INO TV is offering 3 free trading videos from the seminars of Jack Schwager, John Murphy and Jake Bernstein. I am not sure how long will the offer last, but, the key point is, it is free now, and I have spent some time watching these videos over the weekend, good stuffs.
Just sign up the the free trial account, immediately you are able view the 3 free videos. Enjoy!
Adam from Market Club prepared a video to discuss about how to use stops effectively to lock in stop. Well, I thought it is a good idea to recap somethings that you might have forgotten.
If you are not using stop today, then my friend, your trading career is going to be very short, and that’s not the purpose of the game..
Some of you might have already watched this video. I found it to be inspiring. 5 minutes, is all it takes to inspire you.
Here is an example of how you can use pivot and Fibonacci to trade currency. Pretty straight foward. We sell short at resistance levels. As a rule of thumb, don’t look for a specific price level, instead, we are playing with the price zone, or some say price range. No magic level in the market, but resistance zone. blah blah blah….you got the point, didn’t you? Probably, I shall make a video later to show you some trade example…
Here is the chart….oh, in case you wanna know, this is AUDUSD…
Again, I am sipping my daily morning Long Black..and I am going to share some thoughts here. NO..not about the bail out things. I don’t care. Market will go wherever it wanna go, do you really think the bail out package will turn the shitty market condition around? uhm…whatever…
Ok, my fiancee and I take Tram (One of the most crappy public transport in Australia, if not in the world..:lol: ) to work every morning. I noticed some interesting behaviours.
Everytime when you hopping into the Tram/Bus/Train/MRT..do you normally take the first available seat? or do you just keep walking towards the end of the carriage to look for the ‘BEST’ seat?
There are 3 types of people. 1, grab the first opportunity in front of him, grab the first available seat (Nah, I am not asking you to fight with the 70-year-old mama for that seat). 2. Keep walking , keep thinking of there’s a better seat at the end. 3. Just keep walking, just being blind of everything.
Type 2, and 3 normally will hit the end of the carriage, and realise, ‘there’s no more seat!’. While the type 1 might miss some ‘better seat’ though.
Nothing is absolutely right or wrong. But do these 3 types of passengers remind you of trader personality? Which type of passenger are you?
Just another piece of rant before I finish my coffee..
I have been busy with my day job and struggling to have sometime in finalizing my trading system. That explains why posting has been lagging. Anyway, I hope I can get back on track soon.
In the August version of Currency Trader magazine, Ken Jakubzak was interviewed. There are a couple of points which I pretty much agree with him..
it was a major shift for the currencies.They dont trend like they did in the 1980s and early 1990s.Look at the overall trend of the Euro (Figure 2). It hit a bottom of roughly .8600 in 2001 and now it trades at 1.5600 (as of July 7). Thats a move of 60 handles (one handle = 100 points, or pips). But it took seven years to get there.
If you want to say thats a long-term trend, then good luck trading it. In December 2004, the Euro hit a high of 1.3660 and then dropped to 1.200 a year later. Thats a drop of 16 handles (1,600 points). Do you want to ride that down?
My point is that there are no long-term trends in the currencies anymore. They may go up 10 to 12 handles, but they will also drop almost as far. You can make some money using a trend-following approach in currencies, but youre not going to find big trades like you can in grains or crude. Also, 90 percent of all trades are losers. The other 10 percent should make your year and if they dont, then youre going to lose big. Its very difficult to trade that way.
Full article can be found here
