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Category Archives: Trading Strategy
How to stockpile a trade position one step at a time
Arguably the single most important skill a trader needs to master in trading any market is to cut your losses short and let your profits run. This is simply another saying of managing risks and maximizing opportunities. However, this is easier said than done. Ever tried to cut your losses short but only to see [...]
Why I shorted CAD/JPY @ 88.57 instead of long USD/CAD @ 1.0251
CAD/JPY failed a major resistance level at 90 and has edged out an obvious intermediate-term downtrend (Fig 1). USD/CAD is also bouncing off a major support at 1.0200 (Fig. 2). And crude oil is below $80 on a slippery slope. As such, shorting loonie seems like a good move at the moment according to my [...]
Early bird does not get the worm in forex trading
[This post was updated on January 13, see addendum below.]
I have discussed my enthusiasm in shorting the Aussie a few times this week. First trade was shorting AUD/JPY at 84.53. After that got stopped out, I re-tried at the same level the next day. My trade history in this currency pair is shown in Figure [...]
Some tricks scammers use to game their trading system with 488% gain
The rise in popularity of social sites for trading has paved the way for ever more unscrupulous trading system sellers to spread their high yield scams. Just to be clear, I am not against websites such as Myfxbook and Covestor, nor against trading system sellers in general. However, there are always bad apples in a [...]
AUDJPY Short 81.37/77.17: Anatomy of my first 400+ pips trade
420 pips in my demo account to be exact. Still, I feel very lucky.
In this post, I will review why I entered this position, why I added to it, and why I exited. The goal is for myself to learn from what works and what can I do to improve on this trade given some [...]
Also posted in Aussie, Kiwi, Loonie, Self Assessment, Trading Signal Tagged AUD, entry, exit, FTR, good trade, JPY, paper trade, short Leave a comment
How to use FX futures to narrow down which forex pair to trade
A problem I have is that once a currency pair shows a viable trading setup, other related pairs often show the same setup too. A reason for this phenomenon is that markets don’t operate in a vacuum. When markets really move, everything move together. So the highly correlated markets can scream for entry at the [...]
My name is Paul and I am a full-time engineer, part-time trader. Back in 2000, I deposited my $5000 interest-free student loan with an online broker. Since then, my interest in trading has become an obsession.
On reactive trading and why I don’t make market forecasts anymore