Forex Currency Day Trader

Are you good at trading?

Be honest…  Are you making lots of great profitable trades?  Consistently?  …whilst minimizing your losses?

Here are some tips for new and seasoned traders alike:

• Develop a Trading Plan …AND follow it!
• Have a System – Take the guesswork out of your trades.  …AND follow it!
• Keep a Journal – at a minimum record pips gained/lost, reason for entry/loss.  …AND Review it!
• Education, Education, Education.  If you think Education is expensive, try going without it.

Tags: education, trading course, Trading Journal, trading system

Simple Break Out Strategy

Here is a great breakout strategy that just made me 10 pips on USDCAD.   When you see price action go flat (usually after US market close and before UK, EU, and US Open) simply draw your trend lines and visually determine a good entry point 10-20 pips above and 10-20 pips below the high and low of the narrow channel that’s developed.

Place entry orders above the highs and below the lows to grab 10 pips and voila…

Some factors to consider…

• Upcoming News Times
• Market Open / Close Times
• Elapsed Time

Tags: Breakout, Market Hours, Newstimes, Trading Strategy

Pip Monster Alive And Well

It’s official! My “Pip Monster” automated trading strategy is working gang busters.  Backtested it for months now and it’s consistently giving profits.  Not only that but I’ve got it running against all major currency pairs.

So far I’m taking it slow though, more testing, and only focusing on a couple currencies at a time.  Today the EURGBP currency pair is giving me some juicy profits.  I love it!

Automated Trading System Update

The last few months I have worked on a semi-automatic trading system, aka Forex Signals, that Alert me whenever there is a potential trading opportunity.  Simply because none of the signals out there really worked for me and I like to tweak my criteria. So far they’ve been running great and I’ve taken it a step further and automated entries and stops.

For the last few weeks I’ve been tweaking, writing, rewriting, analyzing, testing, tweaking some more, banging my head against the wall, and learning more than ever.  I’m happy to say that the last couple weeks I’ve had some really successful automated trading strategies run on several currencies. AND I’ve taken that a step further and expanded my automatic system to 9 currency pairs.

Tags: Automated Forex Trading, Automated Trading System, Forex Alerts, Forex Robots, Forex Signals, PIP

Trading Fundamentals

These are exciting times in the Forex Market. Whilst the world struggles with the economy, the Forex Currency Market has seen plenty of volatility.  Volatility presents “trading” opportunities.

“Don’t Seek Opportunities to Trade… Seek Opportunities to Profit!”

90% of Traders fail.  That’s good news for the 10% of traders that are making all the money.   What side of the spectrum you’re own really depends on you.  The biggest and most important principle that I want to get across is that it’s not about trading…  It’s about making profits!   Patience and a cool head are key here.

Tags: Fundamentals, Technical Analysis, Trading Plan, Trading Strategy

Strategy for Trading Non-Farm Payroll Report

This week is Non-Farm Payroll Report Week.  The Non-Farm Payroll Report is a major USD Economic News event that takes place every first Friday of the month.  This is where alot of profits can be made, or you can lose your shirt.

There are many great ways to trade NFP.   As a technical trader I either open up a hedge and let the profits run and close the losing trade at the first sign of trouble.  You have to be careful however, the NFP has been known to do a fake out and reverse shortly after setting a new course.

11 Rules of Trading

1. Have a Game Plan
2. Follow Your Game Plan
3. Set Stop Losses
4. Reduce Risk – at most 5% of your portfolio
5. Capture Big Moves
6. Trade with the Trend
7. Don’t Listen to the News – Listen to the Market
8. Don’t Listen to your Broker – Make Your Own Trades
9.  Keep your Emotions in Check
10. Don’t get Greedy
11. DISCIPLINE – Follow all of the above

Tags: Trading Rules

Spot Forex & Commodities – Trading Principles

From Forexyard:

• Have a clear strategy before you initiate a hedge trade. Hedging should be regarded as shot term trading strategies.
• Make sure to have clear technical and fundamental indicators before going into a trade
• Always control your leverage and make sure you have sufficient margin in the account with the leverage tool (trading amount)
• Always use stops and limits
• Learn how to use trailing stops and oco’s and how to utilize them in your trading activities
• In spot forex, you don’t want to keep your position open for over 72 hours. Most trades should be for a few hours or if the markets are volatile, a few minutes.

Tags: Trading Strategy

171 Pips in 30 Days

It’s spring cleaning time and that goes for my Forex Trading Stats as well.   Time to clean up my strategies and systems and focus on the year ahead.    Now that the Vancouver 2010 Olympics are wrapped up it’s time to focus on putting my trading on steroids.

February was a slow month for me… I slept through some good trading opportunities, my computer crashed a few times, and my strategies needed some tweaking.  No more excuses, time to kick-ass and get pipping!

Tags: forex indicator, Forex Statistics, Forex Strategy, Spring CLeaning

ActFx Custom Indicator – S3 Cross Over Strategy

The S3 Indicator creates 5 EMA’s that can be customized:  5, 13, 21, 55, 189.

This indicator is based on a trading strategy I learned as part of a Forex Course taught by Currency Connect and have adjusted a little since.

It’s best used on the 1hr chart.  When EMA5 Cross Over 13 and 21 PLUS 13 crosses 21 then you have a trading opportunity after candle close.  Wait one more candle for confirmation.

EMA 55 is somewhat of a Pivot and should be used as guideline for setting Stop Losses. Ideally you want to enter after crossing of EMA55.

Tags: ActFx, Custom Indicator, EMA Cross Over, S3 Strategy