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  

Popularity: 1%

Day traders find new outlet in foreign exchange wagers

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I am posting this article from last year because this is the actual article I read back in July 2005 that first exposed me to the unknown world of Forex and actually drove me to the bookstore within an hour to find out more.  It was originally published in the Wall Street Journal and I'm happy to have found it.  

By Craig Karmin and Michael R. Sesit, The Wall Street Journal

At an hour past midnight, when he gets home after working as a disc
jockey for a New York City classic-rock station, Marc Coppola checks
the market and starts trading.

Having lost $750,000 trading stocks after the technology-stock bubble
burst in 2000, his appetite for shares is greatly diminished. Instead,
he is joining thousands of other individual investors by betting on the
global currency markets.

Mr. Coppola, brother of actor Nicolas Cage and nephew of movie director
Francis Ford Coppola, earlier this year pocketed about $1,400 on a
$60,000 bet that the euro would rise against the dollar. In March, he
reversed course, betting $40,000 that the euro would fall. Once it
slipped to $1.30 from $1.31, he cashed in half of his investment, then
soon after closed out the rest.

"I got scared out of the trade," Mr. Coppola says regretfully. "I
should have said, 'the euro is going lower' and rode it down to the
$1.20 area."

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Popularity: 2%

Technical Analysis of the Currency Market

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There is yet another Currency book being released at end of April titled, "Technical Analysis of the Currency Market: Classic Techniques for Profiting from Market Swings and Trader Sentiment" by Boris Schlossberg.  Boris is a currency strategist for FXCM and the release of his book follows his fellow colleague, Kathy Lein's release last year.  The book is described as a comprehensive guide that demonstrates how technical analysis can
generate profit-making strategies in the foreign exchange market.

It's amazing how the Foreign Exchange market continues to explode in popularity.  There is a constant influx of book releases and new brokers seem to be flooding the market.

Popularity: 2%

What Markets Am I Going to Trade?

This is a continuation of my trading plan.  I have added a link to the left main menu called My Trading Plan.  You can view the latest trading plan at any time by clicking this link or going to http://www.forexproject.com/trading_plan/ 

The second question I will ask myself is "What Markets Am I Going to Trade?"

I will be trading the Foreign Exchange market only.  Specifically I will be looking to trade the EUR/USD currency pair only until I can develop a consistent trading strategy.  Once I become more comfortable trading the EUR/USD, I will slowly integrate more currency pairs into the mix.  I will allocate 100% of my fund to trading forex.

This year, I want to look further at trading the following:

·         Mini-sized Dow (YM)
·         E-mini S&P (ES)
·         E-mini Nasdaq (NQ)
·         E-mini Russell (ER)
·         Soybeans (S)
·         Mini-sized gold (YG)
·         Corn (C)
·         Wheat (W)
·         Crude Oil (CL)
·         Mini Crude Oil (QM)

Popularity: 1%