Week 13: Consecutive Winning Weeks – Prepare to Make Mistake Now

It has been my experience in forex trading that after consecutive winning streaks comes the losing part. Its a part of life. Let’s see how I hold up this week as I reach the “unlucky” week 13. Shall I make a mistake and end my winning streak? Or shall I go bankrupt this time, again?

The Eurozone is still the hot topic last week. Made an insane amount of profit from Euro affected currency and correlated pairs. A stunning 13%! The only thing that we should watch out for this week is the retracement. Looking at the chart, it seems like it will retrace sooner or later and just in time for the discussion and plans on easing the problem in the Eurozone. Fundamental and technical are holding each other up on this one and it would be pretty interesting what would happen next week.

This could be a good experience should I make a mistake. :) I’ll be very careful though.

Also, before I forgot, there’s Thanksgiving yesterday and then come weekend. On Monday, it should be a very volatile opening day as the institutional traders will load new trades after getting back from the holiday.

My recommendation: Be careful this week. As all of the Eurozone affected currency might be retracing now.

What is Forex Trading

Forex trading, in essence, is a market of people buying different currencies of the world and sell them at a particular time to earn money. The spot market or “forex market” is one of the most volatile market in the world averaging of $4 trillion worth of transactions per day. Money is moving up and down by the seconds that is why, many people, businessmen and investors like it, because its always active, always moving and there’s always an opportunity to earn and profit.

Forex trading is not for the weak at heart or those who are not willing to make any risk. Forex trading is a very risky game and you can potentially lose money in just a blink of an eye. With that said, the only way we can minimize risk is to educate ourselves on how to trade in the forex market. Education and experience is the key here. If you’re looking for that “get rich quick” because a friend told you so about forex, you’re looking at the wrong place.

Forex trading, when you login to your forex trader account, you’ll see a bunch of graphs. And it is what comprises of the forex market. These graphs tell stories of how the price of a particular currency pair moved throughout the day, week, hour, months or year. You should be familiar on how to read these graphs. One of the most popular kind of graph is the one invented by the japanese to trade things in the ancient times. They call it the candle sticks. Candle sticks are well known graph in the forex trading industry and we suggest you also read on that for starters.

Forex philippines is not any different. Since we are playing in a global market, we don’t have to worry about the country we are in as we can always buy foreign currencies and earn money. Of course, there are advantages though in buying your own currency paired with another currency. You know the local news and news may affect the forex market. Being in the same country as the currency you are trading will have huge advantage.

4 Useful Forex Tools and Resources

Hello my fellow forex trader. Today is my first post for the year 2011. It has been a late post because I’ve been busy. The usual boring stuff, business. Anyway, what I want to give you for today is a list of useful websites and tools that can help you learn or even master forex trading. The same tools and website I used to educate myself in this trade.

Before you spend your money on forex seminars here in the Philippines, read the list first. Most of the seminars that are offered locally are the same materials you’ll find online for free. Well… most of them. You want to save that money for investing. And in forex trading, you need all the money you can get.

#1 – Forex Education / Forex 101 / Forex Fundamentals

picture-3Babypips

There are a lot of forex education out there in the market and its for free. The one that’s particularly close to my heart is babypips.com. Simply because you have all the things you need to learn all in one place. And you won’t get overwhelmed by the information because you can learn at your own pace. Visit them and read some of their lessons. I’m pretty sure you’ll be spending a lot of time in babypips.

#2 – Forex Trading Journals

picture-4

MyFXBook

You need to keep track if you’re progressing or not. You need to know if you’re following your trading strategy. The use of forex trading journals is just that – to know if you’re diligently following your own rules. And to get into the habit of emotionless trading.

#3 – Forex Backtesting

Forex BacktesterForex Backtester

Before you go all out on live trading. I recommend doing demo trading for at least 8 months. At least 8 months should be at least 8 months profitable. The thing about forex backtesting or demo trading is that for you to be confident on your system and also be comfortable with your chosen trading platform. I personally don’t want to demo trade now because of time restraint. What I do is purchase a forex backtesting software such as forex backtester and trade in my computer anytime of the day. What this forex backtester software do is to import all the trading signals that happened for the last 10 years and you have a lot of information to work with. A lot of signals to test your strategy on. If you don’t have the money, forex demo trading is still good, but if time is more important for you than money then a forex backtester is the best investment to make for your forex education. (Absolutely than any forex semiar in my humblest opinion.)

#4 – A Forex Strategy to Follow


japanese-candlestick

Japanese candlestick charting techniques

Personally, this one is the hardest one to find, practice and decide. There seems to be a lot of different strategy in trading. And I recommend you try them all. See what works for you. Try them on your forex backtester or try it demo. Your forex strategy will be your main weapon to live, survive and thrive in the world of forex trading. Don’t forget that during your first 8 months practicing, should be spent on testing what forex strategy fits your personality. The reason why there are a lot of forex strategy out there is because there are a lot of people trading forex and each one of them will have a unique strategy based on their personality.

Diving into the world of forex strategy could be overwhelming as there are thousands upon thousands of them to choose from. In my personal opinion, your quest should start with this book. And your strategy should be based on candle stick chart readings. It is a technical way to reading forex charts that has been proven to be very effective.

Forex Seminars: Philippines Forex Expo 2010

Date: 16-17 April, 2010

Place: Manila, Makati Shangri-La Hotel

Address: Ayala Avenue corner Makati Avenue, Makati City 1200 Philippines

Organizer: FINEXPO - is the producer of international exhibitions, forums and conferences worldwide.

PHILIPPINES FOREX EXPO 2010 will definitely interest you if you want to get a unique knowledge and obtain an overview of FOREX market; identify new products and application possibilities; exchange experiences and information; find out about the function and properties of certain products; make new business contacts.

PHILIPPINES FOREX EXPO 2010 gives you the opportunity to communicate with representatives of large companies, to learn the latest working outs concerning the subject of exhibition, buy specialized literature, as well as watch different entertaining shows.

Each participant can be sure about the professional approach to exhibition`s organization and each visitor about the individual approach of exponents to their person.

Exhibition topics:

  • Internet Trading on the FOREX market
  • Practical and useful presentation of innovations and development of internet-trading and about their profits for the FOREX market
  • Software (programs of analysis and risk-management, portfolio management)
  • Quick access lines
  • Trading instruction on FOREX market
  • FOREX market tools
  • Strategy and tactics on the FOREX market
  • FOREX market indexes
  • Trading tactics
  • Hedging
  • The system of margin trading
  • Trading platforms and technical analysis
  • The latest innovations and strategies of multy-bank portals
  • Progress, on STP
  • Advantages CLS
  • White label
  • Deposit insurance
  • Dealing centers opening in regions

The dynamic Event program educates attendees on all the latest technological advances in the FOREX services and meets the needs of each individual attendee by providing detailed information and solutions on such topics as: internet trading on the FOREX market, software (programs of analysis and risk-management, portfolio management), quick access lines, trading instruction on FOREX market, FOREX market tools, strategy and tactics on the FOREX market, FOREX market indexes, trading tactics, trading platforms and technical analysis and many more;

It also offers a variety of sessions that allow participants to discuss industry trends, hear expert views on key issues and learn about new products and needs.

The exhibit portion of the event complements the conference programming showcasing solutions that demonstrate how to succeed in the fast growing FOREX marketplace. The expo includes live demonstrations of the latest analytical and execution software and trading tools. It’s a great chance to meet with business experts face-to-face, learn the latest trends from industry leaders and get the insight you need to acquire business, expand relationships and enhance profitability.

We look forward to seeing you at our show in Manila !

Exhibition entrance is absolutely FREE