Building Confidence
September 14, 2006
Slowly but surely, I've been able to get back in the black and I now have a small profit over the last 4 months:
| Month | Pip P/L | Gross P/L | Total # of Trades | Total Winning Trades | Total Losing Trades | Total Even Trades | Avg. Winning pips | Avg. Losing pips |
| 1 | 131 | $1250.6 | 8 | 5 | 3 | 0 | 41.6000 | -25.6667 |
| 2 | -401 | $-3613.3 | 15 | 2 | 12 | 1 | 2.5000 | -33.8333 |
| 3 | -26 | $-213.8 | 7 | 2 | 5 | 0 | 35.5000 | -19.4000 |
| 4 | 273 | $2774.2 | 13 | 8 | 5 | 0 | 42.5000 | -13.4000 |
| Total | -23 | $197.7 | 43 | 17 | 26 | 1 |
This just shows that with perserverance, you can come back from your losses. This does not mean I'm ready to quit my day job. $197.70 over 4 months of trading is way below the poverty level.
Something else that has been bugging me as of late is whether it is possible to put your hopes of trading full-time into the hands of any forex broker out there. It's hard to trust your money after the Refco debacle. Everyone that trades forex should realize that the money that you deposit IS NOT protected from creditors! Remember a while back when I received an email from FXCM's compliance officer regarding this issue? If not, read it here:
http://www.forexproject.com/Blog/Investing_and_Trading/Is_your_money_at_your_broker_safe?/
http://www.forexproject.com/Blog/Investing_and_Trading/FXCM_Compliance_Officer_Response/
Popularity: 1%
FXCM Trading Expo Today
June 3, 2006
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I have some good stuff from the Expo today. Stay tuned over the next couple of days as I put my notes from the workshops on the site. I actually took some pretty good stuff back with me that I'd like to share with you.
I feel that overall attending the expo today was well worth it. I arrived at 8 am this morning and left at around 4 pm so it felt like work. The turnout was very good and most of the workshops were full. The diversity of traders was unbelievable. People of all race, sex, and residency were present. There were more men than women but women were still there in substantial force. There were also trading partners, husband/wife teams, and boyfriend/girlfriend teams.
There were also traders that were still demo trading and others live trading. I actually found it unbelievable in talking to some traders that they paper traded for 2 years before making a real trade. I'll talk about demo trading a little more later when I mention the workshops.
As far as free merchandise, which I certainly did not attend for, I got a free shirt, some free magazines, a free mouse pad, a free 3-month subscription to prorealtime charting software, and a couple of other little things that I haven't explored yet.
All in all, I have a renewed hope in the prospect of trading full-time eventually. I do have a lot of work to do and it could take quite some time.
I want to close with a mention of that fact that I was almost run over and squashed by an overly rude woman who thought there wasn't enough literature to go around in the last workshop I attended. You mention a sure thing trading system where you don't have to do anything and people get crazy. It was actually a little frightening the way some people were acting….
Popularity: 1%
FXCM Expo Welcome
June 3, 2006
Popularity: 1%
Trading Expo Workshops Tomorrow
June 2, 2006
I just started to look more closely at the Currency Trading Expo Schedule for this weekend in an attempt to plan ahead and circle the workshops that I may attend.
http://www.fxcmexpo.com/schedule.html
I am looking at attending tomorrow:
- 9-10am The Psychology of Trading
- psychology behind simple secrets and profitable strategies for you to
take home and immediately implement into your trading system - 10:30-11:30am Improve Your Trades Today
- a panel of Forex educators on how traders can improve their bottom line
- 12-1pm FX Strength Rotation
- FX traders around the globe constantly rotate in and out of various currency pairs. Find out how to identify
- 1:30-2:30pm Smart Money Management for Forex Traders
- a Rob Booker special
- 3-4pm DailyFX Trading Strategies and Tips
- I liked Kathy Lien's book so I would like to see if she has anything furthur to add
- 4:30-5:30pm Live Trader Forum
- Q&A Session
I have to say that I'm always a little skeptical about "expo's" because everywhere you turn, there's a salesman.
Depending on how much I get out of Saturday's sessions with determine my attending on Sunday. Whatever I take away from all of this will surely posted on this site promptly.
Popularity: 1%
FXCM Trading Expo
May 31, 2006
The FXCM Trading Expo is this weekend and I am going to try to attend both days. http://fxcmexpo.com/index.html. I've been so busy with my full-time job and other things that I haven't been able to focus on trading so hopefully this can jumpstart me.
My main issue is with time right now. I find that I'm placing trades at times when I might not usually because I just don't have the time to follow the market. This is very frustrating and I really don't know what to do about it right now. I might just have to move to longer term charts like the Daily or Weekly. I also find that I'm in such a rush all of the time that I'm breezing through all my charts and all time frames without focus. It's either move to longer time frames or take a break for a while. We'll see.
Well, the one thing that I promised myself I wouldn't do the beginning of this week was blatantly violated. I went short on the Aussie this morning and for a couple of hours it just bounced around but slightly in my favor. The FOMC report release at 2 pm was weighing on my mind though so I decided to get out of the position with a 6 pip profit. Almost immediately, the pair thrusted downwards and I missed my chance at making over 60 pips. HOW FRUSTRATING! How unpredictable! All I could do was laugh because this is so typical of my trades.
Popularity: 3%
Currency Trader Expo
April 30, 2006
I wanted to mention that FXCM is hosting a Currency Trader Expo in New York on June 3rd and June 4th. I've heard of this before but I just got something in the mail about it so I decided to take a closer look.
It looks like there will be a lot of traders/authors that a lot of us have heard of including Rob Booker, Alexander Elder, Jack Schwager, Kathy Lein, Boris Schlossberg, Steve Nison, and more. Most of the workshops are free (40 of them) except for a four that are under $200. The schedule looks packed with some great stuff.
I will certainly be attending for 3 reasons:
- I want to see the faces behind the words of these "successful" traders
- It may help in improving my trading
- I am 8 miles away from it so it's convenient
If you cannot make it, I will try to be your reporter. I'll take pictures, notes, and whatever else I can. We still have a couple of months to go though so I'll remind everyone beforehand.
Read more about the currency trader expo
Popularity: 4%
FXCM Trading Room Continued
February 1, 2006
Check this out. The FXCM Trading Room have this for all currency pairs:
| Date: | 2006/02/01 |
| Time: | 14:00 |
| Ticker: | GBPJPY |
| Last: | 208.85 |
| Pivot: | 208.11 |
| 1st sup. | 208.11 |
| 2nd sup. | 207.33 |
| 3rd sup. | 207 |
| 1st res. | 209.32 |
| 2nd res. | 209.99 |
| 3rd res. | 210 |
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Popularity: 1%
FXCM Trading Room
February 1, 2006
I have to say that I’m excited about FXCM’s new service called the FXCM Trading Room (www.fxcmtr.com) I haven’t checked it out in depth yet but from what I’ve explored so far looks promising.
The Guest Trade Ideas are recommendations from a group of FX traders such as John Dean, Marius, Elexe, Rob Booker, Jared Martinez, and Black Swan Capital.
Here is an example of what Rob Booker had to offer today:
CAD/JPY | 4 Hour Chart – February 1st, 2006
I’d love to see this pair fall to the bottom of the channel – or even a bit lower – and then pop back up. CAD is strong because of Canadian interest rates (still rising) and Oil prices.
Seriously, this pair is in a long steep uptrend, and if it takes a breather down to the bottom of the channel or a bit lower, it makes for an attractive buy trade.
In addition they have a Technical Analysis section that has great commentary for all the currency pairs, alerts indicating if technical indicators are favorable to a buy or sell and candlestick analysis in real time. I can’t say more except to check it out IF YOU ARE A FXCM account holder. You must have a live account with FXCM to access the site. I fortunately do.
Popularity: 1%
FXCM = CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS
December 18, 2005
This was brought to my attention from one of our readers. Effective, 12/13/2005, FXCM was fined $110,000 due to the following complaint:
On November 28, 2005, NFA issued a Complaint charging FXCM with using deficient promotional material. To view Complaint, go to Case Documents. For a copy of Complaint, contact NFA. DECISION - On November 28, 2005, FXCM was fined $110,000. To view Decision, go to Case Documents. For a copy of the Decision, contact NFA.
See this complaint on the NFA Website
I know that Refco had a minority stake in FXCM before they went bankrupt. Either way, this is disturbing news. I may migrate off FXCM and just use my FOREX.COM account.
Popularity: 2%
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