For me, the spare time trading is exactly what it sounds like. All my trades are based on simple technical analysis except for trading on news. The process is pretty simple. The most activity in forex trading starts around 8:00 – 8:30 am EST when North American markets open. Therefore, on weekdays I start my day … [Read more…]
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…]
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…]
The news did not affect the USDCAD price much. No more trading for me today. All orders closed including the remaining position in USDCAD. The total profit since yesterday morning is: EURUSD 84 pips + USDCAD 147 pips = 231 pips Have a nice weekend!
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…]
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…]
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…]
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
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…]
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