17th May '11

Well, Just like Klaus, in his blog here : http://devisen.wordpress.com, today I was stopped out ... but for me it was the EUR/GBP pair... as I started looking at the charts this evening the trade was only 8 pips shy of the Stop Loss ... as expected ... it wasn't long before the Stop was hit, for a cost of 93 pips.

Since I have taken the loss tonight, my 1% risk has been calculated using the modified fund value.

The other trades running at the moment are a Long trade on AUD/CAD and a Short trade on GBP/CHF. As far as trade maintenance is concerned, I couldn't move the Stop on the AUD/CAD since it came within a whisker of being exited today, however with the move later this afternoon, the reasonable Take Profit Point has moved, and so I have adjusted the Trade accordingly. Similarly on the GBP/CHF, it is too early to move the Stop, but I have moved the Take Profit value.

While the GBP/AUD trade did not trigger today, I have left the trade to run overnight, as the price action is moving in the right direction, so the same figures will stand for today.

In addition to the above, I have placed 3 new Short Orders in the market: GBP/USD (the price has retraced further,and so a new Order has replaced yesterday's), EUR/USD and EUR/CHF.

So my Trade table looks as follows:

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPCHF	Short	1.4363	1.4554	1.4113	+60 pips	Day 5, TP Extended
AUDCAD	Long	1.0305	1.0223	1.0405	+19 pips	Day 4, TP Extended
GBPAUD	Short	0.8681	0.8774	0.8588	-	Leaving to run
EURGBP	Short	1.5268	1.5378	1.5105	-93 Pips	Stopped Out
GBPUSD	Short	1.6168	1.6306	1.6030	-	-
EURUSD	Short	1.4114	1.4242	1.3986	-	-
EURCHF	Short	1.2498	1.2598	1.2398	-	-

Sorry, no pictures today ... I have to get some sleep :O)

... but I'll wish you ... Happy Trading ... and I'll be back tomorrow.

Nick :O)

16th May '11 ...

yeah!!! ... tonight, for the first time in a while, I have been able to update a stop loss on an active trade!

The GBP/CHF trade which triggered last week, today moved into profit, and I was able to move the stop loss from 1.4554 to 1.4472 ... an reduction of 82pips risk :-) ... it's the little things.

now ...time to put the emotion back in it's box ... or rather earlier was time to put the emotion back in the box, I'm just reporting it now ;-)

Tonight I have placed 4 Income Generator pending orders, all short: GBP/USD, EUR/AUD, EUR/GBP and GBP/AUD.

In addition, the AUD/CAD order from yesterday triggered, and at the close of yesterday's candle was showing a slight loss.

So, my trades now stand as follows:

 

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPCHF	Short	1.4363	1.4472	1.4172	+37 pips	Active Day 4
AUDCAD	Long	1.0305	1.0223	1.0387	-10 pips	Active Day 3
GBPUSD	Short	1.6153	1.6257	1.6049	-	-
EURAUD	Short	1.3301	1.3419	1.3183	-	-
GBPAUD	Short	0.8681	0.8774	0.8588	-	-
EURGBP	Short	1.5268	1.5378	1.5105	-	-

Below are the screenshots ...

Until Tomorrow,

Happy Trading :-)

Short on GBP/USD

Short on EUR/AUD

Short on GBP/AUD

Short on EUR/GBP

Sunday Night (15th May) Update ...

Sunday 15th May ...

Tonight, I have placed 4pending Income Generator orders, and have 1 trade in progress which triggered last week.

The running trade, on GBP/CHF is a short, and the price is currently above the entry price.

The other orders are short on USD/SGD, GBP/AUD and Long on AUD/CAD and NZD/CHF

The current situation looks like this :

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPCHF	Short	1.4363	1.4554	1.4172	-96pips	-
USDSGD	Short	1.2370	1.2480	1.2260	-	-
GBPAUD	Short	1.5194	1.5359	1.5029	-	-
AUDCAD	Long	1.0305	1.0223	1.0387	-	-
NZDCHF	Long	0.7054	0.6968	0.7140	-	-

Short on USD/SGD

Short on GBP/AUD

Long on AUD/CAD 

Long on NZD/CHF

Update : having reviewed the orders, I have noticed that, while the price is above the 50EMA on the NZD/CHF, the 20EMA is below the 50EMA, and the 5EMA is between them both ... sure, ignoring the 50EMA the pair meet the entry criteria, but with the "confusion" in the Moving Averages, I have decided to remove the order as the aim is to remove unnecessary risk.

11th May .. and the Importance of Risk Management...

Good Evening ... :)

I have placed the following Income Generator trade orders ...

Short on USD/CHF, USD/JPY, USD/SGD and GBP/CHF
Long on NZD/USD and AUD/NZD...

I had a look as well this morning, and since a couple of the possible Income Generators hadn't triggered I placed them in the market ... the only one to trigger was NZD/USD ... which also stoppped out today for a 1% loss.

At the moment the market isn't being kind ... my Demo Account has now dwindled by over £1700 .. from £55300 to£53600 ... with this many trades going against me, it's easy to see the importance of Proper Risk Management.

... anyway ... I'll be back tomorrow evening ... until then be safe in the market :)

Cheers,

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
USDCHF	Short	0.8777	0.8887	0.8667	-	-
USDJPY	Short	80.55	81.35	79.75	-	-
USDSGD	Short	1.2273	1.2370	1.2176	-	-
GBPCHF	Short	1.4363	1.4554	1.4172	-	-
NZDUSD	Long	0.7978	0.7865	0.8091	-	-
AUDNZD	Long	1.3681	1.3525	1.3837	-	-

The following are the charts I traded :

10th May ...

Having looked at the Forex Calendar at www.forexfactory.com, the announcements I'd be watching are for the Aussie, the New Zealand Dollar and the Chinese Yen.

The trade orders I have placed are on the EUR/USD, EUR/CAD and the CAD/JPY and pan out as follows:

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
EUR/USD	Long	1.4435	1.4249	1.4621	-	-
EUR/CAD	Long	1.3928	1.3782	1.4074	-	-
CAD/JPY	Short	83.07	83.92	82.22	-	-

The EUR/USD pair do not strictly meet the criteria, except that the price is bouncing of the 50EMA, and while the 5EMA has moved below the 20EMA, the 20EMA is still above the 50EMA.

Long on EUR/USD

Long on EUR/CAD

Short on CAD/JPY

Forex Trading Prudence ....

Hi,

I'm not going to be trading for the rest of the week ... tomorrow is ADP Non-Farm Employment Change (USD), and ISM Non-Manufacturing PMI (USD) ... Thursday is just plain horrible!!!!! ... 15 Red flags, 7 orange, 2 yellow and 1 white
... and Friday is the official "Non-Farm Payroll" stats from the US ...

... prudence is telling me to stay out ...

... and as much as I am NOT good at being prudent ... this time I'm gonna listen!

A quick update though on last nights trades:

Current position from tonight

Curr. Pair	Direction	Entry	Stop	Target	P&L	Comment
GBPUSD	Long	1.6741	1.6629	1.6853	-	Didn't trigger
NZDUSD	Long	0.8123	0.8025	0.8221	-	Didn't trigger
AUDJPY	Long	89.33	88.68	89.98	-	Didn't trigger
USDJPY	Short	80.93	81.72	80.14	-7 Pips	-
USDSGD	Short	1.2201	1.2249	1.2153	-	Didn't trigger

So ... Have a wonderful weekend ... and I'll be back on Monday :)

Tatty Bye!

Nick

May 2nd... (updated)

Good Evening, and I hope you had a wonderful May Day holiday if you are in the UK...

I have this evening placed 5 trades, although I do not reasonably expect them all to trigger.

The following is inspired by/plagiarized from Klaus's blog here: http://devisen.wordpress.com :- I liked the way Klaus was using tables to make the figures presented clear, and I hope he will forgive my imitation :) ...

Pending Orders for 2nd May 2011

Curr. Pair	Direction	Entry	Stop	Target	P&L
GBPUSD	Long	1.6741	1.6629	1.6853	-
NZDUSD	Long	0.8123	0.8025	0.8221	-
AUDJPY	Long	89.33	88.68	89.98	-
USDJPY	Short	80.93	81.72	80.14	-
USDSGD	Short	1.2201	1.2249	1.2153	-

below are the screen shots of the trades:

Any/all comments or thoughts gratefully received...

Cheers,

Nick

Update:

AUD/JPY had a small risk of only 65 pips ... but I also forgot to check the ForexFactory.com calendar to see which announcements were being made ... at 6:30am C.E.T there was a "Red" Cash Rate announcement for the Aussie which could easily have taken me both into and out of the trade in seconds for a loss ...since the announcement was as expected, there was no adverse response, and the price is moving against me entry criteria ... but it could so easily have been different.

GBP/USD

USD/JPY

NZD/USD

USD/SGD

AUD/JPY

29th April ...

Hi,

As part of my risk management, I would not normally place Income Generator trades on a Thursday evening, as they are quite risky until day 3 ... and since tomorrow is "Will and Kate" day in the UK, and it's a public holiday I am rather thankful that the trades I placed last night did not trigger. Add into the mix that Monday is  a public holiday too, and I am rather pleased that all my open trades have now closed ... (mostly against the "Take Profit" values I set, but once against the "Stop Loss" which was still, by that point, in profit :)

Taking this all into consideration, there are no trades placed this evening, and I will not be trading in the morning either.

Have a wonderful weekend ... I'll be back next on Monday evening.

Cheers,

Nick

28th April ...

Hello and Welcome :)

Looking for some Income Generators tonight I found only a few possibilities:

Short on USD/JPY, EUR/USD and GBP/USD ... in addition, Klaus, a friend of mine trading the same strategy in Hamburg saw a trade setup on the EUR/AUD.

In the end I decided not to enter the trade on the USD/JPY because it was right on the edge of the criteria, and also to skip the GBP/AUD since the entry point would be only 50 pips from a previous level of support, and so the risk of the price retracing and stopping me out is too great.

That left only the EUR/AUD and the EUR/NZD and I placed both trades ... you can see that I placed the trades sometime after midnight, and so today's bar is already forming (both in the opposite direction from the entry points) ...

Short on EUR/AUD

Short on EUR/NZD

I'm expecting this price to pull back a bit further yet before it continues its decent.

This looks ready to go ... but it may take another day or so ...

Due to the lateness of the hour, I know I won't be up for the London session. So these will be my only trades for today.

So until tomorrow ...

Cheers,

Nick

Starting over ...

Okay ... so my last "attempt" at a blog was an utter failure ... well it doesn't help that I didn't get past the first post.

So ... What happened?? (with the Forex Trading, not the blog)

The answer quite simply is ... I did! ... I tried, day in - day out, to trade forex using the method taught by Sid and Kris, and after several months did not have a single positive week.

I want to make one thing clear here ... I blame me for that failure, not the ForexTrainingWorks training or system ... their style of trading simply did not suit my personality and I still have the utmost respect for Sid and Kris. They have helped many people to develop a successful forex trading business and I was honoured to have made their acquaintance.

Now ... What next?

I have now turned back to the organisation whose training helped me trade stocks successfully before my decision to "do Forex" ... Knowledge To Action (founded by Greg Secker) are based in London, and now run training seminars around the globe. Last year they released their Ulimate Forex Profits course on DVD, and I took the opportunity then to find out more.

Now for about the last 2 months, I have been trading their Income Generator(c) strategy successfully on a Demo account, and am seeing around 10% "profit" per month. I also went "in-house" to do the training course at their "Centre of Trading Excellence", and found the experience well worth the money.

Now, I am starting afresh ... and will post in the morning the UFP Income Generator(c) trades I placed the evening before ... and and Forex Pivot(c) or Forex Sniper(c) trades I made in the London opening session.

I'll try and post some screen shots from MT4 of the trades ... and I'd welcome feedback from anyone who chooses to give it :)

Cheers,

Nick