Point and Figure Charts Update as at November 17 (updated) - forex trade alert season 15

Point and Figure Charts Update as at November 17 (updated) ~ forex trade alert season 15

Point and Figure Charts can give us some idea as to where the markets are headed. This method of charting has been used for many years and has been proven to have excellent results over the longer term.

I find it handy to have a look at various P&F charts from time to time to keep me current as to where the directions of currencies may be headed.

Most of the time on the P&F charts from Stockcharts.com is a target number where the price is expected to travel.

Here are some charts from some of the major currencies as at today.

Here is an excellent video primer on Point and Figure Charting

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Some Important Point and Figure Charts for your Trading Strategy as at January 13 (updated) - algorithms for forex trading

Some Important Point and Figure Charts for your Trading Strategy as at January 13 (updated) ~ algorithms for forex trading

These charts indicate that there will be some great moves as time passes, hopefully some nice trends in the months to come

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Simple Forex strategies - forex trading losses tax

Simple Forex strategies ~ forex trading losses tax

I haventt recently updated this blog because, i am currently more focused on Stock Market, and system for sports betting which i recently created. When i will finish it, i wil give you link to this system, i suppose it will be free till the end of the season.

Anyway, simple forex strategies, what i mean by that? In my mind these are strategies that are very simple :). I often see guys with super advanced entry strategies. They use MACD, RSI, ADX, 10 different MAs and EMAs, Fibbonaci retracement, Elliot Waves to predict the best entry point.

I think its funny.

Because often these guys do not realize that actually there are only two types of indicators.

• Trend following - indicates whatever Market is in up or down trend (MACD for example)
• Momentum - tells you if Market is overbought or oversold (RSI)
  

There are also Volume and Volatility indicators but they are not suitable for Forex market. So if you use more then 2 indicators then you can right now narrow your choice down to only two.

How many oscillators do i use? I use none or zero, so in my mind forex strategy with 2 indicators is still complex strategy. Traders often say that you need a lot of indicators to get rid of false signal. But what i found out when i started using many tools was that i got as many signals that i should take LONG position as for SHORT position. So, keep in mind the old saying: sometimes less is more.

After eliminating all oscillators we are left with very simple tools:

• trend lines, as well as support and resistance levels
  
• Fibbonacci retracement

When i trade Forex i also use two other tools the are not as much popular as MACD, RSI but they work for me.

• Andrews Pitchfork
• Standard Deviation Channel

All of them, help me to determine trend, because what forex trading really comes down to is:

Determine trend, but do NOT try to predict future, it is impossible. determine trend based on what you already have on the chart. There are at least three types of trend: up, down, consolidation, i think i already said it, but it is worth repeating over and over.

Determine Take Profit and Stop Loss, GO IN. Thats it.

Ok so to sum this up. You can build a very complex strategy or system if it works for you, it didnt work for me at all. But remember, do not underestimate value and importance of very simple tools like trend lines, fibbonacci retracement and standard deviation channels.
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How to make perfect entry point on Forex - forex trading tax philippines

How to make perfect entry point on Forex ~ forex trading tax philippines

If you find out that you make trades to early and before price starts moving in your direction the stop loss is already hit. The source of this problem is you are probably using to big timeframe. Don’t get me wrong on this one it is not that you need to change it, but you need to focus more on last candles, you are to concentrated on overall picture.

Anyway if you find yourself doing such trades then do not worry, this is easy to handle I had the same issue when I started trading.

Let’s break it down.

First of all your chart interpretations are ok. You make good trades but to early. So next time try this simple strategy.

After selection of new trade, find smaller trend in opposite direction and wait for reversal, when you will be sure that smaller trend is reversed make your trade. Sure you will loose some pips by getting late in to trend, but trust me there is no better point of entering the trade.

But what is the trend reversal confirmation?

Basically it is when you have more evidences that trend is reversed I won’t talk more about it now because this is covered in my other article, besides you probably have some techniques to determine trend reversal on Forex.

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The 95 of all Forex traders fail Lie! - forex trading tax malaysia

The 95 of all Forex traders fail Lie! ~ forex trading tax malaysia

I refer 95% lie to sentence: “95% of traders fail”. Although this are calculations made by brokers, based on their account history. I suppose those are accounts that were blown out by newbie traders.

Anyway I have to admit that it is true that 95% of account ends up empty within less then three months. But hose who were trading them … were they really traders? I think not, in my opinion they were gold diggers or just uninformed fools.

It happens often that after forex success story in newspaper or magazine, people without knowing anything about forex think: “Hey this is easy way to make money! If that guy in the newspaper made millions, I can make at least few thousands I am not stupid”. I don’t have to tell you how wrong this guy is. He takes loan, and starts trading, within 3 months he has got no money but a big loan to pay.

I believe this are the people who goes by 95% rule. But it doesn’t have to be that way. You can make money, but you have to understand it is not going to happen overnight. Probably not even within two years. But it is possible.

What it takes to become trader? In my opinion the only difference between successful and unsuccessful trader is … experience. All you need to do is trade and get some experience.

But there is something more important. As you may lack successes within this two years it is crucial to believe that you can really do it, that it is possible to achieve success. If you have problem with that then, do yourself a favor and buy Anthony Robbins “Awaken the giant within” great book on positive mindset.

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