Items Tagged With trading

Remember me mentioning Raghee Horner's training that was being offered for $5000 a couple of months ago? I just received an email and it looks like that sales pitch didn't work well because they now have another offer.  It's the pay as you go option where you pay $795 up front and $195 a month for 18 months.  You receive basically everything that Raghee has to offer on her website including books, cd's, newsletters, weekly webinars and nightly trading room.  I like Raghee and her simplified style of trading but how much more can you learn from her that you haven't already read in her book.  I know one of you stated this when I was thinking about shelling out cash for a personal mentor and it changed my view of these expensive training programs.  I don't know if any of you have done this but it would seem like paying for a program where you get to personally sit next to a established trader would be beneficial.  I know that John Carter offers that type of program.

If anyone has any good experiences with paid training, please drop me an email or comment on this post.  It's impossible to research this on the web as there are so many "unknowns" with the websites that offer this.  Thanks. 

It has been a pretty uneventful trading week for me so far.  The lack of any major economic announcements this week will mean a lot more waiting during the US session. 

I have managed to squeeze out 11 pips so far on 3 trades but I remain on the sidelines with no longer term trades.  I've been looking at the charts the past couple of evenings but they seem totally foreign to me right now.  I cannot seem to make sense of anything and I'm not going to jump into anything until they do make sense.  

The poll from last week asked the question, "How many pips did you make or lose last week?"   It garnered 14 responses which showed that most of us did pretty well last week:

8 respondents were profitable, 5 unprofitable with 1 losing 100+ pips, and 1 respondent broke even. 

I've been trying to keep on top of economic announcements because they are at the core of the Rob Booker channel trading strategy.  I've created an Economic Announcement PDF with notes that were modified from material provided by Rob Booker.  

According to the calendar, we can expect volatility in the market on Wednesday, Thursday, and Friday this week.  Before then, traders may be sitting on their hands waiting for Bernanke's announcement on Wednesday afternoon. 

 Forex Economic Calendar 08/05/2006,14:43 561.15 Kb

UPDATE!!!  The pair has dropped another 70 pips since I exited.  That is why I am far from reaching my goal.

TRADE

Date: Tuesday, February 21st

Entry: Short USD/JPY at 118.78.

Reason for trade/setup: This trade was mostly based on the fact that resistance was up above at 119.00.  Furthur confirmation was obtained from the crossover of the Stochastic (9(3),3) from overbought territory. 

Initial Stop:  119.06, which was 6 pips above the high of the entry day.

Initial Target:  118.00 which is the top of the Ichimoku Kumo or cloud.

RESULT 

Exit: 118.35

Reason for Exit:  Profit taking.  I needed to get back on track this week.  I couldn't leave $1000 on the table

Profit/loss:  43 pips / $1070

Trade executed according to plan? no; early exit

Outcome: After trade entry, the pair played with the 119.00 resistance level for the entire U.S. trading session before finally finding more sellers than buyers at the Asian open.  The pair then stalled at 118.40 during lunchtime in Japan on Tuesday evening.  The pair retraced almost back to the 119.00 mark on Wednesday during the European session before heading back down.  There is solid resistance at 119.00.  I exited the trade before my target.  The main reason was for my need to get back some of my losses from the week.  I didn't want to leave $1000 on the table.

There's a new forex article on Investopedia about trading your own trading style. 

Are you as patient as a fisherman or do you thrive the downhill thrills of finishing a snow boarding run?  Fisherman are trend traders and Snow Boarders are faders.  The point of this nonsense is that you have to trade to your style.  If you hate fishing, why trade like a fisherman.  The conclusion is:

Trade to your Taste

I'm mentioning John Carter again because he is having a two-day online seminar this weekend that concentrates on trading the forex market.  I have never really paid for anything but books towards my education but I'm wondering if a paid seminar is beneficial.  ???  This is a question to any of you who have paid for seminars.  Are they worth it? 

Carter's seminar this weekend is Saturday and Sunday for a total of 14 hours.  Here is the agenda:

- Your chance to see what you missed in Las Vegas

- Review Forex Market Basics (Everything you need to know to trade them)

- Trade by Trade Analysis with Real P&L's for John’s 5K Account

- Major focus: Currency Market

- Get Insight into Key Winning Trade Setups

- Learn everyday Trading Strategies for the Currency Market

- View John’s Favorite Setups

The seminar is $995 and I cannot say that I haven't been thinking about it.  You can read more on his website.  John Carter Seminar 

I would appreciate any comments that you may have. 

Greg made a comment regarding a trader that interests me:

Two books worth their time: Market Wizards, and The New Market Wizards. One of the traders interviewed made the observaton that on any given day trading is probably luck, but if the trader is consistently winning over time, it's not luck. Another trader said the whole purpose of entering a trade was to preserve capital (he has never had a losing month.)

Entering a trade with the purpose of preserving capital is an interesting way to go about things.  I will probably read more about this in the upcoming days. 

For next week, I think I will change my exit strategy which may help with my early exits.  Instead of entry of 3 lots and exit of 3 lots, I will start to use a multi-lot exit strategy, one in which is probably based on multiple targets.  This will definately require more management per trade but if my worry all along has been with giving back profit, this may help curb it a bit.

This weekend I will also be working on formally drafting a real trading plan.  I will post sections as they are completed.

I've been trading the EUR/USD since yesterday evening and caught the breakdown below 1.1855.  The USD has not been able to push below 1.1827 though and until then the price may remain in a 60 pip channel.  

I'm up a little more than $400 to start the week in realized gains but as of now am only in a short EUR/USD position that I entered on a pullback last night.   There haven't been any major developments since the Asian trading session set most currency pairs in motion except for the USD/CAD which has broken down nearly 75 pips from yesterday evening.  I was actually long on a USD/CAD position yesterday and decided to get out after hearing that some favorable economic reports were expected from Canada this morning.  This demonstrates some good behavior on my part with an exit of the position with a $100 loss.  I didn't see the pair doing what I would have expected from my technical analysis and wasn't aware of the economic reports coming out of Canada when I entered the position.  What good would it have been to stay in the position?

It's actually Sam Shenker's Trading Corner and it can be found here:

http://www.forexproject.com/Blog/Investing_and_Trading/Original_Traders_Corner/