Our NZDCHF buy signal made +26 pips profit today:

There was just one Forex signal today:

From: Dave Hughe <plainfx@gmail.com>
Date: Wed, Sep 30, 2015 at 8:17 AM
Subject: New order
To:

NZDCHF Buy 0.6227 SL 0.6199 P1= 0.6249 P2= 0.6268

This trade reached the first profit target and the stop-loss order was updated to 2 pips above the entry price:

From: Dave Hughe <plainfx@gmail.com>
Date: Wed, Sep 30, 2015 at 9:17 AM
Subject: P1 reached, SL 0.6229
To:

The new trail stop loss was triggered getting us out of this trade with +26 pips profit. On the chart this trade looked like this:

None of our Forex signals got triggered today.

Today was another directionless day in the market. We made a few trades and got out with a small loss of -12 pips.

Regardless of background, education, experience and any other factors, every trader has to deal with:

• Ignorance – lack of knowledge is the number one factor people lose money in trading
• Greed – this includes risking more than one can afford and holding a winning position for too long. There is nothing wrong with trying to squeeze as much profit from a position as you can but your decisions must not be based on emotions.
• Fear – all traders know this feeling of watching the loss grow. Again, your decisions must not be based on a clearly defined strategy, not on emotions.
• Arrogance

Dealing with these emotions is a never ending process and each trader must be always aware of them.

It was a choppy trading day on Friday. We cut our losses short and got out with a loss of -48 pips.

Our short CADJPY trade made +73 pips this morning:

The actual signal was as follows:

From: Dave Hughe <plainfx@gmail.com>
Date: Thu, Sep 24, 2015 at 6:18 AM
Subject: September 24
To: 

CADJPY Sell 89.79 SL 90.01 P1= 89.62 P2= 89.51

Both profit targets were reached and the 3rd unit’s trailing stop was updated and later triggered at 89.51:

From: Dave Hughe <plainfx@gmail.com>
Date: Thu, Sep 24, 2015 at 6:53 AM
Subject: CADJPY SL 79.51
To:

On the chart this trade looks as follows:

On Tuesday, we made 3 trades. We closed one of them at break even, another one with small profit and the third one was closed with a small loss. The total trading result on Tuesday was a loss of -15 pips.

On Wednesday we made two trades with the total result of +19 pips (see the trades below):

1. Bought USDJPY (+31 pips):

From: Dave Hughe <plainfx@gmail.com>
Date: Wed, Sep 23, 2015 at 7:36 AM
Subject: New order
To:

USDJPY Buy 120.34 SL 119.09 P1= 120.58 P2= 120.78

2. Sold short AUDUSD (-12 pips):

There were no dramatic price moves today. We made 3 trades and closed them all at break even prices.

Whenever in doubt, go back to basics. From experience I can tell you that the main reasons that traders fail are:

1. Lack of a complete proven trading system.
You must have a proven profitable trading system with clearly defined rules for entries and exits. There is simply no way around it.

2. Pure money management or lack of thereof.
If you are not managing risk, you are just gambling. Prior to opening any trade you have to know the exact amount of money that you are going to risk on that trade and the minimum amount of money that you are going to make on that trade if it goes your way. In other words, each trade must have stop-loss and profit targets, which should be based on logic not on your wishes. Your financial risk/reward has to make sense otherwise you are doomed to failure. (I am in the process of releasing an e-book on this subject, if interested, please let me know.)

3. Psychological issues.
Regardless of background, education, experience and any other factors, every trader has to deal with the following:
1)    Ignorance – lack of knowledge is the number one factor people lose money in trading

2)    Greed – this includes risking more than one can afford and holding a winning position for too long. There is nothing wrong with trying to squeeze as much profit from a position as you can but your decisions must not be based on emotions.

3)    Fear – all traders know this feeling of watching the loss grow. Again, your decisions must be based on a clearly defined strategy, not on emotions.

4)    Arrogance – don’t let a few successful trades to get to your head and make you feel invincible. As Floyd Mayweather Jr. put it: “You have to protect yourself at all times. What goes around comes around.”

Try switching your trading objective from making money to protecting your capital, it will do wonders to your net results. And be patient. Stick to your trading system until statistics convince you that it stopped working. Never settle for a not-so-perfect setup or chase a trade. There will always be another opportunity just around the corner.

Also, consider signing up for our Forex Signals or Trade Copier to learn our proven profitable trading system hands-on. Click on the FOREX SIGNALS & TRADE COPIER in the menu for details or contact us with specific questions.

We broke even on Friday. Unfortunately, we cannot simply chalk this trade up as a break-even trade because for some of our subscribers the updated stop-loss orders were triggered and they incurred a small loss of -36 pips. Sometimes this discrepancy might happen due to differences in quotes and slippages between brokers.