Never Trade on Mondays

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?

Why Everybody Should Trade Forex

I’m taking time off forex trading as I notice I have been getting a few consecutive losses in my trades. Time to learn and read some more and reflect why am I so dumb. I came across a great post by someone who is a professional forex trader. The original post is here. I just want to post it here for future reference and inspiration.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments…man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

3. No inventory or stock to buy. No shrinkage (theft of stock) and no “slow moving” items. No massive amount of funds tied up in inventory

4. You can “borrow” as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill…it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.

5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly…and re-open (initiate new positions) whenever YOU want to re-open your “business.”

6. You can “scale” your business to whatever size YOU want simply by increasing/decreasing your positions.

7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.

8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)

I could keep telling you more of the benefits of this business, but suffice to say…this is the best “business” in the world. I run a multi-multimillion dollar business from my laptop.

And did I mention that it was exciting and fun????

But of course, not everybody can because of certain elements like willingness to learn and take risk. Only few people becomes successful and they control a market of $4 trillion dollar value.

Forex Trader Primer in the Philippines

Though, I have been on the look out for forex seminars here in the Philippines. I’m somewhat disappointed that most seminars that do come out are for 100% newbies. Most of these information can be found on the internet. But in the Philippines, not much information (offline).

It got me thinking. Maybe, I should create some series of forex trading primer so people who are behind the fence might be able to go in and try forex trading. Forex trading is just one way of trading different markets. Once you are good at it, stock market can be easy as a breeze. Although in a newbie perspective we know that the stock market can be kind of daunting.

Together with my forex forecast. I’ll try to get some articles up for newbies and hopefully get my forex forecast weekly before the market opens. That is, if I get enough time on my hands. I’m currently managing a couple of businesses.

I do apologize. But stick with me. This will be really cool.

Till then

Forex Forecast and Indicators

Starting today, I’ll be making some forecast of what I think will be the movement of the forex market. The analysis will be done weekly on daily charts on some major currency pairs like EURUSD, GBPUSD, USDJPY. So if you’re trading with these pairs, I invite you to share your thoughts and analysis with me as we journey towards a successful trading week.

Forex Trading Can Test Your Patience

I always remind myself when doing forex philippines to wait, wait and be patient. Sometimes, when I look at the chart and a setup is just forming. My mind tells my eyes what I want to see and not actually what is forming. Making me enter trades that are too early or the set up is not that established, wasting money in the process.

Note to self: Enter trades that have powerful indicators first…

In forex trading, I think its more of a psychological business for the most part and only 1% technical. Why did I say so? It’s quite simple, in forex trading, you only need to buy or sell, to long or to short. There always 50% chance to profit and 50% chance to lose. But why is that 95% of all forex traders fail? It’s because its a psychological struggle.

I am not in a way a professional or experienced trader. That is the purpose of this site. I keep my trades here so I can reflect back on trades I lost or won and hopefully gain experience in the process and also help individuals who find themselves at lost or struck with a heavy loss in the trade. For one thing, a loss in forex trading is always given and its how you manage your money that will separate you from a typical gambler to a successful forex trader.

Having your emotions affect your decision in a trade is the most common thing why people fail. Greed, fear and anxiety is most of the time, the culprit why you have negative pips in your account. I try to remind myself again and again to trade based on what I see and not what I want to see. If I’ll lose, I hope to lose less and if I win, I win enough to cover my next 2 or 3 trades. Most of it is money management.

The difference between a gambler and a trader is that, a gambler trades enough just to get his money back, in most cases, he won’t. A trader trades enough just to cover his future trades, giving him profit.

Forex Trading – The Best Business?

picture-2 My open trade (150+ pip, indicated by blue arrow (buy order)

I think I’m inlove with businesses. Once I see an opportunity, I always wanted to pursue it. But like all busy people, time is the major problem. The most exciting part in doing business is the first few years of it. Its the most exciting where a lot of problems happening and problem solving is a thrill rush. But when I have an idea for a new business, I always do a check to my long term goal. After a few years, 20 or so, I want to retire. Or make money / trade anywhere / anytime and the only business that I can think of that fits the criteria is forex trading.

When I think of food business. I think of customer service (which I hate). Then think of forex where customer service is not present.

Forex trading is the best business model in my opinion and my long term goal should be (logically) go this way. Studying and learning more about forex and testing strategies should be mandatory if I want to be profitable in this trade.

What do you think? Do you think forex trading is the best business model?

Welcome to Forex Philippines

This is forex philippines. I’ll be blogging about my forex trading experience on this site. I’m still new at trading with forex and still use demo account to practice how to trade. So you can expect many many mess up and success tradings here. And also some thoughts about a particular trade. I’ll also be putting some things that I learn. Things I stumble on the internet and things learned from forex trading experts.

About me, you can call me Jeff I’m 25 years old (as of this writing) and I’m a businessman. I’m trying to learn forex to have more diversification.

If you have any questions do not hesitate to ask. We are all here to learn and succeed in forex trading.

UPDATE: I am now trading live since 2011.

Free Forex Trading Course

As you might have noticed, I removed the forum and replaced it with something better. Forex Philippines is now offering free forex trading courses, brought to you by yours truly. Its a course with a personal touch. Its a course that gives more of an insight on how I managed to get started on trading forex. Lessons 1 and 2 are out now so be sure to check the site out for more lessons to come.

I want to touch more lives by teaching what I learned in forex so I made an online book. Please support and share the page or comment if you have any questions. Your comments keeps me motivated. And all this for free! Or if you feel like treating me for a coffee, that’s fine as well.