AUD/JPY Signal Update

Just checking in again on the charts and was pleased to see that the last signal posted has gained over 60 pips on a break out of the signal bar high!

As indicated in my last post I did not take a position on this last signal. Nevertheless, it is great to see that the signal has played out so nicely so far.

I am now heading into the 'busy' season at work. I will only have limited time to be checking the charts for signals and my time for posting here on my blog will be limited. However, I will be doing my best to keep up with my analysis and blog postings as best I can so keep checking in as often as you can. I will be posting more chart analysis as time permits.

This is not a recommedaton to trade! duh! If you are trading, know your risk or use a demo account!!!


Happy New Year you all!!!

I am looking forward to sharing my blog with you all in 2010!

AUD/JPY Pin Bar at support

Last week came and went quickly for me. I was busy at work. Not much in the line of signals that I noticed during the free hours I had to watch the market until Friday. Here is a nice pin bar that formed at a support level. Similar bars can be found across a few different pairs. While the bar is not an actual piercing candle formation it is a strong looking signal being off a support area and closing well up into the previous candle.

I would be careful with this signal at next weeks open. Likely we will open with a gap and things will be a little unsettled on Sunday. Also this late into December signals may not be as reliable as market participation is at low levels due to the holiday season. All that said this is once again a very nice looking signal that I would be watching for as a rule.

This is not a recommendation to trade. If you are trading please know your risk or use a demo account.

Happy Holidays!!!

AUD/JPY Trade Status

The A/J demo trade from my last post was stopped out shortly after I moved to Break-Even.

I'll be having a look at the charts a bit later today as I have to go to work shortly. If I find anything I'll be sharing trade examples here so 'stay tuned'!

This is not a recommendation to trade. If you are trading know your risk or use a demo account.

Cheers!

AUD/JPY doji confirmation bar break-out - now what?

So far the confirmation bar break-out has offered up to 70pips from where I placed my demo entry.

So what are the options while this trade is still in play? Some may have taken profit on this trade already because they do not hold trades over the weekend. Others may have simply moved their stop loss to break-even or break-even plus a few pips. Some will do nothing, saying that they are comfortable with the risk and will simply wait to see if the trade will run or hit their SL where it is. There are many ways to handle a trade once it is in play and in profit.

I have decided to take half the profit and move to break-even plus a few pips. I am now in a 'free-trade' and what happens now will be either OK (hit break-even) or great (trade will run).

Have a great weekend!

This is not a trade recommendation. If you are trading know your risk or use a demo account

AUD/JPY Doji confirmation

So the next candle has closed above the doji high. This could be considered confirmation of a reversal. I have an example demo account trade shown in this chart with entry a bit above the high of the confirmation candle and a stop loss under the doji (200pips). The risk to the account is kept to under 1%. This is just an example of how a trade might be placed and there are other options to be sure. Another entry might be a market order (immediate entry) with a SL just below the confirmation candle. Others may use even still a larger SL if they can still keep the risk to a level they are comfortable with.

This is NOT a trade recommendation. If you are trading please know your risk or use a demo account.

AUD/JPY Signal update

Well if your in it for quick profits the doji at resistance signal today has already offered some nice pips! Todays candle has already been up over 100 pips since open!

Again there are many ways to have played this signal. You might have put a SL at the bottom of the doji and taken profit at a 1:1 risk to reward ratio. You could still be on the sidelines to see if todays candle gives confirmation to the reversal by closing above the doji high. You might have simply entered at market with a tight SL and may have now moved it to break-even or maybe just covered half your risk looking for price action to continue moving long allowing your trade to run.

However you may have played today's signal what is important to take notice of here is how market signals are seen by the many participants that make up the market itself. What I mean by this is if you are aware of what the market in general is looking for you should be able to get in the market in the right direction. Today's signal was simple but powerful - a doji candle at resistance. You now have good reason to study up a bit on candlestick reversal patterns as well as simple support and resistance concepts.

If you did not make pips off this signal don't dispare! For instance I did not trade this signal today because it is simply not the right time for me to expose my account to more risk. I have open positions that I am waiting to cover before I get into any more trades - that's just me. There will be more signals! As I said in my last post a strong way to play the doji at resistance is to wait for conformation - which is what we MAY get if the close of today's candle is above the doji high. Does that mean price will continue to the longside? Nope!!! But again it might just be considered a strong signal by many market participants and you've seen the power of market psychology at work today!

This is not a trade recommendation. If you are trading please know your risk or use a demo account to gain understanding.

AUD/JPY at a possible reversal level

I've been looking through the charts and found this retracement on AUD/JPY.
As you can clearly see the pair has been in an over all uptrend since early this year. Price action since the last pin bar has been up for days straight and we are now at a 50% retracement level on that recent price action. This current level is also a support level. Any attempt to go long here should have a generous SL placed below the recent (Aug-Sept) price action. In my mind this is in the neighbourhood of 400 pips at least (the red line for example).

This is not a trade recommendation. If you are trading please know your risk or use a demo account.

EUR/JPY AO signal break-out

The AO signal broke out and moved about a hundred pips or so.

I've drawn in some resistance areas. The first one might be a target if you had gone long on either the pin-bar candlestick or the AO signal. In order for price to continue rising we will have to break through the upcoming resistance areas and have them retest as support. Candle sticks may provide some clues if we move into those areas.

This is not a trade recommendation. If you are trading please use a demo account or know your risk.

EUR/JPY Daily Chart Update

If you played the break of the pin bar at support you could have locked in profits by now.

I've added the AO indicator again and it looks like the indicator will give a signal at the close today. Of course a signal is a signal and nothing more - it is not a guarantee of a successful trade.

This is not a trade recommendation. If you are trading use a demo account or know your risk.

FapTurbo - week one test results

Check out my Fapturbo results

Testing is still in very early stage (only one week running). Give the test more time to run. If you still like what you see use the link at the bottom of the page.

This is not a recommendation to purchase FapTurbo. EA testing should always be done on demo accounts.

EUR/JPY Daily Chart

Here is EJ daily chart.

November 3rd candle provided a range zone for many days.

A break-out (marked with a red arrow) below Nov. 3rd candle low signaled the market short. Price moved to the downside.

Last daily candle is a bullish pin bar at support. A break of the high of this pinbar candle could signal the market to move up.

This is not a recommendation to trade. If you are trading use a demo account or know your risk!

Support and Resistance Trading

A further word on support and resistance. In the above chart of recent EU action I have added a simple indicator that is supplied with the MT4 trading platform. It is called the Awesome Oscillator (AO). Spend a little time looking at the indicator and it is plain to see that you can not just buy when it turns green and sell when it turns red BUT combined with S/R and candlestick analysis we get some really strong and accurate signals (I've marked some of them on the AO with arrows). No signal will ever be right 100% of the time which is why we apply money management.

To sum-up - choosing strong signals combined with strong money management is key to successful trading.

This is not a trade recommendation. If you are trading use a demo account or know your risk.

Support and Resistance

Support and resistance (S/R) areas are where price tend to reverse. I have marked off what I believe to be some current strong support and resistance levels. Watching for candle formations at these areas can give your trading a boost. Of course sooner or later price will break thru these levels. When it does the level can change from support to resistance or vice versa.

All that said I see that the daily candle formation for EJ was a bullish piercing candle two closes ago and that it is at a support level. I have set a pending order in case price 'bounces' hard off of the support.

This is not a trade recommendation. If you are trading use a demo account or know your risk.

Trade Update. . .

Hi All

My Short Gold hit the stoploss for a very small loss to account. Not re-entering here.

Still in the E/J trade. . .

Price Action on the pairs I'm watching says. . .

Going short!

Gold really looking like it needs to close the gap.

I've gone short on gold for the close of the gap.

And I've raised my SL to lock in more profit on my long EurJpy trade since it is moving same as Gold. . .



This is not a trade recommendation!!! If you are trading use a demo account or Know Your RISK!!!!

EUR/JPY moving SL to Lock in Profit

EUR/JPY broke through a minor support level. I've moved my SL up to protect more profit. Gold gap still needs to close. . .

EUR/JPY trade update

I see that my trade is at a resistance level. Also I am noticing that these two pairs have been moving the same direction lately and I expect that gap to close.
So I have taken profit on half my open trade and moved to breakeven +4pips.

XAU/USD

I don't usually trade this pair (gold/usd) but this gap on the 1hr chart looks like something we've seen before. . .a gap that needs to close.

This is not a trade recommendation.
If you are trading use a demo account or know your risk.

EURJPY current position

So just to further explain what I saw this morning and why I entered I have attached the above picture of both NZDUSD and EURJPY. Those charts clearly show the movement of the two pairs I have traded over the last couple of weeks. I think we are now at strong support levels and that we will see a bounce to the upside so I've entered with a small risk to account. If I am wrong my stop will be hit for a risk to account that I am comfortable with losing. If I am right I'm not really sure of the TakeProfit (TP) just yet. If price action allows then next week I will be able to raise the StopLoss (SL) up to lock in some profit or at least less risk!

If you are trading please do so with a demo account until you fully understand how much you are risking when you place a trade. The above example of a trade is not a trade recommendation.

EARLY Long indications

Hi All

Did you miss me? LOL!

Looking at the charts this morning I've discovered that the gap on NZDUSD has finally closed and price is at a support level both on NZDUSD and EURJPY. This may be indicating a level for price to turn around. This is purely from a technical analysis point of view and in the face of the recent strong move to the downside any attempt to go long here must be met with stringent risk control. I have entered a small position long to test the waters.

This is not a trade recommendation. If you decide to trade please know your risk to account or trade demo.

EURJPY and NZDUSD Trade update

Hi all,

Last week I was in two trades which are now both closed. I was away from home and was monitoring my account via my mobile phone. I saw my NZDUSD trade was in profit by almost a hundred pips and decided to close the trade and take profits. At this point I am glad that I did because price has marched right back up and would have hit my trailing stop anyway.

As far as the EJ trade price action hit my stoploss that I had posted just above breakeven, so the balance of that trade is now closed.

All in all it was a good week for me. I hope you have done well also.

Current price action on EJ has been rangebound for the last two weeks or so. As I indicated in a previous post, price needs to breakout of the highs or lows of the November 4th daily bar before we have any hope of seeing a trend on the daily. The picture above also shows the daily bar I am refering to marked with red and green arrows.

For anyone interested in trading with automated software (known as an EA or Expert Advisor on the MT4 platform), I have purchased the FAPTurbo EA and have started a demo account on which the EA is running. You can follow the progress of the account at my MyFxBook page here http://www.myfxbook.com/members/andante9/fapturbo/7710
Should you decide to purchase the FapTurbo EA for your own testing purposes there are links on the bottom of this blog to take you to the site where you can purchase the EA. Don't rush into anything though, I have tested many EAs and most do not live up to expectations. For now you can keep an eye on its progress through the link I have given you above.

NZDUSD - Still Shorting

My trailing stoploss was hit overnight. I still think the pair will go down further based on the recent retest and failure to go back to recent highs (the price action that hit my stoploss overnite). I have reentered a short position, risk to account is minimal (it is about equal to the profit I already took on this pair).

This is not a trade recommendation. If you are trading know your risk or use a demo account.

Trade update NZDUSD - Managing the trade. . .

I'm up to my usual trade management on this one.

I have closed half the trade and moved the SL to BE. So I've now taken a small profit and am now in a 'free-trade' situation. I have also applied a 50pip trailing stoploss to this trade. I'm just going to let this one do what it will as it is late here and I'm headed for some rest. :-)

Just for the record I am still in the EURJPY trade and the SL is still as it was in my last update for that pair.

NZDUSD - Things that make you go hmmmm

This is not a trade recommendation.

A picture says a thousand words... I'm in and I have kept my risk to account very low.

If you decide to trade this use a demo account or be sure you know the risk to your account if your SL is hit. ..

Trade Management - Moving SL up to Lock in Profits

Here again is an example of moving the SL up past your entry point to lock in profits. If you've been following along you will know that I took half the trade off the table last week and then moved my SL to BE+4pips. This put me into a 'free-trade' position as my position was now risk free.

I have now moved the SL up to lock in further profit on this trade. Why now? Price is currently at a resistance level, if it does not break through then I am sitting just behind a support level. If price does move past current resistance then I would still be wanting to move my SL up to lock in profits, so either way its time to move the SL up in my opinion.

There are many ways to manage a trade and what I have shown is only one. Some people would have left the whole trade on the table and left the SL at original position (or maybe moving to BE) - closing their position when they see a reversal signal at substantial resistance levels. Another method could be to Take Profit (TP) at a number of pips that equals the number of pips that was originally risked, their TP level would have been set and the trade would automatically close at the specified TP. I personally do not like to use set TP levels because it limits the upside potential of a trade. Using a trailing SL like I am does give up some pips in the end but the trade could run into profit far more than I could guess - in a strong trend a trade like I am in could run for weeks!

To sum up trade management - there are many ways to manage a trade once your in. What I am showing is only one. What this method does is allow a trade to run. There is an old trading adage that goes: 'cut your losers and let your winners run'. The idea being that you do not know how far a winner will go and one good winner will make up for and even give profit over multiple small losses.

EURJPY Trade analysis

Price is moving in favor of this current position so far but as you can see there is a substantial resistance level to be broken (see blue rectangle on hourly chart)if price is to really break hard to the upside. Price is currently 'testing' the resistance level.

For now I will keep the current trade stoploss(SL) at breakeven (BE). If the price action (PA) breaks above the resistance levels indicated I may be moving the SL up to lock in more profits. Since I have already 'locked-in' profits on this trade AND moved my SL to BE I have nothing to lose by letting the trade do as it will :-)

Trade update EURJPY

Still sitting tight on this trade. NFP last Friday caused a swift move to the downside but price has not taken out my long trade just yet.

A quick glance at the daily chart indicates that the pair is has been ranging for the last couple of days. Maybe now that NFP is out of the way we'll see some better defined daily movement soon. I think we will need a break-out of the high or low of the November 4 candle before we can see any clear trending again.

When the daily is ranging like it has been, trades can still be taken from smaller time frames. . .I prefer to use 1hr as my lowest timeframe to keep influence of the spread to a minimum. However, if you are looking to trade 1hr when price is tightly ranging you can see that you need to 'lock-in' profits quickly. There is less chance of letting a winner run because price not really going anywhere. However it still is possible to watch for signals and using well controlled risk, take profits quickly.

I have not placed any new trades since the trade I am currently in. Work has kept me busy the last couple of days and the market has been ranging.

EURJPY trade update. . .

Last nite saw a nice move to the upside for the trade I showed last nite.
This morning I have closed half the trade and moved my stoploss to breakeven plus 4 pips. Best case the trade takes off and I trail the SL into further proft. Worst case I've made a small profit :-)

EURJPY Early Long Indication. . .

With the daily chart not giving any indication of price action I have 'zoomed' down to the 1hr time frame to have a look

Zooming down to the 1hr chart we will see that the last swing low has not gone below the previous swing low (see the highlighted areas on the chart above. Also, the last retracement is bouncing off the 50% retracement long as highlighted in the chart above. So overall (based only on this lower TF chart) my bias is long. Take this with a grain of salt because the last weekly candle was a bearish engulfing and we already saw that candle pattern work very well on the daily chart a few days ago.

All that said you can see that I have gone long here. This is a very early indication to go long and this is NOT a trade recommendation. My trade parameters dictate that I am risking less than 1% on the account if I am stopped out at this level. If you decide to trade based on what I am showing here please use a demo account or at least have a very good awareness of the potential loss to any account you are trading.

EURJPY No clear direction

The last formed daily candle has not given any indication of direction. The market is ranging. Todays price action did not break the highs or lows of the previous day.
Sometimes staying out of the market is the best option.

On another note the first friday of each month is NFP. NFP is a jobs report and usually has a high impact on the markets. I think alot of traders are now waiting for the NFP announcement to see if a market direction will show itself.

EURJPY Candlestick analysis

Well we did not get the close 50% up into the body of the previous day that we were looking for which would have created a piercing candle. Instead what we ended up with is basically a 'spinning top' although a spinning top generally has a small body with long wicks on either side. The spinning top represents indecision between buyers (bulls) and sellers (bears) and as a result is a fairly 'neutral' formation. We will have to wait for the next candle to see if any direction becomes apparent.

EURJPY Analysis

The last trade setup did not trigger and last Friday saw a strong move to the downside. Any pending trades based on previous analysis should now be cancelled.

Todays open candle opened with a gap to the downside and then continued into a strong resistance zone. Then price moved swiftly up from that zone and closed the open gap. Experienced trades could have taken advantage of the this movement and made a nice profit.

When a candle opens below the close of the previous day and then closes up into the previous days candle AND closes 50% or more up into the candle it is a 'Piercing Candle'. The piercing candle is another japanese candlestick formation and is considered a reversal candle especially when bounceing up off of a resistance level. The further past 50% the candle goes into the previous candle the stronger the signal is considered. Of course if it goes beyond the previous candle open we will have a 'bullish engulping' candle.

So we will see what the close of this days candle will bring and then make a decision on what play to make if any.

Of note also is that the we are now starting not only a new day, but also a new week and indeed a new month. At this time we should consider the weekly and monthly charts for candlestick formations that may signal us to upcoming price action :-)

EUR/JPY Daily candle

The newest EJ candle has formed a candle that looks alot like another classic reversal candle. When a candle opens BELOW the close of the previous day and then closes more than half way up through previous day candle THEN it is called a piercing candle. The candle that was just formed did not actually open below the close of yesterday's candle, so it is technically not a piercing candle. However, I think that it is so close that is may be perceived and treated as a piercing candle.

Being that it is not actually a piercing candle I am not buying it at market price. Rather I am looking for the candle to 'prove' itself by placing a buy stop somewhat above the highs of the last two candles. I am using a 'buffer' that is about the distance of the ATR(14)/10 which equals about 16 plus the spread of 4. I know this sounds a technical and stuff but really its just a way of finding a comfortable 'buffer' distance for my buy stop. I am also using a SL based on the ATR(14) so my stop is 160 pips and the lot size has been adjusted so that I am comfortable with the risk to my account.

This is not a trade recommendation. Should you decide to trade be sure to use risk management or use a demo account.

USD/CAD and EUR/JPY Live trade update. . .

So far FX trading has looked very easy. Luckily I've decided to start this blog just at the right time and a great setup came our way! If you are not new at trading FX you will know that it does not always work out this great. If you are new and have learned something. . .well that's great because that is my goal - to help anyone interested in learning. Remember though that risk control is of utmost importance if you do decide to enter the market. Never risk more than what you are comfortable losing, period.

The above picture shows my current position in U/CAD and E/J both have moved very nicely in the predicted direction and both have profits locked in. Currently I am using a trailing stop (TS) to follow the price action. There are more than one way to use a TS. For instance if you get into a trade and it moves nicely in your direction you may want to manually adjust your trailing stop. When you do this you might choose to set the stop behind resistance or support areas that price action (PA) has recently passed - the idea is that once PA has passed such an area it will have trouble bouncing back to take out your position. Another way to use a TS is to set a TS based on pips in profit. You can do this on your trading platform if you are using MT4 (and many others). What I have done in this instance is use a TS based on pips in profit using a distance determined by an indicator called ATR. ATR stands for 'average true range' and can be used as gauge to tell you how many pips the market is moving at any given time. ATR calculations are really not that important but if you need to know just look on the net and you will easily find how it is calculated. As I said I am using it as a gauge of market movement at any given time. The whole point of this is that I have been using the daily ATR(14) as a TS for the past while to try and let the two trades run as far as possible before taking profit. You will see in the above picture that this method has served me nicely in this case. . . one note on using TS on the MT4 platform - your computer must be running as the trade progresses, if not your TS will not be updated!

Look for good trading setups and control your risk. . .

Live EUR/JPY trade

This is how I entered the market based on the bearish engulphing candle we spotted earlier.

At the close of the candle I placed a sell stop order just below the low of the signal candle. Of course I did use a stoploss and my lot size was small enough to keep the risk to the account well under 1%. So the idea is that the candle would be a strong signal and that price would continue to move down, which is what happened. Today I saw that my trade is in profit and I have moved my stoploss towards the current price. This has effectively 'locked-in' profits and I will continue to move my stop if the price continues to move down.

I could of course also simply close the trade now and book the profits at the current level. There are as many ways to manage a trade as there are traders. Another way some people use is to close a portion of the trade and then trail price. You will have to find out what you feel comfortable with. The method I am using gives the trade potential to run into higher profit than if I chose to close it at any given point, the trade-off is that I will lose any of the pips between the current price and my stoploss when price does stop me out.

Forex Entry Signals - EUR/JPY Continued. . .

So we got a nice looking signal on the daily chart - now what??? As it turns out after the signal we spotted price did move down (this does not always happen, which is why we use stoplosses!) - so what are some possible entry points if you had wanted to take a short(sell) position?

In the above chart you can see the daily chart on the right with the previously mentioned signal bar marked with a triangle. The chart on the left is a 1 hour chart and I have marked some potential entry points which occured the day after that could have been used and depending on your trade management all three could have booked profits. With practice you will learn to see these entry points. . . and again I think having a look at japanese candle stick reading would be helpful. The idea would be to place a sell stop order just below the low of the hourly signal candles. Many people will place their stoploss just above the same signal candle. It's really up to you though just be sure to use proper risk control, as I said earlier not all signal candles will play out as nicely as this daily candle did.

Did I take a trade based on the daily signal candle we saw? You bet I did! I entered on a break below that original daily candle. Check out the next post to see my play on the signal. . .

USD/CAD update - moving stoploss to protect profits

This is an example of moving the stoploss up past the entry point (break-even point) to 'lock-in' profits. Now if the price should move lower I will still be in this trade unless it moves all the way to my stoploss. Of course I am looking for the price to continue in my favor and that is why my stoploss is not closer to current price action.

What is a Forex entry signal? EUR/JPY example

There are many ways to determine entry signals in forex. Some people use signals generated by indicators or moving average crosses. Other people rely soley on price action. The above is an example of a price action signal. The candle that is forming now is considered a reversal candle using the art of japanese candle stick reading. Rather I should say that if at the close of this bar it still looks like it does here then that would be a signal to consider short (sell) entries. This type of formed bar is called a bearish engulphing bar and may indicate a reversal of the up trend. Have a look back thru your charts and see how often the signal holds true. Read up on the art of japanese candle stick reading, I believe it will be worth your while.

This not a recommendation to trade this signal, however if you decide to play it after the candle has finished forming either do so on a demo account or if your trading live be sure to apply proper risk management.

Why trade Forex?

I trade forex because of the leverage. Again for a very small upfront investment I can control a large position. I would like to say that there is no commissions but since you 'pay' the spread on all your transactions I really can't say that. However, it does seem like a painless way to pay to play.

Key to taking positions is understanding how much you are risking when you entering a trade. This is a great reason to trade demo for a while, it will help you to understand what different lot sizes over different pip amounts will cost the account if the stoploss is hit while the trade is not in profit. For instance if .01 lots result in 10cents/pip then a 100 pip stoploss against my position will cost me $10.00
So if I want to keep my risk down to say 1% for any given trade I will need to have at least 1000 in my account for every 100pips risked at .10/pip. Once you have mastered how much risk any given stoploss represents to the account you can beging looking for entry triggers.

USDCAD Update

I don't want to see a trade that has moved this much in my favor to turn into a loser so I've moved my stoploss up to break-even +4 pips.

Current Forex Trade

Currently I have a position in USDCAD (closed at 1.0523 on friday). I've gone long at 1.0357 and my stop loss is currenty sitting at 1.0187 (170pips). If my SL is hit my account will lose less than 0.5%

Why am I in this trade?
To be sure the current trend for this currency pair is down. However we are at a substantial resistance level which is apparent if you look at a weekly chart. I am looking for this pair to take a bounce up off this resistance level. If this happens I have the option to move my stoploss up to lock in profits.

This is not a trade recommendation.

How do you get started?

There is ton's of information available on the internet. A great site for learning about investing in stocks and options is Investopedia.com, at this great site you can learn all kinds of things about investing from basic definitions to trading systems. Investopedia also has a fantastic trading simulator you can use for free. Create an account and join a game in the simulator and start to practice trading.

An excellent source for learning the ropes with Forex (FX) is babypips.com here you can learn alot of the basics regarding forex for free. There are also free public forums regarding forex trading, ForexFactory.com (FF) is a popular one that I have been posting in occasionally over the last 1.5years or so. My handle on FF is andante9.

It is a simple matter to set up a demo account in which you can practice trading forex. Just visit a broker site like FXDD.com and download a demo. Metatrader4 (MT4) is a very user friendly trading platform and is easy to set up.

A demo is a great way to learn the basics of what types of trades are available and how to place and modify and close trades. Make no mistake though there is a big difference between demo and live trading. First of all the demo feed is slightly different then the live feed - but that is not the main issue. In reality you will be dealing with the pyscology of live trading - mainly fear and greed. These are the enemies of a trader and when you go live you will learn all about them in great detail. For instance check out this link it is an online account anaylizer to which I've attached a demo account https://www.myfxbook.com/portfolio/members/andante9 In this account I've taken a demo account from 5000 dollars to over 7500 dollars since August. Why then can't I do this in my live account? Well fear is the answer here. You see in this demo account I have been trading with no stoploss so I could lose most of the account with one bad trade. (edit: I hit that one bad trade! LOL! There are other accounts there with better money management)

All that being said if you want to trade/invest read as much as you have time for and set-up a demo account and start practicing while you save for a live account.

Why This blog?

I've been working on investing for some time now. I will be using this blog to share what I've learned. Forex has been the center of my attention for the past two years. Currently I have a Forex trading account with FXDD. Also I have investment accounts with two other brokers. I am currently opening a Tax-Free Savings Account (TFSA) at one of my other brokers as well. TFSA's are a great tool for generating interest and capital gains because, well you guessed it, they are tax-free! The FXDD Forex account has been my focus for sometime now.

Let me say right now up front that I am no guru. I simply want to share what knowlegde I have gained with anyone who is interested. My purpose here is not to give anyone direct trading advice. Please do not mirror my trades. I am not responsible for anyone's trading success or failure, they are - just as I am responsible for my own success or failure. However I will be sharing positions that I have taken for the purpose of keeping a record of the thought process and reasoning, at least I hope there will be some reasoning!

Thank you to anyone who particpates in this adventure with me. Trading and investing will prove to be a life-long learning experience I'm sure.

1

Getting Started is the hardest thing to do.

Dan