* You are viewing the archive for April, 2008

Everything You Need to Know about Forex

April 21, 2008 | No Comments »

Check out Forex Blog.org.  I just found this article which I think is the most comprehensive list of resources for all Forex traders.  Whether you are so new and you don’t even know what Forex is all about, or you are a seasoned pro and are just looking for a new trading idea, the list may just have what you are looking for.  Some of my favorites on the list are:

Baby pips:  You simply have to visit this website.  It has everything.  It is like a school for heaven’s sake.  And if you like to trade British Pound, you definitely have to read the Cowabunga System.

Money Tec:  Another one you simply must visit.  This site is a forum.  Whether you need Forex 101 or are looking for a trading system, you will find something.  Have patience.  I spent lots of time there digging into who knows how many posts, but I certainly learned a lot.

Snap Shot of Trades Thus Far in April

April 21, 2008 | No Comments »

So far so good this month in April.  + 55 pips.  In terms of percentage gain this month, it is currently at +7.38%.  Besides the EUR/JPY & EUR/GBP pairs I normally trade, I added EUR/CHF AND AUD/USD this month.  Except for the EUR/GBP pair, I continued to use the 1:1 profit to loss ratio, normally set at 30 pips.  EUR/GBP is still 7 / 17.

EUR/JPY and EUR/GBP are still my favorite pairs.  EUR/CHF tends to have “moody” swings which hit my protective stops every time.  What I did was when the trade was in plus 15 to 20 pips, I would move the stop loss to the break even point.  Somehow, this pair would have some kind of knee jerk reaction frequently.  It hit the stops and then resumed its course.  This is probably my least favorite pair.

Date Transaction Pair Price Stop Loss Take Profit P/L
April 2 21:20:27 EDT Order Filled EUR/CHF 1.5817 1.5787 1.5847  
April 2 22:30:19 EDT Stop Loss EUR/CHF 1.5818 1.5818   1
April 4 01:05:44 EDT Order Filled EUR/CHF 1.5851 1.5871 1.5831  
April 4 01:47:10 EDT Take Profit EUR/CHF 1.5841   1.5841 10
April 4 14:18:19 EDT Order Filled EUR/GBP 0.7891 0.7908 0.7884  
April 6 16:19:40 EDT Take Profit EUR/GBP 0.7891   0.7891 0
April 10 16:21:20 EDT Order Filled EUR/JPY 160.44 160.74 160.14  
April 10 18:53:48 EDT Stop Loss EUR/JPY 160.4 160.4   4
April 14 19:27:06 EDT Order Filled AUD/USD 0.9268 0.9298 0.9238  
April 14 21:08:27 EDT Stop Loss AUD/USD 0.9265 0.9265   3
April 15 21:14:13 EDT Order Filled EUR/JPY 160.86 161.16 160.56  
April 15 22:06:44 EDT Take Profit EUR/JPY 160.56   160.56 30
April 21 17:58:37 EDT Order Filled EUR/GBP 0.8039 0.8056 0.8032  
April 21 18:50:40 EDT Take Profit EUR/GBP 0.8032   0.8032 7

Performance Summary: EUR/JPY 30/30

April 02, 2008 | 2 Comments »
Cumulative Stats  
Total: +390 Pips
Number of Trades 45
Number of Wins 29
Number of Losses 16
Win % 64%
Average Win: 30
Average Loss: 30
Average Pips/Month +65 (390 pips / 6 mo)
Capital Growth  
10/1/07 - 12/31/07 60%
1/1/08 - 2/29/08 7.5%
3/1/08 - 3/31/08 -6.9%

*Capital Growth includes daily debit or credit interests

*Capital Growth includes both trading systems - EUR/JPY 30/30 and EUR/GBP 7/17

 

March 2008  
Total: 0 Pips
Number of Trades 4
Number of Wins 2
Number of Losses 2
Win % 50%
Average Win: 30
Average Loss: 30

 

February 2008  
Total: -60 Pips
Number of Trades 4
Number of Wins 1
Number of Losses 3
Win % 25%
Average Win: 30
Average Loss: 30

 

January 2008  
Total: +90 Pips
Number of Trades 9
Number of Wins 6
Number of Losses 3
Win % 67%
Average Win: 30
Average Loss: 30

 

December 2007  
Total: +180 Pips
Number of Trades 8
Number of Wins 7
Number of Losses 1
Win % 88%
Average Win: 30
Average Loss: 30

 

November 2007  
Total: +90 Pips
Number of Trades 11
Number of Wins 7
Number of Losses 4
Win % 64%
Average Win: 30
Average Loss: 30

 

October 2007  
Total: +90 Pips
Number of Trades 9
Number of Wins 6
Number of Losses 3
Win % 67%
Average Win: 30
Average Loss: 30

EUR/JPY 30/30 Update: System Change

April 01, 2008 | No Comments »

I currently do not trade this method as the pattern of this pair has changed.  I am writing scripts to test it out in demo.

The method was posted here.

EUR/GBP 7/17 Update: System Change

April 01, 2008 | No Comments »

The method was originally posted here. 

I’d like to make some updates to this method.  Currently, the settings are:

Time Zone Used:  GMT

Reference Price:  Open Price at 23:00 GMT

Buy Limit:  Reference Price - 7 pips

Buy Take Profit:  7 pips

Buy Stop Loss:  17 pips

Sell Limit:  Reference Price + 7 pips

Sell Take Profit:  7 pips

Sell Stop Loss:  17 pips

I found that the Buy Limit and Sell Limit can be modified depending on your brokers’ spread and your trading style or preferences.

So, with that said, you can adjust your buy limit or sell limit as follows:

Buy Limit:  Reference Price - (7 to 10) pips

Sell Limit:  Reference Price + (7 to 10) pips

The rest of the settings remain the same.

You can find the method here.