30 January 2009
28 January 2009
26 January 2009
Forex : Advice 2
Every Forex trader is driven by greed in Forex trading, else the Forex market won't be the largest market in the world. In Forex trading, it's not difficult to make a 10-30% profit annually. What makes most Forex traders losing at the end is their greediness. Most Forex traders are not satisfy with 10%-30% profit annually, what they want is double or triple.
In today Forex market movement, most currency pairs fluctuate between 100-300 pips daily. It's not hard to gain 50-100 pips daily, in fact, most Forex traders succeed to do it. After taking 50-100 pips, due to greed, most Forex traders want to make another 50-100 pips on the same day. This will finally lead to making losses at the end of the day.
To overcome greediness, set a realistic target for each day. Let's say making 50 pips per day. Once the 50 pips profit is reached, stop and shut down your computer (assuming you trade Forex online). Never look back, continuing watching the Forex quotes or chart will make you want to enter the market again. Just call it a day with the 50 pips profit and proceed to enjoy your day doing some things you like.
Eur/Gbp 26-Jan.2009 (Close order)
Today I close my Eur/Gbp trade price 0.9367
P/L on this trade was 288 pips
Order open post
Gbp/Usd 26-Jan.2009 ( Close Order)
Today I close my Gbp/Usd trade price 1.38255
P/L on this trade was 563 pips
Open order post
Aud/Usd 26-Jan.2009 (Close Order)
Today I close my Aud/Usd trade price 0.65815
P/L on this trade was -148 pips
23 January 2009
Eur/Usd 23-Jan.2009 (Close order)
Today I close my Eur/Usd trade price 1.3022
P/L on this trade was -203 pips
22 January 2009
Eur/Usd 22-Jan.2009 (Close order)
Today I close my Eur/Usd trade price 1.30606
P/L on this trade was + 0 pips (BE)
21 January 2009
20 January 2009
19 January 2009
Forex : Advice 1
Follows blindly is most Forex traders' fatal psychological weakness. An economical data published, breaking news aired, 15 minutes chart showing a breakthrough, most Forex traders will rush to be first to enter the market. In such situation, most Forex traders seem fearless, not fearing making losses and only worry that others are making profit but not oneself if not fast enough to enter market.
One might argue isn't the number one rule in Forex trading to trade follow the trend? Obviously, it's the ultimate rule: "Follow the trends, it's your friend!". Forex traders need to follow the trend to trade, but not be the first to enter market after any data or news published.
Most often, few economic data are being released at the same times, most Forex traders already enter market once the first figure is out, not even waiting for rest economic figure to be released. The second and following figure released might just reverse the Forex movement.
There are also numbers of Forex traders who watch Forex chart closely, and will enter market when the chart show a steep movement. Not even taking times to understand what are the forces for such movement. It will be too late when they finally know that it's false alarm because they are already in the losing position.
In Forex trading, never be too eager to enter market, learn to overcome the feeling worrying too late to make more profit. Take time to analyse what's the impact of the economic figure released.
It might be a bit late once you have digest all the information, but once you are in the right direction, they are nothing to worry still the (stock) market close unless there are other breaking news.
This is what we call follow the trend, which will be moving on the same side till the market close.
Usd/Cad 19-Jan.2009 (Close order)
Today I close my Usd/Cad trade price 1.2561
P/L on this trade was +599 pips
Eur/Usd 19-Jan.2009 (Close order)
Today I close my Eur/Usd trade price 1.3294
P/L on this trade was +177 pips
Usd/Chf 19-Jan.2009 ( Close order)
Today I close my USD/CHF trade price 1.1200
P/L on this trade was +178 pips
12 January 2009
11 January 2009
Subscribe to:
Posts (Atom)
