TradeProfits

October in Review

Posted on 31. Oct, 2009 by Jakob.

I actually started this month, believing that I wouldn’t be taking a lot of trades, and yet it turned out to be the month with the most trades, so far. However, as you all probably know (or should know), more trades does not necessarily imply more profits. I had a total of 18 trades, all posted on twitter in real time. These 18 trades resulted in +186 pips, and a 3.61% return on my account balance for October and a total of 14.66% since the end of June (See past performance here). Not amazing, but definitely better than last month. Of those 18 trades, 8 of them were closed out at break even. The main reason for this was my attempts to short the EUR/USD several times, when it reached 1.5000. Several of these trades were in profit close to 100 pips, but got stopped out at break even, anyway. I kept looking for a strong reversal, or at least a stronger retracement, around the 1.5000. There was a small break of this resistance level for about 60 pips, and then we had a beautiful reversal, with a drop of more than 200 pips in one day, and all the way down to 1.4717 where it’s currently trading. The remaining 10 trades were equally divided into 5 winning trades and 5 loosing trades. The average return in percentage on the winning trades was 1.62% and -0.9% for the loosing trades. Now there is definitely room for improvements. Looking back, I could easily have moved my stop loss to some 20 – 30 pips profit on the trades that got stopped out at break even. If I had chosen to take profit of 30 pips on 5 trades, rather than letting them hit break even, I would have had a much better percentage of winning trades, and my risk/reward ratio would still be intact. I might change my strategy slightly in the upcoming month to see if this will work in practice.  Read more... (474 words, estimated 1:54 mins reading time)

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Profit Mongers – The New Forex Diamonds?

Posted on 29. Oct, 2009 by Jakob.

Yesterday I got an email from Sir Pipsalot, the guy who is (or has been) in charge of Forex Diamonds for some time now. I have written a review of Forex Diamonds before, and I believe that Sir Pipsalot is a great forex trader. In the email, it is stated that they will open a new service similar to that of Forex Diamonds, called Profit Mongers; it says there is a bunch of different reasons for this, but the most important ones are a broader range of services, and a lower price. Forex Diamonds was priced at $300 a month, and Profit Mongers will be $180 a month. However if you are one of the first 100 to sign up, they will lower and lock the monthly price to $150. In addition to this, they offer a trial period of two weeks for $30, if you sign up in October. This seems like a rather good offer, and if the service is basically same as Forex Diamonds for half the price, I think it might be worth it. I might just sign up for the trial to see how it works. Here is a comment I found over at FxStreet the other day:  Read more... (435 words, estimated 1:44 mins reading time)

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MetaTrader 5 – First Impression

Posted on 26. Oct, 2009 by Jakob.

I have downloaded MetaTrader 5 and played around with it for a while now. Overall it seems to be very similar to MetaTrader 4. There are some small changes in the look, but not a lot. One thing I noted right away was the addition of new time frames. Basically MetaTrader comes with the following:  Read more... (153 words, estimated 37 secs reading time)

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Build Your Own Expert Advisor

Posted on 23. Oct, 2009 by Jakob.

With new Expert Advisors coming out almost daily, it can be a rather tough task chose the right one. All of them claims to make you rich within the end of the week, and yet I am still to see one that consistently makes profit. Although some of them might be profitable, they often have a horrible risk/reward ratio, where one loosing trade will take you back down to zero or worse. I just spoke to one of my friends a few minutes ago, and he told me he was about to learn how to program EA´s and then I thought about this article I read the other day. Well how about programming your own forex robots? I know that this requires some skills and it takes time to learn; so how about a shortcut? Apparently ForexGenerator should make this easier. I have tried their service so I can’t tell if it is good or not, but you can sign up for a free 60 day trial period to test it. If you would like to develop you own EA, why not give this a shot?

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The Truth about ForexPeaceArmy – An interview with Bill K.

Posted on 22. Oct, 2009 by Jakob.

ForexPeaceArmy is probably the largest site online devoted to reviewing services related to Forex Trading. The site has been around since 2006, back then known as forexbastards. ForexPeaceArmy is much more than just reviews of forex signals. They offer free daily signals and market overview, posted by a guy known as Sir Pipsalot. They offer a weekly market forecasts, written by the currency expert, Sive Morten. They offer help to individuals who have been scammed by brokers, signal service “companies”, etc. In general, ForexPeaceArmy is an awesome portal for anyone interested in forex trading.  Read more... (2805 words, estimated 11:13 mins reading time)

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Correlation Code Webinar with Jason Fielder

Posted on 22. Oct, 2009 by Jakob.

The Correlation Code from Jason Fielder is coming closer, and I get daily email from IM’ers trying to push this product. As I mentioned in my last post, this does not seem to fit my trading strategy, but the concept itself is rather interesting. More videos have been uploaded, where Jason Fielder is teaching some of his basic ideas around this topic. Anyway, if you think the idea of the correlation code is interesting, Jason Fielder will be hosting a free webinar, where you can see the correlation code traded in real time, and ask Jason Fielder and his partner Anthony Trister questions about the product. The webinar will take place on Wednesday October the 28th; one at 1:00 PM EST and the other at 9 PM EST. Sign up here if you want to hear what Jason has to say.

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Contest over at ForexPeaceArmy – First Prize of $1000

Posted on 20. Oct, 2009 by Jakob.

The guys from ForexPeaceArmy are hosting a new contest where you have the chance to win some dollars. Here is the lineup of the prizes:
• First place will be $1000 (1 prize)
• Second place will be $500 (1 prize)
• Third-Fourth place will each be $100 (2 prizes)
• Fifth-Seventh will be $50 (3 prizes)
• Special Prize! will be $150 (1 prize)
The task for entering the contest is rather simple. All you have to do is predict what the bid price of the EUR/USD and the GBP/USD will be at on Friday November 6th. :) This is a great possibility to show your skills as a good forex trader, and make money from it. Read all the details here.

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Currensee Open for Everyone – Join in

Posted on 20. Oct, 2009 by Jakob.

I have written about Currensee before, as I was giving 5 invites away. Yesterday they finally opened the doors to the public, and you now have the chance to join in, for free. Currensee is a Social platform, where you can interact with traders, meet new friends, track trades, watch other individuals’ performance, etc. There are many options and the team behind Currensee is continuously working on improvements. Go over and check it out.

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The Correlation Code – A New Jason Fielder Product

Posted on 15. Oct, 2009 by Jakob.

Jason Fielder is out with a new product called The Correlation Code. Although the product has not been launched yet, they are doing some promotion for it, so you can grad a free pdf file, and watch a short video about the upcoming Correlation Code. Check it out here.
The last product from Jason Fielder was the “Triad Formula”. It was a high priced product and I never bought it. Since The Correlation Code has not been released yet, I don’t know what the exact price will be, but my guess is, that it will not be cheap (specially considering the amount you will get in commission as an affiliate).
I went over to have a look at the pdf and the video. The main idea behind the entire product is, just as the name implies, to take advantage of the correlation between certain pairs in the forex market (or maybe the lack of correlation when it should be there, might be the correct way to describe it). In the video Jason Fielder talks shortly about the correlation code, and then he explains one of the ways to use this. This is actually somewhat interesting, and it is free. However, this is definitely not my kind of trading style, but the information itself can maybe prove to be useful for those of you who are into short term trading. The pdf file basically explains the same thing. Go over and check it out.

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The Winners of Tim Alerts are…

Posted on 11. Oct, 2009 by Jakob.

As you probably know, I have been running a contest during last week, where two of my newsletter subscribers had the chance to win one month with ’Timothy Sykes service Tim Alerts. I have selected to following two persons from my list:

- Alex Collins
- Bram Koster  Read more... (102 words, estimated 24 secs reading time)

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