The Revenge Trade

Funny how you can make stupid mistakes over and over again and then you're -100 pips quicker than you made the last 10 pips.  It's a roller coaster isn't it?

It sure was for me this week.. it's like putting your hand in the fire and after realizing it hurts, you do it again anyway... and again....

If you've had horrible Forex losses, guess what?  You're not alone!

Sometimes those losses are good motivation, other times a learning lesson.   Trust me, I've been there.  And once in a while I end up making a stupid trade or two.. with a lot or two or worse.

That's how it goes.  Nothing like making 100 pips on a revenge trade to break even for the day.

Keep on pipping in a free world!

Forex and Yoga

Trading the Forex Market requires a lot of patience. Sometimes it feels like you are going the wrong way or sabotaging yourself. Other times you are entering a trade too early or exiting too late. Then there are those days where you see everything clearly but you don't act all. And my favorite days, when you are at peace with yourself and you everything just goes your way.

Recently I started practicing yoga 5 days a week again. And I'm not talking about the stereotypical stretching and a little bit of exercise, we're talking breath taking, challenging, omg I don't know why I do this, type of yoga.

Five years ago it all started with a Groupon (and I have to admit some hot babes), Yoga really help me work of some steam, relax, and provide some variety to my Boxing and Muay Thai Training at the time. About 1 year ago I was hopping around different Yoga places, it's not easy to find a great Yoga place here in Thailand, let alone a good one, and I started practicing 5 days a week, Ashtanga. I never had sweated so much (in a cold yoga room) and lost 10 lbs, got lean, felt great, and calm.

Six months ago I moved and given my new location and available yoga teachers, I ended up only being able to go 2 to 3 times a week. Better than nothing but definitely not as good as 5 days a week. What a difference it makes when you push yourself 5 days a week.

So what does that have to do with trading Forex? A few things...

1. If you haven't done so in a while, commit to trading every day and see how it changes your trading style. Watch the market and get into the groove.
2. Just like in Yoga, you will find bumping up your frequency of trading will push you further.
3. Regular trading (and yoga) will give you confidence that with every new day, there will be a new opportunity to work on your trade (or your yoga pose).
4. Every day becomes a learning experience. 
5. Practice is the mother of skill.

If you haven't tried yoga then I highly recommend you try it! 

The perfect Forex Time Zone

When I lived in Vancouver BC Canada I used to get up at 5am to trade the US Market and dreaded it.  Back then I thought South East Asia would be perfect, because the Asian Session would open in the morning, Europe in the afternoon, and US in the evening.  And it is but...

Having lived in Thailand now for 2.5 Years I realized while the time zone here is perfect, the hours don't chive with my lifestyle or better put, my life style in Thailand.   In the evenings, just when the US Market Opens up, is when most of my friends want to meet, go for dinner, play Badminton, or just relax because it's cooling down.

During my last visit to Europe, to my surprise, my lifestyle and trading had a great balance.  In fact I was busier with life than I was with trading, and my trading was better.

A typical day in Europe... 

8am Frankfurt Opens.  I'm either sipping my first cup of coffee or waking up.
9am London Opens.  If I'm up, I check if there is any movement or upcoming news and look for some GBP or EURUSD trades.
12pm Lunch time. The markets usually die down, and I go for lunch or do yoga.
3pm New York Opens.  If I'm not busy meeting friends then I will trade the US Market or US News.
6pm Dinner Time.  Cook, eat out, or meet with friends.
11pm  Tokyo Opens.  This is typically around my bed time, either I'm so tired from a 40km bikeride that I just take a quick glance to see if there is any action, maybe set some entry orders, or I'm still awake and have energy to trade a little more.

While this to me is a perfect day, focus on your lifestyle and schedule, and see when you can fit in some trading times, then it's a matter of trial and error and figuring out your trading style and technique that match your lifestyle.

Don't get me wrong.  I can trade pretty much anywhere, I just prefer the European Lifestyle and time zone. 

Crystal Ball Interface

While most people focus on Signals, Confirmations, Take Profits, and Stop Losses, many overlook the perhaps most important factor...  Precision

My good friend Markus tends to trade like he's got a "Crystal Ball Interface".  That is he has some pretty long term "predictions", "feelings", and "analysis" however he rides the Crystal Ball Rollercoaster when he enters trades.  That is, he makes perhaps the right long term decision but the market takes it turns and valleys in the short term, which leaves his position going from positive to negative, often several times.   That makes for some stressful trading.

Now he is comfortable with that style of trading, and if you are too, and you are successful at it then kudos to you.

My preference is to pick the low hanging fruit (short term market direction) and pick the tougher fruit (long term direction) later, that is I will look for precise entries on lower timeframes, (M1, M5, M15) keeping in mind what the overall long term picture (H1, H4, D1) looks like.   Furthermore I will look for Take Profits using the lower timeframes.   Sure I will make less pips (low hanging fruit) but while you're climbing the ladder to get to the top, I will pick many times over.   That is your trade will go up and down while I'm consistently entering and exiting several times over.

There are far too many Crystal Ball Expert Advisors and Automated Trading Services that in my opinion are attempting to pick the hardest fruit while leaving the low hanging fruit rotting.

So next time you find yourself in a trade that has turned on you, perhaps several times, ask yourself if you would like to pick low hanging fruit or go for the pie in the sky.

Routine

Routine.  An oxymoron really if you ask me.  Is there such a thing?  How long before routine becomes mundane or there are outside factors impacting your so called routine to change.

In the Forex world, "routine" is perhaps next to impossible.   It's like organized chaos, sober madness.  But that doesn't mean you cannot and should not try.

My "Routine"

(at least today it was)

My "Routine" doesn't really seem to be too routine if you compare it to your average 9 to 5 routine.  You know the get up in the morning, shower, dress, gulp down breakfast, get yourself a Double Double (Canadians will get it), and then rush to work only to punch in late, somehow make it to lunch, then quitting time, some drinks with friends, perhaps the gym, or a quiet night infront of the TV.

The elements are there in my routine, however they are much simpler, they involve Coffee.  Good coffee.  I even started drinking gourmet decaf at night time. Mind you I drink double espressos at night and can sleep but I figured 4 double Espressos per day is plenty and then switch to decaf somewhere throughout the day.   Coffee plays an important role in my life, perhaps because I'm from Vienna and that's where coffee was cultivated.  More on that another time.   But where I have that coffee and how is uncertain.

Fitness.  A healthy body fuels a healthy mind.  Nothing better than feeling fit and alert.  Sweating out some toxins and of course looking good.   Yoga does it for me.  Not the meditating kind but the real yoga that makes you sweat and gives you a hard work out because you use your body weight, in my case a good 84kg or about 185lbs.  It's always good to look in the mirror and see that six pack coming in.   Of course first thing in the morning before overeating.

Food.  Quality food. Regular meals.  I tend to shift between cooking at home and eating out.  I always make breakfast at home, lately it's been 5 scrambled eggs with herbs.   I love to cook but I hate to clean up and why go through that hassle when you can get yourself a really good Pad Kaprao or Pad Thai from a local restaurant for just a couple dollars.   I do pick up fruits from the local market and make my own yogurt, of course I add a raw egg or two and some vanilla extract.

News.  www.ForexFactory.com   I just check what is going on today and glance at the remainder of the week.   I also have a news indicator that alerts me of any major events.

Trend Lines.  In my books, trendlines are key to making intelligent trades.   Trendlines are perception and you will get traders arguing about the validity and rules of trendlines, just like jitter chatter, block it out and do your thing.  Right or wrong, you'll know...   In my case, more right than wrong.

Identify Opportunities.  Next I identify which currency pairs are optimal and whether there are opportunities and then set my trading platform to monitor my proprietary conditions and enter or stay out.

Monitor Trades.  If a trade is triggered then I monitor that trade, as best as possible. Albeit sometimes it's best to just set and forget and let my proprietary code manage my trade.  Other times it's best to intervene and exit out early based on the current market conditions and ongoing trend analysis, upcoming news etc.

Hobbies.  If anything you need to keep busy.   As a trader you don't have a job that keeps you busy and alert.  The clock is yours to manage.  It doesn't manage you.  In Vienna I enjoyed several 40km bike rides, walking countless kms in the inner city.  In Rawai I enjoy badminton, taking pictures, and riding around on my motorbike.

Now that's my typical "daily" routine, but then again what is daily...  Typically my week starts Sunday night when I review the upcoming week, then Monday I observe mainly and get back into the swing of things, Tuesday I start trading, maybe, if the conditions are right, and Wednesday Thursday I start trading more and programming my Trading Platform.  Friday is usually a day off for me as are Saturday and Sunday.   All in all really I don't spend a lot of time infront of my computer.  Maybe an hour or two on trading days. Sometimes just 10 to 15 minutes per day.

"Routine" for me is nothing but regular.  My routine has the above elements but other than coffee in the morning, regular meals and exercise at irregular times, and trendline analysis before bed.  Everything in between is a big question mark.   Sometimes it can get dull, sometimes I'm too busy travelling.  Most times I sit back and say "life is good".  But one thing is a must for me. Coffee in the morning.

It's all relative

I like to relate trading to real life experiences.  Here is one for you..... Dubai

Love it or hate it, it's all relative.  The way I see it, you should travel to all corners of the world and form your own opinion. Create your own experience.

It's all perception really.

As is trading.  You need to form your own opinions.  Sure you can listen to what others are saying.  But sometimes it's like news.  Nothing but jitter chatter and noise that gets in the way.   Ultimately it's for you to form an opinion.   Perhaps that opinion will change. But it's yours.  And you need to be able to have an open mind and be able to change that opinion as the environment changes.

Like trading.  Sure, you need to have some sort of basic education, however you also need to be able to sit back and take in the environment. Determine where there market is at today.  Where it might go, and what steps it has to take to get there.  And if you're wrong or the market changes, you need to be able to adapt, without bias.   Just because everyone says Dubai is amazing, doesn't mean you have to like it, as with buying EURUSD. If everyone says buy, form your own opinion.

I'm happy to have seen Dubai.  But one day was enough for me.  I might stop over there again, and if I do, I'll check out the water slides and see about getting a ticket up to the tower.

Trading Tip: Break Even

Here is a scenario for you, at the NFP release today I went short EURUSD @ 1.0959 and at +20 Pips I set my Stop Loss (SL) to Break Even (BE) and my Take Profit (TP) to a previous low of 1.0820.

What is my Risk?

That's right.  ZERO.  Absolutely no risk, at this point.  I'm already in the plus and my SL is set to BE so worst case I walk away with nothing.  Best case with 139 Pips.    Or I might change my TP or exit manually.

Sometimes trading isn't so much about the right entry as it is about letting your profits run and managing your risk with a BE SL.

Have a nice long weekend!

The EA Rollercoaster

Two days ago my account was up 40%, today it is only 6% up.   There were 3 trades that the robot opened with the same currency and for some reason didn't automatically close out at break even.  Lets have a look:

 

 

 

You can see the 3 entries with the vertical lines and Ellipses on this hourly chart.  30 hours later there was plenty of opportunity to adjust the trade manually, close 1 trade in profit an 2 trades in the negative with a small loss.

 

Ultimately it's my fault.  My trading was going so well that I just set and forget and didn't bother to review open trades on my demo account and kept busy enjoying Europe while focusing on profits in my real account.

 

The challenge I'm having now is monitoring my real account and demo account.   It's easy to get overwhelmed and to get lazy. 

 

All in all still in the positive overall, a little disgruntled, but it's a good wake up call to stop spending time with hobby traders and focusing on trading on my own, streamlining my trading with both accounts.

 

All you can do when that happens is chalk it up as experience and learn from it.  For me it's a matter of figuring out an easier way to monitor multiple accounts and writing some safeguards for number of lots opened for one currency.

Silence is Golden

It's 9am Vienna time, I'm in bed just waking up, and I get an instant message asking me if I made it out of a trade that was in the negative.  Not how I wanted to start my day. I haven't even had my coffee yet and I'm bombarded with small talk about a trade from a friend.... That's a major pet peeve of mine...

There is a saying that "Great people talk about ideas, small people talk about people". 

The same goes for Forex.  Real traders talk about the big picture, hobby traders talk about trades.

So when my friend for the hundredth time asks me about a trade and if I'm still in it, I see red... after all I have already asked him a dozen times not to ask about my trades or how much money I made but instead focus on the bigger picture. The market. The trend. Entry and Exist Strategies.  

Well I guess this is where it is time to draw the line and treat him like all the other "Hobby Traders" and distance myself and not talk about trading, period.  No need for back seat drivers that do nothing but distract.  And they do so on purpose thinking it's fun.  Perhaps you have the patience for it. I don't. Especially when I'm waking up and haven't had my coffee yet.

Silence is Golden.  That's why you hear hardly anything from the professional traders, they go on about their business and cash in on their trades.

Managed Account Update

Here I am in my home town of Vienna Austria (Europe) , that's right, Europe, no Kangaroos in Austria, surfing the net and I thought I'd give an update on my managed forex account.

It has been a good month.  I'm back home and considering relocating.  I'm eating great meals, drinking amazing coffee, and enjoying lots of great Gelato and Sweets.  Trading is going well now that I'm rewriting a lot of Metatrader functionality and adding new functionality with custom indicators and expert advisors, allowing me to fine tune my Managed Forex Account.

As you may know, my managed account was off to a rocky start as it was unattended.  That's the thing about these Expert Advisors and Too Good To Be True Robots, they work for a short time and then they bomb.  Why?  Because you need human interaction.  Thanks to my custom Metatrader code I now spend about 20 minutes a day, an hour max and do a daily review of the charts and then for the most part "Set and Forget". Although when I do check the charts I'm typically exiting a trade early, in the positive of course, and missing out on a few extra pips.  But that's how it goes.

In any event, it has been about 3 weeks since my last update and I'm up 40% this month thus far.  The latest up-to-date numbers are below.

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.

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.

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

 FTAutoTrendlines.ex4   9 KB 

 FTAutoTrendlines.mq4   8 KB

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.  

 

 

 

 

 

 

 

 



No Sexy Girls in Bikinis!

Monsoon season seems to have started here in Phuket.  It sure is coming down now and smells nice, it's as cool as a warm summer day in Canada.

This weather reminds me of when I lived in Vancouver, or Raincouver as we like to call it.  Actually those were some of my best trading days.

 

Rawai, Phuket, Thailand

 



Nowadays I have a hard time concentrating in the heat and with all the distractions Thailand has to offer.  So a little rain is quite welcome.

Next time you're analyzing your trades, consider your environment.  Where did you make your good / bad trades?  Were you in a coffee shop?  At home?  Was it hot? Rainy?  Cold?   Comfy office chair?  On the couch?   Don't laugh, it can make a difference.   Everyone seems to think you can just pull up a laptop and work anywhere.  If you can, kudos to you.  And if you are efficient, wow you are a super star.

As for me, I need a comfy office chair, a decent desk or kitchen table.   I can't do regular chairs.  I also need a decent temperature. Not too hot, not too cold.   Lots of Soda Water on hand, sometimes music, sometimes not.   And no distractions...

No sexy girls in bikinis!

Managed Accounts

Those of you following my blog know I'm not a fan of managed accounts.  At least not anyone else's. haha.    Seriously though, I find managed accounts for the most part are pie in the sky.   I believe in semi-automated trading. 

For the last year I have been experimenting with a managed account and have had great positive results.

I finally had a chance to open an account at MyFxBook, and quite frankly love their Android App. 

Have a look at https://www.myfxbook.com/portfolio/forex-taurus-managed-1/1245795 and take a look at my managed account for yourself.

*** UPDATE JUNE 29 2015***

The first couple months were up and down.  Not exactly a home run start, however it's the real deal.
If you have a closer look 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.

MT4 News Calendar Indicator

For those of you that have been using Metatrader 4 for a while, you will remember there were many MT4 News Calendar Indicators. With MT5 of course there is a built in function to show news.

The most popular MT4 News Calendar was the FFCal News Indicator.

What made it really stand out is that it's an indicator, so if you are crafty, you can modify the indicator and use it in your expert advisors, scripts, or just modify the indicator to your liking.

Unfortunately with the new release of Metatrader 5, the folks at MetaQuotes Software started modifying the MT4 builds and broke this indicator.    Support for it stopped and there was one other choice that surfaced, the NewsCal-v107.  It was good but source code was not available, so you had to use it as is, with it quirks and short comings.  Don't get me wrong, it's a GREAT indicator.

The good news is that thanks to rod178 at ForexFactory, I got my hands on source code for a working MT4 FFCal News Calendar called "CalendarFX-I" and started making enhancements.

You can find the MT4 News Calendar mq4 and ex4 files here:

 CalendarFX-I-A16.ex4  

 CalendarFX-I-A16.mq4  

 

For the latest release check this Foum for new versions of CalendarFX-I:

http://www.forexfactory.com/showthread.php?p=8256565#post8256565

Kudos to traderathome, deVries, qFish, atstrader, rod178 for creating and keeping the FFCal News Indicator alive!

MT4 Indicator Installation Instructions

MT4 Indicator Installation Instructions:

1. Download the indicator
2. Open MT4
3. Click “File” >> “Open data folder”
4. Navigate to >> “MQL” –> “Indicators”
5. Copy the Indicator to this folder
6. Exit and Restart Metatrader

Better Than Reese's Peanut Butter Cups

When you're trading the Forex Market it is easy to fall into what I call the geek diet.  You know, Coca Cola and Snickers Bars.

When you're playing desk jockey the sugar in fast foods keeps your mind active and gives you a false sense of energy.  Energy that you should be getting from doing sports.

Don't get me wrong, I love Snicker's bars.   But as you may know I'm living a healthy lifestyle these days.  It's been over 10 years now that I've started reading on healthy diets, healthy food. It all started with the book "Body for Life".  It was an eye opener.

I lost 20 lbs in 3 weeks and put on 20lbs of muscle. I was in the best shape I had been in my life, at that point. 

The biggest takeaway from that book was to eat healthy 6 days a week and on the 7th day, eat whatever you want. In my case a dozen snicker's bars and dining at Taco Time, Mac Donald's, Burger King, Wendy's and Arby's.  Yet my body would just get healthier and I'd shed weight.

Then I started reading up on detoxing your body, eating healthy, raw, organic.  What can I say, it changed my life.

The challenge for me has always been that I have a sweet tooth. I grew up in Vienna Austria next to a Candy Store.   As a young kid it was paradise, always surrounded by chocolate, candies, and all sorts of sweets.   I called the owners Herr und Frau Zucker (Mr. and Mrs. Sugar).   The name stuck with them and the entire neighbourhood called them that.

Herr und Frau Zucker
Zuckerlmohr
Vienna Austria (Europe)

I still have that sweet tooth.  Back in my Computer Programming days a Coke and Snickers Bar was the preferred snack.

Nowadays I eat super-healthy and make most of my own food, especially sweets.  And the thing is, I don't gain weight.  In fact, it is good for me!  That's because it's not only lower in sugar, organic, and raw, but it's actually healthy because Cacao and Coconut Oil are extremely healthy and beneficial.

When you're trading the Forex Market there is nothing better than a healthy snack.  And since you have the extra time you can easily spend just 20 minutes to make yourself a treat.

Don't believe me?  Try this recipe yourself. 

Better Than Reese's.
Organic. Raw. Healthy. Home made.
Less sugar than 1 Reese's Cup and 30 times as big. 

Forex Taurus Monster Peanut Butter Cups Recipe

1 layer white like chocolate: cashews, raisins, vanilla extract, coconut flakes, coconut oil, organic sugar

1 layer homemade peanut butter: peanuts, organic sugar, coconut oil 
1 layer dark chocolate: 100 percent cacao, coconut oil

You can use the same food processor if you make in this order without washing. sweeten per your taste. I used about 3 to 5 teaspoons sugar only. as for the measurements I just do it by eye and would say about 1 cup nuts and a few tablespoons coconut oil. just add coconut oil gradually and you will see the mass thicken. Taste along the way. 

The trick is to freeze after for 20 minutes, the coconut oil will thicken and harden. so don't worry about the dark chocolate being runny, it will harden.  You can keep it in your freezer or put it in the fridge to make it a little softer.  Experiment with it.  Try adding Cherry Jam for example.   Or Drizzle Coconut Milk on top (and then freeze).   

FOMO

Watching the Shark Tank today Mark Cuban mentioned "FOMO".  The fear of missing out.  If you are a Forex trader, you know where I'm going next...  Fear and Greed.

It has been a while since I've had FOMO.  I'm pretty much at peace now and know there will always be a better trade, another opportunity.  No longer do I jump into trades for the fear of missing out.  I am content knowing I am missing out all the time.

If you haven't conquered FOMO yet then I suggest you look at your trading plan and your routine.   A well informed and prepared trader has to be confident.  If you are not confident then that means your trading skills or mind set isn't there yet.

Confidence Boosters:

• a Clear Big Picture
• Trendline Analysis on ALL timeframes
• studied the Currency Pair for some time
• gauge upcoming financial news impact
• gauge upcoming sessions open and closes and their impact
• a tested and proven entry plan
• a tested and proven confirmation
• an alert or signal system that keeps you connected when away from the charts
• a tested and proven risk reward ratio (TP / SL, Lot Size)
• reasonable lot size that has been gradually increased
• a tested and proven exit plan
• a bank account that can weather several consecutive losses
• ability to monitor your trade remotely

The cycle of market emotions

Full Size Image

Handy MT4 Script - Drop Price Label

A simple yet handy script to quickly drop a price label on the current chart.

Download the Script here:
Drop Price Label.ex4   Drop Price Label.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?p=8156303

Handy MT4 Indicator - NewsCal-AddOn

If you are using the NewsCal-v1.07 Indicator then like me you might be frustrated that the source code is not available.

Here is a sample NewsCal-AddOn Indicator that you can use to read the NewsCal-v1.07 display.  It creates a label for upcoming important news like ECB, FOMC, and NFP.

Feel free to modify the indicator or add to your own code.

Download the Indicator here:
NewsCal-AddOn.ex4    NewsCal-AddOn.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=326551&page=15

Handy MT4 Script - Auto Color Trendlines

Here is a handy script that I have written to auto colors trendlines.

Simply place this in your "Scripts" directory and then draw trend lines.  When done, go to your scripts and attach to the chart. 

Bearish Color is applied to any trendlines drawn downwards.
Bullish Color is applied to any trendlines drawn upwards.

Bearish Color is applied to top horizontal line.
Bullish Color is applied to bottom horizontal line.
Horizontal Trendline color is applied to all other horizontal lines.

Download the Script here:
Auto Color Trendlines.ex4   Auto Color Trendlines.mq4

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=536082

Good Morning Vietnam

I thought traffic in Bangkok was crazy.   Traffic here in Saigon is even worse, albeit fun.   Kinda like the Forex Market.  It can be a mess of ups and downs and yet fun, when you're on the right side of the trade.

 

The picture doesn't do it justice.  Just like a current view of the chart doesn't always give you the bigger picture.   The traffic here is like the "Wild West", no pun intended and no traffic lights needed.   At any time you can have someone coming at you in your lane, to your left, or to your right. It appears chaotic at first but soon you're realize there is a method to the madness.

 

 

Kinda like trading around news times, you'll see the market go up and down, swing around, and spit a newbie out.   But once you've got experience and are one with the traffic, one with the market, then it's just another day.  Albeit nothing like we're used to in the Western World.

 

Driving here is even more fun.  Personally I would rather drive than be someone's passenger, just because I like to be in control.   Just like my trading.  I like to trade myself, manually or semi-automatically.  But not trade with someone else's Robot or Signals.  There are too many of these get rich quick marketing sensations that promise you success in Forex overnight.  I just happened to talk to a client from Western Africa and he has it in his head that he can get someone to write a program to "execute high volume, high profit, low risk, low drawdown" trades.    I had a good laugh... 

 

 

As for Vietnam, it's worth a see.  If you plan on going there, pack light and leave room in your suitcase or buy a new one.  You can get clothes at a bargain, key word, bargain.  At $2 a tank top, $10 for Jeans, $5 for dress shirts it's worth it.  And yeah I know, you can probably get better deals, but then again you won't find the same quality or style.

 

 

Thanks to my Forex Alerts, I kept in the game and made quite a few successful trades, knowing when to stay in and out of the market. Knowing when to open my Metatrader App or just sit out.  That's the beauty about good Forex Alerts.  They keep you from staying glued to the screen while also keeping you from missing out on trading opportunities.  Now that I've got screenshots, trendline analysis, bias, and news built into my Forex Alerts it just got a lot easier to trade with confidence.

 

Trading Tip - Weekend Warrior

So it's Friday and either you've made some great trades this week or you are a little muffed that you missed trades or worse, you made some bad ones. 
 

The weekend used to be real tough for me.  As an avid trader I found myself going thru "withdrawal", wanting to be part of the action or wanting to make some pips back that I had lost the week before.

The healthiest thing you can do to improve your trading is to review your trades.  Your good ones, your bad ones, and the missed opportunities.

Take the weekend, and perhaps Friday too (Never Trade on a Monday or Friday) and review what you can do to better your trades.

So scroll back on your charts, go back to Monday and review how the market moves.  Pay attention to market open times (Asia, Europe, US), News Release Times, your signals, your entries, your exits.  Draw vertical lines to mark events.  Print out your charts if it helps you and make notes.

No doubt you've missed some trades.  What can you do to get in at the right time next time?  Can you use entry orders?   Can you catch the wave on a rebound?   Perhaps you can go down to a lower timeframe and find an entry.  Compare higher and lower timeframes.  Become a master at drawing trendlines, channels, and spotting important price points.

Just don't get overwhelmed, pick one currency, one system.  It's like picking a hobby.  Sure you could play Golf, Soccer, Football, Badminton, Rugby, and Hockey.  But which sport do you do best at? Which one fits your schedule? Juggling all of them isn't gonna work.  Same with trading.  Pick a currency, system, study it.

As much as I love trading, I also enjoy kicking back and putting my feet up.  Monday will roll around soon enough and it'll be back to trading!

Handy MT4 Script - Draw Ellipse

Here is a handy MT4 script that I've written to draw an Ellipse to wherever you drop it.

Just drag and drop the script and voila.  You have an Ellipse.

The script automatically sizes the Ellipse regardless of time frame and currency pair.
Much easier than using the built in draw ellipse functionality.

Here a sample screenshot:

Download the Script here:
Draw Ellipse.ex4   Draw Ellipse.mq4  

For the latest version check here:
http://www.forexfactory.com/showthread.php?t=532055