Monday 29 June 2015

Walk The Walk

A couple of months ago I set up a Managed Account and shared my results on MyFxBook.   It has been up and down.  That's the real world for you.  

The real deal is that you can't just walk away from a managed service.  And you gotta be careful with anyone offering a pie in the sky real service with results too good to be true.  "Past Performance is not indicative of future results."

If you have a closer look at my results you'll find that some strategies and currencies performed better than others.  One strategy in particular has been constantly making gains.  Others have not.   Not a problem.   I have updated the Managed EA and will review again in a month.

This is the real world.   When you get knocked down, you get back up.  And you learn from experience.   All that matters are the results.


Thursday 25 June 2015

Add a Little Spice

It's not easy trading from your home in a tropical country.  Most people think "Wow, what a good life" and don't realize it's not that easy.  It's hard enough trading in a Western Country from your home.   Having an office sure helps, to divide your life and work world.

I have to admit, life is good.   I'll take hot over cold any day.  But when it comes to trading I like to be in a cool room, have a desk, or kitchen table.  Lately I have been struggling with the temperature so what I do is go for some spicy food.

You know you gotta add some spice to your life.  To your trading. 



Sure I could cook myself but that motorcycle drive sure cools me down, that spicy food gets my metabolism going, and I feel refreshed coming back home.  Of course I usually have to hit a cold shower cause it's always hot and humid here.

The point is, add some spice to your routine.  Just sitting at home all day and raking in the pips and dough doesn't cut it.

Monday 8 June 2015

Auto Trendline Indicator

Here is a handy MT4 indicator to auto-color your trend lines AND make them visible only in the timeframe drawn or lower.

  • Applies Bearish Color to trendlines drawn downward
  • Applies Bullish Color to trendlines drawn upward
  • Applies Bullish Color to lowest horizontal line
  • Applies Bearish Color to highest horizontal line
  • Makes trendlines and horizontal lines visible only in timeframe drawn and below
  • Higher timeframes have thicker lines
  • Object Description updated with Timeframe Short Name
  • You must enable "Show Object Descriptions" on the chart properties to see the timeframe text.
For example, if you draw trendlines in the M15 time frame, they will not appear in higher timeframes such as Daily. This allows for "cleaner" charts as trendlines/horizontal lines from lower time frames do not clutter up the higher timeframes. You also save time not having to change colors and widths.

 
 


 

 
Attached Files
File Type: ex4 FTAutoTrendlines.ex4   9 KB 

Monday 1 June 2015

Forex is Gambling

Many times when I tell people what I do for money, they respond saying "Isn't that like gambling?"  And I laugh and tell them

Forex is Gambling
IF you don't know what you're doing!


 
You know what else is a gamble?
  • Driving a motorbike if you don't know how to drive... without a helmet... in Rush Hour Traffic...
  • Taking out a Mortgage when your company is downsizing
  • Bench Pressing twice your body weight without a spotter
The thing is, anything in life can be a gamble.  It all boils down to "Risk", understanding the Risk, the Reward, and making educated decisions based on experience and probabilities.
 
Driving a motorbike for the first time without a helmet in rush hour is a bad idea.  The risk is quite high.   What happens when you take motorcycle lessons, ride in the parking lot with a helmet?   Your Risk goes down.  Add hours of riding experience, days and weeks of practice, and now you can ride the main roads, and soon the express way, in rush hour. 
 
Trading Forex comes with its risks like anything else in life.  You're obviously not going to take your entire pay cheque and put it in one trade.   You're going to get lessons from a Pro.  Get some coaching.   Practice, Practice, Practice.  And start out small, just like riding side streets, you make small trades.  Slowly graduating to the big boys club.  Perhaps you'll upgrade your motorbike and get a bigger bike, perhaps you'll get more lessons, or you'll be happy driving a middle of the class bike for the rest of your life, as you are content making small profitable trades consistently. 
 
Anything in life is a gamble, if you let it be a gamble.   So don't let it be a gamble.   Education pays. Many times over.   So do yourself a favor and get a Forex Pro to teach you.  If it's not me, then someone that you can relate with.