Wednesday, October 10, 2007
Forex Day Trading System - Answers to your questions
Forex Day Trading System - Answers to your trading questions
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Quite a few of you ask me some questions on trading the market better. Most of these questions are to find out which forex currency pair to trade and how to identify the entry and exit points. Few of the questions are on money management also.
I'll try to answer few of these -
Q - How should I identify the entry point when trading GBP/USD on a 15 min. chart?
A - Trading any currency pair will require he view at a high level. So in your case you need to see the trend on a 1 hr chart. If it is bullish, your forex trade entry direction should be long. After this, you should use your forex trading strtaegy to identify when should you enter. For. e.g. if you trade using support and resistance, then identify a major resistance on 1hr chart and one the market bounces from that level, open your trade.
Along with your entry, you should place equal emphasis on exit also.
Q. Which currency pair is best to day trading?
A. It depends on the time frame. If you are trading between 8 AM EST to 2 PM EST, you should only trade USD based pairs such as EUR/USD, USD/CHF, GBP/USD etc. But try to pick only those frex pairs in which the spread is low because in daytrading your profit levels are low (In range of 30-40 pips max.)
Q. Which forex trading strategy course should I be using?
A. 5 EMAS forex trading strategy and Forex Trading machine ..Hands down. I won't recommend any other. However use only one of them. Both are different is using.
While forex trading machine from Avi Frister is more automated type of trading system, 5EMAs forex trading by Adam Burgoyne requires to identify entry and exit signals..So on the basis of your trading style, select only one of them.
Thats all in this message..I'll answer your other questions in other messages. If you have any, please feel free to post in the comments.
Keep visiting to learn more in online forex mrket and trading.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, currency pair, entry and exit, forex day trading, forex trading ebook, forex trading machine, GBP/USD
Tuesday, September 04, 2007
Forex Day Trading system - The market trigger called NFP
Forex Day Trading system - The market trigger called NFP
Currently the forex market is range trading..Its not trending at all. Thats what happens when a fundamental announcement is about to come out. If the fundemental news is not big, the range bound movement may happen on the 15 min chart. However if the fundamental announcement is as big as NFP (Non farm payroll), then the range bound movemet can be seen on the hourly or even the day chart.
Thats wh the fundamental nnouncement is important. It can help in understanding why the market is trending or is range bound.
The NFP is one of the very highly observed fundamental announcements. The market moves more han 50+ pips in mere seconds. If you catch the wave correctly, you'll end up making faboulous profit. However, if the trade is not right, well, your account may see a reduction in balance.
I would not suggest you to trade the NFP announcement, UNLESS you have a solid system. Lot of people claimed to have a good NFP trdaing system, but their strategy was way too risky and was not good in terms of risk to reward.
If you have to use a system, I would recommend you to try out the one recommended by Avi Frister in his package of Forex Trading Machine. This ebook is very nice, easy to understand and yet easy to follow. Following that strategy, the amount of pips in profit are quite nice.
Now, I know you are tempted to buy it, but I would suggest you to try that out on a demo account 1st..Once you become comfortabe,you can apply the strategy on the real account.
However, if you do not have a system, I would strongly suggest you to stay away from the Nonfarm payrolls (NFP) announcements and not trade at all when this news is coming out.
Thats all in this sesion..Visit again to learn more on online forex day trading.
Currently the forex market is range trading..Its not trending at all. Thats what happens when a fundamental announcement is about to come out. If the fundemental news is not big, the range bound movement may happen on the 15 min chart. However if the fundamental announcement is as big as NFP (Non farm payroll), then the range bound movemet can be seen on the hourly or even the day chart.
Thats wh the fundamental nnouncement is important. It can help in understanding why the market is trending or is range bound.
The NFP is one of the very highly observed fundamental announcements. The market moves more han 50+ pips in mere seconds. If you catch the wave correctly, you'll end up making faboulous profit. However, if the trade is not right, well, your account may see a reduction in balance.
I would not suggest you to trade the NFP announcement, UNLESS you have a solid system. Lot of people claimed to have a good NFP trdaing system, but their strategy was way too risky and was not good in terms of risk to reward.
If you have to use a system, I would recommend you to try out the one recommended by Avi Frister in his package of Forex Trading Machine. This ebook is very nice, easy to understand and yet easy to follow. Following that strategy, the amount of pips in profit are quite nice.
Now, I know you are tempted to buy it, but I would suggest you to try that out on a demo account 1st..Once you become comfortabe,you can apply the strategy on the real account.
However, if you do not have a system, I would strongly suggest you to stay away from the Nonfarm payrolls (NFP) announcements and not trade at all when this news is coming out.
Thats all in this sesion..Visit again to learn more on online forex day trading.
Labels: avi frister, forex trading ebook, forex trading machine, fundamental announcement, fundamental news, nfp, non farm payroll
Wednesday, August 29, 2007
Forex day trading - Range of any currency
Forex day trading - Range of any currency pair.
After a currency pair has been in a trend for while, it stops for a while and starts range trading. This is applicable for all time frames be it daily, weekly, 15 min or 1 hr or even 5min. Once the currency pair has caught the breath, it starts trending again. The trend can be any direction, however the forex pair mostly goes as per the elliott wave.
The kick of a trend generally is caused by fundametal announcement/news such as NFP (Non farm payroll), FOMC, interest rate revisions etc etc.
However, the target of any rally or trend can be decided by the technical indicators such as the fibonacci leels or cros of MACD or can be even EMA.
Its very crucial to identify the entry and exit points when taking advantage of the trade. A good entry point can generate healthy profit of may be 100 pips hile a poorly timed entry can see your stop loss hit.
Thats why its always important to use a sound trading system for tradingin forex maket in any time frame. Thats why its always good to understand a proven trading strategy.
Some of you have aked me which fore trading system is good. In my previous posts, I have recomended the systems of Avi Frister and and by Adam Burgoyne.
Here is my suggestion -
1. If you are looking for a system that is purely mechanical in nature, which means that you can automate entry and exit, then go for Avi Frister's "Forex trading Machine" ebook. It is fantastic and is very concise and is very easy to understand and apply to the market.
2. If you are looking to understand a technical system by which you can decide on entry and exit points and can also understand how to read market, then use Adam Burgoyne's "5 EMAs forex trading system" ebook. Its very easy to understand and comes with a trading strategy which is simple to use and is excellent. Currently Adam is running some kind of promotion on this forex trading system. Feel free to check it out
Best of all, both of these courses ome with a mony back gaurantee..So, you are at no risk at all.
Please remember that just like entry, the exit points are also very important in the trade. You should not close your trade prematurely and also should keep your trade open under greed just to see that the profit you earned got reduced because the market turned in other direction.
Thats all in this message. Keep visiting to learn more.
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, entry and exit, forex pips, forex trading ebook, forex trading machine, nfp
Wednesday, June 13, 2007
A key point to fit in your forex trading style
A key point to fit in your forex trading system -
I was reading an ebook on Forex Trading the other day. It was full of trading strategies. Ofcourse not all strategies fit trading style of everyone. Some are for forex day trading and some for swing trading.
However there is one point that caught my attention on money management - "Never let a profitable situation end in a loss" This means that if your open currency trade is running in profit of lets say 25 pips, adjust its stop to breakeven so that if the currency pair turns its trend direction, it doesn't end in a losing proposition.
This is a very important & vital point. Never ever let your trade be like that at one point it was in +30 pips and next moment it hits your stop loss of 45 pips. Protect the profits by adjusting the stops.
Meanwhile speaking on strategies, Forex Trading Machine is a PDFT (Price Driven Forex Trading) technique. Many of you have asked if it is suitable for you. My answer is that it depends your trading style. It mentions 3 strategies whic are very innovative and are extremely successful.
Some of these are applicable as day trading and rest is swing trading. Since this ebook mentions system that use price rather than technical indicators, its definitely a must for all those who are not comfortable with the technical indicators.
Avi Frister has really put a lot of thought in coming up with this ebook. He has also cme up with some videos to help you understand the system. Its worth atleast visiting that website and check what all is contained in that forex trading ebook
Thats all in this message...Visit again to learn more on the exciting world of currency trading.
I was reading an ebook on Forex Trading the other day. It was full of trading strategies. Ofcourse not all strategies fit trading style of everyone. Some are for forex day trading and some for swing trading.
However there is one point that caught my attention on money management - "Never let a profitable situation end in a loss" This means that if your open currency trade is running in profit of lets say 25 pips, adjust its stop to breakeven so that if the currency pair turns its trend direction, it doesn't end in a losing proposition.
This is a very important & vital point. Never ever let your trade be like that at one point it was in +30 pips and next moment it hits your stop loss of 45 pips. Protect the profits by adjusting the stops.
Meanwhile speaking on strategies, Forex Trading Machine is a PDFT (Price Driven Forex Trading) technique. Many of you have asked if it is suitable for you. My answer is that it depends your trading style. It mentions 3 strategies whic are very innovative and are extremely successful.
Some of these are applicable as day trading and rest is swing trading. Since this ebook mentions system that use price rather than technical indicators, its definitely a must for all those who are not comfortable with the technical indicators.
Avi Frister has really put a lot of thought in coming up with this ebook. He has also cme up with some videos to help you understand the system. Its worth atleast visiting that website and check what all is contained in that forex trading ebook
Thats all in this message...Visit again to learn more on the exciting world of currency trading.
Labels: 5 EMA forex trading system, avi frister, currency trading, forex pips, forex trading ebook, forex trading machine, stop loss
Saturday, June 02, 2007
Famous and reliable resources to learn Forex Trading
Famous and reliable resources to learn Forex Trading -
Thanks for visiting my site again. As I was mentioning in my last post, this post is about relaible resources for learning currency trading. Without learning from the great resources if you start trading, let me tell you that it is as good as seeing money go down the drain.
So, choice of a good resource ( an ebook, or a video course, a paid mentore etc. or even a free website like mine..:-)) is the key to learn forex trading.
Here are my recommended resources -
1. Peter Bain's forex mentor - By far the best video based course. Contains a lots of DVDs and detailed explaination with example and conatins 6 month membership to his daily recommendations. Costs about $450 which I consider is equivalent of 45 pips on EUR/USD only..:-)
2. Avi Frister's Forex Trading Machine - As you know I recommend this ebook heavily. Excellent and very simple to understand. Great examples in the ebook. Besides, here is another thing I was told by him in one of his emails in last few days since I bought his Forex Trading Machine ebook - "He has created video lessons of what he teaches in the ebook". Also, Avi Frister is telling all the buyers about the strategy on high to make money during NFP announcement. The price is just $97 (equivalent to 10 pips..:-))
3. 5 EMA forex trading system - Another excellent ebook. Simple and yet very very effective. As you know that EMA are the straight forward technical indicators to use. This ebook explores its use in this system very effectively. Adam Burgoyne has truly created a fantastic product. Price for this ebook is again very low - $97 (10 pips..:-))
I won't recommend you to subscribe to any forex trading signal services..Whats the fun if you don't know what you are doing.
Mind you, you should buy the courses/ebooks explaining a strategy only when you have solid understanding of technical indicators..After that if you buy any of the recommended resources, they will make great sense to you.
Thats all in this post. Visit again to learn more on the world of forex trading.
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EMA, forex pips, forex trading ebook, forex trading machine, learn forex trading, nfp, peter bain
Tuesday, May 22, 2007
The Forex Trading Blog - Some interesting facts..:-)
Here are some interesting facts on "The Forex Trading Blog" -
As I mentioned in my previous post, it took more than 5 days infact 7 days to be precise for the 1st visitor to visit this site since I started it on 13-May-06. However once it started, there is constant increase in the readership.
The most popular post that is read again and again on this site is the one in which I mentioned the ebook I recommend - Forex Trading Machine from Avi Frister and 5 EMA forex trading system by Adam Burgoyne. These 2 ebooks are truely great.
The most famous question that my readers keep asking me again and again is "Which currency pair should one trade". I recommend the USD based currency pair since the spreads are very tight.
The most common technical indicator that I guess readers are interested is EMA and people always ask me the settings for the EMA.
There are 177 RSS subscribers to my blog (2 added since my last post..:-)) ..Out of these 40% are USA based and 25% are UK based. To my surprise, 5% are indians. I was expecting less than that.
I asked in one of my posts that which fundamental announcement do people like to trade the most. The response was..Yes, NFP (Non farm payroll).. Altough its a very volatile & risky news, still it seems to be the favourite. If you are trading using that, I suggest you to use the strategy that Avi frister provides when one buys his Forex Trading Machine ebook
Thats all in today's post..I'll share some more interesting facts in my next message..Keep visiting to learn more. Infact I encourage you to add the RSS feed to your site so that you are always aware when I post about online forex trading which I do quite frequently..:-).
As I mentioned in my previous post, it took more than 5 days infact 7 days to be precise for the 1st visitor to visit this site since I started it on 13-May-06. However once it started, there is constant increase in the readership.
The most popular post that is read again and again on this site is the one in which I mentioned the ebook I recommend - Forex Trading Machine from Avi Frister and 5 EMA forex trading system by Adam Burgoyne. These 2 ebooks are truely great.
The most famous question that my readers keep asking me again and again is "Which currency pair should one trade". I recommend the USD based currency pair since the spreads are very tight.
The most common technical indicator that I guess readers are interested is EMA and people always ask me the settings for the EMA.
There are 177 RSS subscribers to my blog (2 added since my last post..:-)) ..Out of these 40% are USA based and 25% are UK based. To my surprise, 5% are indians. I was expecting less than that.
I asked in one of my posts that which fundamental announcement do people like to trade the most. The response was..Yes, NFP (Non farm payroll).. Altough its a very volatile & risky news, still it seems to be the favourite. If you are trading using that, I suggest you to use the strategy that Avi frister provides when one buys his Forex Trading Machine ebook
Thats all in today's post..I'll share some more interesting facts in my next message..Keep visiting to learn more. Infact I encourage you to add the RSS feed to your site so that you are always aware when I post about online forex trading which I do quite frequently..:-).
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EMA, forex trading machine, fundamental announcement, fundamental news, technical analysis
Thursday, April 05, 2007
Forex Day Trading System - Its that time of month again
Forex Day Trading System - Its that time of month again
Yes, its Non farm Payroll time..or popularly known as nfp..The hottest news of monthly forex calender. As like last month, I am going to try few forex strategies that learnt from Avi Frister's popular ebook. Also, I am going to try some more startegies that I am trying to develop on my own.
For the last 2 months, I am finding that NFP is not mooving the market so much. Last 2 months, the average movement of EUR/USD is 80-90 pips, where as month prior to that it was 135 pips..
I am not sure, what is the reason for that. However, still I am going to try these strategies that I are a part of Forex Trading Machine ebook.
Also, for all of you who were asking about my trades using ebook written by Adam Burgoyne called 5 EMA forex trading system, let me tell you that it is a wonderful ebook, however, before you place the trade using it, read it very carefully. Because for the strategy to be effective, please make sure that you have not missed any details.
If you are going to place any trades for NFP tomorrow and you are not proficient in that, please try it on demo account.
Thats all in this session..
Yes, its Non farm Payroll time..or popularly known as nfp..The hottest news of monthly forex calender. As like last month, I am going to try few forex strategies that learnt from Avi Frister's popular ebook. Also, I am going to try some more startegies that I am trying to develop on my own.
For the last 2 months, I am finding that NFP is not mooving the market so much. Last 2 months, the average movement of EUR/USD is 80-90 pips, where as month prior to that it was 135 pips..
I am not sure, what is the reason for that. However, still I am going to try these strategies that I are a part of Forex Trading Machine ebook.
Also, for all of you who were asking about my trades using ebook written by Adam Burgoyne called 5 EMA forex trading system, let me tell you that it is a wonderful ebook, however, before you place the trade using it, read it very carefully. Because for the strategy to be effective, please make sure that you have not missed any details.
If you are going to place any trades for NFP tomorrow and you are not proficient in that, please try it on demo account.
Thats all in this session..
Labels: 5 EMAs Forex Trading System, Adam Burgoyne, avi frister, forex trading machine, fundamental announcement, nfp, non farm payroll
Monday, March 26, 2007
Forex Day Trading system : Hitting of stop loss on my last trade
Forex Day Trading system : Hitting of stop loss on my last trade
Today the EUR/USD market unexpectedly turned. Euro became stronger and the currency pair jumped about 100 pips in a span of 2 hours..As expected, it would have taken out the stops of all the forex traders that were short.
That included me as well. My trade was short and was up 67 pips. My stop loss as 40 pips away. Since my stop loss was hit, I ended with a profit of 27 pips on this trade. Not bad!!
The weaking of $$ (dollar..:-)) was seen across the board..In GBP, AUD, NZD and all. However I saw that Eur and so the swiss franc were the big gainers.
Having a stop loss is always advantageous since it protects you from such quick reversals..No matter what kind of trade one may have like on the basis of technical analysis and indicators such as rsi, macd, stochastics etc or if it is a trade purely based on economic analysis..However your stoploss should give room for the currency pair to move as well. So, no point having a stop loss of 15 pips on an hour chart, since the currency pair may just hit that and then go in the direction where one anticipated. True for swing trading as well as forex day tradong and any system for that matter.
Thats all in this session..By the way all those who are using ebook of Avi Frister Forex Trading Machine , how are you finding that ebook??simple and easy to use, right?? And what about the one by Adam Burgoyne called "5 EMA forex trading system"
You might find that these ebooks have different methodologies..which are easy to use and easy to practice.
Today the EUR/USD market unexpectedly turned. Euro became stronger and the currency pair jumped about 100 pips in a span of 2 hours..As expected, it would have taken out the stops of all the forex traders that were short.
That included me as well. My trade was short and was up 67 pips. My stop loss as 40 pips away. Since my stop loss was hit, I ended with a profit of 27 pips on this trade. Not bad!!
The weaking of $$ (dollar..:-)) was seen across the board..In GBP, AUD, NZD and all. However I saw that Eur and so the swiss franc were the big gainers.
Having a stop loss is always advantageous since it protects you from such quick reversals..No matter what kind of trade one may have like on the basis of technical analysis and indicators such as rsi, macd, stochastics etc or if it is a trade purely based on economic analysis..However your stoploss should give room for the currency pair to move as well. So, no point having a stop loss of 15 pips on an hour chart, since the currency pair may just hit that and then go in the direction where one anticipated. True for swing trading as well as forex day tradong and any system for that matter.
Thats all in this session..By the way all those who are using ebook of Avi Frister Forex Trading Machine , how are you finding that ebook??simple and easy to use, right?? And what about the one by Adam Burgoyne called "5 EMA forex trading system"
You might find that these ebooks have different methodologies..which are easy to use and easy to practice.
Labels: 5 EMA forex trading system, Adam Burgoyne, avi frister, EUR/USD, forex pips, forex technical indicators, forex trading machine, stop loss, technical analysis
Sunday, March 11, 2007
Forex Day Trading system: My results for the last NFP announcement
Forex Day Trading system: My results for the last NFP announcement.
Few days back I mentioned in my post that I am going to trade Non Farm Payroll as a trial using Avi Frister 's system in Forex Trading Machine course..
Along with that I thought of trying another forex strategy that I came to my mind few days back..Its more of a hedging technique.
I cannot tell you the details about the strategy that "Forex trading machine" course tells or else Avi will sue me..:-)..However, I can share with you the results of my gains in the trades I placed -
I placed 3 forex trades on 3 currency pairs on my Demo Account -
a. Buy Trade on GBP/USD using Avi's forex day trading system for NFP fundamental announcement.
b. Long on EUR/USD on an entry price using my strategy
c. Long on USD/CHF on an entry price using my strategy
My target on trade b & c was 50 pips each and stop loss was 25 pips.
Here is what happenned -
a. Trade A went successfully and I acheived good amount of pips.
b. Trade b was loss of 25 pips
c. trade c was profit of 50 pips
In all, its still early to say about my startegy, however I can say that Forex trading machine is a nice course and contains good forex trading systems for day as well as swing trading..
I still would like to place few more trades using the cash cow startegy before I can say for certain..However, what ever trades I have placed have been profitable..
This week I am going to place trade on my mini trading account with real money using Avi's system..And, yes, I'll share the results with you.
For people looking for a book on startegy for currency trading, for now I'll recommend
Forex Trading Machine
Thats all in today's post on NFP which is more about my experience in this month's fundamental news.
Few days back I mentioned in my post that I am going to trade Non Farm Payroll as a trial using Avi Frister 's system in Forex Trading Machine course..
Along with that I thought of trying another forex strategy that I came to my mind few days back..Its more of a hedging technique.
I cannot tell you the details about the strategy that "Forex trading machine" course tells or else Avi will sue me..:-)..However, I can share with you the results of my gains in the trades I placed -
I placed 3 forex trades on 3 currency pairs on my Demo Account -
a. Buy Trade on GBP/USD using Avi's forex day trading system for NFP fundamental announcement.
b. Long on EUR/USD on an entry price using my strategy
c. Long on USD/CHF on an entry price using my strategy
My target on trade b & c was 50 pips each and stop loss was 25 pips.
Here is what happenned -
a. Trade A went successfully and I acheived good amount of pips.
b. Trade b was loss of 25 pips
c. trade c was profit of 50 pips
In all, its still early to say about my startegy, however I can say that Forex trading machine is a nice course and contains good forex trading systems for day as well as swing trading..
I still would like to place few more trades using the cash cow startegy before I can say for certain..However, what ever trades I have placed have been profitable..
This week I am going to place trade on my mini trading account with real money using Avi's system..And, yes, I'll share the results with you.
For people looking for a book on startegy for currency trading, for now I'll recommend
Forex Trading Machine
Thats all in today's post on NFP which is more about my experience in this month's fundamental news.
Labels: avi frister, forex day trading, Forex day trading system, forex pips, forex trading machine, fundamental announcement, nfp, non farm payroll, online forex trading
Thursday, March 08, 2007
Forex Day Trading System - The most volatile time of the month is NFP (Non Farm Payroll)
Forex Day Trading System - The most volatile time of the month
Tomorrow is the most volatile time in a month of the currency trading market..Yes its Non Farm Payroll time.. I like the way the forex pairs jumps during this announcement..The candlesticks size is big, the technical indicators such as RSI, EMA or MACD etc don't make sense and all the analysis goes for a toss..
Its really exciting..I generally do not trade this fundamental news announcement..However, I bought Avi frister course of Forex Trading Machine sometime back..The course comes with a strategy on how to trade the NFP news..I am going to apply this strategy on my demo account to check how is the strategy working..My target will be just 25 pips..no more..no lesss.
As always, I'll share the results with you..
Meanwhile, some of you who hava asked how has been the results of the cash cow strategy of this course..Here are the details -
1. Trade 1 - 100 pip profit..
2. trade 2 - I customized the strategy a bit to apply under certain different rules..I ended up with 60 pip profit on my demo account..
Although I made a big profit by trading NZD/USD..it was 191 pips..
As far as the Forex Trading Machine system goes, its too early for me to say how reliable is it though I had too profitable trades, but I would like to make few more trades using the strategies mentioned in that.
Thats all in today's post..Incase you have bought the forex trading machine course yourself, do share with me your results if you have done the day trading of the NFP news.
Visit again to learn more on currency trading.
Tomorrow is the most volatile time in a month of the currency trading market..Yes its Non Farm Payroll time.. I like the way the forex pairs jumps during this announcement..The candlesticks size is big, the technical indicators such as RSI, EMA or MACD etc don't make sense and all the analysis goes for a toss..
Its really exciting..I generally do not trade this fundamental news announcement..However, I bought Avi frister course of Forex Trading Machine sometime back..The course comes with a strategy on how to trade the NFP news..I am going to apply this strategy on my demo account to check how is the strategy working..My target will be just 25 pips..no more..no lesss.
As always, I'll share the results with you..
Meanwhile, some of you who hava asked how has been the results of the cash cow strategy of this course..Here are the details -
1. Trade 1 - 100 pip profit..
2. trade 2 - I customized the strategy a bit to apply under certain different rules..I ended up with 60 pip profit on my demo account..
Although I made a big profit by trading NZD/USD..it was 191 pips..
As far as the Forex Trading Machine system goes, its too early for me to say how reliable is it though I had too profitable trades, but I would like to make few more trades using the strategies mentioned in that.
Thats all in today's post..Incase you have bought the forex trading machine course yourself, do share with me your results if you have done the day trading of the NFP news.
Visit again to learn more on currency trading.
Labels: currency trading, Forex day trading system, forex technical indicators, forex trading machine, nzd/usd, rsi, technical analysis
Sunday, February 25, 2007
Forex day trading System - Catch a trend and ride on it
Forex day trading System - Catch a trend and ride on it
Off late you must have seen that EUR/USD is in tight range bound condition. When that happens and if you are more of a trend trader, then its not an ideal forex trading market for you.
Then should you stop trading? Or should you adapt to a differnt time zone?? You can do both.
You can stop trading till market is ready to explode or you can shift to a narrower time zone such as start day trading on 5 min or 15 min chart since forex market might be trending there..
Its all about adjusting to market if you are following market conditions for trading. Or, the other way is to mechanical trade.
Last week I bought a forex system through clickbank which some people are praising a lot..Its from Avi Frister and is called Forex Trading Machine. The system is more of mechanical trading with day trading as well as swing trading. I have applied the swing trading strategy and am finding it good..The day trading I have not applied yet.
Incase you are interested in that, this is the time to buy it since he is offering another strategy for free for trading Non farm Payrolls (NFP)..
I am planning to apply the NFP strategy in Mar-07's NFP fundament announcement declaration..
As you can expect, I'll share the results with you..:-)..Overall the product is good. I have tried swing trading strategy, but not the ones for day trading yet..
Incase you too are interested, you can visit - Forex Trading Machine
Just to tell you that the above link contains my affiliate id incase you don't mind me earning a commission.
Off late you must have seen that EUR/USD is in tight range bound condition. When that happens and if you are more of a trend trader, then its not an ideal forex trading market for you.
Then should you stop trading? Or should you adapt to a differnt time zone?? You can do both.
You can stop trading till market is ready to explode or you can shift to a narrower time zone such as start day trading on 5 min or 15 min chart since forex market might be trending there..
Its all about adjusting to market if you are following market conditions for trading. Or, the other way is to mechanical trade.
Last week I bought a forex system through clickbank which some people are praising a lot..Its from Avi Frister and is called Forex Trading Machine. The system is more of mechanical trading with day trading as well as swing trading. I have applied the swing trading strategy and am finding it good..The day trading I have not applied yet.
Incase you are interested in that, this is the time to buy it since he is offering another strategy for free for trading Non farm Payrolls (NFP)..
I am planning to apply the NFP strategy in Mar-07's NFP fundament announcement declaration..
As you can expect, I'll share the results with you..:-)..Overall the product is good. I have tried swing trading strategy, but not the ones for day trading yet..
Incase you too are interested, you can visit - Forex Trading Machine
Just to tell you that the above link contains my affiliate id incase you don't mind me earning a commission.
Labels: currency trading, EUR/USD, Forex day trading system, forex technical indicators, forex trading machine, swing trading
