I am very optimistic that the USD will lose ground on the yen as early as next week. I should be able to cash out on trades for at least a few hundred bucks when it happens.
Hi Capper, saw ur thread on this amazing ride that you have been on! Im very glad to see people like you extending a hand to those 9-5ers who wish to change their lifestyle! Actually Iām working in F n B industry and my hours go beyond 9-5 routine.Iām sick and tired of this life,having not enough time for myself and my family,thus seeking out a way using forex,until I saw your thread! Basically I wish to inquire on the leverage you hve set and also the amount you have deposited so that it can survive all the margin calls during the most turbulent times! Iuunderstand from your previous replies to others that you have placed in quite a substantial amount but how much do u think would be enough to survive all the margin calls? Thanks always for your contribution.
Hey. What are your thoughts on usd/cad
Menpowerup,
You asked some very good and important questions. Thee are no direct and / or simple answers to them.
First of all, I donāt want to call myself a full-time trader just yet. I do call myself a daytrader. I have been doing it as my main source of income for a couple of years. If things continue to go as theyāve gone over the past 18 months for another couple of years, then I think it would be fair to call myself a full-time daytrader.
Quite frankly, I believe that to a large extent, my profits / success are related to the size of my account. Itās like anythingā¦ The more money you have, the more money you can makeā¦
I wonāt get into my personal finances on this forum, although feel free to PM me and I could certainly give you more detailed info that way. We could discuss the issue of leverage vs. account size etc.
Forex trading can be the most exciting financial avenue one can get involved in. It can be oneās biggest nightmare and can also be oneās biggest dream come true. I know that only a small percentage survive and only a smaler percentage ever make big money at it.
Again, feel free to PM me and we can discuss these things.
Hmmmā¦ My thoughts on USD/CADā¦ I have had great success with this pair because it tends to move a lot but often within a solid range. What I am HOPING longterm is that the USD rockets up against CAD because my entire forex account is in USD. As a Canadian living in Canada, however much more the USD is worth than the CAD is how much more $$$ is mine! For example, if the USD reaches 50% more than the CAD (it has in the past), hopefully Iāll be in a position to be able to close all of my open trades, take my entire accountās money and exchange it for CAD. Iāll instantly be 50% wealthier!!!:18:
Is the USD going to rise high as I wish? I think it might - at least temporarily - at some point in the next couple of years. Take a look at what happened in 2001-02. Then again in 2008 it shot up again but not quite to the same extent.
Depending on economic news, I think that the pair could drop as much as a couple hundred pips in the short term. I hope that the long-term climb will continue and reach record heights. Not sure weāll see what we saw in 01-02 and 08 because the overall Canadian economy is stronger now than it has been in years.
So, again my answer is - volatility short-term. I think it will shoot up and down. Iād consider some sell orders at 1.05000 or just below. I think itās due for a drop. Look at the daily candles and youāll see what I mean. Great pair to trade in my opinion because thereās so much up and down movement.
One thing Iāve learned and it stays with me all the time is: āDonāt force trades.ā Another thing I learned is: āIf you miss the boat, so be it. There are always other boatsā¦ā This holds true for any currency pairs. And finally: āPatience is oneās greatest virtue.ā
[QUOTE=ācapper;562604ā]I just added 2 more half lot sell orders @ 9.125[/QUOTE]
Hi capper jus wondering if this trade is still active in ur trading account or did you close it
And also nice call on usd/chf well done mate and good luck
These are the trades I closed in the past 3 days. I am pretty sure the ones you mentioned are in there for small profits ($73.75 each with a very tiny negative on the swap). Basically those 99.125 trades got me roughly $145. Small gains but all part of the big picture. I could have closed more USD/JPY trades today for over $400 but I didnāt pull the trigger. I lost the trades to my stop-loss (tiny gains) and re-opened new ones. The new ones have been up over $130 each and now less than half that! Fluctuation is quick and massive! Only 0.50 trades so nothing to go nuts about!
I was in my car driving yesterday when the USD took a dive. I cashed out in my car! I hate doing it and I am 100% against driving and texting. I pulled aside and did what I had to do. All the USD/JPY were closed in my car and the other 2 trades (AUD/USD) were closed later on in the evening (also in my car)!
Anyway, this is a snippet of trades I closed yesterday. To be honest, it was a slow day! Last week I closed just under $8,300 in trades in one day. Is the USD going to drop down again against the yen. Hell yes. So much fluctuation that I can almost guarantee it. Iām several lots in expecting it. Thatās the way I play this game.
Do you have any remaining usd/jpy positions open
I have several. I should have been smarter and gotten in when it was over 100. Enter high and sell low ā pretty easy formula to follow!! But yeah, I have 13 LOTS still open. All sell ordersā¦ My lowest entries are around 95.70.
If the pair doesnāt drop below 99 in the next 2 weeks, Iāll be shocked. Lots of volatility due to news events, buyers and sellers. Iām expecting a return within 2 weeks, maybe sooner on all of my recent USD/JPY trades.
However, I think itās excellent value right now to open sell orders at 99.85 and higher. Absolutely. I think the pressure will move it down soon. Sell orders at 100 are also a good idea.
I just entered 2 sell orders at 100 on the nose. As soon as something bad happens in the world (ie) another terrorist attack etc., the JPY will strengthen against all major currencies. Itās a known fact. Weāre due for something.
My trades got triggered at 100. Letās see where USD/JPY goes from here. Iām willing to sit tight for a few days and collect the dough when it drops. Anyone out there in on it with me?
Most important thing to rememberā¦ Why did the USD rise against the Yen when the EI numbers seemed negative? I suppose the numbers were better than expectedā¦ Anyway, usually this is short-lived and the USD will retract back to where it was prior to the news.
1 lot open 100 us/jpy where would the take profit be
That depends on how long youāre willing to tie up your money and / or / if you have other potentisal trades you want to make in the near future. I have a lot of leverage on USD/JPY to come down. Iām down lots of $$ on those trades now. As I said earlier, I think weāll see 99 in no time at all. That might be my TP line for some trades. If you want to take quicker profits then maybe TP @ 99.50. Up to you based on your portfolio etc. There are always so many considerations when choosing when to get out of trades. For me, choosing when to take profits is the most difficult part of trading forexā¦
Patience is key in this game. It usually pays off. Yes, you can get caught with your pants down (no SL) and you can fall behind a couple thousand pips (it happens to me). I need to get better at accepting losses ever now and again. It would allow me to still make good profits and not end up down well over 100k on only 4 trades! Yes, thatās right! Imagine thatā¦
Again, if youād like more direct info. on my portfolio and the numbers, please PM me.
Once again, if USD/JPY goes down below 99, itāll be another nice payday for me. The lower it goes and the more I can wait, the more Iāll profit. When my margin level goes lower than my basic comfort zone, I will often put SLs in 1 pip before the break even point. This way, rather than those trades going into the negative, they will automatically close with minimal profits. Sometimes I will also put orders in for new trades a little ways below or above that SL level.