Hi Guys, I have been trading forex for over 3 years and I must admit it is the most exciting thing Ive ever done.I successfully trade a relatively large account,a personal account that I grew myself after a couple of margin calls.
I don’t want to waste your time with my trading history, I may post that later as we get to know each other. For now, all I can say is that I have a trading system whose signals I will be posting on this site.Yeah for free.Why?coz I can.This system has worked very well for me over the last two years.To be clear, I’m just here to help not sell anything. You may send me your email address if you want regular updates on the trades but Ill understand if you don’t want to. I will not sell my system or discuss it with anyone for obvious reasons.These signal posts will be mostly swing signals so you don’t have to sit in front of you laptop waiting for it.I will tell you one thing though, we will be adding to our position as it grows (e.g so that we make 200-250 pips out of 100pip moves) with this strategy.I recommend demoing it first to gain confidence.Remember that consistency is the most important thing in trading.Knowing when to stay out of the market is also taking a position,you don’t have to trade everyday to feel like you are doing something.Capitalize on the most probable trading opportunities and you will be profitable.You may contact me on the email below.
Daudi
Contrary to what many new traders may think, most trading systems actually do work.If you backtest (even though I’m not a fan of backtesting) you will see your system could have been right here or there.In any ball game, winning chances are greatly increased when you have more possession over the other team.Many traders dedicate alot of time on finding the right trading system while ignoring the psychological aspects of trading.I believe trading is 90% psychological.You need to control yourself if you want to be successful at this. Think about it.If you were able to compound USD1000 @ 10% a month youd be looking at a little over 300k over 5 years.Easier said than done but this is the first step in changing your perception towards trading.No disrespect to daytraders but I think a long term view will do you more good.One trade a month can increase youre equity by 10% if you catch it at the right time.As I said in my previous post, I usually ADD onto winning positions.Most traders reduce their winning positions, which brings me to my brings me to my second point-The fear of losing.I will discuss this in my next post.
Happy trading
Daudi
Hi guys in my last post, I spoke about getting over your fear of trading.GU is looking like a short according to my system.If you a are mostly a fundamental trader buying the dollar may not seem like a good Idea.The truth about these currencies is that nobody knows what they will do.Nobody.You may have an idea where a certain currency is headed over the long term but absolutely no one knows where its headed tommorow.Thats why you should not fear entering a trade because you are biased.I will be shorting GU @ 1.9710, SL 1.9810, TP open.My stoploss is precautionary only(in case I dash to take a leak and the dollar decides to crash) I may exit before that.I will enter with 0.1 lots for every 10k in my account.Still evaluating the trade.I’m using a 4hr and day charts only.
If you had a long term view about trading you have less fear of loss.I mean do you think you can trade 1,2 or even 5 years without a loss?ofcourse not.Its not how many times you lose.Its what you lose when you lose and what you make when you are profitable.
If this trade is activated & goes against me I will exit without even thinking twice about it.Forget about it and wait for the next trade.
Daudi
My GU short just got activated @ 1.9710 SL 1.9810. Remember that monitoring the trade is what I’ll be doing now.If it goes in my intended direction I’ll add onto it.
GU hasn’t been easy to trade for a while, but I was also short earlier in the UK session and took a breakeven exit. I’m still biased short (with that particular strat; long in another :)).
I’m following your posts with interest.
Hi guys unfortunately my stop was hit yesterday after the news but this morning (GMT)the price is back to my entry point, ugh.I hate it when that happens.I have re-entered the trade short with a 0.1 lot for every 10k in my account. Entry 1.9710.Just to be clear for the new traders, please demo this first to boost your confidence.
Onto other things now.A friend yesterday was telling me about trading your own goals rather than trading the market price.My goal is to compound my net worth by 10% monthly.Forex is just one of the ways I use to attain this goal.I however do not assess myself monthly because the markets hardly move in monthly cycles.I assess myself quaterly.Sometimes I attain my quarterly target way before the quater is over.Trading my goals and not the price makes it easier to control my greed.Youve probably seen profitable trades turn into losses or break even trades after watching the trade for days or weeks.Whats the point?
You have a good system, it works.It gives you an entry(say Long) you enter.You court the trade and you guys get married.The same system tells you to exit (or enter short) you hope its wrong,greed is beckoning for more.The trade goes against you you are losing profits, you add onto your long thinking your getting a better price.The bearish momentum increases,you are now looking at losses on some trades and break even on others.
Its a tough world.
G’day folks,
I’m still short my GU trade.This pair is proving to be abit difficult to trade.I may exit to commit my margin to a better trade if it comes along.
Interesting thing I read today.A group of traders was asked what they think moves the markets up.Most agreed it was institutional investors i.e pension funds, hedgefunds,insurance funds etc.When asked what moves it down, one savvy trader replied…"it must be me, because when I buy the market goes down."
So what really moves the market and why is it our concern?The reason the market moves is because traders are disagreeing on the value of the instrument concerned.For whatever reason someone(i.e the institutional investor) with a lot of money somewhere wants buy or sell to gain or secure value.The price doesn’t move because some CEO got fired or because of some announcement, it moves because these guys have control over 85% of the money be it in forex, stocks or commodities.The more they put in or remove the more the degree of movement.Let it be clear that these guys are not owners of the assets. They trade for profits or to beat targets by the months end etc etc.Thats why this market is irrational and unpredictable.
Yesterday, the OIL price [B]dipped[/B] after inventory numbers came in -8.8m barrels.HUH! Thats 5.3 million barrels worse than expected???Doesn’t make any sense.I mean, shouldn’t it go up?
I don’t care where the market is going.I try to ride the coattails of the big money investors.I’m short when the big money is short and long when its long.I said I do have a long term view but that is a view of my [B]trading goals[/B]. On what I trade, I take what the market gives me to reach this goal.
Have a great weekend.
added 0.2 lots @1.9650 for every 10k in my account on the GU trade I 'm watching this trade very carefully.This pair seems stubborn lately.
New Signal: Iam long EUR/USD @ 1.5590. This is my first entry.I am also Long Gold @ 895.70 (1st entry)
Adding GU 0.2 LOTS for every 10k @1.9550.Currently taking some out of the money pain on the EUR/USD and Gold but I’m holding on.