In my 1 year of trading forex I have learnt a lot about forex. There are some qualities that is needed in a traders. From my experience these are some of them:
1. No Ego
Ego is when you dont want to admit that you have made a mistake. In forex, mistakes are common. It is very hard to forecast something that has a lot of factors involve. If you have made a mistake, admit it and turn your position if you see fit. If you dont want to admit your mistakes, you will end up broke
2. The Future is unknown
That is the truth the hard truth. Unless you can see the future like the movie next we are all the same. There are some people with skills that can forecast the movement of forex and make money but the truth is, its too high of a risk. Better to trade based on price action
Sunday, July 29, 2007
Friday, July 27, 2007
Forex Review Week 4 July 2007
As predicted earlier in Forex Review last week, all according to prediction. EU and GU have hit the price prediction. All JPY pair went straight down from the starting of the week.
Now next week prediction. GbpUsd and EurUsd is at full down force now. Next week we should see it continue to go down. I forecast 2.0185 as the border line for GbpUsd and 1.3627 for EurUsd. If borderline is broken it would swing around it before continue to go down.
As for JPY pair it will continue to fall. Currently at full down but watch out for sign of reversal when it starting to make new high on the 30m chart.
Happy trading all
Now next week prediction. GbpUsd and EurUsd is at full down force now. Next week we should see it continue to go down. I forecast 2.0185 as the border line for GbpUsd and 1.3627 for EurUsd. If borderline is broken it would swing around it before continue to go down.
As for JPY pair it will continue to fall. Currently at full down but watch out for sign of reversal when it starting to make new high on the 30m chart.
Happy trading all
Forex Trade 28 July 2008
Final trade of the week. All closed now. Time for holiday. Happy trading everyone
Wednesday, July 25, 2007
Tuesday, July 24, 2007
Forex Trade 24 July 2007
Yesterday was a good day. All 4 position won with a total profit of 145 pips. As for today the market is a bit jumpy and very difficult to judge. Anyway I have open a few live position which is consider to have high probability of profit.
There are live and virtual position. The live have bigger chance of success and I advise to follow only live position. Unfortunately for me, Ive made a mistake in GbpJpy entry. Really stupid when you yourself set the rules and you break it. The result is up to -40 pip and still holding. Hopefully the trade is correct and I will close it maybe tonight.
Update:
Not a good day after all. Manage to get +45 pips. The trade was all correct but confident level and SL isnt good. Anyway profit so far for this week up to 190pip
There are live and virtual position. The live have bigger chance of success and I advise to follow only live position. Unfortunately for me, Ive made a mistake in GbpJpy entry. Really stupid when you yourself set the rules and you break it. The result is up to -40 pip and still holding. Hopefully the trade is correct and I will close it maybe tonight.
Update:
Not a good day after all. Manage to get +45 pips. The trade was all correct but confident level and SL isnt good. Anyway profit so far for this week up to 190pip
Monday, July 23, 2007
Forex Trade 23 July 2007
Today is a good day to trade. I still have 2 position open which I will put stop loss later.
Total Trade Closed = +45 pip
Reason Closed = When you trade more than 50% of your capital its called stealing. When you are stealing, take what you can and leave. Dont get caught by the market.
Trade Still Open = +90 pip
Possible trade:
UsdCad is looking good for a long entry @ 1.0430
EurUsd is looking good for a long entry @ 1.3812
UsdJpy is looking to short again? Weird ....
Update:
All position closed.
Total Trade Closed = +45 pip
Reason Closed = When you trade more than 50% of your capital its called stealing. When you are stealing, take what you can and leave. Dont get caught by the market.
Trade Still Open = +90 pip
Possible trade:
UsdCad is looking good for a long entry @ 1.0430
EurUsd is looking good for a long entry @ 1.3812
UsdJpy is looking to short again? Weird ....
Update:
All position closed.
Forex Is About Trading...
The truth is Forex is about trading. It is not something that you can sell. Now lots of people claims to have a good Forex system and selling it over the internet. Where is the logic in that.
Imagine you have a Forex system that consistently giving you wining trades. The probability is so high that you are willing to and have succesfully trade up to 50% of your capital. Because of its high winning ratio, your accout grows more than 100% a month. Would you sell that system or would you just keep it to yourself.
Would you go to the trouble of doing marketing, SEO, website, selling pages and payment processor? Is it easier to just trade it by yourself? Is it worth it to sell something that is a winning system?
In my hands I have a winning system. I am not willing to sell it or even to share it. I am however looking for 2 students whom I will teach the system and let them trade it. If the 2 students make profit, I am sure what I have now is a winner Forex system and it will be my best kept secrets. It will not be written anywhere but inside my head.
The next time you meet someone who claims to have a good Forex system and trying to sell it to you, maybe you can ask him the same question. Why sell it for money when the Forex system itself can generate money for you, lots of it forever.
Imagine you have a Forex system that consistently giving you wining trades. The probability is so high that you are willing to and have succesfully trade up to 50% of your capital. Because of its high winning ratio, your accout grows more than 100% a month. Would you sell that system or would you just keep it to yourself.
Would you go to the trouble of doing marketing, SEO, website, selling pages and payment processor? Is it easier to just trade it by yourself? Is it worth it to sell something that is a winning system?
In my hands I have a winning system. I am not willing to sell it or even to share it. I am however looking for 2 students whom I will teach the system and let them trade it. If the 2 students make profit, I am sure what I have now is a winner Forex system and it will be my best kept secrets. It will not be written anywhere but inside my head.
The next time you meet someone who claims to have a good Forex system and trying to sell it to you, maybe you can ask him the same question. Why sell it for money when the Forex system itself can generate money for you, lots of it forever.
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