ForexCable

Back... I think :))

2008-09-26T13:04:00.000-07:00

Man, it's been a long time since I posted here. :)

Well, that's mainly because I haven't traded anymore since march. A lot's happened since then, I went through two job places, the first was extremely easy but the pay sucked, and the second had good pay put was in 3 shifts and I didn't like having NO free time at all. I'd rather stay home trading and cut back on other expenses. :))

Currently I'm looking for work and I've decided to start trading again. When I saw I didn't have anymore time for fx I just stopped trading alltogether, put things on pause and hoped to get some strenght back for when I will have time for trading.

So, well, here I am, back now, and I can't help but having a sense of being overwhelmed. I dusted of MT4 today, my demo account expired long ago, :)) so I opened a new one. Fresh new charts, fresh new setup. Well actually I'm still gonna trade the Cowabunga system, It's the easiest I've come across so far. No point in changing something that works. Of course I will try other systems if I find something, but mainly this is what I'll be trading for now.

Also, I'm planning to open a real account, and I'm considering InterBankFX as my broker. Still, for now I think i'll trade demo a couple of months just to see where I'm at. No sense in rushing things. :)

As far as this blog goes, I don't now how updates are going to be from now on. I think I'll just post when I feel like it, some posts may be the trades I take, some may have screenshots or not, and some may be just about me blowing off steam when stuff goes wrong. :) I will keep a journal though. I'll probably post a report here, at the end of every trading month.

Well, that's about it, the best comeback I came up with. :)

Happy trading!

Update March 07 2008

2008-03-10T01:32:00.001-07:00

Bullish signal at 11:30 AM GMT / 03.07.2008

Entry : 2.0135
SL : 2.0110
Target : 2.0200

Outcome: +65 pips

Update March 04 2008

2008-03-10T01:26:00.000-07:00

Bullish signal at 5:45 AM GMT / 03.04.2008

Entry : 1.9867
SL : 1.9835
Target : 1.9900

Outcome: -32 pips

Update February 26 2008

2008-02-26T02:12:00.000-08:00

Bullish signal at 7:00 AM GMT / 2.26.2008

Entry : 1.9659
SL : 1.9637
Target : 1.9699

Outcome: +40 pips

Update February 25 2008

2008-02-25T15:39:00.000-08:00

Bullish signal at 9:15 AM GMT / 2.25.2008

Entry : 1.9647
SL : 1.9604
Target : 1.9694

Outcome: +47 pips

Update February 25 2008

2008-02-24T23:32:00.000-08:00

Bullish signal at 6:15 AM GMT / 2.25.2008

Entry : 1.9661
SL : 1.9645
Target : 1.9695

Outcome: -16 pips

Ouch! Crash and burn...

Update February 19 2008

2008-02-24T08:53:00.000-08:00

Bearish signal at 8:45 AM GMT / 2.19.2008

Entry : 1.9465
SL : 1.9550 (ya, i know, it's steep. :P)
Target : 1.9400

Outcome: + 65 pips

Ok, ok, I know I was lucky. This is probably one of those trades I wouldn't have the guts to take If I'd be trading my own dime. :P . I entered (very!) late, aprox. 2 hours after the signal occured, most of the movement had happened allready. I had to leave home right then, so it was now or never. I took it, and kept it open over night. Guess I was just lucky. ;)

Anyway, after a wierd week, I'm back where I started. I've made no progress this week, but haven't stepped back either. I guess that's what happens when you get into something too confident... :) I'm hoping to keep it steady 'till the end of February, maybe catch one or two trades this week, although school and work will be something of a bother. :P

Good luck trading tommorow!

Update III February 18 2008

2008-02-24T08:46:00.000-08:00

Bearish signal at 4:45 PM GMT / 2.18.2008

Entry : 1.9509
SL : 1.9539
Target : 1.9450

Outcome: -30 pips

Got a little overconfident here. :)

Update II February 18 2008

2008-02-18T07:34:00.000-08:00

Bearish signal at 2:30 PM GMT / 2.18.2008

Entry : 1.9498
SL : 1.9531
Target : 1.9465

Outcome: -33 pips

Update February 18 2008

2008-02-17T23:43:00.000-08:00

Bearish signal at 6:30 AM GMT / 2.18.2008

Entry : 1.9603
SL : 1.9642
Target : 1.9565

Outcome: +38 pips (-44)

Ok after a week long break I'm back in the game. The reason I slacked off last week was because I was too lazy to get up in the morning. :D Well, this week I'm on a break, which means I don't have school or work! That means I'll have more time for trading.

Ok, now for a little confession: the friday after my last update here, on the 8'th, I took another trade later in the day, which ended up in a 44 pip loss. :P Since I forgot to post an update for that I'm adding it to this post.

Update February 7 2008

2008-02-07T00:09:00.001-08:00

Bearish signal at 7:30 AM GMT / 2.07.2008

Entry : 1.9599
SL : 1.9627
Target : 1.9571

Outcome: +28 pips

Update February 6 2008

2008-02-05T23:56:00.001-08:00

Bearish Signal at 6:45 AM GMT / 2.06.2008

Entry : 1.9641
SL : 1.9667
Target : 1.9610

Outcome: +31 pips

After my target was hit the price pushed downards 'till 1.9575 , lol. Anyway, I 'm happy with what i've got. :D

Good luck trading!

Update: February 5 2008

2008-02-05T02:31:00.001-08:00

Totday I planned on sleeping in after I went out last night, but luckily somebody woke me up just in time to catch a nice, but kind of risky trade. :)

The signal occured at around 8:00 AM GMT, and trading it meant using a big SL. If you use Fibbonacci, you would have noticed that the candle before the signal closed right above the 61.8 level, which is anything but encouraging. The second candle, which also gave the signal, opened under 61.8. On top of all this, we had a news event at 9:30 AM GMT, ( U.K. PMI service Jan ) which pushed the risk factor to the limits. I almost didn't enter the trade, but I said to myself that I'll stick around, keep an eye on the chart, and exit before 9:30. That was not the case.
I had to go out for about 2 hours. When I got back, the news came an went, without much hassle, and my trade was closed at +45 pips. :)

Signal at 8:00 AM GMT / 2.05.2008

Entry : 1.9722
SL : 1.9767
Target : 1.9677

Outcome: +45 pips

That's It for today, I'm off to work in a couple of hours,
hope I can catch one or two more trades this week. ;)

Good luck trading!

Update: February 1 2008

2008-02-01T00:09:00.000-08:00

Hello everybody.

After a hard week at work I thought I'd get up early today to see if I catch anything on the charts, and I got lucky. The signal was at around 7:30 GMT, before the upcoming news event at 9:30. (U.K. PMI manufacturing) There was time, so I took the trade.

Signal at 7:30 GMT / 2.01.2008

Entry :    1.9898
SL :         1.9880
Target :  1.9920

Outcome: +22 pips

That's it for today, I'm going back to bed. :))
Good luck trading!

Taking a break

2008-01-24T14:46:00.000-08:00

Hello everybody,

Sorry for the lack of updates around here, but I've just started my exams, and during the next month or so I will do very little to no trading. I've had quite a lot of work also, and the little time I had for trading in the morning and afternoon was spent catching up on the material for school. And there's quite a lot of it too. :)

As a quick and final update for last week, I've had one last trade, which ended in +36 pips, friday. I don't have any technicals right now, but overall, I'm on the pozitive side for my first two weeks since I've started trading this new system. :)

As soon as I finish with schoolwork I'll get right back on the horse, so ckeck back in a few weeks to see my evolution. I might take some trades during this period also, and I'll try to keep the blog updated.

See you again soon,
and good luck trading!

14 - 15 January

2008-01-15T22:23:00.000-08:00

First trade:

Signal at 12:15 GMT / 14.01.2008
Entry: 1.9629
SL: 1.9605
Outcome: -24 pips

Second trade:

Signal at: 8:30 GMT / 15.01.2008
Not taken!

Yesterday I had two exams at school, so that kind of hurt my results a little bit. I'll explain later. I took one trade the last few days, and sadly it turned out to be the wrong one, I ended up loosing 24 pips on the first trade. The second signal was also the 4H trend change and occured at around 8:30 am, when I was at school. :) This was a shame, because clearly this trade would have been a very profitable one. I've been trying to trade fx only part-time for now, but sadly I think that's not really possible, at least not on short timeframes like this one, where you have to be close to the charts all the time. You might end up taking more of the bad trades than good ones.

That's all for now, check back soon for updates!
Good luck!

Week review

2008-01-12T10:07:00.000-08:00

Well It was a short week for me, only got 2 trades, of which only one is legitimate. I'll explain below:

Thursday was a news day, as most of you know, so trading during that time was risky. According to the system I'm trading rules say that I must exit a trade before news.
I had two signals that day, one before and one after the news. I took the first one, and ended up closing on +14 pips. The second signal was right after thet news, but was canceled out by the fact that the MACD indicator was allready negative, according to Pip Surfer over at Babypips. So normally, acording to system rules, I shouldn't have taken this trade. But seeing how i was home at the time and thinking I might not catch another signal this week, I took the trade, and ended up with +50 pips on this one. Nevertheless, I was lucky and careless, and I've made a promise to myself to never break the rules again like this... next time I might not be so lucky. :) I just hope I can hold myself to it. Sorry for not giving enough details on this update, but i'm really tired from work and can't wait to get some sleep.

So basically that's it for this week, I've made 64 pips, of which only 14 are legit. :)
Have a great weekend and good luck next week!

2008-01-09T12:21:00.000-08:00

Apparently I missed my first trade... oh well, the next one will be the first. :D I was actually asleep when it happened, so I have an excuse. Quite a drop though, Pip Surfer over at BabyPips managed to score some pips off it, and I'm sure many other traders as well.

I'm pretty beaten after today, I didn't even realise how work and school could cut in on my free/trading time. The system that I want to trade does require some availability. Valid signals aren't cheap, entry time is tight... If I want to keep trading this I'll have to find some way to mix work with pleasure. Yes, that's right, I'm planning on trading from work... even if it means running MetaTrader from my usb stick! :D Just hope the boss doesn't catch on...

That's all for today!

Moving On...

2008-01-09T02:19:00.000-08:00

In this new entry I would like to lay out some of my trading methods, what system I use and how I plan and execute my trades. My past experience in the fx market is somewhat lacking, compared to some of the brilliant minds out there, but nevertheless I'll throw in my chips and give it a try. :) In the past year I tested a number of systems, and from the beggining I'd like to point out that if it isn't working, it's not the system it's you. There were systems tested and proved by others, with which I didn't have a great performance. The hardest problem I've come across since I began trading is finding a system suitable for me. Somehow, I always ended up braking the basic rules of the systems I traded, probably because I was to eager to get in the market, or to cocky to let go of a dying trade. Rules are rules. Do them justice and you'll benefit from it.

The system I just started using is none other than the famous Cowabunga system. You can find it here , where Pip Surfer keeps an updated blog with his trades. My biggest problem so far was respecting the rules, so with this journal I hope change that. Feel free to slap me around I you catch me off track. :) Complementary to the system there's one indicator with which I'm aquainted with pretty well, and which I'll be using, mainly to get additional information on the 4H chart: Fibo. The pair which I will be trading, if the blog title dosen't ring any bells, is GBP/USD. This is the pair traded on the Babypips blog and also one of my favourite pairs. For a while now I've traded japanese pairs, but I soon found out they don't fit my trading style.

Check back shortly for my first trade update!

What How Where When.... How

2008-01-08T15:16:00.001-08:00

Well like everybody else new in the FX market, newcomers have lots of questions. All I can say is that this takes time and effort to understand, never mind master. If you really intend to start trading currencies you will need something that nobody can sell you: experience. The only way to get that is to wait. I may sound like an old man wanting to share his knowledge, but in reality I'm warning you of a very serious threat: bankruptcy. You can loose money here faster than you can see it fly out of your pocket. That's one of the main reasons I;m still trading demo accounts and why I'm gonna keep doing so until I see fit. Nothing beats a few years experience in the FX market. Ok, fair warning given.

Now it's time to get to business (sort of speaking). How do you trade forex? What system do you use, how this works, where does that go, etc. etc. I'm not going to post here repeating what many others have already written. The main idea is that you have to start learning. And I mean learning. For me, the winter of 2006, when I first learned about forex, was harder, intellectually speaking, than my high school's diploma testing. Why do you have to learn? Because you need information. And information is the biggest weapon in the currency trading war. There's one place I recommend, which was my first site, If you haven't heard of it already, here it is: Babypips.com . Here, you will find everything you need to get started in the world of fx trading. A comprehensive lesson based tutorial,forums, daily updated blogs, basically what ever new trader needs to get started trading currencies. Done reading all that?
Good. Let's move on. :)

And So We Begin...

2008-01-08T11:50:00.000-08:00

Hello everybody!

... and welcome to the wonderful world of forex trading! Well actually... the not so wonderful, nerve wrecking, nail biting, money loosing, world of forex...

JUST KIDDING!
Well, if you got scared by that, forex probably isn't for you. :P The best way I can find to describe forex trading is that it's somewhat like a relationship with a woman: You keep loosing money with it, yet YOU STILL INVEST IN IT! Everytime you get too cocky, YOU ALLWAYS GET HUMILIATED! Like some women,FOREX TRADING DRIVES MEN NUTS (and leaves them broke)!
And so on, and so on...

Ok, let's get down to business...

What's up with this blog?
Another "how to" guide to forex? No, I'm not here to give any lessons. In fact, I'm better of getting some myself, lol! So why the blog then? Simple. After more than a year of up's and down's in the fx market, I finally decided to stick with a sistem for more than a month. This, for me, is the equivalent of getting married. I knew from past experiences that it's good to keep a log of your trades and stuff, so after some thought, I decided to make a public one. Here I'll mostly be posting my day to day trades, thoughts and everything I think holds some relevance in the forex trading field. I can't tell you how frequent I'll update my blog, hopefully daily, but because I've got exams coming up, and working part time, I can't make any promises. Unless I'm posting from work, then yeah, updates will probably come daily. :P

Check back a little later for details! ;)