Good morning,
Well another week starts, not only that another month. Where has the year gone so far?
The first week of the month always fills me with joy, I look forward to the non-farm trading on Friday and the build up throughout the week with the announcements. Obviously caution has to be used when entering trades around the major announcements not only this week. It does make for interesting trading though.
I had a very busy weekend. My wife and I went Sky-Diving on Saturday. Not just Sky-Diving but indoor Sky-Diving at Europe’s largest indoor Sky-Diving Center. I have to say that I have jumped out of perfectly serviceable airplanes (static line jumps) and this is close. We were also very lucky as the world champion sky-diver was also practicing, so we got to see how it should be done, although our instructor was very good and had trained Daniel Craig for one of the James Bond movies.
As well as that I am very close to completing the documentation on my strategy. WoooHooo about time I hear you all say.
Well I am off for a power walk now, so catch you later.
To your trading success.
Chapter on Choosing the Right Platform and Spread Betting/Forex Company
I have not mentioned here the aesthetics of the platform and ease of use. There are some platforms that are the easiest to use, however in my opinion look dreadful. Can you manipulate the platform so that it looks and feels the way you want it?
When I first started out I opened accounts with 4 different spread betting platforms and 2 forex. I have to say that ease of use and the size of the spreads was more of a deciding factor on the spread betting platforms and aesthetics and ease of use for forex, the forex platform also had some of the best spreads too. I now just use 2 platforms, 1 account specifically for forex and another for spread betting. It did turn out that the ones I chose also had the better charting and training aids.
One of the biggest differences between spread betting services now and those of a few years ago is that the spreads are much tighter. What this means for you is that your costs to enter and exit a trade have been brought down which is good news all-around as your break even point is a lot lower.
One thing that should be done without a second though is to read the terms and conditions thoroughly. You will have to tick the box that says you have read them, so read them.
Every so often I will place a snippet for you to read here. I don’t want to give the game away too much.
To Your Trading Success.
The Investor Guru
Lets have an update to the weeks trading with old and new strategies.
This week has been a bit up and down, although at the end of the week you wouldn’t think so. I was up a total of 163 points on the week, 83 of the points coming on Friday alone. I took 5 on Wednesday, I am away most of the day due to training, and took 25 each of the other days.
This is mainly down to my new strategy which I didnt trade fully until Friday. I really has been a bit of revalation for me, it works well most kinds of markets. I have only traded it on Cable (GBP/USD) and Fibre (EUR/USD), and for me have even been trading up till 17:30 UK time.
With the strategy I am aiming for 20 points however am normally out with 10/15 points. This doesnt seem a lot, however I am trading around it at least 6 times a day.
Starting in February I will be putting trades up for you to view. I will update you to my progress throughout next week.
Things are getting really busy and hectic, I am writing a book, some ebooks. So watch this space for really good deals.
To your Trading Success
Hi there,
Well I mentioned that I was writing a book, well just to give you a brief foray into the contents.
1. CHOOSING A SPREAD BETTING FIRM
2. SETTING UP
3. RESOURCES FOR TRADING
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.
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8. 10 COMMON SPREAD BETTING AND FOREX MISTAKES
9. KEEPING YOUR LOSSES SMALL – THE USE OF STOP LOSSES
.
.
.
12. FINDING THE WINNING STRATEGY FOR YOU
13. SPREAD BETTING STRATEGY I – Trend Trading
14. SPREAD BETTING STRATEGY II – Stock Trading
15. SPREAD BETTING STRATEGY III – Stochastic & MACD 60/40 Trade
15. THE EXIT STRATEGY
There are more, I just thought I would give you a taster.
To your Trading Success
The Investor Guru
Just to give you an update as to how the new strategy is working.
Today I traded 8 times with one trade that was a 20 pip loss. So that was a net gain of 60+ pips.
To your Trading Success
Well it has now been over a week since I last put some trades up here for you to view.
It isn’t because I have stopped trading, that couldn’t be further from the truth. As I mentioned last week I am developing a new strategy and it is currently taking up a lot of my time with back and live testing. As I also mentioned last week I am very excited about it. Yesterday alone while watching there were at least 6 entry points that I could have chosen (GBP/USD Only). I actually missed one due to cleaning windows and car. DOH! 1 traded ended at break even and the other 4 were all winners yielding a total of 45 points. I will be putting up some sample trades this week. Obviously I will not be able to put too much information in.
Did I mention that I am also writing a book? Yes that’s right I am writing a trading book. I will be putting excerpts from the book in my blog from time to time and I will be updating you on the content. If you have any suggestions for content that you would like to see in a Forex book then please feel free to pass them on and I will do my best to accommodate.
To your Trading Success
Hi Everyone that really enjoy reading my blog.
I am sorry that I have not put any posts up for a couple of days. I am developing a new strategy and it seems it is taking more of my time than originally thought…I have to say that I am really excited about it.
To your Trading Success
Back to it and fully recharged, well recharged. So I was up and eating breakfast early this morning as I was on the school run, had to be out of the house by 08:10.
I have to tell you that before my first trade this morning I was looking at my mate Kofi’s blog and he has changed the appearance. It looks really cool and I have to say that I am a little jealous. Which brings me round to mine…this will be changing over the next couple of weeks, you will get the link’s so don’t worry you will not miss out.
So today’s trades, 6 in total today with at least 2 where I was kicking myself after
I placed 2 trades at the same time over different accounts. The indicators I use were all for a long, MACD & Stochastic.
I set an entry order for 16113.0 and my reason for going in on 2 accounts was purely based on the good movements on the candles before. The entry was placed 5 points above R1 (16108.0).
I took 9.2 and 7.9 respectively. I didn’t trade the retracement and the very next time when it again went through the same price. Kofi did, good lad. By the time I had got back from dropping my little darlings then the post office to send out some of my Mindset for Trading CD’s. Cable was ready to trade again.
I made a mistake with this trade I clicked my limit button and forgot to change the price. As the traders out there with FXCM accounts will know that when you do this it automatically places your last limit in, and in my case this was 12 points.
That was the morning over and done with.
My next trades were all short 3 in total…and this is where I made some very bad mistakes, I didn’t follow my own rules. The first was for 11 points, it was a long time coming and it is one of those trades and I am sure you are all laughing with me on this one…you get out with 11 points…30 seconds later it suddenly moves and you would have been 20 up.
Laugh on the previous trade I may, I certainly didn’t on the next two. If I thought it would do any better than saying disgusted I would swear here. Golden rules broken on both trades.
Each trade should have at least netted 10 points. So the rule that is broken was – what I ask myself on entering the trades
Question: What do I want from the trade?
Answer: 20 points
Question: What would I be happy?
Answer: 7.5-15 points
So now you can see why I am disgusted. These were my last trades of the day, time to go and reflect on the days trading and of course to post this blog so all my friends can keep up with me.
Oh well onwards and upwards. Till tomorrow.
To your Trading Success
PS Let me know what you think.
Well another Non-Farm day arrives!
Let’s get straight down to it as I will place the charts of the early trades completed and not the non-farm. It was fast and furious. A friend of mine took 40 points trading the 5 minute candle of the announcement. I took 38 with 3 trades. In total I traded 6 times today for 108 points.
I am actually done in. My head is quite mashed at the moment and I cannot really think straight let alone put any charts together. I think it must be the first week back after Christmas and a Non-Farm day. I am going to get my guitar out and have a strum…
Till next week when I should be recharged.
To your Trading Success
By the time I had finished my self-hypnosis session the markets had started to move. I felt that it was a little too early at 05:30 to be considering. The entry point I had considered was 15987. With hindsight I should have ignored my inner talk and lowered my ppp (Pound Per Point) and traded. I even ignored the signals again at 06:40, by this time it had reversed back up past my entry point then proceeded to short from 06:45. The first trade would probably have netted me 10+ points, it actually moved approx 20+ points short and the second would have been 20+, and this one actually went to around 40 points.
I finally traded GBP/USD at 08:27 and exited around 08;45 with a smidgen over 15 points.
That was my only trade of the morning, what on earth was I looking at. There should have been at least 1 other trade. Perhaps I was too deep in trance!
Well this afternoon was a little different. Get this…I traded EUR/USD, I will give you time to pick yourself up off the floor…yes it is true EUR/USD, my mate Neville who is jaunting around the world at the moment with his lovely wife, trades it all the time. So I thought well if it is good enough for Neville then it is good enough for me. Let me tell you it is that long since I traded this pair I cannot remember. Well out of my comfort zone. Because I have not properly studied and traded this pair I have to say and I am not kidding when I say it, I was nervous. Not knowing how pairs react to certain times of the day and different market opening times. So without further ado here is the chart…
My aim for this trade was really to see how I reacted to it. I have to say when it retraced past my entry, I had thoughts of oh well never mind, this is why you don’t trade this pair. I have an old Orange SPV, can anyone remember them? Well I am giving it to charity and wanted to wipe it and the only charger I have is a car one so went outside and sat in the car for 20 minutes, came back in to see that if I had put a limit of 10 in place then I would have had my points. I did wonder about getting out with 1 point however even in this screenshot you can see the trend so I decided to wait it out. I made up my mind that from this trade I wanted 15 points and would be happy with 10+. I hit the get out button on approx 15 and ended with 11.2. Happy as Larry.
I traded cable a further 2 times for 10 points each time, so I ended the day with a grand total of 46 points. Not bad really.
Oh isn’t trading easy!!!
Just as a point to note, it is Non-Farm Employment Change tomorrow at 13:30 UK time and this usually makes Cable volatile.
To your trading success
PS Please could you make comments and suggestions of what you would like to see and read about, also about the current layout and how I can improve it.
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