Million in forex

Now this was what i was trading as you can see in the previous posts

I said i would trade a breakout of the triangle …

The breakout occured to upside where i loaded long and put the first target as you can see my yesterdays post

the target was put at 1.2750 to be achieved beffore weekly close.

So it did hit as expected

here is chart showing it

Now this is what i call easy pips

trading the breakout with price action is one of the key tools to gather the easy pips for everyone.

Now lets look at DOW

DOW on the opening session on friday fell down to 7034 levels and bounced hard moving back to 7191 levels till afternoon session but regained its momentum to donwside in last session to move back down to 7064 levels ..

7000 Level being a major psychological level we may see a hard fall on its break as we are in downtrend ot we may remain ranging around 7k levels

Main trend is bearish as we all know…

so its time for the weekend analysis that would be posted tomorrow..

see you tomorrow..

As i posted yesterday we had a triangle on the Usd/cad

Today as we have been waiting for the break of it the breakout occured upside

So i am still in a trade with that breakout with stop loss moved to breakeven as if it wants to retest the broken trendline i would eneter again or hold on with the same trade till my first TP 1.2750 and if that one is taken out then 1.2950 as the next one

But its friday today and we will also get weekly close on most pairs so i would lock in positions in plus and secure profit before the weeks close ..

Weekly analysis will give an opportunity to verify the right trades to be placed on week open and also will give us a right direction of trade..

I am adding chart of breakout on usd/cad here

So today lets discuss about Usd/cad today..

Lets move on to watch chart first so that whatever i write here  can be easily understandable to everyone as its great to see what i write and understand..

So here is chart of Usd/cad

Ok so what we see on chart

Do you see those 2 lines in red i have drawn?

Right they are forming a triangle ..now this is where the trading opportunity arises

We will be looking for a break from this triangle to trade

If we see monthly chart we see we are in downtrend long term

then when we move to weekly we see that currently medium term we are in rising trend

so whether we are gonna see trend reversal or we are gonna see trend continuation? only time will tell we trade what we see on chart ..so lets trade the break of triangle..

ready to put a position?

What it takes to be successful in forex?

This is the question in every traders mind entering the world of forex

Many think as a newbie that it is easy to make  money in forex

but they fail ..why? Many traders after failing the first time think that they now know what it takes to make profits and go again with the rage on market trying to make the lost money and further lose again ..

So what it takes to be successful?

Money management –the key to the lock that opens the door of success

The lock being the tested successful profitable system or method that yields consistent profits every month .

So you must go on demo and trade there untill you are in profit atleast 3 consecutive months using not more than 3% of your acct on any trade.

Last week gold made to 1k mark and stumbled there and since then till the moment i am typing this post the gold is rather undecided on where to move…

With DOW hitting historical lows and every index and markets taking a hitting risk aversion being high its well known that all cash goes into the so calles safety box of buying gold  ..

So this is what i see on chart

here is chart showing undecided move

This chart is showing  gold is quite ranging undecided … we could see some fall in gold prices as a small retracement now and then it will make a new move to new highs but this is just one scenario as i see now but this depends upon how the world markets respond in coming days if the crash continues in markets Gold will keep shooting up unless the markets stabilise it would stay at higher levels ranging for long time.

I hope you read my previous post .

Continuing on adding litle gems from successful traders everyday today i have for you a gem explaining the intraday trading is difficult .

As my posting will proceed i will keep adding the valuable gems for everyone to go through ..

So HERE is what he has to say about intraday trading..

” The price action is applicable to any time frame on any market. After years of trading i have found that certain time frames on certain markets match my temperament. As i said i think daytrading forex is difficult, at least for me. Daytrading defined by me is 15 min charts or less. I daytrade mini dow, mini sp, mini nasdaq, mini oil, euro fx, t bonds, mini russell and some commodities on 5 and 15 min charts. I also position trade all of these markets on daily charts. I like to position trade the currency futures. I also do not trade any market the first hour after open. to unpredictable for me. i position trade forex on daily and 60 min charts, however the forex trades on daily charts are often open and closed the same day. all of this is just me, someone else might enjoy and be succesful at daytrading forex. the key is to demo any market you are considering to be sure you have a feel for the market and how you are trading it.

–jim”

So you get it?

He tells why its better to trade higher timeframes and why it  is easy doing that rather than smaller timeframes.

Well let me add a few more things from my own experience  when you trade lower timeframes you tend to lose focus of main trend which is more clear on higher timeframes and the trade along trend always makes money for everyone when taken with right money management .

Hope you keep these important points in your mind and start practicing on demo first and then proceed to live account only when you are successful…

Hello everyone!

Hope you enjoyed the weekend fully…

So today i will be posting a very good post made by great forex trader ..

its about the truth and what it takes or what is necessary for you to be successful trader.

This involves the so called hidden truth about any market but basically forex as hetrades currencies to make a living

He is Jim . You must  read his posts and you would realise everything you need to in making it successful in forex trading .

I would be posting his useful posts as the time passes by..

For today i have added his one useful post about the TRUTH…

Here we go

“  YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT. I REPEAT, YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT.

when i first started it was about the same time i was starting my contracting business. i was young, stupid and no way i was going to find any worthwhile help. no internet, no nothing. a ruler, a piece of graph paper, a newspaper and a phone to my broker. no one to convince me to papertrade until i knew what i was doing. i knew it in the back of my mind but fat chance i was going to give up all that easy money doing it on demo. what an idiot, what a complete and utter fool i was. worse yet i did it over and over and over. work my ass off not to mention my wife to fund yet another account. honey this is it, i got it figured out. that last 20 grand i blew was worth it were gonna be rich.

it makes me sick to my stomach, i swear to God it does. 8 years of it. sure i had some great wins. rode sugar from 2 to nearly 6, pyramiding up. made six figures only to lose it all trying to daytrade before i had a clue. i cant tell you how many times i cried myself to sleep slumped over my office desk. i couldnt quit. i could see the reward if i could figure it out. maybe im just a case of enough time trying, i dont know. what i do know is i started to realise this aint a game. doctors spend 10-12 years killing themselves at a shot at a six-figure income. it took me more than that. what happened? what changed? i quit funding accounts with 1 or 2 grand and betting the farm. i flat quit period, with real money that is. the internet came along at the right time and i flat said no more until i can prove it on demo. period-paragraph.

the key is this. the goal is to fund/build an account that it is large enough that it produces a staggering income off of a couple or several trades per month while only risking one or two percent on each trade. the pressure lets up and trading gets much much easier. you dont need every trade that looks promising. you know you dont need but one or two and you know if your patient your damn sure going to get at least several in a months time. its not hard to move your stop to breakeven or take some profit when your showing 2000 on the plus side after a small move. its damn near impossible when that same move shows a 50 dollar profit. think about it. very few people can fund a 50,000 or larger account and even fewer can build one to that point starting from 500 bucks. its not that it cant be done its just people dont have the patience. so my question is this. if it takes you ten years trading smart to build an account to that staggering point starting with very little, is it worth it? i cant answer that for you.

i daytrade the mini-dow. im good at it. after so many years trading it and the mini sp its almost easy when i have even a little volotility. i position trade forex. why? because i have proven on demo i can. when i can prove to myself i can daytrade forex for 6 months profitably on demo then i will, not until. im in no hurry as i love the dow. i wont go back to finding myself in the fetal position after blowing all my money being a fool. there is no reason in the world to go thru hell risking your rent money or worse yet money that took you a year or two to save. if you cant do it on demo you cant do it live, i promise. so dont do it.

jim”

Now i would like you to read it minimum of 5 times to get it to your head..

I bet this is the truth revealed ..Try to learn from it!

Wish you to be successful in forex trading too…….

and there is more to come from me with each and every post for you to learn..

GOLD steroid hit the 1000 mark which was my initial target as posted in previous posts..

This being said with DOW breaking the previous lows and risk aversion being so high  Gold would be on the verge of new high sooner than later ..

DOW charts are speaking great volume on the current scenario a close below 7000 and the new lows are formed and this will make many more issues to be open and debated with american bank sytems and lending regulations with many more issues of unemployment and loan problems out in open to debate on world stage ..

Not forgeting that the commodity prices will surge higher and break new highs and then we will have a stage ofso called correction with newer regulations and strict look on all the frauds and fraud check commissions set all over world in every country and then slowly everything will ease inflation will fall ..people will realise importance of saving and where to invest rightly and how to avoid excessive use of credit cards ….

Well well well….AM I DREAMING?……ONLY TIME WILL TELL..

 So many times a question is being asked by many that who is best trader or how is best trader or real trader defined? Is it with winning ratio or something else? Does it include number of trades taken or else?

Well i have answered them in different ways but surfing through forex forums i found this amazing and beautifully quoted  post from one of the really successful traders and i am putting that in font of you for you must read it…

“Is a real trader someone that takes 2 or 3 trades a month and goes months without a loss?

Is a real trader someone that trades 1 hour and sits up all day and night losing all of there money over and over?

Is a real trader someone that takes 20 trades a day trying to eek out a living after taxes and commissions?

being a real trader does not mean a thing to me. i am only interested in one thing. am i successful trader? Is how I am trading producing consistent positive results and making money ,is it working in all market conditions. sideways and trending?

Am i consistently taking money out of the market and does my method allow me to ignore market condition or movement?

I am not interested personally in trying to win 60 percent of the time and using good MM to make it work.

I am interested in going months without a loss and days if not weeks if I am  day trading.

Markets change and if you dont use a method that can ignore market changes and win a very high percentage of the time your going to lose especially if your day trading.

Trading is hard for those of you with small accounts and a lack of discipline. Dont feel bad i have been there.

Trading is not hard for those with large accounts because when 2 or 3 trades a month makes you 200 pips total and its worth more than what your regular job pays in a year waiting and being disciplined is easy.

i heard Rob Booker say one time that virtually every system ever developed could be successful if an ultra disciplined approach was used and only 2 or 3 of the best set ups a month were taken. i agree but with one addition.

Lets go back to the 2 or 3 trades a month statement i made earlier. YOU MUST UNDERSTAND BEING STOPPED OUT AT BREAK-EVEN IS NOT A BAD THING.

I rarely let a trade run off of a DAILY chart more than 30 or so pips without moving my stop to break-even and taking some profit, because i am ultra ultra picky its almost a 100% guarantee that i am rarely going to lose trading like that.

Whats going to happen is this- i am going to get stopped out a lot but when that 1 in 5 runs for a 100 pips or more i am going to bank 10 or 20 grand.

I took 3 trades in January and all were winners. 1 of them i posted here. They were dirt simple high odds trades. 2 of the 3 i took partial profit at roughly 30 to 40 pips and was stopped on the rest. 1 of them ran i think about 100 pips to a strong s/r area and i got out.

i day trade the mini dow with the same thought process. where most are taking 15 trades a day i am taking 1 or 2 if that.

It is VERY VERY difficult for a small account holder to trade like this. I
KNOW FROM EXPERIENCE.

Very very few people trade like i do.

I am not worried about ratios or winning percentages.

I am focused on not losing.

Not losing is not hard if your focus is directed with common sense and refusing to let a winner turn into a loser. Trading just to trade is not common sense and hoping for more is how you let winners turn into losers.

I will take my 2 or 3  forex trades a month along with my other ultra careful trading and keep waking up every morning with the freedom to do what i want.

–Jim “

So are you eligible to call yourself a successful trader or the real trader?

Still in dilemma? Then read this post again and again till you find the answer!

A pin bar on daily at the historical most powerful support on DOW ……………..

Is the price action gonna show us the confirmation of bounce today?

I guess yes ..because the DOW futures are showing so till the moment i am typing this post.

I am posting a chart here showing the pinbar or rather a DOJI at such an important level.

Now if this level holds we are gonna shoot up as this would medium term to long term bottom formed and we will be buying dips here .

Then the next view would be formation of the left shoulder of the potentialy biggest heand and shoulders formation in DOW charts . That would target the high of 11500 level as the peak of shoulder

Anyways we are at the historical level where a birth of long term trade will make a fortune!