Some interesting fact, the power of compounding, if you compound it 30% every month, you will get MYR61,784.77 by end of 2009, see below:

Compound 30% per month from forex.
month1=985
month2=1280.5
month3=1664.65
month4=2164.05
month5=2813.26
month6=3657.24
month7=4754.41
month8=6180.73
month9=8034.95
month10=10,445.44
month11=13,579.07
month12=17,652.79
Total: USD17,652.79x3.5 = MYR61,784.77

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Added on January 9, 2009, 5:53 pmWhat is the point of this thread? Show off?

This post has been edited by bulkbiz: Jan 9 2009, 05:53 PM

Hello LYN traders,

Just to share my reading on "Day Trading the Currency Market" by Kathy Lien.

---------------------------------------SNIP-------------------------------------------------------------
FADING THE DOUBLE ZEROS
One of the most widely overlooked yet lucrative areas of trading is market
structure. Developing a keen understanding of micro structure and dynamics allows
traders to gain an unbelievable advantage and is probably one of the most reliable
tactic for profiting from intraday fluctuations. Developing a feel for and
understanding of market dynamics is key to profitably taking advantage of short-term
fluctuations. In foreign exchange trading this is especially critical as the primary
influence of intraday price action is order flow. Given the fact that most individual
traders are not privy to sell-side bank order flow, day traders looking to profit from
short-term fluctuations need to learn how to identify and anticipate price zones where
large order flows should be triggered. This technique is very efficient for intraday
traders as it allows them to get on the same side as the market maker.
When trading intraday, it is impossible to look for bounces off of every support
or resistance level and expect to be profitable. The key to successful intraday trading
requires that we be more selective and enter only at those levels where a reaction is
more likely. Trading off psychologically important levels such as the double zeros or
round numbers is one good way of identifying such opportunities. Double zeros
represent numbers where the last two digits are zeros—for example, 107.00 in the
USD/JPY or 1.2800 in the EUR/USD. After noticing how many times a currency pair
would bounce off of double zero support or resistance levels intraday despite the
underlying trend, we have noticed that the bounces are usually much bigger and more
relevant than rallies off other areas. This type of reaction is perfect for intraday FX
traders as it gives them the opportunity to make 50 pips while risking only 15 to 20
pips.
Implementing this methodology is not difficult, but it does require individual
traders to develop a solid feel for dealing room and market participant psychology.
The idea behind why this methodology works is simple. Large banks with access to
conditional order flow have a very distinct advantage over other market participants.
The banks' order books give them direct insight into potential reactions at different
price levels. Dealers will often use this strategic information themselves to put on
short-term positions for their own accounts.
Market participants as a whole tend to put conditional orders near or around the
same levels. While stop-loss orders are usually placed just beyond the round
numbers, traders will cluster their lake-profit orders at the round number. The reason
why this occurs is because traders are humans and humans tend to think in round
numbers. As a result, take-profit orders have a very high tendency of being placed at
the double zero level. Since the FX market is a nonstop continuous market, speculators
also use stop and limit orders much more frequently than in other markets. Large
banks with access to conditional order flow, like stops and limits, actively seek to
exploit these clustering of positions to basically gun stops. The strategy of fading the
82
double zeros attempts to put traders on the same side as market makers and basically
positions traders for a quick contra-trend move at the double zero level.
This trade is most profitable when there are other technical indicators that
confirm the significance or the double zero level.
Strategy Rules
Long
1. First, locate a currency pair that is trading well below its intraday 20-period
simple moving average on a 10- or 15-minute chart.
2. Next, enter a long position several pips below the figure (no more than 10).
3. Place an initial protective stop no more than 20 pips below the entry price.
4. When the position is profitable by double the amount that you risked, close
half of the position and move your stop on the remaining portion of the trade to
breakeven. Trail your stop as the price moves in your favor.
Short
1. First, locate a currency pair that is trading well above its intraday 20-period
simple moving average on a 10- or 15-minute chart.
2. Next, short the currency pair several pips above the figure (no more than 10).
3. Place an initial protective stop no more than 20 pips above the entry price.
4. When the position is profitable by double the amount that you risked, close
half of the position and move your stop on the remaining portion of the trade to
breakeven. Trail your stop as the price moves in your favor.

-------------------------------------------------------------SNIP--------------------------------------------------



Regards,
BULKBIZ

It takes ages....decad...joking!!!!!

Just go to www.babypips.com and start learning!! Take the quiz and understand all the trading concept. Trading with real money is not a problem as long as you have money.

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Added on January 12, 2009, 7:26 pmno idea

This post has been edited by bulkbiz: Jan 12 2009, 07:26 PM

You should go for the courses that will teach you their tested trading strategy...not those teach you how to use indicator!!! Choose carefully!!!...I never go for any courses, but I have a few friends attending forex courses in singapore...the instructor teach them some strategy to profit in forex...and it really works...but the course fee really sweat me....

GTFO

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Added on January 14, 2009, 9:18 pm you too GTFO.....damn, moderator take action lar

This post has been edited by bulkbiz: Jan 14 2009, 09:18 PM

wahhh scammer....scary man....eh u know what is candlestick

What is this chart telling? A support line at 1.4470, a scalp line at 1.4980. When the EMA5(red) cross EMA10(blue), put TP at 1.4600 or 1.4500(double zero round number) as your TP1(first take profit). Getting profit should not be a problem here, just watch out for news event.

This post has been edited by bulkbiz: Jan 17 2009, 11:51 AM

Yeap that is FA, that is why I said watch out for news event..

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Added on January 17, 2009, 7:04 pmIf I am good in both TA and FA...then I am a good trader. As simple as that???? I don't know:)..ok lah...read your blog in order to become a sucessful trader, hahaha. Finally you have a blog...U give a lot of information in chatroom but no one jot down...with this blog, huhu...good good

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Added on January 17, 2009, 10:51 pmDamn boring, cannot trade.

This post has been edited by bulkbiz: Jan 17 2009, 10:51 PM

I am using fxcm, but I don't know what time the market open for fxcm. How to check?

My scalping on GU

As you can see, the EMA5 cross EMA10, the price hit the support line at 1.4470 and bounce back to current 1.4518/19. Both round number TP I suggested hit. To bad I didn't catch this move.

Shorted UJ@90.24

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Added on January 20, 2009, 11:55 pmClose everything, obama giving speech

This post has been edited by bulkbiz: Jan 20 2009, 11:55 PM

EA?

LOL, nola you cannot judge like that, I believe there are a lot of people out there using EA. But EA is not my cup of tea, and I hate EA.

One is front and another is back? I don't really understand because it sounds complicated. Sigh..

I can login to fxcm without any problem

Fibo expert out there, can I say the price is testing 23.6 fibo level??

GBP/JPY

Thanks!