My Daily Forex Trades

Peder said:
hmm i must remember to do the meeting tomorrow!

I'm back from holiday :D
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Your welcome to join...please remember though that the meeting is for NY only (2pm GMT+2) until January 2010 when we will do both Sessions again as most of the traders will be back from holiday in Jan.

Cheers
 
ok so I closed my Eur short trade for +346pips because of a higher low on the MACD but a little while after , I drilled down to an hourly chart and decided to take a chance on a short again with a lower lot size.

Im not telling you to go jump in on a short trade but i do think it might wind its way down slowly (its tough to tell in Dec as volume is light and so moves most of the time lack momentum)

here is the short thats in a few pips profit...if I get 15 pips im scaling some out and will leave the rest maybe until Jan or some other obvious sign that the bears have let go of the Eur

P.S - a break of the swissy triangle top will give more momentum to my Eur short

eurshortagain.jpg
 
Hi RoryK, thx for all the answers!
Just wanted to ask if there will be a tax certificate from IBFX every year? Because we will need the info on that tax certificate to file for annual tax return, or how do you guys deal with the tax return filing without a tax certificate?
 
Atom,
You can access your account history off the website, once you are logged in from the IBFX home page...

You will go to "My Accounts" then to Account statements or to Platform Journal, and there you can access your account history.

From that you are able to take that information to your tax advisor, and that information will give you your profit and loss for the account etc.
 
Is there anywhere I can get reasonably reliable forecasts?

I just transferred funds from the UK, and if only I had waited a couple of days I could have capitalised on today's dive in the Rand.

Your funds were transferred into your Beneficiary bank account on the 21.Dec.2009 at a rate of ZAR 11.76
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That's not today's rate, but last week Wednesday when I initiated the transfer.
 
Frankie said:
Is there anywhere I can get reasonably reliable forecasts?

I just transferred funds from the UK, and if only I had waited a couple of days I could have capitalised on today's dive in the Rand.


That's not today's rate, but last week Wednesday when I initiated the transfer.
Click to expand...

Frankie,
There are numerous signal services out there that claim to make good money...most of them are not as reliable as they claim to be though so be careful.

The best thing to do (in my opinion) is to learn to trade a good reliable method and determine your personal trade rules and MM rules...you can then rely on yourself and not a signal service.

You can search various free forums for a good trading method but I am partial to the methods that use higher more reliable time frames like 4HRS and above , obviously I am going to recommend the "My Daily Method" on Traders Haven as it has served me well for 6 years :)

Remember that the market is not bound by rules that inhibit it...so anything can happen , therefore if you try predict the market you are going against the very nature of the market itself and in the long run will end up the loser...so the best advice I can give is this :

Trade what you see , not what you think.

This is a strong thread to our live trade room where I teach guys/gals to trade consistently...I teach them to identify good patterns and trade them with unrelenting discipline.

sorry for the long reply but in reality there is no simple answer to that question as a signal service or a market forecast service is very subjective.

P.S - I dont trade the USD/ZAR personally as the spread is 100 pips :wtf:...I trade the 4 majors as the spread ranges from 2pips to 5 at the most and I prefer to pay the broker less :D

hope this helps
 
Todays NY Session :

[ame]http://www.youtube.com/watch?v=niu4jCYM9tU[/ame]
 
RoryK said:
Frankie,
There are numerous signal services out there that claim to make good money...most of them are not as reliable as they claim to be though so be careful.

The best thing to do (in my opinion) is to learn to trade a good reliable method and determine your personal trade rules and MM rules...you can then rely on yourself and not a signal service.

You can search various free forums for a good trading method but I am partial to the methods that use higher more reliable time frames like 4HRS and above , obviously I am going to recommend the "My Daily Method" on Traders Haven as it has served me well for 6 years :)

Remember that the market is not bound by rules that inhibit it...so anything can happen , therefore if you try predict the market you are going against the very nature of the market itself and in the long run will end up the loser...so the best advice I can give is this :

Trade what you see , not what you think.

This is a strong thread to our live trade room where I teach guys/gals to trade consistently...I teach them to identify good patterns and trade them with unrelenting discipline.

sorry for the long reply but in reality there is no simple answer to that question as a signal service or a market forecast service is very subjective.

P.S - I dont trade the USD/ZAR personally as the spread is 100 pips :wtf:...I trade the 4 majors as the spread ranges from 2pips to 5 at the most and I prefer to pay the broker less :D

hope this helps
Click to expand...
Thanks for the reply.

I don't actually trade in FX - I earn in the UK and ship an amount to SA as and when needed, and try time it best I can, but this time I should have waited a few days.

I previously used the forecaster on http://www.oanda.com/currency/converter/ but that's no longer available free.
 
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hmmm ok I think I understand...you are simply looking for an analysis of the charts to get an idea of when to bring the cash in...maybe try the site : dailyfx.com or bloomberg.com
 
here are my last 2 trades for this year...I will be back into trading in Jan and the Live room will be back up and running for the Full Sessions for London and NY also in Jan 2010.

I took a short off the Eur and the NZD...small lot sizes and small SL as well due to light volume etc.

2shorts.jpg
 
Live sessions are starting again in 8 days with the Full London and NY Sessions like we were doing in November.

if you havnt made up your mind yet if you want to learn how to trade then go have a look at the videos in this thread or the youtube channel...the videos were based on the live trading results that we got with the members in the room.

you can also email or PM me if you want more info.
 
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Although the live sessions are not in full swing again yet as we are still on holiday until about Jan 10th (might start sessions a little sooner tho) I have been looking at the charts again and have taken a Yen trade that is in profit...also took a CAD short that hit target...

so a nice start to the new year, even if it isnt official yet :)

yen-1.jpg
 
Closed the Yen at my target of 93.00 before trading was disabled as well...so made a good 96Pips off the Yen and a good 53pips off the CAD trade :D

yenclosed.jpg
 
Ok I have an exact date for you.

The Live Sessions are starting on the 11th of Jan. The bulk of the traders are back from vacation by then and the Live room will be in full swing.

Look forward to a new trading year with you all.

Cheers
 
in short on the Euro after a pending order got triggered off the top PPA...will be protecting profit as the price rests on the 89 and trend line support...it may bounce here but its ok thats 50 pips in profit.

Will keep a third open to see if it hits the bottom PPA at 1.4210

eurshortnow.jpg




And here is the high risk CAD trade I took...Im a pretty conservative trader and dont usually trade like this but had a feeling about this one (will find out soon enough if Im right or wrong)

Its not high risk because of the Risk/Reward ratio...its a good R/R ratio but its high risk as there is not clear definable pattern here except the downtrend. I am targeting the previous double bottom low and have my stop pretty tight (also high risk) ...Im not telling you all to go out and trade the CAD but I though it only fair to show you the trades I am in...we will see if this one is a good or bad descision in the near future...I am 4 pips in profit right now but anything can happen :)

highriskCADtrade.jpg
 
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[ame]http://www.youtube.com/watch?v=qIDR1QwT1Tw[/ame]

Took the CAD trade as mentioned earlier...took half the trade off in profit and the rest is riding to see if it can reach its target... :D

HighriskCADprofit.jpg
 
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@Rory

your views on SA vs US/international brokers?

specifically wrt:

costs
up to date info (ie real time)
trading platforms
service
 
McSack said:
@Rory

your views on SA vs US/international brokers?

specifically wrt:

costs
up to date info (ie real time)
trading platforms
service
Click to expand...

McSack,
I have seen the SA brokers platforms a couple of years ago (i.e avafx) and didnt like them at all...charts, execution , reliability were all unsatisfactory to me personally.

The costs to control 100k units of a pair remains the same, and the demo charts seemed to be close to other brokers market prices.
I read a quite a few bad reviews about SA brokers and so decided to go with a broker that had been around for years and had many good reviews.

Service from AvaFx was a bit bad though as the support centre guys had bad attitudes but I believe that has changed now.

I have used IBFX for a number of years now and can highly recommend them.
Also if you dont mind funding through a wire transfer instead of a credit card then I recommend MBT.

They are a ECN (no dealing desk to mess with your trades) and operate through MT4 which in my opinion is one of the best platforms to use.

If you want a more in depth review of a bunch of brokers have a look at the Traders Haven free forum under the "Broker Discussion" section.

Hope this helps.
:D
 
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Busy trading day today!

I took 2 thirds of this Guppy trade off at 40pips profit at the psych level and now have the remaining 1/3rd in at BE to see if it can test the 21 EMA where my target is.

Having a bumper day so far! :D

guppyprofit.jpg
 
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Seeing that you dont have much interaction in this thread, let me intevence. I have never actually noticed this thread, but better late than never.

Question one: What are you actually doing? Buying and selling currency?
Question two: Is this your proper job?
Question three: Are you making decent profits?
 
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