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| DailyFX |
| forex trading blog - daily market analysis, technical and fundamental, trading ideas and advice, charts, tips and tricks and a lot more. |
| Language: English |
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| Total Unique Visitors: 192848 |
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| My new forex project |
| 2007-07-01 09:14:00 |
After a longer than expected period of absence, I'm returning with a new project of mine: proFXsignals.com.The website is under construction right now, but when it will be ready, it will be the home for free forex signals (really!), my managed accounts business and this blog (in a whole new and much better form).Wanna be the first to know?...
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| The Intermediate Step of Actually Doing Something |
| 2007-03-03 07:04:00 |
Here's a great quote from Al Gore's documentary, An Inconvenient Truth (you know, it just won two Oscars - maybe you should see it too).Final misconception: if we accept that this problem is real, maybe it's just too big to do anything about. And you know, there are a lot of people who go straight from denial to despair without pausing on the intermediate step of actually doing something about the problem, and that's what I'd like to finish with, the fact that we already know everything we need to know to effectively address this problem.Al GoreNow, am I the only one seeing the relation between this quote and trading? :)Don't just sit there watching your losing position get bigger and bigger, denying the fact that you took a wrong decision. You don't need a margin call to tell you that you...
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| Removing The Barriers To Successful Investing |
| 2007-02-28 17:07:00 |
A great article on tradin psychology (mostly emotion control) from Investopedia. Thanks for the link, Rich.Here's a part of the article:Strategies to Remove BarriersNo matter what your barriers might be, it is important to put together an action-oriented plan to remove them. Here are seven steps you can take to remove these barriers to your investing success:Learn to monitor your performance. Measuring your performance creates a track record of what has worked and what has not. This allows you to identify problems that you repeat. While some investors capture a great amount of detail, at a minimum, you should document the overall market trend, the sector trend, the rationale for making the trade, the exit target and the trailing stop. Do this for each buy (or short) as well as sell (or cov...
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| Yen Session Outlook |
| 2007-02-28 17:01:00 |
Here you have John Putman's analysis for the Yen:Yen Outlook: MixedCyclical Studies: BullishPrice Action: Bearish The Yen's rapid decline yesterday has pushed it through linear support and deep into relative support. Continued pressure on the currency or a period of stagnation is likely into the Asian Session Underlying Outlook: USD/JPY: If the bearish trend continues to emerge I'd look for a test of 117.46/30 with an eventual grind towards 116.29. Right now the pair is fighting resistane at 118.52 and if we cycle ehigher and take this out I'd target 120.06 on an eventual retracement. EUR/JPY: On a break below 155.72 look for an eventual test of 154.00153.50. A reversal from here wuold target 158.13 GBP/JPY: looking much for the pair to stay pinned in he next session between 234...
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| Bank of Japan: Hike and Hold |
| 2007-02-28 02:33:00 |
Now that the Bank of Japan has proven their independence with a 25bp hike, the central bank has expressed that rates will remain low for quite a while: Toshihiko Fukui, Bank of Japan Governor“At this point in time we are completely open about what the future monetary policy should be like specifically. But our basic view is that, assuming the economy continues to expand smoothly under price stability, making gradual adjustments to interest rate levels in line with economic and price developments, while keeping accommodative monetary conditions backed by very low interest rates for now, is the key to supporting sustained growth.” – February 23, 2007.“The global economy is expanding, with growth spreading to more regions. We expect the Japanese economy to show solid growth.” – Fe...
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| EUR/USD Daily thoughts for 26 February 2007 |
| 2007-02-25 22:08:00 |
Here you have today's chart, technical and fundamental analysis, plus my forecast and recommended trade.Technical view:EUR/USD is at a major resistance zone (1.3189). Break possibility exists here, but I won't be betting on that today because of the oversold status of the currency.Fundamental view:A day with no major releases awaits for us, forex traders. Low volatility expected and no unexpected movesFed Governor Bies will speak at 2:30GMT, that might generate a bit of aggressive price movement.Trading advice for today, 26 February 2007:I'm expecting a downtrend today because of the oversold condition.Trade suggestion:Took a short (sold) EUR/USD @ 1.3190 with SL @ 1.3220 & TP @ 1.3130-1.3140....
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| Playboy Models Picking Stocks and Trading the Market? |
| 2007-02-25 05:23:00 |
Is there something wrong with me or the guys at tradingmarkets.com set up a contest where Playboy Models pick stocks?Well, the returns aren't that impressing...Playboy Models 2006 Return: +8.56%S&P 500 2006 Return: +13.62%...but their pictures are :)...
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| World Top Investor Competition - a Contest Worth Watching |
| 2007-02-25 05:02:00 |
I found an interesting contest that you might want to hear about - World Top Investor Competition.What is the World TopInvestor Competition?The World TopInvestor competition is a live money, capital markets trading competition. It lasts for a full year: February 19, 2007 to February 18, 2008.You can trade whatever you want, not only forex. The only thing is you need to have an account with a broker that sponsors the contest - that's the tricky part. And that you must trade your own money (at least 5000 USD or EUR). That's another tricky part :)But guess what the prize is:The winner of the World Top Investor Competition will get to be portfolio manager for a year of an investment fund of USD 250,000.Sounds good, heh? Well, it really is good. And I'm talking about this contest bec...
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| Managed account performance (week 2) |
| 2007-02-24 02:05:00 |
I'm not sure how this week was for other traders, but for me it wasn't that good, mainly because of me. Because I was busy taking care of other things and didn't have enough screen time. I should have watched the charts more, but I couldn't.This translated into poor performance over the week, but I managed to get back on track yesterday, on Friday.I started the week making some money, then I lost it. Made the money back, lost it again. And so on until Friday (see chart below).This is a chart showing how a 50.000 EUR account started at the beginning of week 1 performed during this week:The overall performance was good, getting the account to +12.55% profit in these two weeks (7.29% in week 1 + 5.26% this week).The exact trades of week 2 can be seen on this spreadsheet (thanks to Google Docs...
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| When time's a problem... |
| 2007-02-22 10:42:00 |
...do NOT trade!I've been really busy these days setting up a company so I didn't have much time to watch the markets. I didn't trade my live account at all. Made some trades though on the managed account just to keep things running - some gains, some losses, tomorrow will decide whether this week will be a good or a bad one.Never trade when you don't really have time for trading. Better take a day or even a week off. In fact, never do anything in a rush if you know time won't let you do it as good as you can....
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