What a Friday, a disastrous evening to a disappointed one. Net loss: 178 pips.

Net profit about 925 USD. Should be a good week next week. GU and EU my targets next week. Employment report coming out from both GB and EU zones

I beg to differ, trading is a business, not a hobby. In order to be succesful in forex, you must trade to win, and focus on attaining your final goal. Extra income is one of the benefits, but amassing wealth should be your primary goal if you want to trade forex for your day job.

PS: I'm a full time daytrader for few months now, speculating in futures and now forex.



This post has been edited by AdamG1981: Aug 23 2008, 06:25 PM

I graduated school with a business degree and a minor in finance. After i graduated, started learning technical analysis (chart patterns, candlesticks) and tried my skills on futures; which i did okay in the first 3 months but had couple of big losses last month. Decided to try forex and got off to a good start.

Either way, you must be very very aware of market sentiment which you can analyze through fundamental or technical. It's a tough day job. Not easy, a lot of pressure if you put a lot of money on the line.

You can msg me if you like for my opinion on certain pairs, i only trade EU, GU and AU.

Anyone thinks GU will fall to 1.83 anytime soon?

Ok, because the employment print for EU and GB will be very bad; especially when GDP for GB was below expectations. Think dollar will make a new high on the GBP.

I won't go long with the GBP in any pairs. Very risky.

Yes, most likely. We will have the nationwide house prices for UK this coming week; and there are signs that the housing crisis is creeping in the UK economy. We will likely see a bad print which will lead to a new low for GU.

I won't be surprised, even Putin himself admitted, the biggest mistake was the collapse of Soviet Union. He obviously wants to expand Russia's territory.

No. These courses are never worth it. You only can be a succesful trader via lots of your own experience; not from other people's experiences or lectures.

You can gather a lot of information from investopedia and babypips. After reading these sites thoroughly, you should start demo-ing and read bloomberg, economist, and other business journals including WSJ.

The best combination i have found so far is the usage of fundamental and technical analysis. Technical analysis is an analysis of emotions from traders, speculators in the short run. Fundamental analysis is an analysis of the economy; which is the primary trend in the long run.

Oh, and if you don't like reading, then you shouldn't be trading.

Trading forex is a 24 hour job.



This post has been edited by AdamG1981: Aug 24 2008, 07:36 PM

The US dollar will face two major event risk; the CPI numbers out this week along with the unemployment numbers. (next week)

As we all know that PPI has been very high (multi year highs) and this would or could translate to higher CPI. However many corporations find it easier to reduce employment to deal with rising cost. Alot of companies recently (dow Chemicals, kraft) have said they will increase the prices of their products. So we are seeing a pass through from PPI to CPI.

Ben's speech was carefully prepared; and he said inflation outlook is uncertain but as demand from OECD and China for oil decreases, commodities prices should fall. Question is, how fast can oil drop below 100 level if at all? The Fed is now facing a huge dilemma, the clock is working against them. Not only they are facing dual threats on the economic, the financial crisis is still lingering.

Therefore, the US dollar should trade sideways against the euro for the time being, but as CPI creeps up, we will more likely see a different Fed after the presidential election.

I short GU @ 1.8409.

Haha

I am just "forecasting" that the US existing home sales print will be above expectations, which will boost the dollar further.

Only short 2 lots....let's see if GU falls below 1.84.

Well, i was looking to long just now. We'll see.

I'm not out to tell people what to do, i am just giving my opinion. So, if you want to challenge me, i would say i don't have the time in the world to prove who's right or who's wrong. If you make more money than me, good for you. Like i said, it doesnt pay my bills to challenge your thoughts and opinions.

Closed my GBP short position, -100 pips.

Long euro 1.4740.

Yup, had to cut loss because entry point was too low. Will consider shorting when it goes up a little more.

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Added on August 25, 2008, 5:04 pm Closed the euro position with 16 pip gain. Saw something in the chart i didnt like.



This post has been edited by AdamG1981: Aug 25 2008, 05:22 PM

Closed euro for 50 pips profit. Short euro @ 1.4785

Covered back 1.4780, made 25 pips.

Long EU 1.4799, SL 1.4780, TP, 1.4820

Good night, sleep tight. See you tomorrow.

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Added on August 26, 2008, 12:10 amExisting home sales increase, but why is DJIA and dollar plunging?

The existing home sales increased by 3.1% but inventory rose to its highest level since it was created. And not only that, median price for house dropped a massive 7%. Yes, thats a huge percentage drop.

What does this mean for the dollar?
Even though existing home sales increase but many of those sales came from foreclosed/auction homes. Hence, it seems like these banks are willing to sell the foreclosed house at any price (given the 7% drop in median price) There are no signs the financial crisis is over, in fact, this adds to a bigger problem. When will house price stabilize?

So ladies and gentleman, be prepared for another bank to announce a huge writeoff in the next coming quarter.




This post has been edited by AdamG1981: Aug 26 2008, 12:10 AM