Forex Trading on GBP/USD Feb 8

What a good day to do forex trading! I just woke up this morning and quickly checked the forex charts. I know many people will tell you that you should not trade on mondays because a lot of noise going on. But I’m still a new forex trader and just want to learn some experience. Hopefully, the trade I’m gonna show you will be profitable and we learn from each other.

Here is the graph of the chart at GBP/USD pair Feb 8:

GBP/USD Forex Trading Feb 8

I’m expecting a bullish reversal up to later this day but not too much. Probably check it once in a while. I bought 3 lots of it. Why did I chose buy instead of sell? Because there is a fight in the price with is shown by the large pin bar. So I’ll expect it to go up. Not much though but I’ll post the results later tonight.

Update on GBP USD Trade:
Good night guys. I’m about to sleep and just to check my forex trade in the GBPUSD pair. Here is the chart now.

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looking good. Hope to continue the upward movement and so I’ll stay in the current trade. My profit so far is:

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46.3 Pips or $1,389.00 Profit. Looking good indeed!

Update: Feb 9

Morning once again. At this point, I’m at -18.0 pips.picture-12

And a new candle stick is forming. Based from yesterday’s chart, its not much of a difference and I’ll interpret it as something that the buyers and sellers are just equal. There will be a trend forming in the next or so candle stick and I’m expecting it to go up. If not, I’ll just exit the trade if I get below my stop loss of -50 pips.

Update Feb 9 11pm Philippines Time

Decided to close the trade.

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Its a profitable trade with 41.6 pips and $1248.54 profit.

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.

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 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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Forex 101: Forex Basics – The Requirements

So I finally started doing a post about the basics of forex trading. This post will not tackle the things like how the forex market work as you can head over to babypips.com or post in the comments section for that and we will try to answer you. We will talk about the things you need to get started trading. Things that are important to the success of your trading career and things you need to remember to not go bankrupt.

To keep on trading and learning at the same time and not blowing your account. Your first goal in trading as a newcomer in this business is to last. Not to make profit, but to last. How many months can you go on trading before you hit 0 on your fund. We can mind the profitability later, what you need first and foremost is experience.

1. You Need to Have Money / Capital / Funds / Moolah – In order to make money work for you, you need to have your workers gathered up. Money makes more money if placed in the right spot. You don’t need to have a lot of it, just enough to get you started. $100 – $1000 is probably more than enough.

2. A Trading Account (Real and Demo) – You need a trading account to start trading in forex. There are a lot of brokers around the internet and I suggest you do some research first before giving them your money. There are a lot of scams out there so be careful.

You need a demo account to practice your trading strategy. You need real account to practice your trading strategy with the components of emotions and the feeling of earning and losing money.

3. A Trading Strategy – In any business, you need a strategy and forex is the largest business in the world. Your entry and exit strategy and money management skills will play a big role in your success. Create your own trading strategy and practice it with your demo account for at least 6 months.

You can develop you own trading strategy or customize the strategy of others. You can find a lot of strategy from books and indicators. Do your research well and practice it. Just make sure you follow it when you trade, you already invested a lot of time developing it.

4. Competitiveness – Forex is the battle between the bulls and the bears. The buyers and the sellers. You will win and lose sometimes. The important thing is, do you have what it takes to get back up in case you lose? The players in the forex market are billionaires, banks, retired generals, business tycoons, politicians, managers, retired olympic athletes which are the most competitive people in the world and you’re about to take them head on. You should be well prepared of the lost and keep moving on up to the point till you become successful.

Things You MUST NOT Have

1. Emotions – Its like poker. Emotions cloud your judgement. You need to have a strategy and the discipline to follow it. Do not give in to emotion. Emotion has no place in the market.

2. Ego – You don’t need ego. Admit it when you’re wrong and cut your losses.

If you have questions or suggestions for the next forex 101 series of posts, kindly put them in the comment section below.