Good Start To The New Year

I had a decent start to 2007 with two h-system trades this week.  The first generated a profit of 96 pips and the second, a profit of 120 pips.  So after the first week of trading this year, I'm up 216 pips.  These were the only two trades I stuck with this week.  What happened to the trades that I didn't stick with?  The first was the GBP/USD trade I mentioned earlier in the week that I just guessed on direction. http://www.forexproject.com/Blog/Investing_and_Trading/Forex_Is_No_Guessing_Game
After placing the trade, better judgment took hold and I closed it at break even.  This trade would have turned out to be unprofitable.  Another trade I placed was a short AUD/USD.  I closed this too after opening it at break even.  This trade would have been very, very profitable.  I'm still glad I closed it though because my focus was being taken away from my current strategy.  This trade was more experimental than anything and once again, better judgment took hold.

I didn't take any Lien Schlossberg trades this week.  The first trade call came in when I wasn't ready and by the time I was, the first target was hit.  The second trade call was profitable but for the currency pair NZD/JPY.  Oanda and FX Engines don't directly offer this pair so I would have had to do it in the legs.  This means if they were recommending a 1 lot NZD/JPY short trade, I would have had to short 1 lot of NZD/USD and .6982 lots of USD/JPY.  The entry would have been fine but exiting more difficult.  I couldn't use their recommended target or stop for the NZD/JPY so I would be forced to manually watch this pair's real-time price to know when to close out my "legs." This was just more trouble than it was worth so I passed on the trade.  Their service was profitable on paper; 39 pips.   This is just my opinion but they definitely seem like they are playing it ultra cautious to kick off their paid service.  Another issue is with their actual calls.  They never have a predetermined entry price, they always make the call at the market price.  This doesn't give you sufficient time sometimes to enter the trade.  First you have to receive and read the email or text message.  Then you have to open your trading platform.  Then you have to place the trade.  I'll continue to see how it goes but this week was a wash using their service.  I still have the opportunity to cancel at the end of the month at no cost to me if it doesn't work out.

NFP this morning created some nice moves as usual.  I just watched from the sidelines, hesitant to "guess" before the release.  The movement was so rapid after the release that I just wouldn't have felt comfortable entering a trade.  Maybe one day I'll be able to trade economic releases but it's definitely not in my plans right now.  

Smart trading….

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