I decided not to place any forex trades this week because we are at the height of the holiday season and the markets are just too difficult to trade with such low volume and low volatility. I have still managed to place one trade using my main 4 hour trading system (see right for more details), but that was on the FTSE 100.
I was still looking to go short because the More on Weekly Trading Update - 22-26 August 2011
Pyramiding is an interesting concept in relation to forex trading because it is the opposite to many of the more conservative trading strategies. Instead of closing part of the position when the first profit target has been reached, you actually open new positions instead, and continue opening new positions if the price of the underlying currency pair moves in your favour.
So you essentially add to winning positions in order to multiply your profits and benefit from the fact that your initial call was correct. It is a More on Pyramiding - A High Risk High Reward Forex Strategy
August continues to be a frustrating month (which is generally the case most years because everyone's on holiday and the volumes are lower), but at least I managed to make a decent profit this week after the disappointment of last week. I only placed two trades in total. One was a losing breakout trade but the other was a big winner.
Let's talk about the losing trade first of all. I've been trading breakouts a lot in the last few months, but this week there was just the one trading opportunity on the More on Weekly Trading Update - 15-19 August 2011
The Forex Profit Accelerator Trade Alert Software is a brand new product from Bill Poulos that provides you with 4 profitable trading systems, as well as trade alert software that alerts you to the very latest set-ups for each of these trading strategies.
(Update: The Forex Profit Accelerator software is now live, and you can now buy this software and the accompanying trading systems (or simply find out more information) by clicking here).
It is based on the original Forex Profit Accelerator course, but it now includes this advanced software as well. This will make your life a lot easier because you no longer have to More on Forex Profit Accelerator Trade Alert Software Review
I always think I'm very fortunate to live in the UK (although it hasn't been too great recently) because it allows me to trade the forex markets at the most profitable times of the day. For me these are the hours between 8.00 (UK time) and around 10.00 or 11.00. When the US markets open at 14.30 (UK time) I have pretty much finished for the day and will probably be paying far more attention to my stocks. So is it worth trading the forex markets after the US markets open?
More on Is It Worth Trading Forex After The US Markets Open?
It's been a losing week this week unfortunately and it's fair to say that the markets are quite hard to trade right now. In the last few weeks, and indeed months, I have made some modest profits, but the really big profits are just not there at the moment.
This week I traded just twice, and they were both losing trades. Using my main 4 hour trading system (see right for more details) I went long on the More on Weekly Trading Update - 08-12 August 2011
Pivot points are really useful for day traders in particular because they are used by lots of traders, and therefore the lines of support and resistance often act as strong turning points and natural exit points. However it should be pointed out that there are a few different types of pivot points you can use, which do give slightly different levels.
I have to admit that I'm guilty of using the default settings ((H + L + C) / 3) for the pivot points on the IG Index charts when trading early morning forex breakouts, but thanks to More on Pivot Points - The Different Settings You Can Use
Well it's been an incredible week. The markets have capitulated with a raft of bad news that just seems to go on and on at the moment, and it's not over yet because we have the non-farm payrolls later today which could also disappoint. On the forex front, it's been comparatively quite quiet.
I traded just once using my main 4 hour trading system. This was on the GBP/USD pair. More on Weekly Trading Update - 01-05 August 2011
Today I want to discuss 10 home truths about forex trading that all aspiring traders should be aware of when entering the forex industry. This is not intended to put people off forex trading because it can be a very rewarding career and you can make some great profits working from home, as I have hopefully demonstrated in my weekly trading updates for the last few years. I simply want to show you how difficult it can be to start making consistent profits.
Okay so here are the 10 home truths based on my own personal experience:
You could say it's been a relatively quiet week this week because my 4 hour trading system didn't come up with any decent trading opportunities. However I did manage to trade quite a few early morning breakouts. It's just a shame that a lot of them didn't work out too well this week for some reason.
I managed to lose 20 points on Monday and another 20 points on Wednesday. Thursday was a little better as More on Weekly Trading Update - 25-29 July 2011
