Week 32: +20% This Week Great EUR/USD Trade

The main highlight of last week is the trade for EURUSD and capital is now up 20%. Looking at the charts, I think there is something cooking for EUR/CHF.

Remember our analysis on the EUR/CHF that its cooking to go up? Well, it did went up but it seems that many are still shorting the pair. The interesting thing here is that the Swiss government expressed their willingness to intervene should the pair reach around 1.2000. This is last year’s tipping point where exporters are expressing their grief for high exchange rates and businesses are being affected.

Now that the pair is hovering at this level ~1.2000. It might be a great idea to go long and build up the position as you go.

The price action tells the same story, “I want to go up!”.

Keep in mind that before a trend reverses, there might be a consolidation… This move up that we are anticipating, may be preceded by consolidation first before it moves up, or it might continue to go down some more before it moves up. Keep your stop losses tight and be flexible enough to know if you are wrong. I have been wrong a couple of times, so same thing goes here… Trade at your own risk. 🙂

I Suck At Writing, Insurance and Girls

I just realized that I really suck at writing. It is hard work for me to write the forex trading courses. I wish I could have made it more enjoyable. That is why I’m ordering some books right now about writing. I really want to share the love of forex trading and I think that my inability to express that love into writing would only limit my reach to more people.

Actually, I’m buying books because a girl rejected me. This fine woman, a manager from a popular coffee chain, I dated for a while just called it quits. She doesn’t know I have a blog so I guess that’s ok venting it out here. I’m buying books so I can forget about the whole thing. I feel devastated…

On the other hand, there seems to be a lot of insurance salesmen. A guy already phoned me selling insurance. He might have thought that I will commit suicide after being heart broken.

This post is not related in anyway with forex trading. But a screenshot of my trade looks just fine. It looks like a blood dripping right? Kinda explain how I feel.

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.

Trade Closed 68% Profit – Forex Trade

This is was my last trade on USDJPY. I managed to close the trade with 68% profit before the sudden reversal a few hours before the close.

I think that this following week, we’ll see a retrace on the pair. If it doesn’t make a new high then the trend will continue to go bearish. If it does make and close into a new high. I’ll change my view on the pair as bullish.

Forex Backtesting lesson is now out on our forex trading course. Check it out!

Happy weekend you guys.

Week 21: Euro Crisis Over? Or Is It The Calm Before The Storm?

Well, the long down trend that started last year gave us a decent profits on the way down to the last four trades that was written in my previous post. The whole euro crisis did give us some handsome profits. And the question comes to mind… Is it over? Or is it a temporary retracement?

If you ask me, I don’t know… I have long turned my back to predicting the market. And now focused my energy into betting into sure trends. Like the previous euro down trend. My hunch is, the euro crisis is not over. And I’m guessing this is just a short term retracement. What we need to watch out for is its continuation on the down side. But it might take a few more weeks before it shows a good enough sign.

1.3100 is a very strong resistance. Let’s see if it holds.

Meanwhile, I was reading a lot of books and there’s a particular book that got my attention. Its “Reminiscences of a Stock Operator“. There’s a lot of wisdom in this book that every trader should know. The story is very interesting as well, because its based on a true story for the most part.

What Makes Forex Trading Different?

If you’ve been following my forex forecast and decided to take the trade with me, we are now at a +120pip profit at the time of this writing. Pretty good profit margin. But it is not what we’re going to talk about today.

While I was lying in bed last night. I thought to myself. All indicators and all strategies are there on the internet, in books and in mentors. Why is it that there are only few people who are successful in forex trading. In the Philippines, I have not seen or met someone who is successful enough to get media attention. Is it really with the strategies or indicators that will make a forex trader successful?

While I was reading a book about different kinds of forex traders. I noticed that most of them are doctors, retired military men or athletes. People who are tough mentally or knows psychology. Maybe the thing about forex trading is its all in the mind more than it is with the indicators.

Also, nobody knows what will be the future of the charts or when a trend will begin or end. Nobody really knows when a reversal will occur or a support and resistance will break or bounce. Nobody really knows. We only have indicators to tell us options of what may happen its still us that have to decide and take risks.

So, the bottom line is… Its about risks. Risk management and money management. You only have to have a decent strategy that you’re confident about and apply money management principle to it.

Take risks. We know from the start that forex trading is risky. Before we even know how the market moves. We know that forex is risky. So we have to be prepared to take risks. That aside, manage the risk with money management.

These are my thoughts about forex trading. You may voice out your opinion in the comments section below.

I’ve Been Thinking About Goals

Yeah I have reached my first goal after 2 years with a deadline that’s suppose to be 1 year. I’ve been thinking of making this goal on the basis on how much money was made. I realized that its not important how much money you make in this business. Because what attracted me to forex trading is the risk and the intellectual challenge of trading.

Maybe its time for me to add another goal. Sort of like how Benjamin Franklin acquired the different traits he wants to have. Practicing each trait like, discipline and patience, not succumbing to fear and greed, are what I would really like to master more than earning a lot of money in forex.

The only problem is how…

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!

New Milestone in Personal Forex Trading

trading1

Today is a great day for me. Today marks the day where I completely eliminated all the losses that I have incurred while learning about forex.

When I started a year ago, I tried to trade forex live. After practicing for a couple of months, demo trading, I gather up all the courage I could get and opened my first live account. During the course of the year, I accumulated a total of -$5,000. Yes… Negative… And today, I completely finally took back all the losses.

I am up +$1,063 starting today. I hope this is the beginning of a wonderful trading life. And hopefully achieve my forex trading goal.

After all that grueling experience. I would like to share to you a little knowledge I picked up while stumbling across the trading realm. There are only 3 important factors to be successful at trading.

1. Psychology
2. Money Management
3. Exit

Notice that there are no trading strategy here or indicators. Not even entry strategy. It is because those 3 factors are what determines a successful trade. Because of them, my trade has been really good so far.