Simple Forex System Trading

EUR/JPY 30/30

Carl — Wed, 12 Nov 2008 20:30:20 +0000

I have remained on the sideline for a long time, mostly because the spread has been wider than normal. During the past month or so, the spread of the EUR/JPY pair stayed between 6 to 10 pips on Oanda. So I thought I’d just keep myself out of the market and see how things unfold before me.

Last night was the first time I re-entered the market after a long period of idle time with two orders, stop buy at 123.43 and stop sell at 122.30. The stop buy actually produced a profit. The 30-pip profit target was reached. However, the sell order produced a 30-pip loss. So, we are break-even today.

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Simple Daily System Using EMA and ADR by Pip Chaser

Carl — Thu, 23 Oct 2008 16:19:44 +0000

This is not a breakout system but looks fairly easy to set up. It does not require you to glue to the screen.

Here is a system I have been testing since the beginning of the month. I am 3000+ pips and still running strong. I like this system because you only need to trade once a day (I trade w/IBFX so @ 00:00GMT). I trade most of the pairs (all majors & crosses) offered through them. Here are the details.

Originally appeared on babypips.com

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Is Your Money Safe?

Carl — Tue, 21 Oct 2008 19:34:16 +0000

All it takes is some crook in a company to make unauthorized trades and bring the company down.

Oct. 21 (Bloomberg) — Citic Pacific Ltd.tumbled the most in 18 years in Hong Kong trading after predicting HK$15.5 billion ($2 billion) in losses from unauthorized currency bets… The losses are based on an exchange rate of 70 cents to the Australian dollar, $1.35 to the euro and 6.84 yuan to the dollar, it said. The outstanding Australian contracts have a weighted average strike price of 87 U.S. cents to the Australian dollar, it said.

On bloomberg.com

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Margin Call: Don’t Let It Happen to You

Carl — Tue, 14 Oct 2008 06:17:12 +0000

I came across this discussion on the Oanda board today about someone’s margin call experience. Somewhere in the thread, someone mentioned that always use a stop loss and never use the margin call as the stop loss. I couldn’t agree more. Don’t let each trade lose more than 2% or 3% of your total investment capital. Strict money management is king to the successful Forex trading.

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GBP/JPY Breakout System by Albert Pipstein

Carl — Fri, 10 Oct 2008 18:10:31 +0000

This is not a set and forget method, but it is a well documented breakout system using candlestick patterns as well as support and resistance levels. You can find all the details about this strategy on forex4noobs.com

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NFA Says: Ten Million Dollars

Carl — Wed, 01 Oct 2008 06:03:44 +0000

I just wrote a post about my search for a second Forex firm besides Oanda not long ago. One of the critical criteria I was looking at was the firm’s capital. Thanks to the CFTC website which made the research a lot easier. Coincidentally, I came across a post on the Oanda forum talking about the same topic - the Forex brokers’ net capital rankings. It also mentioned that the NFA will raise the capital requirement to 10 million dollars in October, which I was not previously aware. Many thanks to ForexFigure, a senior member on Oanda, for the excellent post.

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EUR/JPY 30/30

Carl — Wed, 24 Sep 2008 15:29:49 +0000

Here we go again - another loss of 30 pips. This month is almost a repeat of last February and it could be worse.

The stop buy of 156.19 was filled at 7:16 AM GMT and in ten minutes or so, we were stopped out.

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EUR/JPY 30/30

Carl — Tue, 23 Sep 2008 22:25:54 +0000

We somehow can’t stop the stream of losses. Today is yet another blow to us. The stop sell of 155.39 was filled at 9:13 GMT. The price went as low as 155.21 before it turned north. It’s another 30-pip loss for us. We need to get out of this twilight zone fast.

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EUR/JPY 30/30

Carl — Thu, 18 Sep 2008 22:20:42 +0000

This is a curse. We had another loss of 30 pips. The stop buy order of 150.7 was filled at 7:00 GMT. All it took was one minute and we were stopped out. Dreadful!

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EUR/JPY 30/30

Carl — Wed, 17 Sep 2008 22:17:38 +0000

It’s a horrible day. We got stopped out on both sides, a total of loss of 60 pips. Terrible!

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