Answer by Dave Hughe: Hypothetically, yes you can become rich in forex starting with only $20. For that you need a solid trading system, strict money management, lots of patience and a little bit of luck. Trade micro lots, use strict money management rules and use the power of compounding by reinvesting your profits. I … [Read more…]
What are the pros and cons of forex vs stock market?
Answer by Dave Hughe: In Forex market there is greater leverage and you can also trade in micro lots. This allows starting with a small capital and risking just a few dollars per trade. Otherwise, where to trade is a matter of preference. If you know what you are doing, you can trade profitably in … [Read more…]
Do you have any good tips on currency trades?
Answer by Dave Hughe: The currency trading is no different from other forms of trading. You have to have a trading system, a trading plan, a sound risk management and the discipline to follow them. View Answer on Quora
Th., Apr. 18 end of week results: -32 pips (Total: +3,108 pips)
This was a short slow week that resulted in a small loss of -32 pips. The up to date results since the start of this blog are as follows: Week 1: +231 pips Week 2: – 19 pips Week 3: +415 pips Week 4: +366 pips Week 5: +137 … [Read more…]
Th., Apr. 17
On Thursday there were the following signals: The USDJPY trade was later cancelled. The GBPUSD stop loss was eventually moved to the break even point and was hit. The AUDUSD trade is still open.
Wd., Apr. 16 Forex Signal
Today there was just one signal to buy USDCAD, which was cancelled later due to changes in the pair’s technical analysis picture. See below:
Tu., Apr. 15 Forex Signals and results: + 82 pips
The AUDUSD has slipped on the news and we entered a short position. Both profit targets were reached. The third unit was stopped out at 0.9361. Thus the total profit on this trade is 20+33+8= +61 pips. The USDCAD trade went up at first but than it stumbled, so we got out with a small … [Read more…]
Mo., Apr. 14 Forex Signals
Hi everyone, I moved the blog here and hope that you like it. On Monday we got a fill on the long AUDUSD position but unfortunately it did not work out. The total loss was -114 pips. See below:
Apr. 12. End of week results: +380 pips (Total: +3,140 pips)
The Sun always comes up after dark. This week has more than compensated for the previous week’s loss by bringing in additional +380 pips of profit. The up to date trading results for this blog are as follows: Week 1: +231 pips Week 2: – 19 pips Week 3: +415 pips Week 4: … [Read more…]
Fri., Apr. 11 end of day results: +147 pips profit
I closed all positions and called it a week. Going flat over the weekend helps to clear my mind. The trading results today were as follows: EURUSD: one unit bought at 1.3816 and sold at 1.3878 with +62 pips of profit GBPUSD: three units shorted at 1.6758. The 1st unit covered at 1.6738, the second unit … [Read more…]