Mellon Bank Morning Briefing

I like reading this everyday when I have time because it is coming from 1 of the top 20 or so foreign exchange dealing desks.  It is a great resource to get the mind going in the morning especially before major economic releases like the CPI this morning.  This release could be the final dagger in the dollar that pushes it over the edge and allows currencies like the Sterling to push past those all important triple zeros (1.9000)

https://fx.mellon.com/currencyresearch/globalfxdaily.html  

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A Forex Trader Speaks His Mind

I’m posting an email I received from a fellow participant of Raghee Horner’s webinars today.  He has been utilizing Raghee’s methods for the last year and goes into the successes and failures he has had with them.  Keep in mind that he is a beaten down trader who started out with $30,000 and now has $3000 left.  I don’t necessarily agree with everything he says.  I don’t think because 1 person is unsuccessful at something that no one else has a shot.  One of his final sentences is "Do not think you’re going to realize your dreams by day trading."  I don’t believe this and won’t believe this.  I feel like his story will be beneficial:

I would say her setups happen quite a bit if you scan all the pairs. I am not good at position trading or sitting on trades, so I found it really hard to utilize the large time frames. I like to be in and out, a day trader. Her system is like any system, it gives you a method for entries and exits. Each entry has 50% chance of moving in your direction and her method gives you a slight edge or helps you gain a higher probability of being on the winning side. No trading system is consistently profitable, your either on the winning side or your not. The key is to get in when your system tells you to, act on your systems signals, utilize stops or get out as soon as the trade tells you it’s not going in your direction.

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