Forex on Top was updated today with the latest traffic rankings for what has now grown to 500 forex websites. Their is no doubt that Google is the best place to search for specific forex content but if you’re looking for websites that you can sink your teeth in, this is the place to find them. You can also browse the top 20 movers to find upcoming forex sites that might be worth exploring.
Currently I am trading a live mini-account with FX Engines to evaluate it. I’m using real money and my own money to prove whether this is as good as it looks.
FX Engines focus on the ability to trade the news automatically through their platform. Since news tends to create major short-term moves in currency prices (sometimes in just the first 1-10 tics after the announcement), they see the potential for profit with a limited amount of risk. In fact, most trades orders are placed with a stop loss of only 10 pips.
|Week #||Pip P/L||Gross P/L||Total # of Trades||Total Winning Trades||Total Losing Trades||Total Even Trades||Avg. Winning pips||Avg. Losing pips|
Join the Forex Project Trading Contests!
As long as you have a demo (FXGame) account with Oanda, you can join the contest. FAQ’s regarding the contest can be found at https://fx2.oanda.com/mod_perl/fxcontest/fxcontest.pl?rm=help#q6.
If you don’t currently have a demo account, you will be prompted to do so when you join a contest.
January 2008 Forex Trading Contest
Starts: Tuesday, January 1st, 2007 at 00:00 EST
Ends: Tuesday, February 1st, 2007 at 00:00 EST
Prize: Sorry, no prizes this time. Last time I offered $100 Amazon gift certificates to three winners. I wanted to see how this contest went and maybe offer prizes again in February.
My trade history is being migrated for the new site redesign. It will be back shortly.
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or visit http://www.forexadvertise.com
I haven't been able to put a lot of time into actual trading. I woke up late twice this week and didn't have any time to look at the charts before heading to work. It's never a good idea to try to trade when you're in a rush. This is a recipe for disaster. I've done it in the past and won't do it again. On top of that, Wall Street hit me hard this week when bonus numbers were released. It just figures that the hit was hard yet the work load has increased at a fast and furious pace.
I remember a post that Simon had a couple of weeks ago about not putting pressure on yourself to trade for financial freedom. Instead, he said trade towards material things like a plasma television or something else. If anyone has worked long enough in the corporate world, you've seen someone get layed off after 20 years of service or your compensation decrease. Therefore, guess who owns you. Time will tell if trading is my route to financial freedom but there's no doubt that my goal everyday is to strive towards the goal of trading full-time so I'm in control. I love gadgets and big screen televisions but the thought of owning them do not motivate me. It's up to you to find that motivating factor.
That brings me to my end of year question, "Do I feel any closer to becoming a full-time trader?" The answer is no. I've made a lot of progress over the last 2+ years but no where near where I have to be. Where do I have to be? I don't know, a lot further along than where I am now. I've made leaps with managing my money so that now when I bleed money, it's at a snails pace but I have to be honest with myself. If I'm not showing a consistent profit, I'm no closer to trading for a living. I'm not discouraged, I have a renewed sense of motivation since I started trading again in November. Trust me, I'm not going down without a fight and will continue the struggle in 2008.
I listened to an intriguing interview of forex/equity trader, Avery Horton on Trader Interviews yesterday and wanted to summarize some of what I heard.
Avery Horton, who has a Computer Science degree (like myself) is a self-taught trader who has been day trading since 2002. He strongly believes that traders should not use lagging indicators. In fact, he says that a better method would be the following:
- Take any chart printout and pin it on the wall.
- Walk back six feet from wall.
- Throw a dart.
- Draw a horizontal line where the dart hit.
- Go long if the price goes up to the line.
- Go short if the price goes down to the line.
This would be an interesting approach. Horton states that he is not a fundamental or technical analysis trader, but a statistical trader. For instance, based on his studies, he feels like more often than not, if Apple stock (AAPL) moves a dime off the open, chances are that it's going to go up 50 cents more during the day. He calls this milking the cow.
He also believes that you would benefit most by trading 1 stock or 1 currency pair.
His Forex trading approach simply entails drawing horizontal lines to indicate a buy or sell zone. Every hour he resets the buy/sell zones. His real world example was trading the USD/JPY, where the pair opened at 108.53 at 10 o'clock. He set his buy zone at 108.56 and his sell zone at 108.50. 108.50 was hit first and he took a short trade. The pair declined to 108.41 and he was happy with the 9 pips he obtained in less than an hour. He says if you net 4 pips an hour, you're rich.
Horton doesn't believe in traditional backtesting because he feels tick by tick data is needed. He runs statistics instead. One statistical example would be to find a stock that has an 80% chance of gaining 50 cents if it increases by 10 cents at the open. In a specific example, he found that over the past 100 days, Apple (AAPL) has gone up a dollar or more from open to high 70 times. He does a lot of stock screening looking for statistical advantages.
I have to say, CMSForex's advertisement is pretty good. The U.S. Dollar, the British Pound, the Japanese Yen and the Euro fight it out in the middle of a coliseum packed with currency traders.