Hey Nicola,

Some days are like that. Don't chase the pony. Time to switch off and regroup. Look forward to seeing you back to winning ways on the morrow.

Waxed Rockie

Thanks Rockie
Truth is the crown was very heavy ... not ready to be queen.

Hope if you ever visit your favourite country that you and Mrs Rock can come and stay
Nicola

Mauzj,
I can't answer about a broker, but if you are a UK resident you should be spreadbetting as it is tax free.
You could use IG Index | Spread Betting | Financial Spread Betting or Spread Betting | CFDs | Forex Trading | Currency Markets | GFT

__________________
Honest Bill

I’d compare some advantages if trading with a broker even placed in another country. Maybe there are more advantages, maybe less. Form your point of view, how you’ll get better offers and services form a broker?

Unlucky Nicola. Thats the thing with this game. No matter how you perform there is always some emotional aspect to deal with. Have a good day and it is very easy to lose the next day. I've had a great start to the year but the last few trading session everything has seemed so random on my trade front.

Keep it steady.

Hi All

In the spirit of Rocky & co, heres my trades from yesterday

morning session
GBPCHF +78
short, took 60% off early for +80, then trailled my stop (a little too aggresively) to stop 2nd part out at +75

cable +0
short, moved stop to breakeven far to quickly

EURCHF +0
short, as cable (didn't seem to get going comapred to GBPCHF)

afternoon session
USDCHF +0
long, this was a hedge trade (I realised too late) for the GBPCHF I was no longer in

EURUSD +0
short, we were all waiting for Dan to eat his desk, the support failed, order opened, I was +30 and moved stop to breakeven, switched off and got on with my 'real' job. When I checked this morning, once again stop moved too quickly.

Still, 2nd day of my year, both days ahead of target, so very happy

best of pips to all
Paul

Good Morning all.
Another good day yesterday with GBPCHF hitting all 3 targets, the final one netting a solid 250 pips down at 162.30

Looks like the reversals on the Yens that I thought would come yesterday are starting to take shape so lets have a closer look.

USDJPY-Looks like there is room to the 60m 20ema up at 90.00 IF the 89.50 holds. Will be waiting for 15m chart trigger to come in for this one for a few pips.

GBPJPY-Same with this pair. Just waiting for some 15m green then we can look to play this to the 60m 50sma up at 132.00 for 100pips.

EURJPY-The strongest looking Yen pair, having already crossed the 60m 20&50. Look for trigger on 15m and play to 4hr 20ema at 120.30, again 100 pips possible.

USDCHF-Looking weak through the 4hr 20ema. A break of 1.1125 might well see this lower but some obstacles in the way in the shape of a big fat monthly pivot.

GBPCHF-Nowhere to run with this pair for me today so far. Might be a little room between daily pivot at 1.6335 and weekly pivot at 1.6450. Look for possible 123 on 5m chart with GBPJPY confirming.

EURCHF- I am already in this from 1.4800, having seen the 123 through the 60m 20ema. Targeting 1.4875 area, which is WS1 and 60m 50sma.

To summarize... The Yen pairs are looking more favourite for me if they can hold current levels and turn green on 15m charts. Let the 7CCI trigger guide you in with stops below the last reds.

Have a geat day.

Zak

__________________
See a short video entitled ´FXPimp´s 5m Farmyard Strategy´ here which gives a few clues on how to use my Power Strategy. I´ll be posting on there each and every day Monday - Friday at 06:30 and 14:00 UK time, then Longer Term each and every Sunday evening

Thanks for the info Honest Bill. Do you know of any spread betting firms that allow the use of MT4? I looked at Alpari, but the site says that real trades can take 10-15 seconds to get processed. That sounds very dodgy. I was thinking of trying 2 way markets as they claim they refund up to £250 of losses, but don't know if they're reputable or not. Has anyone here tried them?

Dear fellow pipsters,

Here is how to scare yourself out of perfectly valid trades for no good reason.

I took 6 trades today:

FTSE (short) 4340
DAX (short) 4563
AUSUSD (short) .6705
EURUSD (short) 1.3192
USDJPY (short) 89.29
USDCAD (long) 1.2255

Between them, I closed a net positive 20 pips. Some of them were more due to partial closing and all that, but bottom line I can credit myself with no more than 20.

Here is the stinker...

After each of these trades were placed, the most they went into the red combined was 28 pips. I had at most 2 open at a time, so would never ever even have seen even a total of -28 staring at me (a fairly modest stoploss at the best of times, even for a single trade)

Had I kept these 6 trades open, and closed them right now, they would have totaled 826 pips. 826!!!

Some of these were less than ideal entries, and that is why I scared myself out after the slightest whiff of an oposite (5m) candle. Also some of them were around news time and I was too happy to get out near breakeven (notably the CAD and JPY trades - these 2 alone accounted for over 200pips later and was responsible for 18 of the 28pips drawdown)

I am however pleased with 4 things from today:

1) ended the day up
2) only took 6 trades, compared to >10 most days
3) I know I can take trades that can make 100's of pips; the smallest was 69, the largest 227. They will probably go some more yet...
4) live money, not demo (albeit tiny tiny stake)

I simply lack the courage/confidence to hang on to trades. And I'm addicted to 5m charts, at least for entries. I will work towards managing trades on the 15m chart from now on, and keep an eye on 5m just for an ideal entry.

But I would still rank this amongst my best ever days. Going to print out the spreadsheet and put it up above the computer. Along with a certain president elect's slogan.... yes we can!

cautiously optimistic Spitty.

Well Done Spitfire.

Remember the 15m chart is your real friend and ultimately lets try and get you on the hourly. Great work to recognise the subliminal coding going on in your brain. More experience and working off longer term charts will have you well on your way to large pip days. Even at £0.50 per pip you could have made a handsome return today!!

Keep the focus and note (1) you were in the right trades and (2) you were measured in those trades.

Shopaholic Rockie