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Forex Junction

lost 20pips trying to sculpt gbpjpy just now. 1st lost of the year. must find out the reason of lost..

 

oh, didnt see pension post abt buying USD till i saw others posts. sorri i too used to filter his stock posts areadi. 

if long USD  for short short term trade is still ok, after all USD is having technical rebounce for against other pairs this week. aim for short short trade still ok

 

An oracle speaks... hehehe... 

 

dont buy any USD pls... just for your info

 

made around 200 pips this month, big chunk of it from AUDUSD which is a Fundemental Trade, yes "fundemental"

why? Simple, Gold Price. i entered it based on fundemental reason of gold price yesterday.

sculpt the rest from other pairs like USDJPY range play this few days and USDCAD based on oil price.

 

buy US dollar? looks like it is going down further

 

buy us dollar!

 

Well well, it is ok to me since i know what is good and what is not. as long u are hapi cont'd to do what u are reading.

Forex market is in indecision mode, do not trade till next week. unless you are pro enough to go for quick trade.

take 30-50 pips and run. after the indecision clears, the trend should cont'd as norm. either go for quick trade or stay in cash.

 

good luck

 

feb to cut rate up to 50bp hopefully

actually forex books mostly r the same lah. every book got its own good

cheers

 

Long-term successful trading consists of only a very, very simple formula.

And a single good book, especially one which is philosophically good, acts as a  trading companion...


Of course, the majority of many will disagree... what else can one expect?

 

cashiertan, i said the book so so onli and u say i am rude?

 

Pension,

that is rude.

 

Mani,

if i am the only one against your selection of your recommendation, u can consider me as wrong. now got two person think the same.. u need to consider your selection of ebooks to recommend thou i know u are doing biz. i am not against u selling ebook for profit but rather consider the quality you recommend. The 4 stocks ebooks u recommend only one is ok, the rest really CMI. free stock school at www.stockcharts.com is better.

 

All,

USD is having a upward retracement from recent selling. however the rise should be a short term one. look to short than to buy.

 

somebody is selling book, i read it , so so onli lah.

 

This is the best book I've come across...
"Out-of -the-box" thinking at it's best!... Must Buy!!!

 Click on the picture to see the text...

 

most traders know, but how many actually understand and practise the simple forex principle is another. thats is why most traders lose $.

 

good post for reminder by baseer

 

If your brain cell die faster due to trading, then better not do it.

 

hahaha...

Hope he doesn't reproduce all the books' contents here...  

 

can post something new?

most traders know that.

Thanks.

 

BASIC PRINCIPLES OF FOREX TRADING
We feel that there are a few basic forex principles that separate successful traders from those that fail: 1. Trading is an investment not an income. It is important to have a realistic expectation of what you can achieve through forex trading. The nature of trading is such that you may make a good return on your initial capital over an annual period, but during that period you may have a number of consecutive losing months, with only a few bumper months inbetween. Therefore, even daytraders cannot claim to make a fixed amount per month which equates to a salary. You need to have another source of income to support yourself while trading forex. NEVER borrow money to trade with. 2. You can't predict the forex markets. The forex markets are influenced by billions of traders, economic and political events. You simply cannot predict the direction and manner in which the markets will move. Technical and fundamental analysis does much to provide a more educated guess than a simple coin toss but it is important to realise that each of these techniques will have a large failure rate. You will lose a large percentage of the time. Sometimes you will lose on more trades than you gain on. However, it is still possible to make money under these conditions by employing sound money management forex principles. 3. Let profits ride and cut your losses The only way to make money from forex trading (or any form of trading) is by making enough money on your winning trades to cover your losses and to gain additional profit to grow your capital. This means letting your profitable trades ride and cutting your losses early. It is harder to put into practice than it sounds as psycologically it is much easier to "marry" your losing trades in the hope that the market will turn in your favour and grabbing your profit too soon when you see your hard earned gains slipping away as the market temporarily turns against you.  4. Trade according to a tried and tested system This is one of the most important forex principles. The only way to cut out emotion in trading and adopt a more business-like and informed approach is to use a system of rules that have been developed and tested on market data. In this way, all the trade decisions have already been made before you even enter the forex market. This is a much less time consuming and less stressful way to trade for a living.   5. Employ a sound money management strategy In our opinion, money management is the single most important aspect of any trading system and is badly neglected by forex beginners. It enables the trader to fully utilise their capital to grow their money as fast as possible while protecting them from excessive losses and final account blow out. 6. Don't ignore the fundamentals Fundamental economic principles drive the foreign exchange rates of the world over the long term. However, they have minimal effect over the short-term and are thus not reliable to use for daytrading decisions. Having said that, economic announcements sometimes have a profound effect on the markets, causing movements of hundreds of pips in a matter of hours. Therefore forex beginners ignore them at their peril! 7. Don't put your faith in the expert's recommendations and comments  There are literally hundreds of forex companies providing trading signals, daily commentary and trading recommendations. While it may be useful to read some of these to get an outside opinion, it can just be information overload for newcomers to the forex market, creating indecision and stress! Believe in your system and trade accordingly.

http://www.freetradingguide.com/principles.html

 

Trading... be it stocks or currency or commodities, should be enjoyable... not stressful.

If it is stressful, it is a sign of over-commitment beyond one's means to lose...

I still remember the stress I was undergoing when I was heavily invested in Abterra which I bought @ 0.03.  The stress of  a possible heavy loss is undescribable. For about a month it was a hell of an agonising experience. But thank God, it later surged and I rode it up and later sold off @ 0.12 with a happy profit...