Items Tagged With december 2007

Forex On Top was redesigned over the last two weeks and is now live.  Major additions were improved historical ranking graphs with trendlines and 5-star AJAX rating system for each forex website.  More features are yet to come.  The new logo is also still in revision phase. Check it out.

After an almost six month hiatus from day to day trading, I got back into trading forex at the end of October.  Since then, I've tried to follow the economic news more consistently, tried to post more regularly to this blog, and tried to get back into the flow with between 1-3 currency pairs.  Though I've "tried", I'm not quite where I want to be and never quite sure I ever have been.  This may just be the best that I can do considering I have a full-time job and other responsibilities (similar to a lot of you.)  One thing that I think I can do to improve my trading is to get in the flow with the market during the European/US session overlap.  As of yet I haven't been able to but I think all this requires is changing up my schedule a bit so that I'm in front of my computer at around 7 am EST.

November could have been an up month for me had I not lost my last four trades.  Losing streaks are all part of trading though, so I don't feel too bad that I'm down 2%.  

What did I do wrong in November? I jumped the gun on a couple of trades this month before my systems showed buy/sell signals.  This wasn't due to impatience but more because I felt my signals would generate while I was sleeping.  I lost a couple of trades because of this and will try not to make this mistake again.

What did I do right in November? I feel like my position sizing strategy controlled my risk very efficiently.  There would have been another time in my trading career when I'd be down a lot more than 2% when being down 290 pips during a particular month.  

I'm not going to change much going into December because I think I have a good base to build on. 

Forexontop.com was updated today with the latest traffic rankings.  The site was redesigned last week pretty much from the ground up including the new logo.  Newest links include:

Top 20 Movers

Top 20 Losers

What's with forexpros.com?  I never heard of this site but it's moving up rather fast.  Seems like most of the content is unoriginal and just aggregated from other sites.   If I'm going to go to a forex portal, I'll usually go to FXStreet which is much better.

Colin from over at ForexSpirit feels like the dollar is going to appreciate this month especially after the cover story in the Economist.  I certainly wouldn't be surprised.  

You can read Colin's post, "The Economist's Indicator". 

Opinion piece, "The Panic About The Dollar" at Economist.com.

Opinion piece, "Losing Faith In The Greenback" at Economist.com. 

There's a Time Magazine article today titled, "Should You Bet Against The Dollar?"  The article talks about why it may not be a good idea to jump into the retail Forex market; mainly for 3 reasons.

1. There's no certainty that the dollar will keep falling.  So if you were thinking of getting in to hop on the Diving Dollar Train, think again.
2. Investing in "The Forex" is extremely risking especially if you use all of the available leverage given to you by your broker.
3. Because it's complicated and right now might be the worst time to experiment with currency trading.

http://www.time.com/time/business/article/0,8599,1690111,00.html?xid=rss-business 

US Dollar: What to Expect in December
"Based on 20 years of data, the dollar has a greater tendency to fall in the month of December"

Will Retiring Early Help You Live Longer?
Wow, results are surprising... yet another reason to continue to strive towards financial freedom. 

The Wall Street Journal Top 10 Bestsellers
Greenspan's book, "The Age of Turbulence" is at the top of the list.  

How The Poker Craze Can Help You Trade
The article explains the basis of position sizing and expectancy (2 things I've been talking about a lot lately) and how poker has made the author a better trader. 

Forex On Top was updated today with no rank changes in the top 35.  I also wanted to remind you that if you have not already, please add your forex related website so that your rankings can be tracked.  This can be done by filling out the short form at http://www.forexontop.com/add_forex_website.php.

Some of the biggest movers this week in the top 100 were:

1. Forexsignals.net up 6 spots to #88.
   
2. Forex.ch up 5 spots to #52.
3. Straightforex up 5 spots to #87.
4. Mabico.com up 5 spots to #90.

The top 5 most visited sites based on Alexa and Compete statistics are:

1. Oanda.com
2. Easy-Forex
   
3. Advanced Currency Markets
4. Forex Street
5. Daily FX
   

It looks like Alexa and Compete.com both made recent traffic updates because there are lots of big time changes in the top 100 and across the board.

1. Forex Profit System - Up 37 spots to #47
2. Marketiva - Up 15 spots to #21
   
3. Forex.ch Up 15 spots to #37
   
4. Forex Pro's - Up 14 spots to #34
5. Forex Project - Up 10 spots to #41 (there we go)

There's over 350 Forex websites currently being ranked.  Be sure to add your Forex-related website.

17 traders have already joined.  It would be great if you did too. What's in it for you? 

It's a chance to _________. 

1. check out Oanda's trading platform
2. add a little more incentive to trade that demo account like it's real
3. compete for pride
4. have your name mentioned on the front page of this blog (big deal, right)
5. get back into demo trading to try that new strategy you've been meaning to forward test

Check out details on how to join at http://www.forexproject.com/Forex_Contests/

Join within the next couple of hours.  I have to approve the contestants before midnight today but I won't be around later tonight because it's New Year's Eve.  Contest starts at midnight on January 1st.  If I don't talk to you before then, have a Happy New Year. 

Click on the image on the top right to see the results from the last contest.