Forex Trading Diary Monday 30th Nov 09

I attended the forex millionaire summit this weekend. A very interesting event and featured some great speakers such as Sandy Jadeja from spreadbettingtowin. Lots of speakers offering different guaranteed systems and the promise of making big money straight away!

But only a few really making the point that without the correct psychology / mindset then systems generally will not help! Friends and fellow traders Martin and Kate also attended the event.

The first day had the usual suspects such as Knowledge to action and win investing. I have taken many courses including one from each of the companies mentioned above. I could have saved a lot of money... but you live and learn.

If I was to offer some advice...... Well for me personally win investing was the worst course I have ever paid for on trading. I admit it was over three years ago. But since I took the course, I have still to come across anyone who has given it a glowing reference!


The below video is gives you a quick look at the event.




Earlier I mentioned Sandy Jadeja who has appeared on bloomberg and many investment shows. Sandy also writes for investor chronicles the Times and many more. On Sunday I had the pleasure of having a private chat about teaching and trading the markets.

He talked a lot about tough love in his trading methods. In his presentation he gave no guarantees on his course and was very specific in our discussion that he teaches you to trade. He does not offer you a guaranteed system as many do. But his system is simple and what you get is what you put in.

I asked if he is prepared to mentor people? His answer was a straight no, this is mainly because the goal of trading for him is to free up time. He cant offer mentoring if he cannot fully commit and like wise passing you onto his team of people as others do, is not in his opinion mentorship!

He's a great guy and gave a massive amounts of value in our discussion. I have taken his e-mail address for future communication. His video of January this year is still very close to the current market conditions. It has some great nuggets that can help improve all our trading!


Sandy Jadeja - Talking about dealing with fear and more when trading!




Onto the Forex trades this morning. Two trades on cable to be precise for a nice 51 pips gain. I have pulled off the actual entry as shown by the broker and posted it below. Over the last 10 days cable has been very volatile moving on average 100 - 200 pips per day.


I just want around forty of them. I pay most attention to price action and less on psychological levels. You need to learn how each forex pair behaves as they are very different. Cable being sensitive to most news, fell massively last week due to the problems in Dubai.

The trend has continued this morning and lots of pips on offer again. The key to this trade was the aggressive drop of the candle at 7.45 am using a 5 min chart!

Date: 30 NOV 2009
Reference: DIAAAAAEJ7AQYAS
Size: Buy to close
Open Level: 16503
Market: Spot FX GBP/USD 30 NOV 2009
Level: 16476.6

Date: 30 NOV 2009
Reference: DIAAAAAEJ6RSXAJ
Size: Buy to close
Open Level: 16543.8
Market: Spot FX GBP/USD 30 NOV 2009
Level:16518.8


(Cable trade)



To Your Trading Success!


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Forex Trading Diary Friday 27th Nov 09

Five for five so.....Err high five I think!? As the Americans would say awesome! My apologise for not wishing the yanks a happy Thanks giving yesterday! I'm writing this blogg at 7.31 am in the UK and have just taken another 30 pips off Cable (Pound / Dollar)


I believe we have to thank Dubai for the downs of cable this week!Having said that virtually every pair on the pivot strategy went between 7 and 7.30am this morning! I have captured 1 pivot strategy trade and my 30 pips on cable!


(Cable Breakout 30 pips)



(Usd/Cad Pivot strategy)



I end the week with on a significant Milestone....I have got more points but never without a loss. This week there were no losses and I read the markets correctly. For that I am very pleased!

I'm am teaching the advanced Traders at Investment Mastery today. It's good to help people who are also looking to breakout of the RAT race!

I will also be at the Forex Millionaires summit this weekend. I am crewing at the event so I can keep in touch with what new developments and advances the industry may have had. Its great to also get other experts opinions on trading. You can always learn more!

Some great speakers so I will have some interesting points for the blogg.

To Your Trading Success!

Day Trading Diary Thursday Nov 26th 09

I start today's blogg with a play on the Jay Z song "I have 99 problems but trading is not one". This is because I took another 29 pips this morning to have a total of 99 so far this week. Sometimes its good to celebrate...But not too much!

A strong week of trading with potential to be my best ever. If I round up all the fractions its actually 101 pips so far.

I traded cable again at 2pm yesterday afternoon after it channeled from 12 o'clock. My entry points were 16692 and exit around 2.35pm at 16670. Similar set up to my trades in the morning. This time the volatility is created by the US market opening as opposed to the European market at 7am.

It broke below the 16700 mark and confirmation was given by the histogram showing a short trade.


On to this Morning, I had a hairy 15 minutes when my trade was channeling. I had the option of 10 pips which was offered 4 times to me!



I remained stubborn and held on for it to finally drop below 16630 and then on for 29 pips. Had I played this on the hour strategy there was 40 on offer. If this had been played on the pivot strategy there was 30 pips on offer!

I wrote on my twitter site today, could cable repeat last weeks huge drop. The Americans are on thanks given today but this did not make any difference. There was a drop of 200 points virtually the same as last week. Proving again that its the most liquid pair and how the forex market does not rely on the US!

On my point on the banks from yesterday....All I can say is the bloody £$%^&&* if this does not show how the bank cartel and money makers stick together then you are blind! Take your future into your own hands.

That's what I do with trading, if you stay in the system they will always keep you poor!

To Your Trading Success!

Forex Trading Diary Tuesday 25th Nov 09

I meditated for a bit too long this morning. I didn't open the charts up until 6.50 am, cable (Pound/Dollar) was already moving. Easily could have got in at 16,638 for a long trade, that's because the histogram had just changed to indicate going long.

But I didn't like the fact that the European markets had not opened. I then revised my entry to above 16,650. This was broken at the usual time of 7.30 am. This Morning I was joined on my skype discussion by Kate.

We talked about how myself and Adrian trade the breakout of Cable in the morning. We also looked at what indicators are best and how to read them. At the same time of our discussion cable broke through the level I had set for entry and we all entered the trade.



As the chart says my entry was 16,654, Kate took 15 pips Adrian 12 pips to add to his total of 30 pips so far this morning. I waited a bit more than normal and held on for 20 pips on break of the next pivot at 16,670. Not really my style but my stop loss was at break even so I was playing for free.

Could be a bumper week and I'm looking forward to the announcement today of bank charges. Lets hope the government do the correct thing and allow many people across the UK to claim back the rip off charges.

Even better is if they allow consumers to claim back up to 1995 instead of 2007! Martin lewis will be happy, So will I...Very happy!

To Your Trading Success!

Forex Trading Diary Tuesday 24th Nov 09

Took a nice 15 pips on my Forex pound dollar trade this morning. No bells and whistles, got in underneath the 50 level at 16,545 but I.g filled me in at 41 (Slippage) So I took 15 pips instead of 20. This was due to the pivot at 16,520.

It retracted many times from this level, I could have scalped a total of 45 pips this morning using the same entry points on retraction!



Pivot strategy on usd /cad came in with 28 pips as well as many more on the other pairings I look at. I don't have time to take screen shots so I will leave you with the two!


The weather is still miserable but trading is not thankfully, so be positive and have a great day!

To Your Trading Success!

Forex Trading Diary Monday 23rd Nov 09

No updates for a week, very sorry. The most interesting trade Last week was my loss on Monday, although I did end the week plus 40 pips. So Last Monday (16/11/09) I made a school boy error and fell asleep when trading! Yes I know, I felt so stupid but I did have a good reason.

Trading on 5 mins time frames can tend to mean I'm always watching the trades, instead of leaving it after it has been triggered to do its thing. Had I been awake on Monday I would have noticed that cable failed miserably to break the 50 level three times.

On the third occasion I would have exited the trade. But when I awoke out of my slumber there was an announcement that had sent the trade the wrong way. Not a good way to began the week, 30 pips loss to make up!

Onto this week and today at around 8.10 am I was feeling as sick as a parrot. Psychological warfare of the trading mind is always a big issue. My loss last week was still in the back of my mind. This morning the movement on pound dollar began at 7 am as soon as the markets opened.

It moved for a long trade virtually straight away.I then waited an hour while it attempted to clear 16,550, at one stage I had 16 pips but was holding out for 20. When the ftse opened at 8 am my long trade retracted significantly. This happens all the time and is why I place my stop below the ma 20.


Having loss the previous Monday and also so close to 20 pips this morning I made the subconscious decision not to lose! My stop loss was the other side of the ma 20, I really should have stayed in the trade. But I took myself out at break even.

Trading has that knack of maximizing your mistake. Soon as I exited the trade it bounced off the ma 20 and in 10 mins I would have got my maximum limit of 30 pips!



I continued to observe Pound Dollar while talking on Skype to my trading partner Adrian Clarke. We noted the long term up trend on both strategies so looked for a breakout of the channel. The 16,000 level was going to be the next significant test on the upward trend.

I waited for the retraction after the test of 16,000 and then entered the trade when I gained confirmation of the histogram change at 15,995. With how long the trend had been going for I set the limit to 15 pips only.

Although myself and Adrian had set entries I didn't declare I had entered the trade? Half way through he asked if I was in? I came clean and explained that I was nearly at my limit. At which point Adrian confessed to also being in the trade 10 pips earlier using the forex 1 hour strategy. He is a sneaky bugger Adrian.



I would have only found out about that trade after he had taken the points. We did have a good laugh about it, but in all seriousness I should have taken 45 pips today!

To Your Trading Success!

Forex Trading Diary 3rd Nov 09

The Forex markets have been buoyant for two days. All three strategies I trade made some great gains today. The announcements of the bailouts of the banks (again) I believe had an impact on the markets.

Most of the Forex pairs went into free fall. I took 10 pips on the breakout on Pound Dollar initially, but using the pivot strategy there was 27 pips available.



The Forex Pivot Strategy came through with so many points today it was stupid. You could have played all the pairs or picked which one you wanted! The Pound Dollar entry points are below using the meta trader charts.

(Pound / Dollar)


Pound Yen also had a nice trade today, there was 36 pips on offer. I don't trade pound Japanese yen due to how big the spread is. 6 - 8 pips means you are down a lot of points before you start making money!

(Pound / Yen)


I have not included the Forex trade on Euro Dollar which was also a successful trade. The dax strategy also came through with a nice 15 pips. The webinar on Sunday introduced the rolling stocks strategy that is normally taught to the beginners to the advanced trading group.

I personally did not go on the beginners course as I went for the aggressive advanced trading, which is based on spread betting. But some of the guys playing this have had some great success and huge gains applying spread betting to normal stocks.

Due to this Marcus has now made this information available to all the advanced traders. I am now looking at this because the gains have been huge for the guys applying the strategy. We are in November and the reason I have mentioned the rolling stocks is because I am planning for 2010.

I know what I want to do and achieve. The how is slowly coming because I'm focused, determined and always write my goals down:)

To Your Trading Success!

Day Trading Diary Mon Nov 1st 09

Good morning all, I hope you all had a great weekend? I have started the week well with a nice early morning drop on cable for 20 pips. No real reason but a nice drop anyway? Was actually going to wait until 16,424 to trade the breakout as that was the safe break from the morning channel.

But at 7 am cable broke the pivot point and dropped significantly to suggest it was going to drop quite a bit more. It was the first red candle and normally you get 3 histogram was not ideal but was worth the gamble..So I got in at 16,445 and out at 16,425



At 8 am with the opening of the ftse I also got in again and scalped another 10 pips when it broke the 400 level. Again many pips on offer but 30pips on Monday in total is a good start to the day and week!

To Your Trading Success!