Forex VPS

For me, a Forex VPS (Virtual Private Server) is a must have!

What is a VPS?

A Virtual Private Server is a "virtual computer" that runs somewhere in a "server farm"
and has reliable fast internet and reliable power, 24 hours a day, 7 days a week.

Simply put, it's like renting a computer that you can log into any time you want, from anywhere, and it's much cheaper than buying a dedicated computer!

You simply use Remote Desktop Client (RDC), a program that you comes with Windows, can be downloaded with Android, and yeah, you can get it for apple products too.

All you do is provide the IP address of your Forex VPS, which your VPS host assigns you and then you are logged in and looking at another computer from your desktop.

Here is what it looks like:



VPS Login



Logged In

VPS Full Screen

As you can see, I windowed the VPS so you can see my computer's desktop with MetaTrader open, and the VPS logged in with a second Metatrader login.

Of course you can Maximize the VPS, in which case it will simply take over your desktop.

Forex VPS Advantages

You might think that keeping your computer on 24x7 is just as good but the problem is that your computer will suffer from power outages, internet outages, router problems, and if you use it while trading, you might crash it or performance will decrease.

With a Forex VPS you can simply leave your trading platform running 24x7 and log in at any time, worry free, knowing you are safe from power outages, power surges, internet outages, and performance issues.

You can log into your Forex VPS from anywhere in the world and continue where you left off.

At one point I had 6 computers running at home dedicated to Forex and the biggest problem I had were power surges and internet issues at the absolute worst times.

When you are traveling or are away from your home, you can rest assured you can log in at any time and continue your trading.

You can set up alerts, use trailing stops, and run Expert Advisors (EAs) to alert you of trade conditions.   I have a Forex Robot running 24x7 that Monitors my Trades and alerts me of conditions I have programmed.

The cost is quite low, much lower than buying a dedicated trading laptop.

For more information about Forex VPS Hosting Click Here

Know All The Facts

Too many times traders jump the gun and enter a trade, often despite a gut feeling to stay away, only to ride an emotional rollercoaster until finally that stop loss is hit.

Knowing When to enter a trade is important.   Knowing when to stay out separates you from 80% of traders.

There are three things in life...

1. The things you know you know.
2. The things you know you don't know.
3. The things you don't know that you don't know.

The third one will kill your trading account!

The Best Time to Trade Forex

So you are trading or thinking about trading Forex.   Perhaps you have a busy schedule and can't seem to be there for the big moves.

What is The Best Time To Trade Forex?

Forex Market Hours (Eastern Time GMT -5)
Copyright www.forexmarkethours.com
 

Well, when do you have time to trade?   That would be the best time.    Granted if you can only trade in what I call the "dead zone" when the US market closes and there is a break until the Asian Session opens, you might say you cannot trade.

Dead Zone

Where there is a will there is way...   If you are unable to make a live trade then start thinking bigger picture and entry orders.   You could study the technical (and fundamentals) to determine possible "future" trades.  Either wait and monitor for those conditions, set up Alerts to notify you, use EAs to notify you (or trade), or use entry orders.   I remember a time where I started trading and my Forex Coaches didn't even know how to use entry orders (they only knew what they knew) and I ended up using them quite successfully by studying technical patterns and determining possible entry points.

Asian Session

The Asian session is said to be the slowest session and the Japanese Yen Pairs are known to have the most volatility and swings.   (Translation, use a bigger Stop Loss, and Take Profit).   It is not for beginners.    Is it for you?  It might be. There are many successful traders that prefer this session.

European Session

The European session obviously favors European Currency Pairs and does overlap with the Asian session as well as the US Session.   The latter, the end of the European Session and start of the US Session does see the most volatility and is a favorite amongst traders.  Beginners are advised to close their trades or lock in their profits (set Stop Loss to Break Even or a profit) prior to the US Session open due to volatility and upcoming US News.

US Session

The US Session Open is the most heavily traded session.  Whenever there is US News, the Forex Market moves.   Add to that the end of the European session and you have yourself a great session.  Careful though. The news can quickly see your profits tumble.   Beginners are advised to trade 1 to 2  hours after news releases.

Events 

In addition to Session Times, you should pay attention to the following:

• Public Holidays - US, Europe
• Festive Seasons - Thanksgiving, Christmas, Easter
• News Releases - High Impact, see www.ForexFactory.com
• US FOMC Meetings - High Impact
• EU ECB Meetings - High Impact
• Rate Decisions - All Currencies
• US NFP (Non-Farm Payroll Report) - every first Friday of the Month
• Breaking World News
• Vacation Times - Traders need to take a break too. 
• Lunch Times - Traders need to eat too.
• Football World Cup - Traders love Soccer!

Day of Week

There is an old saying, never buy a car that was made on a Monday or Friday.  The thinking behind it is that Mondays people are getting back to work, after a weekend, and are just getting back into work mode.  And on Fridays people are ready to call it quits and enjoy the weekend.

The Forex Market too in my experience has the Monday blues, that is it is slow to start and finding direction.   On Fridays traders are exiting positions or taking more risk.

I have to admit I am guilty of sometimes trading Monday or Friday.  Sometimes successfully, but more often than not I make bad trades or set myself up for a lousy weekend.  Nothing worse than having a great week and then having your profits disappear on your last trade before the weekend.

Forex Market Hours

So what times do these session start, stop, and overlap?  Have a look at the Forex Market Hours website.   It adjusts based on daylight savings time and gives you a nice graphical overview.  To be honest, I still use it from time to time as I travel a lot and like to get a visual of the market hours in my local time, wherever, whenever.



Forex Market Hours (Eastern Time GMT -5)
Copyright www.forexmarkethours.com

Survey - Automated Trading

I have been coding Automated Strategies for 7 years now.  I don't always use Automation to Trade but rather to alert me when trading opportunities present themselves.

 

Backtesting the profitability of certain conditions, pay off factors, and consecutive wins of course help in determining the best strategies to employ.   

The purpose of this survey is to collect and share (successful) trading strategies.  

Results will be made available to the public.

https://www.surveymonkey.com/s/6HPWPLP

MetaTrader Default Templates

There are a couple nuisances that really annoy me with MetaTrader.

1. Default Template when creating a new Chart
2. Default Template when using strategy tester

It's somewhat of a hassle to always need to change the default template when creating a new chart and especially when performing many backtests with MetaTrader's Strategy Tester.

But there is good news...  You can set the default template to use for these!

To set a default template for new MetaTrader charts

1.  Open a new chart
2.  Apply your template
3.  Save the template as "default"

Any time you create a new chart, the "default" template is automatically applied.

To set a default template for Strategy Tester charts

1.  Open a new chart
2.  Apply your template
3.  Save the template as "tester"

Any time you backtest an EA with Strategy Tester, the "tester" template is automatically applied.

Taking a Time Out

Some days I am glued to the market and trade consistently every day. Other days I take a break.  And sometimes I just take a few days or a few weeks off.  I haven't made any trades since Christmas.  After coming back from Cambodia I just couldn't get into it.   It's kind of hard with the great weather we have been having too. hehe

It's almost been a month.  Is that a good thing?   That depends....

If you are not able to walk away from trading then you should be careful.  Trading can be addictive.  You should take regular breaks.  Just like working out or with sports, when you take a break, you let your body (in this case your mind) recuperate.  It's good to charge your batteries.  And when you come back, you will find that you are able to push yourself even further.  

After 2 weeks without yoga, not only was I able to get right back into it, but I found myself pushing myself harder and make major improvements.   My teachers and fellow yogis also thought so.

With trading it's the same.  Taking a break and coming back with a fresh outlook and clear mind is great.

Of course you also need to be able to financially support it.  If you are in a situation where it is trade or not eat then you should look at getting a job.  As a trader you should have 1 or 2 years worth of funds to live worry free.

The difference between pro and hack

Digital Nomad - Check List

So you are going to travel and live abroad, perhaps trade Forex, and you are not sure what to bring and want to plan ahead?

1. Passport - Make sure you have plenty of pages and time left.  6 months before expiry it will not be accepted.  You can get it done abroad but that might take a month, during which time you cannot travel anywhere.  Be sure to have a photocopy of your passport and digital scan saved online somewhere along with other id.
2. Visa - Always check the visa situation, it varies based on your nationality.  There are Visa On Arrivals, Visa Exempt (On Arrival), and Visas you can apply for in advance at an embassy in your home country or another country you are visiting.  It is important to know how long you can stay and how it affects your travel plans.  Too many Visa Exempt Stamps can be frowned upon. And once you leave the country, your visa is void so if you are planning on doing a quick getaway for a weekend make sure you know how it affects your current visa. 
   
   For Visa On Arrival (VOA) you may be asked for US$ and exact change.  With no ATM or Currency Exchange in sight.  Be prepared.    US$ is still king in most South East Asian countries when dealing with the government because their local currency is not considered stable or trustworthy.
3. Money - I try to have at least a little bit of money in the local currency but often just exchange at the airport or once downtown.  Depending how much money you are going to exchange it can be a big difference.  For short trips I just exchange at the airport of the country I am going to.  Longer trips, which require more cash, I shop for the best rate.  You can use your bank card too but it will cost you like $5 ever time, so take out big sums, plus you get a lousy exchange rate but it's safer than carrying a lot of money.  Be sure to use ATMs at banks or shopping malls, and not some hole in the wall place and check the card reader to make sure it's secure in place and cover your pin.  You don't want to be a card skimming victim.
   
   Also be advised that some countries may ask you to show funds, in cash.  I personally haven't been asked but I don't look like a poor back packer.  On the flip side, overdressing may give suspicion that you are working in the country. 
4. Internet - The first stop after I arrive is to get a local sim card for my smartphone with an internet plan.  I have never paid more than $10 for a couple weeks.  Sometimes as little as $5 for a month with 4GB data.  Of course I also make sure my accommodation has internet.  However for short term stays the wifi can be spotty so I have my phone as a backup and can tether the connection and share it with my laptop if I have to.  Make sure your phone is unlocked or just get it unlocked when you arrive, it's usually very cheap in South East Asia.
5. Accommodation -   This for me is the toughest one.  For long term stays I must have certain comforts, be away from crowds, good location, but quiet neighbourhood.  For short stays the location should be walking distance from transportation.  If you intend to stay longer then get a guesthouse for 3 to 5 days and extend it if you have to, until you find a long term stay.  The longer you stay, the better the deal.  And paying your entire stay of several months or year in advance gets you a better deal too, however I find it gives me less control and leverage, and I don't want any drama if the landlord disappears.
6. Be Flexible - It's best to have a rough plan with rough travel dates. I typically just book my next trip, in and out of the country and keep my options open when I arrive, booking only a few days in a city in the event I don't like it.  Bus, Train, and Air Fare is usually very cheap when you arrive so you can travel within a country on short notice.
7. Transportation - Personally I like to get around without tuk tuks or taxis.  Either on foot or in big cities by subway.  My favorite is motorbike.  They are cheap to rent (and buy), cheap to maintain, good on gas, and so much quicker and easier to get around.  Make sure you have an international drivers license and inquire about the local laws.  Without the proper license you will be held responsible for any accidents even I you are not at fault.
8. Insurance - Travel and Accident Insurance is a worthwhile investment.  Be sure you are covered, at least with basics in the event of a serious accident. 
9. Immunization - I am somewhat skeptical of immunizations but you should inform yourself several months before your trip on what's required.
10. Medication - Pharmacies are available everywhere so I just have some aspirin or vitamins for travelling to boost my immune system, but honestly I just eat a lot of fruit these days.  If you have any prescriptions make sure you stock up and inquire abroad as soon as you arrive.
11. Food - Most food is safe, just use common sense.  Ease into streetfood if it's your first time.  Eat where there are a lot of people and keep an eye on food preparation.  "medicinal" alcohol is a good idea too sometimes.  
12. Laundry - Often quite inexpensive, I prefer to do my own, it's quicker and without hassles.
13. Clothes - It's often best to come with as little as possible and to travel light.  Shoes, underwear, and socks are the only items most travelers have a difficult time finding because of quality and size.
14. Local Language - The funny thing is that if you don't speak the local language fluently, nobody cares or understands you anyway when you try and learn.

Digital Nomad Report - Cambodia

The last two weeks in Cambodia have been interesting.   Phnom Penh, the capital and biggest city, ended up to be very disappointing, and Siem Reap, the small city that hosts Angkor Wat has been surprising.  btw, the name means "Siam Defeated".

If you are a digital nomad, that is an online worker that can work anywhere in the world, provided there is an internet connection, then Siem Reap is worth exploring.  It is relatively inexpensive, albeit Thailand, which is far more developed, might be a better and just as inexpensive option.

The upside of Cambodia is its downside, it is a developing country and decades behind its neighbouring countries.  You can get a meal for a couple dollars and rent a big house quite reasonably.  In Siem Reap aleast.  Phnom Penh was expensive, dirty, and completely unappealing, but don't take my word for it, see it for yourself.  I would say a day in Phnom Penh is enough.  3 days in Siem Reap, and then see Vietnam or Thailand.

Internet is fast, accommodation is reasonable, food is good and healthy.  The language is a little harsh, I suppose I now know how German sounds harsh to a non-speaker.  You also have to bargain and watch out for scammers looking for a sucker to overpay.  Especially tuk tuk drivers.   Seems the locals just look at foreigners as ATM machines.  Worse than in Thailand.

What's better than Thailand are the quality of foreign travelers.  It's not a "Party Destination" so it's nice to sit in a Café and talk to fellow travelers, instead of avoiding drunks looking to party.

The visa situation is good, and the US$ is the currency of choice here, but be careful bringing in your bills.  Any small rip and it won't be accepted.

I would consider Siem Reap my Plan B should I not find another place in South East Asia to live.

It doesn't matter...

 

 

If you have had some bad trades, perhaps a bad year, then read this every day.  And if you have had a great year trading, guess what, you too should read this every day.

 

As quickly as you can make bad trades again and again, your good trades can turn bad.  When it comes to trading you can't base your future performance on past results.   If it were that easy then we'd all be retired millionairs.   The market changes, the games changes, you change.

 

All you can do is live today, plan for today, trade today, and constantly re-evaluate your performance. With every new day, new trading opportunities present themselves.  You decide choose and act on them.  Or perhaps you don't.  What's important is that your make more positive trades than negative.  Who care what trades you missed out on. Away with the would have, could haves, and should haves.   Sometimes you trade. Sometimes you don't. If it doesn't feel right, don't do it.  Don't babysit the trade, and don't worry about anyone elses performance but yours.  

 

I wish you a Happy New Year and Lots of Success in 2015!