Why to trade Forex?

Whether to trade or not to trade is a strictly personal decision. But for those that do want to trade there are the following advantages in Forex: 1. The 24-hours operation during weekdays make it perfect for part-time trading.     The forex opens at 5 pm EST on Sunday and stays open until 5 pm … [Read more…]

What is FOREX and how does it work?

FOREX stands for Foreign Exchange. Unlike stocks and commodities markets, foreign exchange is completely decentralized. There are no formal exchanges where transactions take place. Practically all forex trading is “over-the-counter” and transactions are done over the phone, with a broker, or by electronic means. Therefore, forex is rather a general term combining all worldwide financial … [Read more…]

Nov. 22 morning

Today is Friday, which is a short day of trading before the weekend. I don’t see any good setups this morning and therefore will be to playing it safe. EURUSD   Closed the open position @ 1.3518 for a round profit of 40 pips. USDCAD    Speculative Buy on news @ 1.0571 for a very short-term trade. No … [Read more…]

Nov. 21 night results.

Good morning! Yes, it’s good indeed. While I was sleeping both my long positions went up, so I adjusted the stops accordingly: USDCAD   Moved trailing stop higher to 1.0528 (current unrealized profit for this position is 59 pips) Although it looks like the USDCAD price is due for correction, I am willing to give this … [Read more…]

What is a PIP?

In retail FOREX, PIP or Percentage in Point is the smallest normal unit of change (the smallest normal increment) for a currency pair. In other words it is normally the smallest change in price of the currency. Nowadays many FOREX brokers quote prices in tenths of a pip, so they would quote the price of … [Read more…]

Nov. 21 end of day results

USDCAD:2 positions reached their profit targets for a total profit of 68 pips.1 position is still open with trailing SL currently @ 1.0509 (in the money) EURUSD3 positions still open  @1.3478, current SL @1.3458

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Each trade in each currency will be based on opening 3 positions (3 units) with 2 positions having profit targets (P1 and P2) and the third position exit will be based on a trailing stop (for those who don’t know what trailing stop is I will explain later). Once the P1 target is filled, the … [Read more…]

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Nov. 21, 2013USDCAD Buy 3 units @1.0471   Profit Target #1 (P1): 1.0495 (filled)   Profit Target #2 (P2): 1.0515 (filled)   Profit Target #3 (P3): trailing stop based on a 30′ chart

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To illustrate my point, I am going to post trades in real time before they happen as well as try to post some useful information related to trading FOREX profitably part time.