Well, good news, I made over 130 pips last night on open trades. This puts me back up to $8.80 with another trade going in the right direction that will bring me to $9.30.
I am almost back to where I began and if I keep trading like this it won't be long.
I have another Sell Limit placed on USDCHF that will probably go into effect later in the day which should bring me another 50 pips.
More to come soon,
Tyler
Tuesday, October 12, 2010
Monday, October 11, 2010
Well, I wanted to update this morning but the AUDUSD was actually in the LOSS zone! However it came back today and I made 53 pips on it!
I currently have an open short position in USDJPY and it is at 7 pips, going for 50, and a short position in EURUSD which is currently at -7 pips. So we will see what happens.
Take care, updates coming tomorrow.
Tyler
I currently have an open short position in USDJPY and it is at 7 pips, going for 50, and a short position in EURUSD which is currently at -7 pips. So we will see what happens.
Take care, updates coming tomorrow.
Tyler
Sunday, October 10, 2010
End of my Trading Day,
Okay, at the risk of missing some good Signals, I am off to bed.
AUDUSD is holding firm at 7 pips right now (that 7 pips profit at the moment).
Alligator Indicator was showing some strong movement in my direction but came to a halt. I have my stop losses and take profits set up so I am going to bed.
Oh, and on the advice of a couple more signals I have a sell limit placed on GPBJPY and EURJPY with some more hopes for profit. Stop loss and Take profits set there as well in case it gets to my level.
Well Goodnight and I'll update tomorrow!!!
Tyler
AUDUSD is holding firm at 7 pips right now (that 7 pips profit at the moment).
Alligator Indicator was showing some strong movement in my direction but came to a halt. I have my stop losses and take profits set up so I am going to bed.
Oh, and on the advice of a couple more signals I have a sell limit placed on GPBJPY and EURJPY with some more hopes for profit. Stop loss and Take profits set there as well in case it gets to my level.
Well Goodnight and I'll update tomorrow!!!
Tyler
Getting Started
Okay so a few days ago I deposited $10 into a Forex Micro account with FXOpen. This is an experiment to familiarize myself with Forex and develop a strategy to trade successfully.
For those who don't know what Forex is, it stands for Foreign Currency Exchange. It is much like stock trading except that you trade on the short term (daily, minutely, etc), you trade with leverage, and you are basically pitting one currency against another.
The fundamental idea of Forex is that it sets the value of currencies worldwide. If you think the US Dollar is going to fall in price compared to say the Euro, you would open a position (basically a share in stocks) in the EUR/USD pair. If you are correct and the Euro become worth more Dollars, then you make a profit.
So anyway, the idea is that you develop a strategy for Forex trading that allows you to consistently be right about prices. This does not mean a 100% win rate, but it does mean that you make more profit than losses.
I started with $10 USD but unfortunately thanks to an "Expert Adviser" (basically a forex robot.) I was down to $6. I have managed to get myself back up to $8 and am currently at $7 due to some really screwed up trades today. I currently have an open position in AUD/USD currency pair and am hoping for a 50 pip (which would be 50 cents on my micro level) gain.
So there it is. I will update this as much as possible to let you know my current situation and my daily Profit/Loss spread.
Thanks for looking,
Tyler
For those who don't know what Forex is, it stands for Foreign Currency Exchange. It is much like stock trading except that you trade on the short term (daily, minutely, etc), you trade with leverage, and you are basically pitting one currency against another.
The fundamental idea of Forex is that it sets the value of currencies worldwide. If you think the US Dollar is going to fall in price compared to say the Euro, you would open a position (basically a share in stocks) in the EUR/USD pair. If you are correct and the Euro become worth more Dollars, then you make a profit.
So anyway, the idea is that you develop a strategy for Forex trading that allows you to consistently be right about prices. This does not mean a 100% win rate, but it does mean that you make more profit than losses.
I started with $10 USD but unfortunately thanks to an "Expert Adviser" (basically a forex robot.) I was down to $6. I have managed to get myself back up to $8 and am currently at $7 due to some really screwed up trades today. I currently have an open position in AUD/USD currency pair and am hoping for a 50 pip (which would be 50 cents on my micro level) gain.
So there it is. I will update this as much as possible to let you know my current situation and my daily Profit/Loss spread.
Thanks for looking,
Tyler
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