Creating a Mailing List for Blogger

I found this very useful link that tells how to add a mailing list to your blog.

http://www.wikihow.com/Create-a-Mailing-List-for-Blogger

I was able to create my own group at Google Groups. It is Pinoy Forex Trader Mailing List with an email of pinoy-forex-trader-mailing-list@googlegroups.com. That is where people can add themselves to get email alerts and I was able to add a widget on the side of the page for people to add their email addresses. I did some tweaks to the widget to remove the Google groups banner and made it fit on the gutter. Cool!

Best of all, everything is free. Yay!

P.S.
This is my test post for the mailing list. ;)

Ipod Touch or Iphone = Forex Trading

I have this fantasy that someday I would be able to trade on a little contraption like a souped-up Ipod Touch or an Iphone or any other small thing that has a 4 or 5" screen and WIFI and supports a java based trading platform.

It would probably be soooo cool trading forex anywhere you want as long as there is a wifi hotspot. Rather than lugging a notebook or on a pc with multiple monitors in a semi-dark room.

Thank Heavens for Take Profits

Got myself a sweet 87 pips on this one.

Lucky enough I left a take profit on this one. See the little blue arrow(entry) and the little green circle(take profit). I have been trading AUDJPY for 3 days now and it has been good to me. Thanks to the US interest rate cut, the AUD is looking very sweet for the carry trade. Nice!

My Chart Setup

Here is a peek of what I have been doing lately. I am daytrading the AUDJPY on the 1min charts. MY chart setup is I have the 5EMA, 13EMA and the 62 EMA.

Guess how I enter my trades?

Shoemoney

I saw this website this morning, www.shoemoney.com. There is this guy who publishes this blog about internet marketing and he has a picture of himself showing a Google Adsense check on his face. The check shows his earnings from his blog at $100k for one month. Wow! I hope I could have that someday from this blog or other blogs that I plan on making in the future.

Fudging and Fidgeting

I had a short USDCAD this morning, it has moved favorably and gave me some early pips, I got giddy so I fudged and fidgeted with the stops. I thought that moving the stop to breakeven would make it a safe trade.

Later on, Yes! it did make my trade safe, it closed it when the price moved towards the resistance line just above where I had my stop. I had my previous stop slightly above that line but I moved it to break even with no regard for where the price will go.

I guess making the trade safe(breakeven) was not so safe. Now I am out of the trade and the price has moved again supposedly in my favor.

If you would look at the chart above, the small reddish circle is where I got stopped out of my short trade. See where the price is at the end of the chart. Arrrgh!

Lesson #1,000,001 - always place your stops at logical places. Meaning slightly above or below the resistance or support lines. Resist the temptation of moving it at breakeven when the price has moved in your favor, wait when the chart has established a new support/resistance level. That is when you move your stop.

Forex Dreams

I have been bogged down lately by other more important things. I was not even able to finish my last post. As for my trade updates, I have nothing to show lately because I have been using stop losses and sometimes take profits so usually when I look at my trades in the morning, it is already gone, nada, zip etc.

This post is about something that I thought of when I first looked at the charts today. I wish that when I look at charts I would be able to say the following:

1. The price pattern looks good for a long term trade.
2. I would just make a short term trade on this one.
3. Hey this is on a bounce, I will a close my open trade and reverse(this actually happened this morning).
4. This market is too choppy for me, I will just wait it out(hardest to do).

What do I do to say all those stuff? I have no idea, one thing that I can only think of is practice or a couple of years of practice is translated into what people call "experience".

I am just a newbie to forex trading so I say to myself "Keep on Practicin'!".

Howdy! Trade Updates

Howdy everyone! It has been a nice forex day for me. I tinkered with the 3-hr charts yesterday and placed some trades from that chart. Here is the result of those trades.

I left my GBPUSD open with a wide stop loss. Its up now and I will trail it with a stop. I will put it at break even and open another trade.

First Comment! Woohoo!

Got my first comment! Woooohooo!

Yup, this blog is on a roll!

Very pathetic, hehehe.

I have changed my comment settings. Before it was restricted, now every body can post comments.

By the way this comment if from my sister's friend "avaavs".

Labo Dude!

Ang labo naman duuuude! Right when I announced that I will start some serious trading, the market went nuts. How come it feels like whatever kind of trading I do the market does a reverse of what I am thinking of.

My AUDNZD stop was taken out early yesterday and my GBPUSD was not changed.

Aigu!

I remember I said this a few posts ago, Never trade on a Monday!

Last night I was thinking about the probabilities of winning in the markets. Losers out number Winners. But I should remember that in the few instances that I win, I should ride those winners and let it run. About my losers, I should cut it short so that the amount lost is small compared to the amount that was won. That is all in theory of course, I still have to practice it so that I will be used to losing so much and winning so little.

Trade Update 9-10-2007

Here are my trade updates and new trades for today.

I added some new AUDNZD and GBPUSD trades today. I intend to come out of my hibernation today. I'll start placing small trades on selected pairs.

It seems like most of the pairs are moving again. Most pairs are caught on a range. Only AUDNZD and GBPUSD grabbed my attention because those two are on nice trending patterns.

Trading on Monday morning(Seoul Time) bothers me a bit. I want to trade before the Tokyo open when the markets are moving fast(due to the Aust/NZ markets) but OANDA is still in the weekend mode where they are still charging me the spreads for weekends which is double or triple the regular spreads. Well, next time I'll just keep my horses steady and wait for the Tokyo open.

P.S. Since most of the pairs are showing some signs of movement I am resuming my $1 test trades again.

Musings of the Recent Market Moves

Yes, "Musings" is a word. I looked it up on Dictionary.com. It means in contemplation or meditation. I used ctrl+L to look it up. Dictionay.com has this nifty app where you can look up words on the fly. Just highlight the suspicious word and hit ctrl+L and Viola! pop-out comes the meaning. Here is the link:

http://www.cleverkeys.com/ck.html?p=home&os=

Back to my "musings".

Here is what I saw on most of the USD pairs, they already moved 2 days before the jobs data was released. The moves were only slight compared to the movement after the data was released. But I believe that these were precipitated by 1. people who have more access to such info and 2. smart traders who can read the market very well. This may not make any sense but what I am trying to say is these market movements before major data releases could be a give-away of how the market will react to the news.

Well, I'll see how this goes.

Rest is Over

Here are the results of yesterdays trades.

The AUDNZD is wavering so I may have to close everything on Monday.

GBPUSD was great. USD was down. I don't want to say it is due to the jobs data because I don't want to trade the news but I see that USD is down on most pairs.

GBPUSD Breakout

Here are my trades for today. I reduced half of my AUDNZD yesterday. This morning the charts is still showing a positive candle. I'll try to leave in the remaining trades.

I saw an upside breakout on the GBPUSD. I placed a long trade.

Continuation of AUDNZD Trade

The AUDNZD trade is going well. I added a slightly significant trade today. I plan on losing $20 on that trade in case the trend reverses.

I did not check the charts last night to see the movement on other pairs. I just slept through the whole night.

Except for the short moments where my son wakes up to drink milk and do sprints around the bed, I can say that it was a great sleep.

I feel great this morning. Sleep is Magic!

My 3 Trades after 2 days

Here is the result of my 3 trades 2 days ago.

Good enough.

I am contemplating on taking a shot on the AUD/NZD. I will know later in the week.

Fixed Peso Rate for OFW's?

I just keep seeing this on Google when I type in forex and the Philippines.

What the people behingd this "thing" are proposing is that the government would have a $1billion fund that would be used to artificially keep the peso down.

My analogy for this proposal is this:
Imagine a football field where on one team there is just one guy to protect his part of the field while on the other team there are 12 guys all lined up ready to tackle him one by one.

I think that one guy could last for some time but eventually he would retreat and run for the dugout or just plain drop dead.

That one guy is the $1billion stabilization fund and the 12 guys is the $12billion and still growing OFW remittances that come in for a year.

How can you stop us Pinoy OFW's from sending money to the Philippines? Think about that.

Trades for today- very minimal, very silent market

Here are my trades this morning. Very silent market. The forex market lately is like a herd. When one move everybody does, now almost all pairs are very tamed.

I have not checked the news for sometime so I don't know what they are waiting for. But it looks like its is something significant that its making the whole world stop and wait.

Or maybe its just Monday.

Returns = Risk Repost

Here is my long promised post regarding my personal risk equation:

Returns = Risk

How was I able to know that this equation is true?

My recent trading history accurately shows how it my account was almost wiped out by this equation.

The recent run by the carry trade unwinding has caused my trades to load up on pips. This then gave me the confidence to take on more risks. The unwinding continued and I am getting larger returns. And then came that day when the returns got so crazy that I added more lots which means more risk. More returns begets more risk. But hey the markets just halted and said "Wait a minute, maybe we are over-reacting". The market floored! But I did not stop there I kept playing catch up and trading max lots. Of course playing catch up does not work. I got wiped out. I was taught one of the bigger lesson in trading life, which is not to be too greedy/risky.

And that is how I applied the risk/return equation. Ouch!