Good Morning
I decided to start a trading journal here on this forum in order to share my thoughts as I do my trades. I am trading EUR/USD now and for the moment I have no view of it moving up or down. There will be very important news coming out next week starting on Monday.
Some of the fundamentals that I am watching are the election results in Ireland. There will be three rate decisions next week by BOE, ECB and one other. There is NFP in the USA on Friday. Along with that we have Libya which is ongoing. That affects the price of Oil. There is Gold challenging a new high over $1425 US and will the Dow test 12,000 or lower. All these factors move the markets. There is QE2 and this affects the US Bond yields and there is safe haven currencies and of course Euro which make up 57.6% of US Dollar Index.
I use technicals for entry and exit of my positions. I trade with the short term trend which is one week to one month. These trends can change in moments because of all of the above mentioned factors.
The key to being a winner in forex is Risk Management. On March 9, 2011 I will have been trading for 5 years and I have learned much about forex. I learn new things every day and with the high leverage in forex and the fast moving events trading forex and winning is a lifestyle.
There is no get rich system and you need to pay your dues. I hope anyone reading this thread will learn and improve their trading. 90% or more of forex traders lose and there are valid reasons for this. You cannot trade your insecurities in forex. You cannot win if you trade with fear or greed or ego. The market is always right until it is wrong which happens when perception turns to reality. When you understand the reality before the masses then you have an edge on others. Then it is necessary to get the timing right using Risk Management in case your timing is wrong. You cannot trade just to trade. You need a Trade Plan and you need to know where your entry point will be and where you want to take profits. You should be able to win over 50% of your trades and show a profit each month. You need to start with a proper amount of trading capital. You should demo trade before you trade real funds. I demo traded for almost three years before I traded real funds.
These are just some of my thoughts and observations on forex trading.
I decided to start a trading journal here on this forum in order to share my thoughts as I do my trades. I am trading EUR/USD now and for the moment I have no view of it moving up or down. There will be very important news coming out next week starting on Monday.
Some of the fundamentals that I am watching are the election results in Ireland. There will be three rate decisions next week by BOE, ECB and one other. There is NFP in the USA on Friday. Along with that we have Libya which is ongoing. That affects the price of Oil. There is Gold challenging a new high over $1425 US and will the Dow test 12,000 or lower. All these factors move the markets. There is QE2 and this affects the US Bond yields and there is safe haven currencies and of course Euro which make up 57.6% of US Dollar Index.
I use technicals for entry and exit of my positions. I trade with the short term trend which is one week to one month. These trends can change in moments because of all of the above mentioned factors.
The key to being a winner in forex is Risk Management. On March 9, 2011 I will have been trading for 5 years and I have learned much about forex. I learn new things every day and with the high leverage in forex and the fast moving events trading forex and winning is a lifestyle.
There is no get rich system and you need to pay your dues. I hope anyone reading this thread will learn and improve their trading. 90% or more of forex traders lose and there are valid reasons for this. You cannot trade your insecurities in forex. You cannot win if you trade with fear or greed or ego. The market is always right until it is wrong which happens when perception turns to reality. When you understand the reality before the masses then you have an edge on others. Then it is necessary to get the timing right using Risk Management in case your timing is wrong. You cannot trade just to trade. You need a Trade Plan and you need to know where your entry point will be and where you want to take profits. You should be able to win over 50% of your trades and show a profit each month. You need to start with a proper amount of trading capital. You should demo trade before you trade real funds. I demo traded for almost three years before I traded real funds.
These are just some of my thoughts and observations on forex trading.
Last edited:
