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Monthly Archives: August 2012

Bank Holiday Trading.

The UK bank holiday did not fail to disappoint, the markets were very quiet today. This trading week is generally the quietest week other than Christmas week. No trades for us today so far, but hopefully we will see some action tomorrow. If you are trading today best of luck. 🙂

This Weeks Trades. Wednesday To Friday 196 pips.

Sorry for the late update folks, but i have been very busy this week. Wednesday’s trade netted 48 pips. You can see EJ long trade i took here.

Thursdays trades were AUD long at 10515 closed at 10543 for 28 pips. Short Euro at 12480, closed at 12469 for 11 pips. Short Euro at 15537 and closed at 12517 for 20 pips.

I also opened a short on Euro Dollar late on at 12584, and let it rollover to Friday and closed it at 12495 for 89 pips. Nice trade that, not had a trade like that for a while. 🙂

Yesterdays Trade EJ Long 48 pips.

This was a breakout trade pure and simple.

I don’t usually take breakout trades but this one was too good to resist. EJ had been threatening to go to 9900 for a few days in my opinion, and with the YEN very overvalued at present i decided to take the trade.

I entered at 9850, and closed at 9898.

I also took a couple of shorts on Euro at 12772 and 12474, closed both at 12557 for 32 pips combined.

Have a great trading day. 🙂

The Importance Of Forex Trading Strategies

To be successful in Forex trading you have to have a strategy. There is no point jumping in and out of trades on a whim. You look at the chart, and you think its going up so you go long, it then reverses on you and goes down, so you close your long position and go short. This type of trading is financial suicide in my opinion. You will never make money from Forex trading long term with a strategy like that.

You have to be cool calm and collected. You have to look at the market and read what its telling you. You have to plan your trades and have a valid reason for entering and exiting those trades. Only when you do this will you begin to learn how to trade correctly. If you know why you are entering and exiting trades, you can then analyze those trades and see why they succeeded or failed. By analyzing your trades you can learn to trade correctly.

There are many different strategies that you can use to trade Forex, some are good, some are not so good, and some are really good. Those are the ones i use. 🙂 I have been trading Forex for 8 years and i have tried and tested many Forex trading strategies. I currently have an arsenal of around 10 really good strategies and set ups that i look for on a daily basis. These strategies and set ups present themselves many times throughout the day, but i don’t trade them every time they present. I only trade them when the probability of them succeeding is very high. This is the key to my trading success, i use a strategy that trades on high probability set ups. I only trade when the odds are in my favor, and the chances of success are very high.

I used to take 20 or 30 trades a day when i first started to trade, now i may take 3 or 4 quality trades per day. Some days i don’t take a trade at all. I have not taken a trade today for example. If the set up is there i take the trade, if the set up is not there i don’t take it. I don’t force myself to trade, i am not in any hurry to give my money back to my broker thank you very much. Trading should be an enjoyable and rewarding job. If you are stressed out and frustrated with your trading then you are not trading correctly, and your strategy may be letting you down, and you need to find another one, and quickly.

However you decide to trade, and whatever strategy you are using, you have to realize the importance of it. Having a bad strategy is not going to be good for your trading, but its better than not having a strategy at all. If you can get into the habit of using a strategy then you can improve it, or change it.

If you are struggling to find a strategy that works for you, please consider my Forex training and mentoring program. I will teach you all my great strategies and help you implement them in live market conditions one to one.