the first days alone is crucial. It also has the less volatility when it comes to pip movement.

I don’t know… Since I started trading, I’m never been more excited about mondays. When I was still in a full time job, I despise mondays! But now, I’m excited and I can’t even sleep sometimes.

What do you think? Do you trade mondays?

This is done in the daily charts. I saw bar A which is a nice inside bar. But the bars next to to Bar A is a trading range. So I wait for a bullish bar to enter.

Bar B is a doji which means bears and bulls are almost equal. But have a potential as a signal to indicate a bullish trend. So I try and wait if the next bar is bull to enter the trade. It proved to be a bull and closed just above the inside bar’s range. So I entered long depicted in the arrow.

As of now, its +63 pips.