Week 4: Sept 26 – 30 Lessen Risk – Welcome Back – I Was Hacked!

Last week has been good forex trading not so good on local markets and stock market though. But that’s a different story. Kind of practiced patience not only in trading but in general as well. You see, last week, this site was hacked. And I thought that was a good opportunity to test patience as I never panicked and just calmed myself that everything is alright. Now looking back at it, it felt pretty good. Friday, I got a chance to enter a trade that I thought was a good time. Its in GBPJPY and USDJPY and I will review them today.

GBPJPY

Its a good buying opportunity. It seems like the trend has ended for GBPJPY but don’t be so sure. Even if it is not the end of the trend, it is still a small risk to take with great rewards. We should expect the price to go up to 50% fib entrancement. If it doesn’t break the high of Thursday, we can call this trade invalid. Nevertheless, I’m in this trade and the risk – reward ratio is good so I’m sticking with it. Weekly is on a downtrend and Monthly has just reach a support. This week will be crucial in ending this month’s price.

USDJPY

Seems to me that it already hit rock bottom. So I’m taking LONG trades from now on. Remember to use stop losses so you can lessen risk.

  • Lean June

    hi sir,

    i’m Lean June and i’m an engineering student from the Philippines and i don’t want to get stuck in the rat race (as what my favorite author would say about being an employee) that’s why i would like to learn from other people who already made it out. I’ve read your journal about forex. i’m interested in learning how to trade (though i don’t have that much capital as of now) but i’ve kind of no idea about how is it done. that’s why i’m looking for a good hearted mentor who can teach me in laymans term on how is it done. i really love to hear from you sir. hope you can help me. i would appreciate it so much. thank you.

  • ForexPhil

    Robert Kiyosaki fan huh? :)

    Lean June, I graduated with a bachelors degree in engineering. And I think you will agree that engineers like the intellectual challenges. This forex market is a great opportunity to test just that. If you’re into sort of that stuff.

    Having said that, I’m not going to spoil your fun as to spoonfeed you on what is forex trading or how to trade. There are a lot of articles about that on the web. You may even search my site for some of the newbie stuff.

    And besides, this site is for my personal purposes only. To be able to document my journey into the realm of forex trading, I do not have any responsibility to teach anyone or carry anyone’s hand to trade. But you are free to roam around my site to know how I trade.

    With that being said, I wish you good luck with your trading.

    And the rat race isn’t that bad… You just need to find the job that you love.