I finally got it right. Waiting for the right set up… Then letting the profits run… Not getting too excited and exiting early. Its the first time I did a perfect trade in which I followed my own trading plan. And its a good feeling knowing that I followed and stuck to it. (Could you believe this is the first time I actually followed my plan?)
Its because I always end up entering too early or too late. Or exiting too early or too late. I get to profit up to this point. But this is the time that I actually felt good about the trade. Wow.
Also, I’m a little sad for the passing of Steve Jobs. He was my idol and a guy that I have been looking up to. Since the first time I saw his Standford’s University speech 5 years ago, I have always been following what he said. To do things I love and nothing else.
I am not sold in the idea of forex seminars that are being offered here in the Philippines. I am sure a lot of people would want to trade and learn forex but the majority of seminars here are not that “cost effective” with the kind of seminar that you will be attending.
I have not attended any forex seminars. Nor would want to attend one. Not unless seminars are conducted by market wizards. But thats unlikely to happen. I believe that learning trading your own way and research on books is still the best way to learn. No one to take your hand and tell you to buy or sell. Trading for me is a lone wolf’s business. A business where people who think differently against the crowd are rewarded with fortune. What good does it make if people conducting the seminars will tell you how to copy his trades.
I’m creating a community for traders and investors. A community where all the members share ideas and experience about trading and investing. A community where we guide each other and help each other to succeed.
As of this moment, it is for invites only. And we need people who are passionate about trading and willing to share their knowledge. We need people who will create educational materials and guide other newbies in the business. Because we make money on trading… not on seminars and we don’t need to take more money from newbies. We help them fish in the market instead of just giving them fish. If you think you are up for the job, just leave your comments below.
Disclaimer: We don’t pay you to become a member. But you can be a part of something great.
Hello there blog readers. Hello there forex trading colleagues. We have a flash news. There’s a forex break out on EURGBP going to the downside. This could be a long term trend after waiting a few months for the currency pair to finish its corrective waves (consolidation). Keep your stops in check. This could be a big winner and a trend up to next year.
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.
Forex backtesting is the process of going through charts from previous years, weeks or days to confirm the effectivity of a system. Simply put, you look at past charts to know if your system worked well as you predicted or failed. Every new and experienced forex trader do backtesting because it allows the trader to gain knowledge and confidence on his system and make necessary tweaks and rule to find the system that works for them.
Forex Backtesting Software
Most forex companies will let you view at past charts or even download them, where you can mark (using pencil and paper) and trade by looking at one bar at a time (simulating a real trade session).
There are some software that will do this for you. One is forex tester. Well, I think, its the only back testing software out there. Either the forex brokerage company has a feature or not, you can either trade manually or demo trading. Demo trading can be long and tiresome. Using a back testing software, you can instantly test your strategy because you can control the time when each bar will appear.
Conclusion: Whatever method you take, always remember to test your strategy before trading live. Either by backtesting, paper trading or demo trading. You must gain full confidence on your trading system.
The main highlight of last week is the trade for EURUSD and capital is now up 20%. Looking at the charts, I think there is something cooking for EUR/CHF.
Remember our analysis on the EUR/CHF that its cooking to go up? Well, it did went up but it seems that many are still shorting the pair. The interesting thing here is that the Swiss government expressed their willingness to intervene should the pair reach around 1.2000. This is last year’s tipping point where exporters are expressing their grief for high exchange rates and businesses are being affected.
Now that the pair is hovering at this level ~1.2000. It might be a great idea to go long and build up the position as you go.
The price action tells the same story, “I want to go up!”.
Keep in mind that before a trend reverses, there might be a consolidation… This move up that we are anticipating, may be preceded by consolidation first before it moves up, or it might continue to go down some more before it moves up. Keep your stop losses tight and be flexible enough to know if you are wrong. I have been wrong a couple of times, so same thing goes here… Trade at your own risk. 🙂
This is was my last trade on USDJPY. I managed to close the trade with 68% profit before the sudden reversal a few hours before the close.
I think that this following week, we’ll see a retrace on the pair. If it doesn’t make a new high then the trend will continue to go bearish. If it does make and close into a new high. I’ll change my view on the pair as bullish.
Forex Backtesting lesson is now out on our forex trading course. Check it out!
Happy weekend you guys.
I just realized that I really suck at writing. It is hard work for me to write the forex trading courses. I wish I could have made it more enjoyable. That is why I’m ordering some books right now about writing. I really want to share the love of forex trading and I think that my inability to express that love into writing would only limit my reach to more people.
Actually, I’m buying books because a girl rejected me. This fine woman, a manager from a popular coffee chain, I dated for a while just called it quits. She doesn’t know I have a blog so I guess that’s ok venting it out here. I’m buying books so I can forget about the whole thing. I feel devastated…
On the other hand, there seems to be a lot of insurance salesmen. A guy already phoned me selling insurance. He might have thought that I will commit suicide after being heart broken.
This post is not related in anyway with forex trading. But a screenshot of my trade looks just fine. It looks like a blood dripping right? Kinda explain how I feel.
Entering a trade inside a kumo, betting that the cloud won’t break. This is what I think while I opened the trade in EURUSD. It has proven to be an effective strategy. As you know, a flat line in a kumo cloud means a strong resistance. While I also drew my own resistance lines, Ichimoku confirmed that it indeed has a high probability that it will not break. So I bet more. The resistance at 1.3500 is a dead giveaway for me. Look at the candlesticks lining up in a straight line. 🙂 That’s another opportunity to add more position from the profit I had on the first to trades near 1.33 and 1.32.
Total pips gained so far +1,687