21 February 2008

Second PIPology Lesson

Life: When you wake up in the morning always wash your hands, your eyes, your teeth, do some math in your head, jump a little, move your body 5 minutes and drink a glass of watter and eat your breakfast. A healthy body maintains a healthy mind. A healthy mind provide clear answers and decisions.

- are driven by financial trusts and powerful people behind large corporations who posses enough money to move the market.
- run on emotions because of the rumors and large news corporations or websites around the world who occasionally give false information.
- are full of greed and greed is one of the bad parts of humans, so humans will always want more and more, so markets will always want the big part of the cake (from your pocket).
- are like Casinos, they want your money and finally you will lose them IF you are not trained and ready.
- don't like professional and educated traders, because they eat consistently from their cake

20 February 2008

EUR/USD @ 1.4710 Sell

Short position opened @ 1.4710 @ 07.49 GMT (8 lots)
No stop loss.

Signal was triggered, alarm was on so I entered earlier than usually.
But as you will see it was all I needed because EUR/USD was heading 1.4700 so I took that level as first support (because EUR/USD is always finding support around round numbers .00 .50), it was a little risky because I was only 10 pips away from .00 level (where it can jump). So I can't profit from 10 pips and I entered with 8 lots for 7 pips profit.

I opened the position at 07.49 GMT with 8 lots for 7 pips profit. Why 7 pips ? Because 1.4710 - 7 pips = 1.4703 minus spread 0-1-2 it keep me relaxed because the BID price won't hit 1.4700 on my order.

@ 07.59 GMT EUR/USD Exit @ 1.4703

7 pips x 8 lots x 10 usd/pip = $560 profit for today. If you want to be smarter than me you would enter with a 5 pip profit target and you would have $400 profit in less time.

I started the recording at 07.55 GMT because I didn't have Camtasia configured at that moment.

You will see in the video bellow the trade that took 10 minutes:

19 February 2008

EUR/JPY @ 158.13 Exit

Target reached @ 11.00 - 11.15 GMT @ EUR/JPY: 158.03 (2 lots)

Profit: 10 pips

Time for trade to reach targe: 6 minutes

Profit: 10 pips x $10 (per pip) = $100 USD

New capital: $13.000 + $100 = $13.100

This is all for today.

See you tomorrow between 8 AM to 4 PM GMT.

EUR/JPY @ 158.13 Sell

I will share my personal positions in the following posts.
Capital: $13.000 USD
Margin: 1:100
1 pip = 10 USD
Spreads on traded pairs:
EUR/USD: 0-1 pips
GBP/USD: 0-2 pips
USD/JPY: 0-1 pips
EUR/JPY: 1-3 pips
GBP/JPY: 2-6 pips
CAD/JPY: 1-4 pips

Short position opened @ 158.13 @ 11.00 GMT (2 lots)
No stop loss. (because trades are not taking more than 15-30 minutes to reach target)
Target: 153.03

First PIPology Lesson

Never trust the market !
The Market is evolving like humans, because humans are driving the market !
You have no power to move the market !
Always trust the rules and strategies, not the feelings !
If you lose don't stop, improve yourself and test more of your limits !
If you got broke then it means you have no place in this field !
Over-education in Forex Market gives you the power to know the future !