Archive for September, 2009
September in Review
Posted on 30. Sep, 2009 by Jakob.
The performance of September is so far, my worst month of trading as you can see on my performance page. First of all, the month started off horribly with the NFP. This Friday was one big whipsaw, and I managed to take too many trades within a few hours. At the end of the day, I was already down by 1.89%. Not exactly the best way to start a new month of trading. Then I had two trades which was going good for some pips, but when the stop loss was moved to break even, the pairs turned and I got stopped out of two trades with 0% profit. Afterwards came another two losing trades, and I was down by 3.89% for the month. But then things started to look better. I got two pretty good entries on GBP/USD and GBP/JPY respectively. However, due to earlier losses and a technical picture of the charts, I increased my stop loss on these two entries to 200 pips, rather than my typical 100 pips. In spite of this I still managed to pull in 0.68% on the GBP/USD trade, and 3.12% on the GBP/JPY trade. This brought me back, close to 0% for the month, but definitely better than a loss. Yesterday, I took a new short trade on EUR/JPY, but this one got stopped out for a loss of 1%. The last trade for the month was on EUR/USD, and was closed out today for a profit of 118 pips or 1.18%. This brings me to a total of 0.09% for September. Not amazing, but definitely better than a loss, and considering how the month started out, I must admit that I am rather pleased.
Continue Reading
Become a member of Currensee – 5 Invites left
Posted on 30. Sep, 2009 by Jakob.
I guess you have heard about the Currensee buzz lately. Currensee is a new place on the web, for forex trader to meet up, and socialize. It has similarities to that of Facebook, just with a focus on forex trading. The owners have been running a beta test of it, in the last couple of month, and I have been with them from the beginning. I still need to some time, to check out all the details, but overall it seems to be a good opportunity for forex traders, to interact and meet new people. I will do a detailed review of the site, later on. At the moment I have 5 invites to give away. If you want one, simply drop me an email, and I will send you a link. You better be fast, as they will probably be gone within a short time.
Continue Reading
How many trades can you afford to Lose?
Posted on 30. Sep, 2009 by Jakob.
A common mistake by forex trader, specially news ones, is to underestimate the value of good money management. I sure did this for a long time as well. Using too much leverage on trades is something which will wipe out your account in no time! Often I even see traders apply some level of a martingale strategy, which in my opinion is even worse. Another common practice is to add up, into already loosing trades. Strategies like these might a first sight seems to have some valuable motives but in the end you expose yourself to more risk, and often without changing the reward. The admin over at Trainee Trader has written a great post on this subject, which should help you to understand the importance of good money management. Check it out here.
Continue Reading
Pips – Dollars – Percentage – ?
Posted on 28. Sep, 2009 by Jakob.
When I started out trading forex, I was often confused about all the different terms which are often used in the forex industry. For some time, I was sure that “making pips” was what I needed to learn. If I could make 100 pips a day I would be profitable, right? But then again, what I really wanted was not pips, but actual money. However, I knew there was a link between the two, so I stayed with the idea about pips. I am certain that I am not the only one who has made this mistake. Furthermore, whenever you see some new EA or forex system, the sales page is always filled with statements about how much money you can make with whatever they are selling. This does not make sense. There is no point in writing that a system will make you thousands of dollars within days, as this all depends on how much you are willing to risk, in addition to your account balance. I promise you that you will not be making $10.000 in a couple of days if your current account balance is say maybe $10. But if you have an account balance of maybe 20 zillion billion dollars, then you could probably make a lot more, than what they state (that is, of course only if they tell the truth, which they most likely don’t). However, it is relative, just as pips. Who cares if you can make 10.000 pips in a week if you need to use a stop loss of 5.000 pips per trade? It all comes down to risk/reward ratio and money management. Even though someone claims to be up 500 pips for the month, it is still possible that the actual percentage of return for the month is negative.
Continue Reading
Forex Apocalypse – Preview
Posted on 27. Sep, 2009 by Jakob.
Well what a surprise. A new EA has been released, called Forex Apocalypse. Not a day goes by without a new EA release, but this one does look a bit different than the majority. Let’s first cover the basics of Forex Apocalypse. It trades only one currency pair, namely EUR/USD, and it is to be traded on the 30 minute time frame. The back test results looks pretty good and hopefully the forward tests will be just as good. Forex Apocalypse is created by Michael Wright, and on the sales page and their blog, you can find some videos with more information. Of course the sales page is full of outrageous claims. However I still have a better feeling about this EA than many of the other ones out there. When you buy Forex Apocalypse you will get the Forex Apocalypse Expert Advisor file, a user manual explaining how to setup the system, another pdf with a manual Forex Apocalypse trading system, and a bonus report. Forex Apocalypse will automatically adapt to 4- and 5 digit price quotes so you don’t have to worry about this aspect. What I particular like about this EA is that the Risk/Reward ratio is way better than many other EA’s. The standard Take Profit is 500 pips and Stop Loss is 250. Many other robots have a larger stop loss than take profit, which obviously means that the percentage of winning trades needs to be a lot higher. But with Forex Apocalypse this is different. Furthermore, the creator claims that it has had a 100% winning trades for some 14 month. Although I don’t believe that it will have 100% winning trades, it still has potential to do a good job. I have bought it, and I will start testing it on a practice account. Hopefully it will show some good results. If not, then I will have 60 days to get a refund, as this is sold through clickbank.
Continue Reading
Final update on FxBossTrading
Posted on 26. Sep, 2009 by Jakob.
Almost a week has passed since I started a trial with FxBossTrading. As they probably don’t issue new trades during the weekend, I will consider the trial period to be over. The last two days, Thursday and Friday, no new signals were issued. That leaves us with a total profit of +51 pips as mentioned in my last post. I am aware that this can simply be a bad week, but in order to reach between 1000 – 2000 pips as they claim to have done in the last couple of month, a week like this sure does make it difficult to achieve. Anyhow, you can keep on following their progress here on their MT4 Stats page. As I got this week for free, in return of an honest review, I will not complain. But if I had to pay $300 in order to become a member, I would definitely reconsider.
Continue Reading
Free Forex Newsreader
Posted on 25. Sep, 2009 by Jakob.
Although I am not that much into news trading, I thought I would tell you about this cool MT4 indicator anyway. The indicator is called IN10TION NewsReader, and it is free. The indicator will show up on your metatrader platform, and refresh every 3 second around news events. The actual number will then be posted in a small box.
Since it is extracting the news from forexfactory, it is obviously not the fastest thing on the planet, but it does work rather well. This is not a tool which should be applied to spike trading, but it is a nice extra feature to have on the screen when trading. You need to be a member of Forex-tsd forum (also free) in order to download it. Check it out here.
Continue Reading
What time frame to use when trading the Forex market?
Posted on 25. Sep, 2009 by Jakob.
When I started out in forex trading, I was mainly trading the short time frames, believing that I would be able to pick up a few pips here and there. I think that a lot of traders are doing the same, specially the new ones. However, it can be a good idea to start using a longer time frame, for several reasons. This is definitely one of the aspects, which has improved my results. James W. from ForexArticles.com has a great post about this, which you can read here. Besides, there is a bunch of other interesting articles over there, which you might want to check out. It is well worth a visit.
Continue Reading
FxBossTrading – 3. update
Posted on 24. Sep, 2009 by Jakob.
Since the last update on FxBossTrading, a couple of signals have been sent. First of all, as I wrote in my last update, I got a new signal, when they closed the other one (a pending one, that is). This trade was triggered and went into profits. I got a new email shortly after, telling me to close half of the position and move stop loss to break even. Afterwards the trade went back down to hit the stop loss; hence a profit of 25 pips. Another trade was issued on GBP/USD, a sell stop order with a stop loss of 75 pips. The trade was triggered, and went to our stop loss; a loss of 75 pips. Another buy stop order on GBP/USD was sent, but I got another email, to close this trade again, before it was even triggered. The last signal I got was a sell stop on GBP/JPY with a stop loss of 100 pips. The trade was triggered, and went into profit. After 50 pips I was told to move stop loss to break even and to take profit on half of the position; 50 pips. Five minutes ago, I got an email to close to rest of the trade, for an additional 95 pips (Total 145 pips for this trade)
Continue Reading
FxBossTrading – 2. Update
Posted on 22. Sep, 2009 by Jakob.
I just wanted to give all of you guys a short message about FxBossTrading. The first trade I got from them yesterday was cancelled before it reached stop loss; a loss of 44 pips. In the same email, a new trade was issued, which is a long trade on the same pair. Due to the nature of their service, I cannot disclose the level, but I will let you all know when the trade either goes into profit of loss. This new trade also has a stop loss of 100 pips, and no message about TP levels.
Continue Reading
-
7 Tips & Tricks For Trading Forex
-
Trading Forex – EUR/USD Up or Down?
- Forex Signals on Twitter
- Don Steinitz’s HAS MTF Hedge EA = ForexRobotNoLoss?
-
mt4pips.com – A new Site from the BabyPips family
-
Kerry Kormos: Oh and in addition to my last comment....my wife h...
-
-
sree: www.forexpeacearmy.com website is scam site, no he...
-
Joel: Hi, i started out great with Million Dollar Pips o...
-
Joan: Think about http://www.fxbook.org/ if you want to ...
