My Forex Journal and Strategy

Analysis

2010-07-27T10:55:00.000+07:00

Let's go to analysis now on today's market price as I posted on previous posts that I now only trade on two pairs, which are Poundsterling Dollar and Euro Dollar.

Poundsterling Dollar:
Previous weeks shows a strong uptrend (or bullish) movement to the North side of the chart, a strong support came from around 1.4400 (June) and it went up, up, up until now. We now have price at 1.5500 and is stalling, which could be a signal for it to go short from now, however, there isn't any confirmation on the move yet.

Euro Dollar:

Last week's previous high was around 1.3000 and currently price is trying to pierce through 1.3000 which gives me no interest on this pair either.

So by looking at price movement right now, the best thing I can do is to stay on the sideline ;)

Update

2010-07-27T10:42:00.000+07:00

Hello Traders

It has been awhile I haven't update the blog. It is my last semester now on college so I had to concentrate on my final task. Now that it is over, updating my blog is one way to kill the time ;)

Price Action

2010-02-15T11:24:00.004+07:00

Hi Forex Traders. It's Monday today and forex market is open for us to see what's going up and what's going down. During this time I'm sidelined until something 'catchy' comes out and ask me to take a forex trade.

Therefore at this point I would like to answer a question that I received on my private messages from some of followers sent me on my e-mail. I would like to thank those who asks because giving answer to related subject gives me how my blog helps those who needs them.

Question:
"Dear Admin, I'd like to ask how do you identify Price Action (PA) and their setups? You often mention Price Action several times on this blog and I'm interested to learn them."

My Answer:
Yes, my trade is based on Price Action because for me, Price Action shows me the future, and many indicators I've known shows only the past. Learning several types of important Price Actions such as Pin Bar or Outside Bars & Inside Bars are the first signal and then combined with other simple manual tools such as trend lines, Fibonacci, Support & Resistance lines increases the rate of success of your forex trade(s).

As for Price Action, there are many free e-books out there that you can get from Google-ing, forums, etc. I learn my Price Action from one of the e-books found here. Remember to learn all of them and back-test them on your preferred forex pairs you trade and apply them on your demo account.

Best Regards

Another great post from a great poster

2010-02-14T15:01:00.006+07:00

I've been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading.

Thinking otherwise is denying reality and the facts. It is easy to ignore because the facts about trading are difficult to dig out, and only the determined care to find out anything or succeed at anything worthwhile.

After reading many posts in these threads, I decided I had to weigh in on a couple of things. I would have to agree with -Isotonic- that a very small subset of posters are actually trading for a living.

Most of my friends are traders, many of whom I helped bring into the winning fraternity. We all have to keep on our game every day, 100% , or some mistake could eradicate months or years of progress.

"Making a living" is very much a similar question as of what "is" is.

All of the professional traders I know, whether they trade forex or futures markets, do not make "so much per day". That is a phrase used by marketers, because they know what beginners are looking for, and that is a steady income so they can get rid of their jobs. Money from the market that you can count on does not come steady or nicely "so much per day". Real traders make profits, budget their expenses, save some profits, add some profits to their accounts for further building of the account, etc. Just like any business, which is what real trading is.

Most of the trading setups that you see bandied about are "tricks". Most "tricks" have small edges, and trading them continually teaches little about the big picture, and the big picture is where the big money is made. When a marketer is trying to separate you from your money, he is likely promoting a "trick".

Nothing wrong with trading these "tricks", if you know that they have a strong, provable edge. But, to know that a "trick" has a definable edge, you already have to have an underlying construct or context to compare and/or use that edge.

Almost like the chicken and the egg. To know something has an edge you have to know what an edge is.

Quickly, name all your friends who have that going for them. A couple of great trades, or a month of great trades, or a year of great trades is nowhere near enough. To make 50 thousand-plus trades and be ahead, to be able to survive years of changing markets, politicians, governments, wives, ex-wives, good health, bad health--- while trading profitably is what you need from an edge.

Private, profitable traders (those who've done the above) can tell you their edge immediately, and can prove it. Unfortunately, this set of traders is very small, estimated a few years ago by a research company at less than 800 in America--- and most of you reading this will never among them. And that is not a bad thing. That doesn't mean that you won't make money from your trading. You might even have more richness in your life by doing something else than trade.

I will tell the only way a trader is able to make $1,000,000 from trading.

Here's an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for small losses, win on 3800 of them for moderate profits, and win fairly big on 200 of them. You make your million from this series of trades by losing only $9 million on your total of losing trades while making $10 million dollars on your total of profitable trades. This means averaging $50 a trade per lot or contract (in the case of futures), which is really good after expenses. Very doable with robust methods. And, you have to stay on your game or you won't do this well.

But this is nothing like you've been promised by the "gurus" and promoters of the "money per day" foolishness.

Trading for a living is demanding mistress. Read on if you can stand it.

99% of my success has come from trading and working breakouts. Primarily larger breakouts. Why? They work!

When you learn that breakouts "work" as a trading concept, over the years you continually seek the best breakouts like seasoned surfers all continually seek the best waves. The best breakouts use and highly reward your acquired skills better than lesser ones. Then you stay trading in the zone where the greatest edge is and trade the best breakouts and ignore less useful ones.

For, example, I know that the Vegas material (I have no personal connection with him whatsoever) dealing with the one hour tunnel has a firm statistical edge. A rock-solid statistical edge.

But it takes a professional to trade it. And the method's breakouts are small in expectation relative to others available. But, as in most tradeoff situations, there are more of them.

I wouldn't have any problem encouraging someone to follow the concept for trading. But, I would be willing to bet that less than 1 percent of the people who have downloaded his material are trading it, and probably an equally small percentage of them will profit long term from trading with it.

Trading as a lifestyle is like being a fireman who gets paid per fire. You don't make any money until a fire happens, and you don't make any money if you die in the fire or quit before the fire is over.

I know that posting this may not encourage trading as a career, but if I can shine a little light on the reality of trading, I'm happy to do it. I wish someone had illuminated for me what I was in for 25 years ago when I got serious. It wouldn't have stopped me for a second, but it would have helped me prepare for the future differently.

I know that anything I could say would never discourage someone who is meant to be a trader, because nothing can dissuade a real trader, which is as it should be.

I personally love trading, and believe that it is the one thing I am best suited to do on earth. There are times trading is fun, but mostly it is details, details, and risk management. The best times are after a long trading campaign (fire) and you are relatively flat for a while. You can take time to get perspective. And get mentally prepared for the next one.

Most people think that communities like this forum make it easier to learn how to trade, but I am certain the opposite is true. If most of the posts are from non-winners the only logical reaction for an individual who wishes to win is fade the advice you see in these forums.

Everyone posting has a motive, even me. Most motives are simple self promotion, aspiring traders trying to make themselves feel good, look smart. A few posters have the motive to help others. Many figure that if they can't win, maybe they can help someone else and that makes them a winner somehow. Maybe so. But likely it is a case of the blind leading the blind.

I'd bet you'd rather make money from trading the markets the way things really are, not the way some very literate, but non-winner says they are. Think of that the next time you read a "helpful" post. 99.9% odds the post is from a non-winner.

Trading is a solitary business, with few peer get-togethers except by phone. And when you get discovered by people hoping to accomplish what you've done with extreme care and trial by fire (amazing fireman analogy again!) they demand your help and time (hard won by now) but don't want to compensate you because they think you should just give to them because you've been so fortunate.

Perhaps this missive will be useful to someone. If no one believes it, that is ok too.

-TheRealThing-

Source: forexfactory.com

95% forex trading failure rate? By Dopey

2010-02-14T15:01:00.004+07:00

Another great post from a great poster:

"Another part of this is the low-entry barrier to trading. If you wanted to be a lawyer or doctor and eventually make a 6 figure income every year, you have to pass a slew of gatekeepers beginning with your first four years of university.

Then law or medical school gatekeepers ensure that only those that are academically suited enter the the school. Then during your years in the school, their are numerous tests that judge your emotional abilities to handle the job along with your intelligence.

Once you finish school, you know have to pass another gatekeeper, the licensing boards of each state.

Once you have your license, you now have to join a law firm or hospital which means you have to get by their gatekeepers.

Once you're in, you now have to bust your ass for years to make partner or get to the point where you can open your own private practice.

The end result is that after 7-9 years of universities and 5-7 years of busting your ass for someone else then, and only then, will you consistently make a 6 figure income.

Now, let's look at trading forex. What do you need to become a trader. A frigging computer and $500. Yet everyone thinks they'll be making a consistent 6 figure income in a few months or even years. Forget the fact that the industry is full of some very, very intelligent people who have spent years learning how to be a consistent trader. Forget the fact that you're going up against organizations that have millions of dollars to throw behind their traders in the form of support such as analysis and system testing. Forget the fact that these same organizations are playing on a different field then you are. All you need is a few indicators, a broker that doesn't screw you too much, some money management and in a year or two you'll be living the high-life.

Is it any wonder so many fail?"

By Dopey, a trader from a great forum

Source: www.forexfactory.com

The Unspoken Rules Of Trading

2010-02-14T13:44:00.003+07:00

Hello forex traders. It's weekend and I would like to share few things that I consider interesting and is essential for forex traders to read to widen our general knowledge, especially for newbies. I would like to post a fantastic advises from a successful trader with user name FUDOMYO from one of the best forex forum site I've known. Here it is:

"I can only speak for myself, but I actually do make a living at trading. It was hard won. It took intensive study and a level of due diligence and discipline that most jobs don't require.

It is a certain breed that rises to the challenge and thrives in this environment.

So cutting the wheat from the chaff starts at the bottom. If anyone finds themselves in any one of the categories of the "people who shouldn't trade" below, then save yourself a lot of money and give up now. What I'm going to share may sound harsh, but it's not mean spirited in the least. The market is brutal and honesty is critical. Anyone giving people false hope or encouragement is doing a great disservice.

The Unspoken Rules of Trading

1. Stupid people shouldn't trade.

It takes a level of mental acuity that pushing the button for the fries doesn't. Trading is professional work and requires an aptitude for strategic thinking as well as a high level of problem solving skills. Here's a link for industry IQ averages. http://iqcomparisonsite.com/Occupations.aspx The chart includes administrative functions as well as professionals, so you need to look at the 50% mark and above. In Finance the cutoff is 110 IQ for professional work, for general employment the cutoff for professional work is 100. There is another statistical table here http://www.geocities.com/rnseitz/Definition_of_IQ.html. Remember these are minimum cutoffs, not levels of excellence. These polls are based on actual employment figures, so it isn't an opinion whether someone has what it takes, it's just reality. Do yourself a favor and take a simple IQ test online. There are plenty.

You are going up against the top minds in the world in this market, so you need to ask yourself, "Do I really have the necessary fire power?" The market isn't an equal opportunity employer, it's a predator.

2. Lazy people shouldn't trade.

It's hard work. Anyone who thinks they can cut corners are deluding themselves. The problem is most lazy people don't realize they're lazy. I don't mean the people who can't be bothered to get out of bed kind of lazy. I mean the one's who went to college, got a degree and spent their time until now being handed work to do rather then ever taking an initiative to improve upon a process, to strive for a level of excellence above the bare minimum of what was expected of them, and always sought the line of least resistance kind of lazy. Trading takes a high level of commitment, a willingness to make sacrifices, and an ability to innovate. If you've never risen to the challenge or developed these skill sets, putting large sums of money on the line is a tough way to find out you don't have them.

3. Emotionally weak or unstable people shouldn't trade.

You need to have a high degree of emotional intelligence, stability, and self awareness to make it. If you don't have the constitution for it, or haven't dealt with your emotional weaknesses they will interfere with your decision making process and you will lose. Fear, greed, ego, hope, and anger are obvious things that need to be overcome. More serious maladies will have an even greater impact so it's up to the individual to introspect if they have the emotional stamina for this profession. Trading will push every button, bring out every demon, and then some you never knew existed. If you haven't seen the "coffee's for closers" speech on youtube, it's worth watching, and if you think that's abuse, then you have no idea what you're up against.

4. Substance abusers, alcoholics shouldn't trade.

For obvious reasons besides drunk courage and nodding off for 12 hours while a trade's going with no stop loss at 500:1 leverage.

5. Unlucky people shouldn't trade.

If you've never won at anything in your life why would trading be any different? There is an underlying cause for unluckiness. I don't buy into the notion that some people are naturally lucky and others aren't. We create our own luck and lot in life. If you are a glass is half empty person, or constantly of the view that the deck is stacked against you, it will be. State of mind defines our path. Losers love to be proven right. The "see I told you, no one's a winner" types.
With that vantage point someone has already cast their own misfortune. They usually try to find like minded beings to substantiate their view so they can blame it on the system and not take personal responsibility for their own failings or correct them. Misery loves company.

Naive people don't really belong on this list, but should always trade demo first. We all have to start somewhere. So being new to something doesn't mean you are not going to make it. But heading into this with a notion that it's easy or listening to people brag about their winnings on a forum and thinking "I can do that too" is a completely false impression. I watch the Interactive threads and from half the stuff I read you'd think people are making a fortune.

This is just not true. There are a handful of good traders, but you need to understand enough about the market dynamics to know who is good at this and who is full of it or just demo trading.

Then there are the scammers. The people who shake down newbies by throwing fairy dust in their eyes. So be cautious of trading systems and signal services that sound too good to be true. They are.

No trading system will replace real knowledge. People who put their faith in a trading system will lose. You need to study from the bottom up. Candlestick patterns, chart patterns, price action, all the components that create market dynamics. If you can't understand what's happening on a naked chart, no indicator is going to help. There is no holy grail, no magic bullet.
There is only thousands of hours of chart time and studying everything you can get your hands on for technical analysis, trading psychology, and learning how the global financial market operates.

Then there's money management, risk reward, and overcoming negative expectancy. Trading is a business, not a game. It needs to be approached with a high level of professionalism. The bottom line is critical. You are the President, the Trader, the Analyst, Systems Technician, and Accountant. You have to wear each hat equally well and your business is only as strong as it's weakest link. If you have no prior experience running a business, then you need to learn. Trading is more than just placing trades.

After you've put all this together, then there's the market, which is a fickle beast. It eats the best and brightest as a snack before lunch. It's unforgiving, uncompassionate, and unrelenting. If you get cocky, or complacent, it will rip you to shreds. Even if you do everything right, sometimes you get broadsided, which is why money management is so important.

The last one's standing are the one's you're up against. And they are 10 moves ahead, have years of collective experience and inside market knowledge that retail traders don't.

No mean feat. But if you think you've got what it takes, great.

Trading is not a glamorous job. It's a boring, rote, solitary activity. You need lots of patience and to remain passionate about it at the same time. Personally, I love it. It's like playing financial chess against a thousand Kasparov's. When you get the moves right there's an indescribable satisfaction to it. Making money is the end game, but the side effects are personal improvement and self autonomy, and an in depth understanding of how the global financial system actually works. All good stuff.

Anyway, that's my take on it.

I hope some of this is useful to someone just setting out on the path."

Source: www.forexfactory.com

Euro Dollar Trade

2010-02-11T23:46:00.005+07:00

First Euro Dollar Forex Trade on February.

Euro Dollar pair had caught my eye on this setup. I have been waiting for 11 days for it and there, we have caught some pips. It was shaky trade but in the end made a couple of pips. Waited for the breakout to the bottom and Euro Dollar went to my favour.

I considerate this trade was a triple top trade, and if you zoom into 1 hour timeframe you could see it much more clearer. Price went up there and goes stagnant when it reaches 1.3800. And it is actually now ranging between 1.3800-1.3700. I'd like to post 1hour and 4hour timeframe forex chart for my Euro Dollar pair for us to see. A picture tells a thousand words.

Chart:

Pound Sterling Dollar pair:
On the other pair I trade, which is Pound Sterling Dollar, haven't given me any signal to take any trade. Therefore there is no reason for me to get an eye on Pound Sterling Dollar forex pair during this time.

As a conclusion of this post, there will be chances given by the market and you have to take them when all the criteria are met. Your experience, skills and mental are always in use whenever you wanted to take trade(s). Remember, practice makes perfect. Do your homework, rehearse your mental behaviour, and apply them on the forex market. Remember there is no easy money on this forex market, you have to master the skills and as time passes by, trading will be fun!

Euro Dollar and Pound Sterling Dollar

2010-02-08T11:56:00.004+07:00

Hello Traders,

I would like to say a few works about the current forex market on both Euro Dollar and Pound Sterling Dollar pairs. Last week's bearish move on both Euro Dollar and Pound Sterling Dollar had broken some of the resistances we desired to be a bullish support so that we could take part, but led us to be sidelined until now. There weren't any Price Action that I was interested in, so I didn't execute any of my trade during last week.

I have no idea of how fundamental result affects the market, however, last week there were high impact news that moves the forex market like NFP and Interest Rate Statements. These news, for me, are unpredictable. Usually I skip or set a tight stop loss if I am currently on a trade during these times.

My Conclusion:
Euro Dollar Analysis
Ranged around 500pips last week, I would like to leave this pair now and let it develop first before taking any false signal.

Pound Sterling Analysis
Ranged more than 450pips last week, I would also like to leave this pair and see how it develops.

Trading Environment

2010-02-06T05:54:00.005+07:00

Hello Forex Traders,

There wasn't any perfect opportunity I've waited to show up on the last forex trading session on 4hour time frame. There were however quite a significant moves on the market, though there weren't any complete formation for my trading style to take part on both Euro Dollar and Pound Sterling Dollar pairs.

Therefore here on this post I would like to show how trading environment look alike. Me myself I trade forex market on my mobile phone or on my laptop I am using now. Mobile trading is so flexible that we can trade anywhere and anytime as long as we are connected to internet and have a compatible software to support the program.

Here are some pictures I wanted to show about city life trading environment:

Wealthy from trading the forex market?

2010-02-02T19:33:00.004+07:00

Does trading Forex makes you wealthy? This question is one of the most common question that might be asked by many people before starting out forex trading activity. Not everyone can taste major success without getting to know the tricks of this trade. Only people who have sufficient knowledge with trading qualities can look forward towards getting the maximum success from forex trading experience. So if you are looking to get rich then you have to complete your homework, or some sort of training about forex courses is extremely important. Through forex courses you will learn the necessary skills that brings you into making money through forex trading easier than learning by yourselves. Through forex courses you could even shorten your learning cutve from around 1-3 years into 3-5 months, and that to me is pretty significant.

Before starting out forex trading activity, therefore, there is a need, even though it is optional, for you to find out the right sort of training course that provides you the necessary skills for a success. The tips and guidance from these kind of courses will allow you to set up your own trading schedule into getting consistent results in a certain period of time. Many people fail to realize that those successfull forex traders are extremely self-disciplined in their field of work. There are certain conditions that have to be followed even when the situation goes horribly wrong. There can be a scenarion where you might be faced with consecutive loosing trades.

In such situation, you need to deal with the problem in a professional manner. All this can be acquired by gaining the right sort of knowledge and experience. Other important requirement is the kind of trading tools that you use for forex trading. This also form an important part of your success. Only when you start trading using a tool like that there is a chance for you to generate consistent profits over a longer period. Remember to trust your own abilities while thinking about making wealth through forex trading.

From my own experience, there is no such forex tool that gives you a 90-100% success ratio during my forex trading activities. These tools (indicators) gives out the information about the past, however, price action gives me much higher percentage of probability of information that I could use to trade the forex market. Other tools I use such as manual trendlines, manual established support and resistance points are the best to use for trading.

As a conclusion, forex trading can make you wealthy as long as you are trading like what the successful trader does. Taking higher probability trades, which are those high quality trades are more essential than taking those lower probability trades with high amount of quantity which could lead you to a fast slimming forex account.

Pound Sterling Dollar Analysis

2010-01-29T16:08:00.003+07:00

Hello forex traders,

I haven't receive any good forex signal yet from both of the pairs I like most, which are Pound Sterling Dollar and Euro Dollar. At this time, forex traders who trade mostly the same time frame like I do (4hour time frame) could sit back and relax and have a little rest on their sit.

It is almost weekend and I'd love to post my view on the current forex - Pound Sterling Dollar pair for today.

POUND STERLING DOLLAR CHART:

What I see on Pound Sterling Dollar right now is actually price bounces up and down creating a channel (blue box I've drawn on the chart) and this creates a consolidation. So in the meantime, I would say trading this pair is quite risky. My choice is to stay away from Pound Sterling Dollar for awhile, however still being alert to any signal coming to both Euro Dollar and Pound Sterling Dollar pair.

Stages to Becoming a Successful (Forex) Trader

2010-01-28T15:28:00.006+07:00

YOU CREATE YOUR EXPERIENCE OF THE MARKET

Each equilibrium (the current forex price) presents every trader with an opportunity to either buy low or sell high relative to the next change. Except for the time it takes to execute a trade, it is basically the same forex market for all of us. You are either able to perceive any given equilibrium as opportunity to execute a forex trade, or you can agonize over what you believe is a missed opportunity from the last price change, or you can refrain from taking the trade at the current price, even though you perceive it as an opportunity because you fear the market might make you wrong. The market does not create the ways in which you perceive it, it merely reflects what is going on inside of you in any given moment.

Whether you perceived the current market condition as an opportunity and didn't act on your perception, or didn't realize it was an opportunity until after the move occurred is, again, a direct reflection of your unique psychological makeup. You attach the meaning to any particular move.

From an objective perspective the next tick up can be described as the price just moved one tick up from the previous price. That is a reality about that one-tick price change we all share. However, to one trader that one up tick could be the final defeat in a short position he had been carrying. To another trader, it could mean a perfect selling opportunity because the market just can't go higher.
To a third trader it could mean a buying opportunity because the market broke out of a resistance area, based on the way he defines resistance.

The market neither chooses nor has any way of choosing the meaning you attach to any particular price change or market condition. For example, you could perceive an opportunity to sell high and act on that perception by entering the market with a short position. From the point you entered, let's say the market went in your favor and then violently reversed itself. In doing so, it very quickly went through your entry point and kept on going up with only a few rest periods and minor little retracements.

Each rest or retracement could have been an opportunity to get out of your short position and reverse yourself. What would stop you? The answer is inside of you. If you breathed a sigh of relief each time the market paused or retraced a bit, choosing to believe it was finally all over, then I ask you, What is all over? Is it possibly the fact that you won't have to confront yourself and say I'm wrong. That again is inside of you. You choose (based on the makeup of your mental environment) to believe the pauses were stopping points, relief from confrontation, instead of a possibility to take advantage of an opportunity to eliminate your risk and a high probability to accumulate a profit by reversing yourself.

The way the market seemed to you was actually the way you created it in your own mind. Out of all the available choices and alternate ways of considering the possibilities, you choose one particular way. Your own mental framework (controlling what and the ways in which you perceive information) locked you into that losing forex trade. The unique way you define a loss (your beliefs about it) and what it means to you is a component part of your psychological makeup. Your beliefs will interact with your perception of environmental information to form the particular way you pick and choose whatever information you happen to focus your attention on. The market has nothing to do with this process, even though that is where the information is coming from.

In the trading environment the outcome of your decisions is immediate, and you are powerless to change anything except your mind. The power you have to create more fulfilling outcomes from your trading resides in your degree of mental flexibility. You have to learn how to flow with the markets, you are either in harmony with them or you are not. The less acceptance you have for different types of market behavior, the more the market seems to turn on you like Dr. Jekyll and Mr. Hyde. In one moment it is satisfying all your needs; in the next it is like a greedy monster taking everything away. This Dr. Jekyll/ Mr. Hyde characteristic of the forex markets only represents your own mental inflexibility to flow with the changes and your lack of understandings, that you give yourself to the best of your ability what you end up with, out of what is available. And by the same token, what you lost, you gave away.

You can't change what the market is doing. You can only change yourself in a way that allows you to perceive what it may do next with increased clarity and objectivity. As a forex trader you want to know what is going to happen next, yet, how can you begin to know what could happen next, if you refuse to open yourself up mentally in ways that allow you to perceive the most likely possibilities? It is a complete contradiction in thought to want to know what is going to happen next in an event over which you have no control and at the same time to maintain a rigid mental structure that allows for only a very limited number of possibilities.

This contradiction in thought is the result of not understanding the nature of beliefs and how they limit a person's perception of environmental information. When you put on a forex trade, you had to have some belief about the future. What you need to do is learn how to release yourself from the demand your expectations be fulfilled exactly the way you expect them to be. Releasing yourself from the demand will allow you to shift your perspective to perceive whatever opportunities exist in the market now, as if you didn't have a forex trade on at all.

All of us are in a position of having to pick and choose environmental information because we can't be aware of everything at once. If you pick and choose forex market information on the basis of having to justify your beliefs, you are putting yourself at an extreme disadvantage. You will be excluding from your awareness information that may be more indicative of the consistency of the market and its potential to move in any given direction. And it will be extremely difficult to learn how to develop a perspective for the "big picture," by expanding your time frame perspective.

So even though you can't actually control the market's movement, you can learn how to control your perception of the forex market's movement in a way that allows you the maximum objectivity. Learning to perceive objectively will increase your ability to let the forex market tell you when to get in and when to get out. You can learn how to trade forex where you won't be using information to justify your beliefs but rather to perceive the most likely possibilities in any given moment. As you build a solid foundation of insight and understanding into the workings of your mental environment, you will learn how to change yourself in ways that will allow you to perceive the markets from an objective perspective and eventually trade intuitively.

Step-by-step process of how to adapt yourself to function more effectively in the trading environment essentially is a process that will enable you to identify and manipulate your beliefs to be more consistent with your goals.
There are two dominant themes that form the foundation for this approach. The first we have already briefly covered, that you create the market that you experience in your own mind based on your beliefs, perceptions, intents, and rules. And, second, your trading results will be a function of the degree of skills you develop in three primary areas: perception, or your ability to perceive opportunity; execution, or your ability to execute a trade; and accumulation, or your ability to allow your account balance to grow over a period of time or series of trades.

PERCEIVING OPPORTUNITY

Your perception of opportunity is a function of the depth of insight into the market's behavior. The depth of your insight into the market's behavior is equivalent to the number of distinctions you can make and the quality of these distinctions. Perception of opportunity is synonymous with your expectation of what the market will do next. To be effective, you will need to learn how to make kinds of distinctions that will provide you with an indication of a high-probability opportunity from an objective perspective, what I call making an uncommitted assessment of the probabilities.

To be able to make some kind of quality distinctions that will eventually develop into a "vision" of the broader perspective, you will need to learn how to expand your time frame perspective of market activity. There are several components to this process, but the two most important are (1) instituting a completely disciplined trading approach and (2) learning how to release yourself from the negative emotional energy stored in the memories of any past trading experiences.
The disciplined approach will naturally help you develop the degree of self-trust essential to function effectively in an environment that does not provide any external constraints to limit or control your behavior, as society does. Without the discipline, you will be at the mercy of your own unrestrained impulses and basically out of control. Consequently, without the self-trust that develops from the self-discipline, you wiil fear the unpredictability of your own behavior. At the same time, you will likely project this fear into the markets as being erratic and seemingly unpredictable, when it is your own behavior you fear the most.

It would be ludicrous to think that you could understand the market's behavior to any degree greater than you understand your own behavior first. To grasp the fundamental nature of your own behavior, you will need to understand thoroughly all the effects fear has on your perception of environmental information.

At the most fundamental level, fear will limit your awareness of forex market information that could clearly indicate those possibilities that are in your favor and those that are not. How could any deep level of insight into the market's behavior ever develop if you are constantly worried about what the forex market may do to you and cannot stay focused on the consistency and structure of the market itself. The market can't do anything to you if you trust yourself to act appropriately under any market condition. Learning this is the key to gaining the level of confidence every trader needs to be successful.

In the larger perspective, fear will reduce the likelihood of you ever developing to the point of making the kinds of distinctions in market behavior where you acquire a "vision" of the big picture. When you understand how fear operates in your trading and have conquered it, you will be able to see how fear operates in the forex market as a whole and then be able to anticipate the group's reaction to certain kinds of information.

If you did not start your trading career with the proper mental perspective or with a disciplined approach, then it is likely you have suffered some degree of psychological damage. I define psychological damage as any mental condition that has the potential of generating fear. The negative energy stored in these experiences (that create and support a belief about the threatening nature of the environment) will generate fear to the same extent as the degree of energy stored in the memory.
By learning to release yourself from the pain, you will be reducing the fear and automatically opening yourself up to new awarenesses about the nature of the markets. You will be opening yourself up because fear will not be causing you to nattow your focus of attention. Instead of being focused on pain avoidance, you can be focused on what the markets are telling you. Learning how to release yourself from fear will also free you up to think of creative ways in which you can respond to the new relationships you are perceiving in the market's behavior. As a result, you will be increasing your confidence in your ability to respond appropriately to any given market situation.

EXECUTING YOUR TRADES

Your ability to execute your trades is a function of the amount of fear you generate or the lack of it. Fear is always the result of your beliefs about the threatening nature of the environment. What could be threatening about the market? Nothing, if you had the confidence and completely trusted yourself to act appropriately under any given set of market conditions. Essentially, what you fear is not the markets but rather your inability to do what you need to do, when you need to do it, without hesitation.

In your relationship with the markets you had to learn what to fear. What you learned to fear was a result of whatever you did that caused pain. Your pain was the result of your not knowing what to do next that resulted in an outcome you neither expected nor intended. In the market environment you are free to act or not to act; the markets cannot do anything to you that you don't allow, even if it is out of ignorance or a complete sense of powerlessness.

The effects of fear on one's behavior are obvious, limiting one to the point of complete immobility. If you can't execute your trades properly, even when you perceive the most perfect opportunity, it is because you have not released yourself from the pain contained in the memories of past trading experiences and because you still don't trust yourself to act appropriately in any given set of conditions. If you did, there would be no fear or immobility.

ACCUMULATING PROFITS

Your ability to accumulate profits either Ln a single trade or cumulatively with several trades over a period of time is a function of your degree of self-valuation. This sense of self-valuation is, in fact, the most important psychological component of success and will override all others in determining your results.

Your degree of self-valuation will regulate how much money you will give yourself (the forex market doesn't give you the money, you give it to yourself based on your ability to perceive opportunity and execute a trade) out of the maximum potential available or perceivable at any given moment or time frame perspective. Regardless of the depth of understanding you have of forex market behavior or what you consciously intend, you will only "give" yourself the amount of money that corresponds to your level of self-valuation.

This concept can be explained with a simple illustration. If you perceive an opportunity, based on your definition or what forex market conditions constitute an opportunity, and do not follow through by executing a trade, what stopped you? In my mind, there can be only two possible reasons. You were either immobilized by the fear of failure or you are struggling with a belief (value) system that says you don't deserve the money. Otherwise, you would have acted on your perception.

SELF-ACCEPTANCE

The second theme that provides a foundation for the belief system I am offering is that persona! transformation, growth, and learning new skills are a function of self-acceptance. Your intent of learning a new skill or way of expressing yourself is in essence an attempt to create a new dimension of yourself. It is a goal you have projected out into the future that you will then attempt to fulfill by growing into it.

The forex market will quite naturally make you face what is inside of you on a moment-to-moment basis. What is inside of you could be confidence or fear, a perception of opportunity or loss, restraint or uncontrollable greed, objectivity or illusion. The forex market just reflects these mental conditions, it does not create them.

Therefore, to grow into a new expression of yourself (fulfill your goal of being a more successful trader), you will need to learn how to accept the existence of any of these negative mental conditions and the psychological components that create them. Cultivating a belief in accepting whatever you find inside of yourself will give you the base you need to work from to change these conditions.

To illustrate this concept of self-acceptance, I will relate to you an example of a floor trader who came to me for assistance because he wanted to change his trading style. When he first went down to the floor he got caught up in scalping because it seemed like the easiest way to make money. However, he soon found that trying to scalp for one or two ticks in the bond pit was just too physically exhausting because he had to compete with so many traders. So he decided that he needed to learn how to hang on to his trades for more than one or two ticks.

The first thing we did was to preplan his trades. We used some fairly simple techniques to identify intraday support and resistance points within a 7- to 10-tick range. The plan was for him to stand in the pit and wait for the price to hit his target (buy support or sell resistance), execute the trade, wait for the forex market to hit his objective, and then exit the trade. If the forex market traded through his entry point in the opposite direction by more than two or three ticks, he was supposed to execute the loss without hesitation. Based on our assessment of the reliability of the support and resistance numbers, we believed he didn't need to risk more than two or three ticks to know if the trade was going to work or not.

The first day that he tried to execute his plan, he did very well waiting for the forex market to hit his entry point. However, when it came time to execute the trade, he couldn't do it. He was supposed to buy at a support level, and he didn't do it because he thought it was going to keep on going lower. When the forex market didn't keep on going lower and bounced two and three ticks higher than what was his original entry point, he went ahead and bought one contract. From there he was supposed to wait until the forex market rotated back up to test the resistance which was 10 ticks higher than his originally intended entry point, but now it was only seven ticks away.

Instead of waiting for the forex market to rotate to his objective, he got out of the trade as soon as he had a two-tick profit. A short time later when the forex market rotated up to the resistance area, he did the same thing that he did in the first trade. He didn't get in at his price because he thought the forex market was going to keep on going; it didn't, and he sold three ticks lower than he originally intended and then got out for a one-tick profit, not waiting for a full rotation.
When we talked about what he did later on that day, he was extremely displeased with himself. He made himself accountable, but he did not do what he was supposed to. He didn't get in at the price he intended or out where he intended, "leaving several ticks on the table," so to speak. This is a very wealthy man who only had to risk two or three ticks at the most to find out if the trade was going to work and couldn't do it. By the same token, he was so desperate for a win that he couldn't wait for his profit objective, stating that he couldn't hang on because he has been burned too many times.

Obviously his backlog of negative experiences had nothing to do with the forex market's behavior or the probability of any particular strategy working or not. What was even more important, however, was his lack of acceptance for his current level of skill development. His intense anger over his performance clearly indicated that he could not accept where he was at or the results it produced. That first day was not a positive experience for him, even though he had his first winning day in a long time. His lack of self-acceptance certainly won't help him hang on to winning trades in the future; in fact, he will be digging himself into a deeper hole that he will eventually have to work his way out of if he wants to achieve the success he desires.
As time went by, he became increasingly more confident with his ability to define an opportunity with a high probability of success. Almost every trade he put on would immediately go in his favor, so he would rarely find himself in a losing trade. But each day was also becoming ever more exasperating because he was still only holding on for a one- or two-tick profit and leaving several ticks on the table as the forex market totted to test the next level of support or resistance.

What was even more difficult for him to deal with was that many times he had bought the low or sold the high of the day. Of course, he didn't know at the time it was going to be the high or low of the day, but looking back, he just couldn't deal with the fact that he only got one or two ticks out of it.

I knew the pressure was building inside of him because each day he had more excuses related to the forex market for why he wasn't doing what he was supposed to and had less and less tolerance to listen to anything I had to say about the situation. All these excuses were just an indication that he would not accept who he was in relationship to who he desperately wanted to believe that he already was. He was obviously indulging himself in illusion. To be the person he wanted to believe he already was would require that he learn how to be patient, acknowledge who he now was so he could concentrate on what he needs to learn and forgive himself for what he believed to be his past mistakes and inadequacies.

However, this would be very difficult because being impatient with other people had always got him what he wanted as long as he was dealing with people who perceived themselves as weaker than he. So why should he have to learn how to be patient now? Besides if he was patient with himself, it would make it difficult to justify his impatient, intolerant stance toward others who didn't "learn" fast enough or made "mistakes."

I didn't hear from him for a while and I just assumed that he wasn't doing anything different. Then one day after the close he called to tell me that he was going to start trading a 20-contract position. Otherwise nothing else about what he was doing had changed, except that he had several winning days in a row consisting of one- and two-tick winners.

I knew he was setting himself up for a big losing day, although I didn't indicate this to him in our conversation. In his mental system he was reasoning that by trading a larger contract size he would make enough money to prove to himself and everyone else that he had finally arrived, that he was a successful trader and that he was not a person subject to deep-rooted fears. Not being one to stand in the way of "progress," all I said was that I didn't think it was very prudent for him to be trading a 20-contract position, since he hadn't developed the psychological or mechanical skills to handle a position of that size. He grunted and hung up the phone.

The next day he lost almost $3,000.00 trading 20-contract positions. He gave back to the markets all his profits, plus more, from all his successful efforts over the last two and a half weeks of trading. At that point he was ready to listen to a plan on how he could learn how to be more accepting of himself and how to hang on to his winning trades.

The following is another example of a trader who has learned self-acceptance. This trader works for a local brokerage firm, manages hedge positions for financial institutions, and also trades for his own account. I started working with him on a fairly regular basts about three years before the experience I am about to relate.
He called me one day to tell me how proud he was of reversing his position on his last trade of the day. He said he cut his losses without hesitation and reversed his position from being short to going long. He was delighted that he felt no conflict, resistance, or mental anguish. He recognized what needed to be done and he did it. However, shortly after he did his reversal, one of the floor traders, who worked for the same firm filling customer orders, called him from the floor with some friendly advice that he should get out of his long position.

Now, my client had resolved long ago that he would not place any significance on another trader's perception of the market. He had excellent knowledge of the markets and believed he could trust his ability completely to define opportunity and make assessments of the potential for the market to move. At least he thought he be-lieved he trusted himself. After he got the phone call, he knowingly allowed himself to be influenced by what this floor trader had to say and exited his position. Within 10 minutes of doing so the market (bond) rallied 15 ticks, just about what my client originally thought it had the potential to do when he put the position on.
He left 15 ticks on the table because he let another trader influence his perception of the market. However, he did not view this experience as a missed opportunity. He viewed it as an example of how he hadn't, as of yet, completely released himself from other people's opinions of the market. He didn't miss an opportunity because given the environmental conditions he was working under (someone calling him was an environmental condition he had no control over other than not to place any significance on the information); he simply was not psychologically prepared to take advantage of the opportunity. If he had been psychologically prepared, he would have stayed with his original plan, realizing that someone else's perception of the market isn't going to be any more objective than his. Furthermore, considering the skills he had already developed, their objectivity would usually be a lot less.
As you cultivate a stronger belief in self-acceptance, you will then realize how the market reflects back to you your level of skill development along with the information that will indicate what you need to work on to become ever more successful. Each moment will then become a perfect indication of your skills and your degree of self-valuation, giving you a solid base from which to improve and learn.

You will eventually understand at a very practical level how you are always doing the best you can because your outcomes will be the result of your depth of insight into the nature of the market environment and your ability to act on whatever you perceive.

There won't be any reason not to accept these results as you increase your understanding of how to adapt yourself to suit any particular set of environmental conditions and realize the power inherent within this understanding. If you were to deny this perfection of the moment (a lack of self-acceptance), you would, in effect, be denying yourself the kind of information you need to grow into the skills you are attempting to learn. You can't grow or expand if you are denying the existence of environmental information that would clearly indicate your level of development. Nor can you acquire effective skills when you try to build from a base of illusion about the nature of the environment and yourself. If you won't acknowledge your true starting point, you cannot take the next most appropriate step in the development of any skill you intend to learn.

The most essential component in the process of transformation is learning how to recognize and then clear out beliefs that argue for the status quo, beliefs that defend against the intrusion of environmental information you refuse to consider, and learning how to read the environment in a way that will clearly point to the most appropriate path to fulfilling yourself.

Source: The Discipline Trader

Pound Sterling Dollar Analysis and Euro Dollar Analysis

2010-01-27T14:56:00.004+07:00

After gaining a few hundred pips this month, we have to plan our trade for the future. Some traders stops when their target are fully met before the end of the month, but some traders are always precautious when they see signals on their chart.

Remember, every forex traders have their own style of trading. I won't call people who always follow free signals are traders. Each traders have their own view of the market. I'm not saying learning from other traders is wrong, but continuously taking signals from other traders won't make us traders, rather just a follower. "When you give a man a fish, you feed them once. But when you teach a man how to fish, you feed them the rest of his life." My point is, learn how to trade from your own point of view.

As for me, I want to see how our forex chart develops into a kind of chart we want to see first before we decide to take any trade. At 4hour timeframe I am trading in, sometimes we have to wait for price to develop and study how it moves. One essential point in forex trading requires patient, just like I said several times on this blog. Price action or round numbers are some technical requirements for forex trading.

Now let's go to our possible run for this week's forex trade. We would trade if there are nice setup(s). However we have to be cautios of those low probability trade that could trap us and get ourselves at negative result of forex trade. Here we go:

EURO DOLLAR ANALYSIS:

POUND STERLING DOLLAR ANALYSIS:

Pound Sterling Dollar: Trade closed

2010-01-22T15:18:00.005+07:00

Pound Sterling Dollar trade which was executed on January 19th has been closed positive right at the point where we wanted it to go. Trade-Progress was also discussed here, which almost went quite smooth, although price actually did go further down, and though bad news following the US unemployment data led to weaker Dollar which affects it to go back up to the Pound Sterling's favor.

Trade result on Pound Sterling Dollar pair:

First half was closed for +91pips manually, the rest was targeting further down at 1.6200. We can see there the green highlighted numbers are automatically closed by the software of my trading platform.

Being patient, selective, and applying simple basic rules are easier to trade with less stress rather trading at lower time frames which could lead many traders to a high level of stress, and ends to a quick ending of forex trading without mastering the full knowledge of the whole forex market. Remember forex trading also require lots of studies, time-consuming, experiences and mental discipline just like other careers out there. Forex also carries high risk:high reward ratio and has to apply your study theories and get them on practice for you to get to the level where you could trade forex market for your living.

For the newbies out there, I suggest to trade with demo account at first and practice to control your emotional trading behavior and also to prevent high amount of loss of your real money. A quick start of how to open a demo account has already been discussed before (click here for a quick link).

Regards,
Mairza

Pound Sterling Dollar trade progress

2010-01-20T15:10:00.006+07:00

Continuing last Pound Sterling short trade, we could see a very nice down movement since the last Price Action signal we spotted at the swing-high of four hour timeframe. Price broke through the low of the BUOB, created an opportunity for short trade, and I actually took it. As usual, I took two trades on the situation.

First trade has already booked and took profit for +91pips, and the rest of short Pound Sterling Dollar trade is still running. Here goes the current trade shot:

As we can see price did not actually went down directly as we wanted to go. It went for around 50pips after the close, and then retraces back up. There were still buyers on the Pound Sterling pair, yet at last sellers won the way.

The entry line on this Pound Sterling Dollar trade is the green-dotted line, and the target profit price is the red-dotted line.
My Pound Sterling trade is now manage using manual trailing stop. Like the previous Pound Sterling Dollar trade, we want to have the low/high of previous candle as a support and the spot to set the stop.

Managing the trades we were on this situation were also a test for traders on how to deal on different kinds of certain conditions. Not every trades always goes a hundred percent like we wanted to go. Experiences, money-management, psychological behaviour are into play in this forex market. We want to trade inoccasionally which the objective is to reduce the forex signal noises, though we also wanted to be taking high probability forex trades with a high pip return.

Regards,
Mairza

Poundsterling Dollar Trade

2010-01-19T18:08:00.006+07:00

A very nice setup seen on the Pound sterling Dollar pair. Directly broken the low of the four-hour candlestick, below round number, beautiful PA. There is no reason to leave this kind of trade. Price is also hanging on the swing-high. There is many space to go down as there was movement upward since last week.

Looking at the daily time frame, Pound sterling Dollar is showing a continuing downtrend. A possibility for price to go further down.

My trade here are going for short on Pound Sterling Dollar pair. Let's see how low it will go.

FOREX TRADING SKILLS TO BE ACQUIRED

2010-01-18T10:17:00.004+07:00

To excel in any activity—whether it is mental, such as trading, or physical, such as swimming — we need to learn specialized skills. These skills give us the necessary requirements to look at, think about, and behave toward events in a manner different from what we may be used to or what we may have been taught.

However, beyond the sheer mechanics of the activity, which just about anyone can master, lies a particular thinking methodology or strategy that leads to excellence. Although few people have it, such a thinking methodology can nevertheless be learned.

Any thinking methodology requires a series of approaches to goals and problems. These approaches might be better described as mental techniques, even skills of thought application. For example, one such skill might be the ability to identify those conditions that are conducive to making a common trading error before it actually happens. Other techniques or skills include:

1. Learning the dynamics of goal achievement so you can stay positively focused on what you want, not what you fear.

2. Learning how to recognize the skills you need to progress as a forex trader and then stay focused on the development of those skills, instead of the money, which is merely a by product of your skills.

3. Learning how to adapt yourself to respond to fundamental changes in forex market conditions more readily.

4. Identifying the amount of risk you are comfortable with; your "risk comfort level" and then learn how to expand it in a way that is consistent with your ability to maintain an objective perspective of forex market activity.

5. Learning how to execute your forex trades immediately upon your perception of an opportunity.

6. Learning how to let the market tell you how much is enough, instead of assessing the potential from your personal value system of how much is enough.

7. Learning how to structure your beliefs to control your perception of forex market movement.

8. Learning how to achieve and maintain a state of objectivity.

9. Learning how to recognize "true" intuitive information and then learning how to act on it consistently throughout your forex trading behaviour.

Source: The Disciplined Trader

Analysis

2010-01-16T08:57:00.005+07:00

Not a very good week to trade the forex market as we see there wasn't any signal for the pairs I've waited to take any trade. Sometimes we have to be really patient to wait for a high probability forex trade to show up. As I've said several times on the previous posts, forex trading requires discipline and mentaly ready for anything to happen. Get yourself sidelined to skip low probability forex trade, analyse the 4hour timeframe, daily timeframe, or even weekly timeframe for your next forex trades rather making yourself burn by making false forex trade. I'll post some of the forex pairs I'd love to trade for next week's prediction, and if there are signals showing for forex trades, then we will execute our plan to trade. Have a nice weekend, traders!

Euro Possibility:

Forex Trading Psychology - Get the Mindset of the Pro Traders Who Make Big Profits

2010-01-15T09:45:00.000+07:00

It's a actuality that forex trading can be abstruse by anyone but best traders abort and the acumen they do is they don't accept forex trading psychology. If you do, you can accompany the aristocratic 5% who accomplish big constant profits...

So what why is mindset so important?

The simple acknowledgment is forex trading is not aloof about method, it's additionally about the conduct to barter your method.

If you don't accept the conduct to barter your system, you artlessly don't accept one.

So why is trading with conduct so hard?

The acumen is simply, you will at some point face a cord of losses and it happens to alike the best traders.

Forget all the debris you read, about trading with little or no drawdown, you apprehend from vendors - It's not true. You are activity to face periods of losses which may aftermost abounding weeks and you accept to accumulate going, admitting demography losses and your affections will be cogent you to aberrate from your plan.

Its here, that able-bodied money administration and discipline, will backpack you through a accident period, until you hit profits again.

Discipline agency you accept to accept what you are accomplishing and accept confidence.

Most traders anticipate they Can chase a so alleged able and win, while best admonition and forex robots awash online are junk, they deceit alike chase the few acceptable admiral and forex trading systems because they don't apprentice from the arena up.

When you accomplish in the forex market, you accomplish in an ambiance that presents these different challenges:

- The bazaar is all able and is consistently appropriate and alone you can be wrong

- Its anarchy and anarchy and you will lose for periods of time

- Its an allowance based bold and you charge to apprentice how to barter them

- There is no aphorism of law and of advance you accept to accomplish your own rules to survive

- The assignment belief doesn't administer and assignment amount counts for nothing.

- Actuality able additionally counts for annihilation alone actuality appropriate does

In this anarchic and abandoned world, your rules and conduct will advice you survive and prosper. You can win but bethink your adjustment is alone allotment of the blueprint it's your mindset that is key.

As we said beforehand anyone can apprentice bill trading- but best traders anticipate it's accessible or they can chase others. They don't anytime bother to apprentice the basics to get aplomb and conduct and they lose.

Forex trading isn't a airing in the park, that's why 95% of traders draft up.

Of advance for the austere trader, this presents a abundant befalling for big gains.

Forex trading attitude is the key, to putting you in the 5% of acceptable traders, who accumulation up the big profits and bethink - the bazaar doesn't exhausted the trader, the banker beats himself. This is about due to a poor compassionate of forex trading psychology.

How to Avoid Pitfalls in Forex Trading

2010-01-14T16:42:00.001+07:00

Forex trading bazaar is a active abode area abounding traders win millions and abounding added lose a acceptable bulk of their capital. There are abounding affidavit which culminate in accident money, you acquire to be actual accurate in advance your basic as a bad barter may clean off your account. In this commodity we will altercate few tips to abstain this lose. These are not adamantine and fast rules, aloof few things to accumulate in apperception while trading Forex.

Firstly, accumulate your focus on the trade. Don't be a day dreamer about your profits. Be realistic; accumulate your focus on accepted trade, abode a reasonable stop lose on your barter and again sit back. Once traded, it is out of your hands, now you can not do anything. You acquire to delay what bazaar will do with your money. If you lose, acquire your abortion and be accessible for the abutting trade. Money accident is more good than accident your courage. Wining and accident is allotment of this game. Apprentice from your experiences.

Secondly, you can apprentice a lot from audience accounts. But use them as a allotment of your acquirements Forex and don't be abased on them. Once you apprentice how Forex bazaar works, how your agent systems works, again instead of application audience account, alpha trading with baby bulk of absolute money, every barter will add a fresh affair in your experience.

Thirdly, don't barter if you are accepting apathetic or borderline about the market. If you are not in able anatomy of apperception for trading or clumsy to concentrate, don't accomplish a deal, it ability advance you to accident a trade.

Moreover, don't be emotional, as affecting decisions are generally wrong. Being aflame afterwards acceptable a barter or afraid afterwards losing, will afflict the akin of your confidence. Either you will become over assured or you ability lose your confidence, in both cases affairs of lose will increase.

Additionally, baddest the assurance aces broker. Abounding brokers are in the bazaar aloof to accomplish money so be accurate in allotment a broker.

These few tips will advice you in trading. Forex bazaar is a circuitous place; you should apprentice the rules of this bazaar afore advance your money.

Trade Forex and Achieve Financial Freedom

2010-01-13T13:49:00.003+07:00

Achieving success through Forex trading is not a myth. There are more than 40 million professional Forex traders (could also be called Forex or FX traders) all over the world who are trading for a living and enjoying their financial freedom life. You could possibly be one of them.

According to Robert Kiyosaki, the columnist of the book, 'Rich Dad Poor Dad', to get out of the rat race, we should not work for money, but instead, let our money come for us through businesses or investments. Why? Because letting money comes to us is an easier way to actualize financial freedom and retire early. Forex trading is a wealth creation method that your wealth advisers or financial planners would not normally tell you.

Starting from a small forex account or small financial capital is a good way to get to the top by leveraging step by step until you have your own large account and produce an account that lets you trade for a living with money management and have disciplines of trading. With the potential of Forex Market with a volume that surpasses 3.5 Trillion US Dollar a day, Forex market could be a way for us to reach the financial freedom which, if calculated, distributes 1,000 US Dollar for each Forex traders each day, which equals to 30 Billion foreign exchange currency traders would potentially benefit from it!

Ask yourself in mind, would the income of 1,000 US Dollar per day be sufficient for your life living in your city? With the help tools available on many free sites on the internet, basic Forex training courses and trading experiences, you can consistently make money through online trading in the Forex market. Although Forex strategies are available in many CDs, books, eBooks, or even Forex forums, do not just learn these lessons from their style on your own. Sacrifice a bit of your pocket money to register for tuition fees so that you will have fully understands the real strategy of the foreign exchange currency market. This way you could shorten your learning process from 3-5 years to 3-5 months!

Taking advise from your wealth advisers or financial planners about Forex trading could discourage you from trading Forex, as we Forex traders all know, Forex trading is a high risk investment, though with fully understands of money management and self discipline, Forex market could be a place for us to get to the financial freedom and success.

It is true that Forex trading could be very risky if you haven’t master and fully understands the whole market potential, however there are lots of testimonials from real successful people who have successfully mastered the real art of Forex trading. They are trading in the foreign currency market and making money over the internet every single day. It is not impossible, and you can do it too!

Market Overview on Poundsterling Dollar (GBPUSD), Euro Dollar (EURUSD) and Dollar Canadian (USDCAD)

2010-01-12T17:28:00.008+07:00

Market overview is important on how you see the current market condition. The first important step before making any decision to your forex trade is to always ask yourself "What's my market view?" on your mind to see how are you going to apply it on your trade. These currencies I'm overviewing are some of my favorites. Updated on the next posts will include the market overview on each other pairs I would like to trade. My first market overview is to be on Euro Dollar Foreign Currency.

Euro Dollar Analysis on Daily Timeframe:

A clear falling price we can see there for Euro Dollar since 1.5100 (rounded number) almost until the end of the year 2009 and then produced a stagnant area in the blue box I've drawn. Price has broken the resistance between the channel and is free to move up, or going back down for a false breakout. My forex simple system (Price Action) haven't signal me to both to sell Euro Dollar or even buy the Euro Dollar. We will see what happen the next or two days later for that.

Poundsterling Dollar Analysis with some scenarios:
Red circles are supports and resistance to price

Uncertain possibilites are still hanging there on this pair. Patience is important before we get ourselves burnt. Trading both pair currencies Euro Dollar and Poundsterling Dollar are fun!

Canadian Dollar Analysis:

A brief market overview on Canadian Dollar. An excellent setup would be to wait until price goes off the yellow resistance line I've drawn there and wait for a signal for buying.

Euro Dollar Long Trades Result

2010-01-07T10:14:00.006+07:00

These were my last two transactions:

Continuing from the last Long Euro Trades result
Following price action is very important. These two trades were taken by simple Price Action. Everything was clear, price went down, bounced off the round number 1.43000, inside the channel. This is one way for Forex Traders to trade in a ranging pattern.

Long Euro Dollar Trade

2010-01-07T09:59:00.010+07:00

Euro was ranging between R&S channel. I took this opportunity to take these trades, they look just good. Had two trades taken based on this situation.
Both trades were already closed.

Chart:

2010-01-06T05:54:00.003+07:00

Trade update:

Closed for 120pips by manual trailing stop.

Long on Poundsterling Dollar Trade

2009-12-31T00:53:00.007+07:00

Just like the previous post, I've waited for price to signal long for a trade and here it is.
A nice trade taken before New Year 2010, spread was widen, however setup was really tempting to take.

First target has already hit for +80pips and letting the rest run.

There are enough rooms for price to go further up, so in this case, I'm letting the trade run.

Chart:

My Market View

2009-12-29T17:27:00.006+07:00

Looking at Cable, we could see a massive move to the South. At this kind of time, I can only sit and watch. A movement up to 50% Fibonacci Retracement level would be interesting, yet there is no clear signal given by market.

Chart:

June Trades

2009-06-09T02:12:00.005+07:00

Hello blog and my dearest visitors!

It has been awhile since my last November posts. I think it's time to get back on blogging since there are certain people are interested to see me back on track. :)

Let's get to the big picture now on Cable & Euro..

Technically speaking, Cable has found it's bottom so does Euro since global crisis we've been through. To be more spesific, Cable has found its bottom on the end of January '09; and Euro made a beautiful double bottom on weekly chart as you can see if you zoom your chart out. This could be the sign for dollar to be weaken.. Well, time will tell us.

As this is the second week of trading for the month, I've took some trades last week and today. Unfortunately, I've lost quite some pips last week due to my lack of concentration. I didn't realize that last thursday was Interest rate day. Knock me quite hard last week which costs

-200pips.

Here we go for today's trades:

Bought Gbp/Usd:

Result: +73pips

Bought Eur/Usd:

Result: On-going process

Bought another Eur/Usd on retracement:

Result: On-going process

Regards,

Mairza

This week's trades

2008-11-07T07:49:00.003+07:00

3rd November:
u/c - short +44pips
a/u - short -12pips
u/c - short +115pips
u/c - short +275pips
e/u - short -102pips
a/u - short +40pips
e/u - short +6pips
a/u - long +47pips+
Total: +413pips

6th November:
a/u - 0.6737 short
e/u - 1.2742 short
g/j - 154.03 short
g/j - 154.32 short
u/c - 1.1879 long
Total for 6th November: +494pips

Grand Total for November: +907pips

Selling USDCAD

2008-11-04T08:01:00.002+07:00

Sold USDCAD, closed 1 trade for 13pips, set the rest to breakeven

October Trades

2008-10-29T15:09:00.008+07:00

This is the journal of this month's trades. They are mostly scalping, that is why trades are closed at average of around 40pips.

16th:

Sold GU:

+26pips

21st:

Bought UC:

-10pips

+33pips

Sold AD:

+74pips

+3pips

Bought UC:

-3pips

22nd:

Sold GU:

+0pip

+45pips

23rd:

Sold GU:

+39pips

Sold UC:

+14pips
+18pips

24th:

Sold EU:

+0pip

+159pips

27th:

Sold UJ:

+30pips

+0pip

Sold AD:

+0pip

Sold UC:

-55pips

-68pip

Bought EU:

+102pips

+86pips

Bought NU:

+78pips

--------------------

Current Grand Total: +571pips

I have currently 4 trades running at a total of around 250pips, which are Long Euro, Long GU, and Long Kiwi. My current Trend is against $ ;)

Edit:

I've opened a few more trades and the rest of the trades were closed for:

+86pips

-1pip

+132pips
+0pip

+91pips

+138pips

------------

+447pips

Which makes up a grand total of (571 + 757) = +1,017pips

Canadian Dollar & Aussie Short

2008-10-22T12:29:00.004+07:00

Booked in some pips on Aussie short, decided to go BE on Canadian (and then price goes off to the sky as soon as I closed my trade!)

Oh well, here are the charts:

Long Canadian Dollar closed BE

Short Aussie Dollar closed for +78pips

Late post

2008-09-20T16:08:00.004+07:00

Sorry for the late post. Here is my last trade on the 17th. Trade closed with +32pips in hand

Analysis

2008-09-15T08:51:00.003+07:00

Lemme start with my analysis for this week's TC possibility.

EURO:Price has broken through the bearish channel giving a new 4hour direction which is bullish, so as MACD, which has passed the '0' line and is also giving a new bullish direction. Hope there is a perfect setup on this pair so that we can get an entry point.

Cable: Price has finally started going up after last Friday's move, breakout did also happen after breaking my bearish-orange-support TL there. I hope this pair is also doing its job making a perfect TC. Like usual, time will tell. Happy hunting

Missed Opportunity

2008-09-12T02:54:00.002+07:00

Hello traders,

Pretty relaxing month as my target for the month has been reach beyond my target.

However I didn't ever plan to miss an opportunity like this one I just saw on NZDUSD pair.

Price goes down and retraces and were making wedgy channel. And after that it goes down breaking the bull support. As you can see there my black line is how I determine my TP. The length of the lines are more or less the same. Target was around 90pips and SL is set back to the breakout point.

I was still in my nightsleep dream when this happens. If I was there I would have taken it.

Mairza

GJ & GU Long Trades

2008-09-06T13:54:00.006+07:00

4 Positions are still running. Finally are giving positive value after a few hours of waiting, also they almost got my stops pheww... Have a nice weekend :)

Sorry I didn't take an image after taking GU trade

Closed Trade Result:
GJ:
+494pips
+470pips

GU:
+98pips
+98pips
+1160pips TOTAL

No Trade (EU & GU)

2008-09-04T23:55:00.004+07:00

Today was suppose to be one of my trading day due to the high impact news announcement, however, price didn't go as I wanted to be. I decided to stay sidelined for long ride because there weren't any single signal to ride long. So both of these pairs (EU & GU) goes even more to the southern side, which were already giving negative signal to get long.

The only signal forming now is GBPCHF and USDJPY has already gave a signal to go short but I didn't take it because I wasn't watching it live. I guess it is too late to take it now.

The fact I love trading in a big day like today is pocketing some pips into my account. I could go short or long depends on the situation of the market. But the fact is, both of these pairs didn't give me any signal to go long or short.

Being discipline and patience are important in this market. Avoid bad trades, do not watch the market too long which could push you to take a bad trade and get yourself a big headache (just like GBPJPY trade I took last August made me loss some pips), keep yourself healthy, and
Happy hunting :)

AUDUSD trade

2008-09-02T14:56:00.006+07:00

Hello fellas...

While I'm watching euro going more to the southern side (was expecting to hold in between my Pitchfork Area), I was looking into another pair, and it is the Australian Dollar.

I've taken a short trade on AUDUSD because it caught my eyes when the bank stated to cut their interest rate, and the formation was perfect.

Wish me luck ;)

Here is my chart:

Trade Result:

83pips x 2 = 166pips

(PS: TP should be 140 x 2 = 280pips but price missed my TP by 4pips)

Euro Analysis

2008-08-31T09:40:00.005+07:00

Hi traders,

As today is Sunday and it is the last day of the month, I'm preparing some analysis for the coming week ahead. Next week might be interesting where two high impact news which usually runs the market for a couple of hundred pips might be a start for September trade. High impact news should give us enough hints for us to get ready on where price is going.

In my euro charts here (see attached), I would probably be preparing for long entries because what we have here euro is currently consolidating at the LML on the daily chart. Price went trough the ML and goes down since mid of July after setting a new high record of all time at 1.6039. The Dollar have strenghtened since then and move as low as 1.4569 which means a down move of 1470pips and this could mean an oversold area has been reached.

Zooming down into 4hr we can see there a pitchfork pattern has already formed and price is being held by LML. If this holds until Thursday and goes up from here, then this could mean a long possible trade. Entry will be using 4HR MACD using Phillip's MACD system and is going to be applied there when full criteria has been met. Thanks again Phillip for your contribution who has helped many traders to understand the market further and answered many questions within the thread.

Last but not the least, my scenario is to get on long either on Thursday or Friday where Interest rate statements (Thursday) and NFP (Friday) will be announced, however, remember that anything can happen in the Forex Market. Not all analysis can be correct. For instance, a news is forecasted to be positive but as soon as the news is released, the actual data gives out negative and market goes far against our favor taking technical analysis into a failure. This is where Stoploss will play it's role ;) Good luck Traders.

Mairza

Finally Trading

2008-08-22T15:31:00.007+07:00

Hi Traders,

It's been a few days since my last post. I expected market to go ups and downs and it did happen. There has been some false signal given by the market as I see it, and I call it more like gamble trading in those situation.

On the other side, while market is consolidating I was asked to arrange a sport event in campus for two weeks.
The event is still going and I think it is time for me to take a look at some high possibility trade and GJ gave a hint for short!
I took it and I will attach a chart later on.

Good luck ;)

Here they are:

4hour Chart:

Trade Result:
Everything was there, I like the setup, but then again it did not manage to go more bearish.
Took my -36pips x 2 = -72pips away

I guess that was the last trade for the month.

USDJPY Trade

2008-08-12T04:42:00.007+07:00

Hello traders,

I've watched USDJPY for awhile since the daily breakout occurred on the pair. I've been waiting for price to break through the upper median line and get ready to take a long trade once all the breakout requirements are met. Today 20:00 o'clock at my broker time, there was a MACD signal which indicated a TC pattern. I didn't directly take it because there is a little tail there on the candlestick which means price might give a retracement to the median line again and it did. Check out the 4hour chart below, the small AP's median line has been visited by the price and price retraces back to the larger upper AP median line.Now that price has retested the upper median line for the second time, using 1hour TF, I took an entry for this opportunity. Took 2 trades just like always. Set the first half for 56pips and will set the rest at BE targeting the daily resistance.

P.S.:
The only thing that bothers me in this setup is the tail pointing upward on the 4hour candlestick.
End of trade result: -40pips x 2 = 80pips.
I should've not taken this trade due to tail I mentioned before. I guess greed came to me when positive pips are in hand. Gotta take my pips away before any perfect setup comes by!

Andrew's Pitchfork

2008-08-11T19:56:00.002+07:00

Hi,
As I expected, there weren't any setup today for me to take which means I'm done for the day.
For traders who would like to learn on how to use Andrew's Pitchfork, here it is to consume while market is consolidating!

Added PDF:
Alan Andrew's Pitchfork.pdf

Must Consume!!

GU

2008-08-10T23:36:00.002+07:00

Good morning, Traders!

We're going to look at GU for this week's plan right now as I can see price broke through the median line on the weekly chart. To share my experience before, from this point price might retrace for a couple of hundred pips to the north after Friday's fully bearish move, or if price doesn't retrace then that simply means USD still got the strength to move GU down.

I will definitely go short when all requirements are met.

Let me express my feelings abit for a refreshening Monday..
Last week was a very good week where I took quite a large amount of pips.. I started positively and it ended also nicely positive ;) I also enjoyed the weekend with friends, oh and I ate alot last weekend, lol. Had a nice 5v5 football game, and hell yeah I scored goals, too! There weren't many people came to the field as someone told me they were busy preparing for 17th of August Indonesian Independence Day. I hope I can make much more pips this week. Got to be aware of consolidation after last week's move...

Trade, Trade, Trade

2008-08-08T21:37:00.005+07:00

This week I have taken so many trades and yet they're all sucess. Another trade has been triggered on the Japanese Yen (UJ). Here's the chart

Trade result:

+34pips closed

Other half set to BE targeting 112.00. This is the last trade for this week. Have a great weekend ;)

Sold EU

2008-08-07T21:25:00.004+07:00

Sold euro at 1.5371

+40 pips closed, the other half set to BE. Off to bed ;)

Edit: Closed the other half for +148pips with a total of +188pips

Bought another GJ

2008-08-06T22:16:00.006+07:00

Hello traders, I took another long on GJ pair at point 212.13.

Trade went into my favour, and it was a success.

Closed Trade Result:

+128pips

GJ trade

2008-08-06T00:15:00.002+07:00

GJ trade taken today with the help of AP median line and countertrend Phil's MACD signal occurred. This trade was way out of my original trading rule. I've been CTing and trading more pairs than before. As a conclusion, more chances are available through time and opportunity varies in each currency pairs.

Closed trade result:

+16pips

+25pips

+41pips

Another Trade

2008-08-05T23:10:00.004+07:00

Another trade taken based on daily breakout strategy on Canadian pair. Will close half a lot should price goes +25pips and set the remainder half at breakeven point targeting for 80pips
Closed trade:
+ 25pips
+ 80pips
+105pips

Today's Trade

2008-08-04T22:14:00.005+07:00

Hello traders,

I've decided to take a trade based on AP (Andrew's Pitchfork) method plus Phil's signal did have a role in this trade. Price went off the Lower Median Line, formation of price action were there, I had to take it. Although there were only low impact news today, the set-up was perfect. This is where full technical trader have their advantage for taking some pips before high impact news on Wednesday.

edit: Trade closed for 16pips by trailing stop

New Trading Method

2008-08-03T16:14:00.003+07:00

I've been studying a trendline method lately, which was invented by Alan Andrew called Andrew's Pitchfork method. The system uses median line (including upper and lower median lines) to determine possible TP, which really hooked me up in the first place because I had a hard time determining the correct TP for my trades.
Hence, I downloaded the pdf and consume it to broaden my trading method because Andrew's Pitchfork suits my trading style. Credit to Parlenk who introduced me indirectly using this method.

Last week I did take a trade based on the system itself, so I took it. MACD 4hour didn't give live signal last week, consequently I took this one out. It went well and gave me around 70pips. It was rather a risky trade as it was my first trade using the method which was live trade, in addition, trend was looking bearish and what I did was countertrending. Here is the chart:

Last Week's Signal

2008-08-03T13:56:00.002+07:00

Hi traders,

I've been watching 4hour MACD for signals, though there weren't any perfect setup EXCEPT canadian pair on the 29th of July. I was away that time so I couldn't take it, and if I was there I would have taken it. The other setups occurred on the other two currencies as well (cable and euro) but I had to ignore those signals because there were lots of tails going on after candle closes.

Must Consume PDF

2008-07-26T16:34:00.003+07:00

Hello traders,
A week of 3 Daily TCs was over, though the set-up didn't perform as predicted as well, and as we could see the formation weren't perfect either. In fact, result went -10pips after summing all the trades up.

Let us forget last's week trades and plan for our next target, meanwhile,
here's a little PDF I've added to consume while planning our next trade by next week.

Added PDF:

45 Ways to Avoid Losing Money Trading FOREX.pdf

Tuesday Trades

2008-07-23T09:37:00.003+07:00

I decided to take EU and GU trades yesterday since market open. I had to leave after an hour of my entries so I set my stoploss and trailing stops on each of these trades.
Set 20pips trailing stop on GU which then results +30pips profit;
however the trade went bad in my EU trade I set stoploss for 40pips and price made a short time channel making a resistance for it to go further north.
EU ate my stoploss so I had -40pips sums up to -10 for yesterday's trades.
Patience and let us fish a big one by the next opportunity :)

Daily TCs

2008-07-22T10:28:00.004+07:00

Here comes the big day! Three daily TCs appeared in three pairs I trade! Cable, Euro and Canadian! Of all the pairs, euro hooked me most because I like the rhythm which includes bouncing off the TL, bullish candlesticks, and the most convincing is TC + breakout on daily chart! Here goes the charts:

figure: euro

figure: cable

figure: canadian

2008-07-19T03:54:00.002+07:00

A very interesting daily chart I have here, at least for me. I think GU is retracing back to fibo 50% after breaking out some channel there, trying to make a tail, and if my speculation works well there, maybe we'll see a bullish market once again, forms a TC maybe, on tuesday? Or maybe if my speculation is wrong price might break 50% fibo and TC doesn't happen. Time will tell.

Have a nice weekend everyone.

Mairza

Template Revised

2008-07-17T12:26:00.003+07:00

There is a problem in loading my template because the MACD coloured indicator has not yet included there. Apology from me for people who wanted to learn on how I use the system correctly, and thanks to Aniqa for reminding me this issue.

To complete the template, you have to include this indicator here in your indicator folder.

Great Article!

2008-07-15T09:13:00.003+07:00

I've added an article saved in Microsoft Word. A very interesting article to read!! This is how equity curve should be applied to your trading plan.
Added Word Document:
- The Magic of Compounding

Must consume!!

GBPUSD and USDCAD trades

2008-07-14T21:15:00.007+07:00

Figure: Short Canadian

Figure: Long Cable

More signals came from USDCAD and GBPUSD which convinced me to take it.
Both gave TC trades.
Added Trade: I have decided to take another USDCAD short because I could clearly see price is currently retracing and will go down from here.

Results:
GBPUSD: +39pips closed
USDCAD: +45pips closed
USDCAD (second trade) : +29pips closed

Relating News to the Current Analysis

2008-07-11T16:17:00.004+07:00

I found an interesting article for the coming trade plan:

OUTLOOK US economic indicators to be released in the coming weekWASHINGTON (Thomson Financial)

The following is a synopsis of US economic indicators to be released in the coming week with forecasts compiled by Thomson Reuters IFR Markets.Next week is light in the area of economic data, but is highlighted by speeches and testimony from Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Henry Paulson on housing and financial market regulation, and also includes new economic outlooks from key Fed members.

FRIDAY, JULY 11

Friday is expected to bring more expected news of a wider trade deficit and less consumer confidence. Analysts at Credit Suisse said in a memo today that while a weak dollar will mean continued favorable export conditions, 'price-related gains in petroleum imports are likely to nudge oil imports sharply higher, and the potential increase looks large enough to overwhelm any improvement on the export side of the trade ledger.Economists are expecting a 62.1 bln usd trade deficit for May, up from 60.9 bln usd the prior month.Consumer confidence is expected to erode slightly, from 56.4 to 56.0. Again according to Credit Suisse, the index should remain near its record low, since there's no reason for it to rise.'Consumers' biggest concerns are higher prices and unemployment, and we do not see nay relief in the recent news.'

EU & GU

2008-07-11T08:20:00.004+07:00

Figure: EU daily chart

I took long EU trade 2 hours ago. It wasn't a pure 4hr MACD system trade because I'm using different timeframes (which is daily), shown MACD TC pattern yesterday, waited for another candle to close so that I could confirm that the signal wasn't a fake one. Daily candle closed and then, there.. I took EU trade.

What I would like to see on GU in a few minutes to candle close is a perfect ZB (Zero Break) MACD pattern plus a signal candle giving me a more confident into taking the trade. Here we go: Edit: The candle closed with a tail pointing upward. I don't want to take high risk for GU so I had to skip this one.

USDCAD signal

2008-07-10T21:02:00.003+07:00

The candle has just closed and took MACD sell signal away. No trade today, candle closed with quite a long tail too there on USDCAD.
Hope to see more trading signal to come.

Mairza

Today's Analysis

2008-07-10T19:15:00.004+07:00

An interesting breakout through the wedgy USDCAD channel yesterday. I should've posted the chart hours ago, however I couldn't do it due to exam coming in a few minutes just after I took a screenshot. Well here it is, price action & MACD rhythm is there, retracing to the 8MA & 200MA looking for a support there. We'll see what happens. I will take a trade should price & MACD gives a signal

Mairza

GBPUSD and USDCAD trades

2008-07-09T10:53:00.006+07:00

Here are the charts.
Figures; GBPUSD at the top and USDCAD at the bottom

Results:

GBPUSD closed for +35pips

USDCAD closed for 0 pips (I set it to breakeven as soon as possible, it went around +30ish pips and I didn't set TakeProfit to the top TL as someone came into my room while trading)

Trades Today

2008-07-08T21:24:00.001+07:00

Hello traders,
I've decided to take USDCAD and cable trade today because both shown me a signal to take both pairs. Wish me luck, I'll post charts later on.

Mairza

Monday Market

2008-07-08T02:19:00.003+07:00

Hello traders,
Cable shown me a TC pattern on MACD indicator today by Asian - session this morning. I wasn't interested in taking deals on Monday Asian - session because I might see a false signal at that time. Eventually, I skipped the opportunity although it did went South ranging around 180ish pips. Not a big problem, I would rather miss it rather taking an unclear chart, at least for me. cable found bear resistance, will be taking a TC deal should a trading condition acquired.

Mairza

Trade today

2008-07-04T18:27:00.004+07:00

I've taken a trade based on MACD signal and gave TC trade on EU. I like how price hits the resistance line there, consolidates for a few hours, then candlestick forms almost perfect there. I've seen this kind of candlestick (highlighted candlestick) while backtesting (I have to review my pdf for the specific name) and they do have a high chance to success for a TC trade. I was worried if the tail will cause a big problem hence I planned to take only a have of my original trading lot. I took a short there and price went to my favour. I couldn't close half of the trade because there was only a half trade taken. I set my trailing stop at 15 at first. When price drops for around 30pips I set TS (trailing stop) to 20pips and let it run. If I did take my normal lot then I would take 20pips a half then set the rest to BE (breakeven). In this case I let it run with trailing stop. Will see what happens later on.

End of trade result:

+16pips (Trailing Stop stops it)

That's it for the day and I'd call it a week. Have a nice weekend everyone, hope there will be more opportunity for us to take by next week.

Mairza

GBPUSD

2008-07-04T12:47:00.005+07:00

As today is a holiday (Independence Day), I suggest the volatility of the market is much slower than usual. Though I'm ready to see a TC on my chart (cable) if there will be more downward force because the rhythm is there, off the MA, and candlestick should forms a perfect formation as well to confirm.

Quickstart - Demo Account

2008-07-03T20:03:00.006+07:00

Hello everyone.

As currency pairs I trade (EURUSD, GBPUSD and USDCAD) are confusing (unclear) at the moment,
I'm going to guide people who are wishing to open a demo account as a practice account before losing any money on forex because forex is not an easy job just like Merlin (1kt Trader in forexfactory) said, "Forex is one the hardest profession in the world". It is much better to start a demo account, learn the market rhytm, then go live later on. Do around 50 or more trades and when they result positive, we could go live.
Okay let's do the Quickstart.

Find a broker - You can find one by clicking the google advertisement above showing "forex trading" etc; or if you do know a well-known broker you can download their platform directly from their website. For traders in Indonesia, I recommend RealTrader which I also use. Easy to deposit/withdraw fund for later live trade.
After installing your platform, Go to File > Open an Account > Fill in the blanks (does not have to be your real information just yet, it is only a demo account)

You're done installing a forex platform! To download Phillip's 4hour_MACD template click here.
Insert template to template folder in your platform's directory e.g: C:/ --> Program Files --> RealTrader --> Templates
Open-up your chart and right click on it and find load template.
That's it! Let's trade and remember to save your information so you won't have to start all over.

(P.S: 1. I'm not a broker of RealTrader, however, I can help Indonesian traders to contact directly to their online brokers; 2. Quickstart guides will work on most MT4 platform).

Watchout for NFP!!

2008-07-03T13:09:00.007+07:00

Today's news release, NFP (non-farm payrolls) statement will be announced earlier than it used to be. The statement is usually announced Friday, on the first week of the month. Watchout for a false signal given by 4hour MACD as this can lead to a losing trade because NFP news could give a high impact to the market.

To share my experience, when I was a new trader I've traded before the statement, didn't set stoploss and I got myself burnt. I suggest people not to take a trade before, or during the news. However, taking a trade after the statement would be much safer.

Mairza

Image taken from forexfactory

Currency Nicknames

2008-07-02T02:52:00.003+07:00

Nickname of pairs has been used by many trader around forums, courses or in social forex discussion. It can be interesting because they're the simplest way to pronounce them.

GBP/USD = Cable (from Trans-Atlantic cable between US & Britain)
EUR/USD = Euro or Fiber
USD/CHF = Swissy
USD/CAD = Loonie (from bird on Canadian coin)
AUD/USD = Ozzie
EUR/JPY = Euppy (pronounced "Yuppy")
GBP/JPY = GopherEUR/GBP = Chunnel (from channel tunnel between Britain & France)USD/JPY = Yen

Thanks to Cici from Forexfactory

Missed USDCAD trade

2008-07-02T02:40:00.003+07:00

Beautiful candlestick formation formed in USDCAD pair.

I posted before and said that I will take a trade based on MACD signal should candle formation forms well and it did form just like I wished for. Unfortunately I had something to do and I had to leave my desk and missed the boat. The body of the bull candle with medium-tail under it creates a high probability for price to go higher.

- For new forex beginners I will soon post a quick start on how to start a forex business such as opening an account, how to buy/sell currency pairs, etc...

Mairza

EURUSD Trade Today

2008-07-01T17:16:00.005+07:00

EURUSD shows a signal to take a long and I took it. I was going to leave so I let my trade open without looking at it. Missed stoploss by 5 pips and when I got back the trade was still in a positive side. Here is the chart:

End of trade result: +4pips I could see something going to happen (probably bull power) but I have to leave again and there is no one to watch my trade.

USDCAD

2008-07-01T10:35:00.007+07:00

USDCAD has finally found it's long support this week and formed a narrow channel. This can be identified by price which touched the 200MA and 365MA and. I'm going to look for a long entry if price action and MACD allows me to, especially if there is a tail formed after candle closes I won't take it even MACD will show signal because that is a false signal.

So before taking a trade, I need to see a perfect setup such as trend continuation MACD pattern, candle formation, and no innecessary tails.

Here is a chart to get an idea how I trade trend continuation pattern.

Forex System

2008-06-30T12:34:00.012+07:00

I've been trying to find a system that I can use for trading forex. I've tested some systems throughout forward and backtesting and I've learnt that anyone's system would work depends on their own trading style. I've learnt that "surfing" with the trend is much safer than "fighting" against the trend itself.
As for me, no, forex is not the place to get rich within a few days, however, forex needs a hard-work to achieve great results.
I've backtested a system that suits my trading style and the "Jedi Master" himself, Phillip, has answered many questions for those struggles in his thread using 4hour MACD system in Forex Factory.
I am also using his system as my strategy as it supports what I see on the chart. As for price, I prefer using candlestick to identify price action rather than bar/line chart.
At least but not the last, thanks to Phillip who wants to share his system and also to Palmer (Chris) for helping many traders around the world to get used to the rhythm (I like the homework you made in pdf, helps alot : )

Here is the setting for 4hour MACD:
1. Fast EMA 5
2. Slow EMA 13
3. MACD EMA 1

1. Level +0.0015
2. Level +0.0030
3. Level +0.0045
4. Level –0.0015
5. Level –0.0030
6. Level –0.0045

As for additional indicator Phillip has also attached Moving Averages in order to get an idea where to set Target-profit, Support/resistance, or current trend situation.

Here is the setting for MAs (colour them to make it easier to identify different MAs):
1. 365 Exponential Moving Average (365EMA)
2. 200 Simple Moving Average (200SMA)
3. 89 Simple Moving Average (89SMA)
4. 21 Exponential Moving Average (21EMA)
5. 8 Exponential Moving Average (8EMA)

After those settings are made, your chart should look like this:

Edit: I've added a template for Phillip's 4hour MACD Strategy for traders to get the same chart as mine.

Standard Forex Terms

2008-06-30T11:42:00.005+07:00

I wanted to post standard forex terms and I couldn't find how to attach a file such as word doc., if there is any. Can anyone help?
Hence I uploaded to a web hosting like I used to do it for other pdfs.
I've added a word document for those who e-mailed me about standard forex terms.
Here it is, added doc:

Standard Forex Terms (FX Solutions).doc

Introduction To The Forex Market

2008-06-28T18:55:00.005+07:00

As today is Saturday, all markets around the world are taking a break until opening Market on Monday. Consequently, my broker doesn't provide online chart on Saturday and Sunday. As for today, I've added a new pdf link for those people who aren't familiar or new to forex. It is a long pdf for introduction, though it is worth to read to get a detailed information about forex market.

Added pdf:

Introduction To The Forex Market

2008-06-27T22:30:00.005+07:00

Two important pdf's has been added into my "Must Consume" tab section. Feel free to download and read them to get as much lessons.
Added pdf's are:

Trade today

2008-06-27T17:45:00.013+07:00

As I am working on how to expand my blog further, I have also taken a trade today. Here is a chart. I try to be as clear as possible. Comments are welcome :)

End of Trade Result:

+45pips

Journal

2008-06-27T17:11:00.004+07:00

As this blog has been officially opened, I would like to introduce what I am currently doing as a part time job, which is forex trading. My objective is to provide traders around the world on what time I take those trades, my stoploss, my target profit, and my entry points. I am also going to post my trade charts here.
I will also provide important pdf's/msword's text for traders to consume and get a powerful thought of how trader's psychological mind plays an important role in trading.

Mairza

First Post!

2008-06-27T13:09:00.002+07:00

Hello everyone,
My private blog has been officially opened and I hope I will update them occasionally.
First of all, I would like to thank my e-commerce tutor Mr. Julianto Agung Saputro for us to start our own blog. Also thanks to our classmate David who shares his tips & advices on how to build a private blog.
This blog is my own blog that will record my journey until I am at the top, which is why the title was given for.

Mairza