Forex Signal Mentor

Tuesday 20th October 2009

Due to the feeling of "have to trade have to trade" I found myself stopping out at -36 dollars. It was very difficult to stop this and it's just as well I did as the price kept dropping. I swore blind I'd only take trades when they come to me, not the other way round!

So, today has worked out quite well so far. I've had a couple of positive trades and closed out at a small pip gain. Small steps this time, not going to hold out for "the big one" cause even with a demo account it still hasnt happened.

OK - big learning curve this week. Still keeping my 100 dollar demo balance in tact, rose it then it dropped. Currently sitting at 253 dollars.

Noticed the GBP setup last night. Read the signals right and did actually get in on it early, but had my stop set to 50 and it stopped out. Raging. Oh well. There's going to be plenty more opportunities.

One thing I've started to notice working out better - using larger time frames to look for trends. Spotted the big cable drop last night from looking at the 1H chart. So now I know to start flipping through different time frames. To help with this I actually opened up a couple of charts of the same currency pair and placed the tabs side by side, and had the time frames set on that in decreasing manner.
1H, 30M and 15M charts for the same currency pair all tabs together. Worked well.

It's the weekend. Time to relax.

Wow - I leave forex alone for one day and it turns into three weeks! I need to get back on the wagon again.

I'm starting again with the videos. One technique at a time.

Hey, Kevin, where'dja go? This was just starting to get interesting ...

(And very encouraging, too.)

Rebecca

This maybe a stupid question but what is the trading journal is it a book that you record your trades? Can you explain please. Thanks.

Hi Joan,

Yep,

@Rebecca, he had some family affairs to take care of, he's back in the saddle again now.

Thanks for sharing your journal Kevin. Hang in there...you'll be in the black by July 2010!

Elise

Hi all,

As Loz says I'm back in the saddle again. I was trying to help get a few more onboard too through his affiliate program which I believe some did (welcome all:) )

Right, now where was I... hmm gbpusd

Right, using strategy 1 I've made two successful trades with a total pip gain of 24.

The image below shows implementing strategy one to gain 21 dollars on the long.



The vertical line and blue line signify where I got in with strategy 1.

It's funny, I would have always thought that the first things on a list wouldnt be that powerful, but here we have a great strategy that pays off so easily.

I think of it this way; it took me 30 seconds to spot and implement the Buy stop for this order, then added my Take Profits in it too. 21 dollars for a maximum of one minute's work - that's the equivalent of €1260 dollars per hour. Not bad work if you can get it!

What I learnt:
1. Strategy 1 doesnt happen all the time, and the successful trades I had happened in the afternoon from 3pm EST onwards. This is not to say it doesnt happen earlier.

2. I need to implement Take Profits... I got a little greedy and didnt implement a TP with strategy 1 and ended up making a 59 dollar loss. Now I have the TP created when I make my trade. Take my profits and move on.

Anyone got anything to share with Strategy 1?

Caught around 20 pips overnight using two currency pairs but decided to try a Bollinger Band strategy on 15M. Worked out quite well. I didn't mean to stray from Loz's strategies but the Bollinger squeeze strategy looked so tempting