Forex Review: Taking Stock

The weekend is a good time to review what happened during the last week, take a look at long term charts, and to think about new trading strategies for the future.As a relative newcomer to the game I'm taking my first good look at the idea of rollover. Basically, when you make a trade, it doesn't really involve your own money. You borrow one currency (the base currency) to exchange it for

Trade Free Weekends

It looks like The Rookie has survived another week. Although, I have to admit I'm holding my breath on a few underwater instruments this weekend.In particular, the USDJPY took a heavy knock on the jaw and is lying face down waiting for the three count. Maybe the weekend will be long enough to let the coach clean up a few wounds while the dollar catches it's breath for the next round? Get up

This Business Is Tricky

I'm learning. Every day I'm learning.Some fundamental news came out this morning. That was great, and I got some profits because of it, but at the same time I had limits on a lot of my positions to help ensure that I'd get out of positions and free up margin room.This means I've left a lot, and I mean a lot, of gains on the table. That's too bad.In the currency exchange market, finding the

Close Manually Test #8 Just Before NFP

I closed manually my trading position just before NFP. Position buy limit Gbp/Usd at 2.0180 was closed at 2.0220.I open a new position for buy limit Gbp/Usd at 2.0160, TP at 2.0260, SL at 2.0120.Ready for NFP !

Exchange Rates Differ From Stocks

There is an important difference between Forex instruments and stocks or bonds. The nature of this difference requires that you adjust your thinking.When you buy a stock, the presumption is that with inflation or growth that the stock will eventually always climb. That, at least, is the goal.Trading on exchange rates is a different ballgame. The rate of exchange is a ratio representing the

Signal #8

Today is NFP, it is one of the most important forex news. So, I better don't use any indicators since this day is weird. Let's predict the price channel for today.The channel price of Gbp/Usd at Daily chart is between 2.0180 and 2.0260 which was reached yesterday. If we check further, the channel can be stretched between 2.0135 and 2.0330. So lets catch the fish ^_^Buy Limit Gbp/Usd at 2.0180, TP

Rookie Survives

Well, the so-called sideways market just took a major jump down across a fair number of currency pairs.I added some equity to my account just to make sure I would not suffer a margin call in situation that I feel comfortable waiting out.I need to be careful though. If I add equity just a few more times I won't be playing with peanuts -- at least not according to the small quantity of assets

Looking At Me Sideways

The market has been rather docile today. Well, at least in the currency instruments that I have been nurturing.What is going on with all this sideways action? The Forex gods must be crazy!Without getting into particular positions and so forth, here are some things that are currently sitting on my piled-high plate:AUDUSDEURCHFEURGBPEURUSDGBPUSDUSDCADUSDJPYPresumably I'll be able to lighten my

Result Test #7

Result from Test #7 :Buy limit Gbp/Usd at 2.0165, TP at 2.0280, SL at 2.0125 = +85 pips (close manual at 2.0250)Buy stop Gbp/Usd at 2.0230, TP at 2.0280, SL at 2.0190 = -10 pips (trailing stop = 30 was triggered when price passed level 2.0260 so my stop was moving to 2.0220)Total profit for Test #7 = +75 pipsSept total profit = -72 pips (Still loss for this month)Total Profit = +402 pipsAlways

New Strategy Yields New Results

Since the currency market was soundly trouncing me I've adjusted my trading. One thing I have done is move to a slower chart. I'm now trading on the 1hr charts instead of using anything smaller. Another thing I've done is spread my risk across different instruments.With this, I've found I'm more able to judge movement potential. I'm also able to be more patient when I have some items on the

A Couple Trades

Okay, time to show that I'm not absolutely wrong 100% of the time. So much for the inverse signal idea... damn, foiled again.B CADJPY 109.36 -> 109.61 = 2.17B EURUSD 1.3645 -> 1.3658 = 0.30I had a fair amount of margin on my account and figured I'd unload the EURUSD on a spike so I could leave myself a bit more wiggle room with respect to other open positions.

Test #7

Buy limit Gbp/Usd at 2.0165, TP at 2.0280, SL at 2.0125Buy stop Gbp/Usd at 2.0230, TP at 2.0280, SL at 2.0190Gut luck guys! ^_^update : just for brave man, you may close your buy position (TP) at 2.0360hint : when price hit 2.0280, move your SL to 2.0240 and TP to 2.0360but you should know the risk too, probably you will lose your profit pips.

Result Test #6

There no open position regarding my test#6 because the condition was not meet.

Amazing New Signal Devised

Based on recent performance this new signal operates at near 100% efficiency. From now on I'll blog about entering long and short positions in near real time. Whatever I do, just do the opposite. You'll be rich in no time!I highly recommend grabbing my blog feed.

Understanding The Advertising

Now that I'm playing in the currency trading world I have a much better understanding of all the Forex advertising floating around. As a rank beginner plenty of the ads are hard to understand but a few are geared towards you:Learn how to tradeTrade with usCommission free tradingThis can help you enter the market while advertising that talks about pips, signals and so forth may not be relevant

I Was Right!

Okay, so it's too late now, but dammit, I was right! Every single open position I had to unload is now in the money. Of course, that aforementioned $ss chapping is in progress too.Anyway, rest assured that I'm laughing about the whole day at this point.

Test #6

Test #6If before 1.00 am (GMT +7 = WIB), Gbp/Usd does not break 2.0100, Sell Limit Gbp/Usd at 2.0150, TP at 2.0095, SL = 2.0165If before 1.00 am (GMT +7 = WIB), Gbp/Usd already break 2.0100 but does not break 2.0090, Buy Limit Gbp/Usd at 2.0095, TP at 2.0240, SL = 2.0070 & Buy Stop Gbp/Usd at 2.0165, TP at 2.0240, SL = 2.0125Hopefully, this time we can recover our yesterday loss. Good luck guys!

Result Test #5

Result from Test #5 :Buy Stop Gbp/Usd at 2.0195, TP at 2.0240, SL at 2.0255 = 0 pipsBuy Limit Gbp/Usd at 2.0135, TP at 2.0240, SL at 2.0095 = -40 pipsBuy Stop Eur/Usd at 1.3635, TP at 1.3705, SL at 1.3605 = 0 pipsBuy Limit Eur/Usd at 1.3590, TP at 1.3675, SL at 1.3560 = -30 pipsSell Limit Usd/Chf at 1.2090, TP at 1.2035, SL at 1.2115 = -37 pipsSell Stop Usd/Chf at 1.2065, TP at 1.2035, SL at

Definitely Getting Spanked

Hey, it's important to have a good attitude, so don't get me wrong. Right now I'm in the process of being spanked for being in the wrong side of the forex market. Again, if you are just dropping by, I'm only dealing with a $100 account. It's not that big a deal and I get to learn a lesson.I should close my EURUSD position and take a hefty percentage loss.However, it would really chap my $ss to

Forex Day Trading system - The market trigger called NFP

Forex Day Trading system - The market trigger called NFPCurrently the forex market is range trading..Its not trending at all. Thats what happens when a fundamental announcement is about to come out. If the fundemental news is not big, the range bound movement may happen on the 15 min chart. However if the fundamental announcement is as big as NFP (Non farm payroll), then the range bound movemet

Getting Spanked

Oh oh. I might be about to get spanked. It's really strange, because you look at things and come to a conclusion, but the market certainly doesn't have to give a damn about any of your thoughts, calculations or conclusions.Today I've been selling the EURUSD at the top of some price spikes. The only question is, are these really spikes are just some short term pauses on a large upward movement?

Test #5

Buy Stop Gbp/Usd at 2.0195, TP at 2.0240, SL at 2.0255Buy Limit Gbp/Usd at 2.0135, TP at 2.0240, SL at 2.0095Buy Stop Eur/Usd at 1.3635, TP at 1.3705, SL at 1.3605Buy Limit Eur/Usd at 1.3590, TP at 1.3675, SL at 1.3560Sell Limit Usd/Chf at 1.2090, TP at 1.2035, SL at 1.2115Sell Stop Usd/Chf at 1.2065, TP at 1.2035, SL at 1.2090Be careful of cross pair.... it can influence the main pairGood luck,

Holiday Doldrums

Well, I wasn't sure whether or not to take it seriously. What, you ask? The Forex educational material talking about what days and times to do your trading.In terms of trading, today was a very boring day.Very little movement. What movement there was happened at a snails pace. Maybe next time I won't glue myself to the market during a holiday.

Reporting Some Losses

I guess since I crow about profits, I should also disclose some recent currency trading losses. I mean, that is the whole game right, win some and lose some. The key is to make sure you regularly win more than you lose.B EURUSD @ 1.3643 S EURUSD @ 1.3649 = 0.60B EURUSD @ 1.3638 S EURUSD @ 1.3605 = -3.30 (S)B EURUSD @ 1.3634 S EURUSD @ 1.3619 = -1.50 (S)B EURUSD @ 1.3630 S EURUSD @ 1.3619 = -

Discovering Price Alerts

Okay, so I'm no genius. However, I am admittedly a rookie, so that is no fault of mine.Anyway, I've just discovered the joy of setting price alerts. I can have my system play a wave file when one of the items I'm interested in arrives at or crosses a certain price point.The value I currently see in this is that it can alert me to a situation that might represent an opportunity. When the alert

Result Test #4

Result from Test #4 :Buy Gbp/Usd at 2.0195, TP at 2.0250, SL at 2.0155 = -40 pipsSept Total Profit = -40 pipsTotal Profit = +427 pipsWin = 3Loss = 1I just got bad feeling this afternoon, so I suggest you to put trailing stop. Too bad, that really happened.

Test #4

Buy Gbp/Usd at 2.0195, TP at 2.0250, SL 2.0155(if your trading platform can trail the stop loss.... use it)Good luck guys ^_^

Phew! Weekend Survived

As I blogged recently, I had left myself in an open position with no stop order. If some world news event had occurred and greatly changed it's value, I could have lost up to the current total of my account. I could also have made a good deal of change too.However, upon opening a few minutes ago the price raised a few pips. So, no major changes and I've had time to add stop orders to those

Tick, Tick, Tick

Only three and a half more hours...

Impending Day Trading Resumption

I can hardly wait. In another five hours, approximately, the Forex currency trading markets will start another week of operation.Will my open trades bust my account? Sure, it's only a SuperMini, but I'd rather not simply throw my money away. On the other hand, perhaps the EURUSD will go up and I'll end up looking like a hero? The suspense is awesome...I've been doing my best to learn more