What Forex Taught Me

Sunday, July 29, 2007

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

Forex Review Week 4 July 2007

Saturday, July 28, 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

Forex Trade 28 July 2008

Friday, July 27, 2007

Final trade of the week. All closed now. Time for holiday. Happy trading everyone

Free Forex Signal 26 July 2007

Thursday, July 26, 2007

Long EurUsd @ 1.3721 or better
SL = 1.3685
Target = 1.3778, 1.3869

Forex Trade 24 July 2007

Tuesday, July 24, 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.

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

Forex Trade 23 July 2007

Monday, July 23, 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 ....

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.

System Testing

Saturday, July 21, 2007

The whole of last week, I was doing the crazy thing to do in forex market that is going againts the trend. This is coz I am testing my forex system

The result is quite good. Only 1 position loss with a gain of 120 pips. This is for the trade againts the trend only. My follow the trend position is still in trade with average of 200 pip each position.

Hopefully all goes well and this would be my final system for all time. I dont see the need to change it anymore since it is giving signal clearly.

Forex Review Week 3 July 2007

Saturday, July 14, 2007

JPY pair finish the week at a high. Next week we should see a price correction before we can see another push up or change direction down. Last week all JPY pair momentum is slowing down. At the moment the best position is to short all JPY pair.

GbpUsd and EurUsd finish the week at a high. A correction should happen at the opening of next week. Currently both GU and EU momentum is building up. Taking a short position is considered risky but a correction to 1.3700 for EU and 2.0230 for GU is possible.

A Good Start

Wednesday, July 11, 2007

Here is a hint to those starting in Forex. Take a good scalping system that you can find in the internet, use that system to trade on longer timeframe like 4hours or daily. If the system is good on short timeframe it would be better on longer timeframe.

You will have yourself a price action system. Which means you dont have to forecast anything. You will trade based on price action and you will have little to no stop loss. Try it

Cari Duit Dengan Forex

Tuesday, July 10, 2007

Sedar tak sedar hari ini adalah hari yang ke 430 hari aku trade forex dan aku masih disini. Ini adalah satu pencapaian peribadi yang baik buat diri aku kerana aku telah melihat ramai orang trade forex 2-3 bulan bungkus dan balik. Ini kerana forex market adalah tempat yang amat berbahaya kepada harta modal dan wang anda.

Diawal pembabitan aku dalam forex aku sedar, Forex adalah sesuatu yang amat sukar difahami. Kerana 95% orang yang trade forex akan bungkus dan balik dalam 6 bulan pertama. Didunia ini cuma 5% sahaja manusia yang berjaya hidup dengan forex. Persoalannya, dah tau bende alah ni susah kenapa kau pegi susah payah lagi belajar. Jawapannya, yang susah itu adalah satu cabaran buat diriku. Lebih susah lebih aku suka.

Dalam setahun ada 365 hari lebih kurang. Bermakna aku dah trade forex live selama 1 tahun 2 bulan dan 5 hari genap pada hari ini dalam sejarah. Permulaannya aku meletakkan tempoh 2 tahun untuk aku mencipta sistem trade aku sendiri. Nampaknya aku hampa. Tempoh 2 tahun itu tidak tercapai oleh aku. Kerana aku memerlukan 1 tahun 2 bulan saja untuk mencipta sistem forex trading aku sendiri.

Dalam Forex ada 2 jenis market secara am iaitu trending market dan ranging market. Kedua dua market ini memerlukan pendekatan yang berbeza dari segi trade. Kalau trending market kita akan trade mengikut trend dan sekiranya ranging market kita trade pada harga siling dan lantai. Persoalan bilakah market uptrend, downtrend atau ranging? dan sekiranya market ranging dimana siling dan dimana lantai?

Rasanya persoalan itu telah terjawab. Sebenarnya jawapan itu telah ada sejak aku mula trade forex cuma aku tidak perasan. Apapun hasilnya akan dipost disini mulai dari hari ini. Harapnya memuaskan hati.

Free Forex Signal 6 Julai 2007

Friday, July 6, 2007

Short Aud/Usd @ 0.8575 or better
SL : 0.8606
Target : 0.8525 and more

Long Usd/Chf @ 1.2146 or better
SL: 1.2105
Target: 1.2210 and more.

If the trade goes well and the 1st target is broken, follow through with trailing SL. Trade at your own risk.

Trade Review 2 July 2007

Monday, July 2, 2007

Last week was a good one. eventhough none of my target hit but my trailing stop loss put me in good profit + some position closed earlier. For this week trade:

Possible trade: (These are early signal with no confirmation yet)

1. short gbp/usd @ 2.0086.

2. short usd/jpy @ 123.42

today and tomorrow im not going to trade since going outstation. Just watch for the 2 trade above.

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