EUR/AUD Best Trade Yet 650+ Pips

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Christmas is approaching and a gift of 650+ pips is better than any other gift I could receive this Christmas. Yes folks, its the largest profit I got since I started trading. And this is real money. More than 650+ pips. I’m pretty much confident now with my system and I can already see my goal not that far away.

You can see when I entered the trade indicated by a yellow arrow sign indicating a “short” trade.

Lesson learned. I pretty much stumbled my way and doubted myself if I even have to pursue trading. I did lost a couple of money and thinking that the money lost is not really lost and just an educational expense much like a school tuition. I did think of giving up because of consistent losing trades. But there have been a lot of times in my life that when I was about to give up, that’s the time where you are about to succeed. This is a small success for me and a validation of my efforts and persistence to learn and study different systems and to figure out what kind of system is the right one for my personality.

If you’re still struggling. Don’t give up. Lose only the money you can afford to lose. Don’t borrow money expecting to become millionaire. If you’re smart, you don’t need to borrow money. Don’t give up. Continue reading. You’ll get the hang of it. And most importantly, subscribe to my feed if you would like to be updated of what trades I take.

Later pips. And Merry Christmas to all! 🙂

Forex Trading Starts Again

So where the hell have Forex Philippines (ForexPhil) been?

mountainEverywhere

Traveling, climbing mountains, enjoying nature. You can say that this is a month long vacation for me. The good thing is forex trading allows me to earn money while on the road. You just need an internet connection and a trusty laptop.

Actually, December and early January have low volume so its best to just enjoy the time off and return when January is almost done. Which is what I did. We’re going to start trading again from here on. You can still trade, but I just prefer to stay on the sidelines when its a year end.

beautiful_coveThe Membership

I appreciate the comments on the post about the membership. You guys are cool. Thanks also for the people who emailed me and expressed their interest. So for the people who commented and emailed me expressing their interest… Thank you!

The eBook

What ebook? I’m planning to make an ebook version of the Forex Trading Course. So that people can still learn to trade forex even offline. If you want to read it while riding the bus. Print it out and give it to a friend. But the ebook has more. I plan to put in the Ichimoku series which would be cool. So stay tuned!

Update

I went back to school to learn a “skill”. Loving every minute of it. If you want to be updated with the latest post about forex trading, you can enter you email below this page. I will let you know once the membership OR the ebook comes out!

I Reached My Goal

A few months ago, I posted about clearing my losses incurred throught a whole year of learning forex. This time, I finally reached my goal when I started this blog. My goal to reach $5,000 net profit in a month has been reached and in fact, its almost twice as that. 🙂

I am writing this 4am in the morning because I can not sleep because of excitement. I’ll be setting a new goal and I will post it in a while.

Now, looking back. The most important thing that affected my trading are the books that i read. Most of the time, I read online blogs of other traders. it have proved to be counter productive as i learned to copy their trade, even the bad ones. Doing that you never really know how to trade. you are just copying.

Because of this i want to know how the mind of a good trader works. i bought the book market wizards and its one of the best books i have ever read in trading. they dont contain strategies but psychology. also theres an anime i really like its about taking risks and gamblin

Frequently Asked Questions in Forex Trading

I have been receiving a lot of emails lately from people who are interested to start forex trading. I apologize if I can’t reply with your emails, I’ll just post it here in return so people can see.

1. Recommended Websites to Learn Forex Trading

The only recommended website I could point you to in learning forex trading would be babypips.com. All the basics and intermediate materials that you need to know are there.

2. What are the Systems Used in Forex Trading?

There are quite a lot of systems in forex trading and I can’t explain all of them. The best way to use a system is to know yourself. If you are a risk taker and restless, try day trading forex using candle sticks. If you are a steady investor, try fundamental analysis using macroeconomics. If you are in between, try swing trading. I can not stress this enough, know yourself and then pick your poison.

3. Where to Get These Systems?

These systems range from robots to pure strategy. Where else can you find them? Bookstores. Go over to amazon and search forex trading systems and you’ll find yourselves a lot to choose from. Also, finish babypips.com for an introduction to different kinds of systems and pick one you think you like best.

4. Is there a Short Course in Forex in the Philippines?

For what I know, forex trading in the Philippines is at a very infant stage. Just look at our stock market, not even 10% of the population invest in it. So don’t expect much for short courses in forex. I believe there are some companies out there that does this and some gurus teaching the basics. But then again, that’s what babypips is for.

5. What is the best way to learn forex trading?

I think the best way to learn in ANYTHING is just go out there and do it. Demo trading can only get you so far. Without real money on the line you can not feel anything. Emotion is part of forex trading that you want to master, demo trading won’t do that and only a live account can.

Making a Community

So what’s been cooking? During the past week, I’ve been thinking of creating a community for traders and investors to share their knowledge and ideas. And this one will be a different one from a while back that I made. I’m talking about the forum. This is a lot different because I’ve invested a lot of time and money in it.

I’d like to see Filipinos talk about money, trading, investing and business. I want the Philippines to be rich and thus have a lot of rich men. I apologize if I may have been slowing down on the posting, I’m just a one man act so I could easily be spread thin. But no worries, once I have finished all necessary preparations, I wish to invite all of you to this community and this blog will return to regular programming.

About my trade

Its doing great. I’ve made 20% profit from last week. Here’s my current trade as of this moment on EURUSD.

There’s also a new lesson on the trading course. Its about forex trading systems. Sort of like an introduction. Have a look and let me know what you all think.

Cheers,
ForexPhil

Week 29: Going Short on USDJPY and Some Thoughts on Trading

It makes me sad when a friend wants to pursue a dream that is in line with yours, the journey could be fun with a close friend besides you, but chose not to pursue his dream because of a shorter term goal and temptation of instant gratification.

Like I always believe, the road to success is a lonely road. You will lose friends because not all people see the same opportunity and the future that you want to see. A successful person is courageous to continue to go on, even after losing all that he has, and even if the journey is his, alone to pursue, he will still go on.

Being focused on a goal is important in any endeavor. Spending all your effort and time on a single business is what makes it successful. See the visionaries of our time. I will be honest with you. Since you have started your way to forex trading. Never expect to earn money with it. Not at least the first few years. Even more if you have another job and doing this part time. That is the truth. Do not expect to beat the market by being a part time trader. Do not expect to be rich with a half-assed effort. Doing that only means you are underestimating the market.

Seems like a good opportunity to SHORT now for USD/JPY. It could be a retrace. Weekly chart also showing weakness. Trade at your own risk.

What Are Your Goals in Forex?

180+ Pips on AUD USD

180+ pips on AUD/USD

When people asks me what I do for a living and tell them I have a business called forex trading, people always jump out of joy and ask me to teach them how to do it. It seems that is rare for someone to encounter such a breed of people that you won’t be able to hide your joy and ask questions. It is a pleasure for me to teach. But it can quickly becomes a frustration when people don’t have the willingness to learn. Only the willingness to ask. There are a lot of forex tutorials, resources and beginner tools on the subject that its quite frustrating now to explain fibonacci, limit orders, SMA, margin and leverage to an average person. We all have those basic stuff online and for free. If you come across a forex trader in your life, do not scare him away by asking newbie questions. Educate yourself first so you can ask interesting question that would express your willingness to learn. You may build a good relationship with that person and might improve your trading.

In a business where your character will be tested, I think everyone should be willing to learn by themselves because after all, it is your money. First ask the question, what is your goal for trading forex. Is it to become a millionaire overnight? Is it to retire young? Or is it just a vehicle for you for wealth building?

Whatever your answer to this question ultimately lead to what kind of strategy you will utilize. Every person is different. And every person have a kind of threshold where he can take a loss and not quit. Everybody is different. So learn about yourself. And create your own strategy. Master the fundamentals and you’ll be able to learn faster. And most importantly, be patient and have self discipline.

I do have my personal goal in forex when I started out last year. I haven’t achieve this goal yet. But I’m seeing positive results now more than ever. And that’s because I never stopped learning.

Whatever your goals are in forex, I wish you good luck.

Forex Trading on USD/CHF Feb 9

More forex trading before sleeping! I’m excited to spot a nice setup on USD/CHF. I just can’t pass this opportunity up before going to sleep. The chart looks like this:

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It’s definitely going down. So I made “short” to enter the trade and hopefully get’s back with the results when I wake up by tomorrow. 🙂 By the way, this is on daily chart. It’s better to trade in this chart for me so I don’t have to be afraid of the noise happening with candle sticks going up and down on fast charts.

Update: Feb 9

Currently at +25.0 pips. I’m short on this trade. I chose short because of the pinbar that’s been in a bullish trend. And I’m quite iffy about the candle that will form today. We’ll see. I see no reason to go long though.

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Update Feb 9 Exit Trade

I exit the trade with 63.5 Pips. It’s a WIN.

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