Didn't trade on Thursday due to circumstances beyond my control! Then traded today using old charts which was not a good thing! I lost twice mainly because I couldn't see the pivot points. Total loss was 40 pips and I spent the rest of the day making it up.
This was done by what Raju of our skype trading group calls, optimistic scalping raids! I'm not sure where he got that from but it sounds good and technical so I thought I would use it!
I recovered 20 in total so finished the week around 25 pips up.
Third straight week of plus results! I am extremely happy with my consistency. I had some external challenges and I didn't trade on Thursday so to finish 25 pips up is a major plus point!
As I said a few challenges and can't capture charts for you to see my messed up trades. But I will update this for Monday when I'm back up and running! Until then enjoy your weekend and be ready to hit the markets on Monday.
First week of the month so there will be many announcements to play havoc with your trading if you let it!
To your success!
New I Phone 4 G
Friday, 31 July 2009
Wednesday, 29 July 2009
Trading Diary 29th July 09
I took 5 Pips on yesterdays trade on the breakout and back this morning for more on gbp/usd (Cable)! Got in and out twice for a total of 32 pips, did have 40 in total at one point and should have actually taken 50!
(Fig:1)
First entry was slightly earlier than normal due to the candle retraction at 6.30. It tried to go long then retracted which gave me the clearest indication of a sell signal.
The signs looked good with macd and histogram but I was cautious about the 00 level. Cable went short as expected and broke through 400 level. It didn't like that and retracted quickly so I got out at 16398 for 17 pips (Not 7 as written on charts...It is still early!)
Second entry was then based on a clear break of the 400 level. Got in again at 16386 and exited with 16 pips at 16371.
The new advanced traders joined the skype trading group on Monday. Lots of questions and many watching first. The training has improved and you can tell this group have benefited from lessons learnt from teaching so many. Its now up to around 40 people with great support for trading.
We now teach the whole day adding in psychology and money management at the end. Everyone gets a computer and can practice the strategy's as much as they want.
Lavina who bought the home study course has had a few more challenges because its not as easy to learn without someone showing you. She has asked the most questions of the group as she puts into practice what was on the home study to actual live trading.
I believe she has traded before and she gained her first points on oil and ftse this morning. All the new traders have been added to the trading wiki support which has myself, Neville and Adrian's trading plans. It also has additional information on the strategies we use based on our experience.
If you would like to trade or thinking about it, click on the free consultation on the video in the top right hand corner!
(Fig:2 ftse)
(Fig:2 ftse)
Ftse yielded a nice 20 pips this morning!
Successful trading!
Tuesday, 28 July 2009
Trading Rules!
Very Simple but effective!
If you don't have this already make sure you stop trading until you have implemented!
If you don't have this already make sure you stop trading until you have implemented!
Monday, 27 July 2009
Trading Diary Mon 27th July 09
Forex trades continue to lead the way and I'm on what you call a hot streak. This morning the breakout trade was in between two pivots. I was in and out in just over 10mins and cheeky enough to go in for another 8 pips a bit later. In total a nice 28 pips to start the week off on cable.
(Fig:1)
Entry was 16470 and exit was 18490, The ftse dropped like a stone on Ig charts and there was 25 pips available had I traded it. I'm looking for the ftse to show signs of more consistency before I start trading it on a regular basis again!
To Your Trading Success!
Trading Diary Frid 24th July 09
I was in Bromley at 9.30 to support the teaching of the new advanced traders. So sods law pound dollar would naturally take longer this morning.
I got in early at 16517 at 6.30am to scalp some points. I finally exited the trade at 8.40 after cable hit 530 and failed to significantly break that resistance. at times I had 23 pips but finally took 12. Great week with points readily available on breakout and 1 hour forex strategy.
I finished the week on a total of 80 pips and no loss. Many mechanical trades and this was what was more pleasing. Possibly my best week of trading, got much more in the past but was never as disciplined!
I got in early at 16517 at 6.30am to scalp some points. I finally exited the trade at 8.40 after cable hit 530 and failed to significantly break that resistance. at times I had 23 pips but finally took 12. Great week with points readily available on breakout and 1 hour forex strategy.
I finished the week on a total of 80 pips and no loss. Many mechanical trades and this was what was more pleasing. Possibly my best week of trading, got much more in the past but was never as disciplined!
Off to teach the new advanced traders....They will be on the skype chat from Monday to start their trading careers!
Summary of week!
- 80 pips for the week
- No loss
- Mechanical Trading!
Have a great weekend!
Trading Diary Thurs 23rd July 09
Excellent trade today, the breakout tested my patience to say the least! I nearly got stopped out twice and the trade was longer than normal at 30 mins.
In the end I took 15 pips, it could not break 16530 and I was also very weary of an announcement due at 9.30. My rule is to be out at least an hour before any announcement. I stuck to it and banked the pips!
(Fig:1)
It was an excellent trade because I stayed calm when it was going against me. My stop loss was hidden under the Ma 20 not by design but because the 30 stop loss happened to be below it.
It was an excellent trade because I stayed calm when it was going against me. My stop loss was hidden under the Ma 20 not by design but because the 30 stop loss happened to be below it.
This saved me as it failed to go below this level and finally I escaped with 15 pips. A good mechanical trade and I gave it 8 out of 10!
To your Trading Success!
Trading Diary Wed 22nd July 09
Wednesday was a very messy day on my behalf, I Entered the trade twice in order to gain just over 15 pips. I wont bore you with the details. What I should have done is used the hour strategy which yielded 50 to 60 pips.
(Fig:1)
The 15 pips kept kept me going and I'm up on the week so far! But not good trading due to the multiple entry's....4 out of 10 for today's trades!
To Your Trading Success!
(Fig:1)
The 15 pips kept kept me going and I'm up on the week so far! But not good trading due to the multiple entry's....4 out of 10 for today's trades!
To Your Trading Success!
Tuesday, 21 July 2009
Trading Diary Tuesday 21st July
Nice pips available again this morning if you had played the one hour strategy. Unfortunately I didn't! I was very twitchy as you can see in the chart by my multiple entry's.
Got out of my original trade too early, I took 9 pips initially and had nearly 20 at one point on (Fig:1) my first entry. The reason for my irrational behaviour was based on the break of the first pivot.
The candle was retracting fast after it broke the pivot and I took 9 pips. Two green upward candles followed before a huge red. I should have stuck it out but you can never tell. I have seen huge retractions around pivots and then eventually the trade goes in the opposite direction.
My time frame means I only have a 20 - 30pips stop loss so you have to be careful,
I had that feeling so got out. I then noticed it coming back down and re-entered for another
7 pips. So 15 in total!
(Fig:1)
The trade looked a lot different on the 1 hour strategy, you have a wider stop loss and I would have easily taken 40 pips. I am not playing this correctly and there is potential to trade the breakout for 20 pips. Then enter on the hour if the signs are correct.....
(Fig:2)
I really need to focus more on the hour strategy as you can gain more points. But I have targets and as long as I get 20 pips per day then I'm happy. The name of the trading game is consistency.
I have been consistently winning since I started to purely focus on the breakout. I will increase my pounds per point if I have another two weeks at this level.
Have a fantastic Day!
Got out of my original trade too early, I took 9 pips initially and had nearly 20 at one point on (Fig:1) my first entry. The reason for my irrational behaviour was based on the break of the first pivot.
The candle was retracting fast after it broke the pivot and I took 9 pips. Two green upward candles followed before a huge red. I should have stuck it out but you can never tell. I have seen huge retractions around pivots and then eventually the trade goes in the opposite direction.
My time frame means I only have a 20 - 30pips stop loss so you have to be careful,
I had that feeling so got out. I then noticed it coming back down and re-entered for another
7 pips. So 15 in total!
(Fig:1)
The trade looked a lot different on the 1 hour strategy, you have a wider stop loss and I would have easily taken 40 pips. I am not playing this correctly and there is potential to trade the breakout for 20 pips. Then enter on the hour if the signs are correct.....
(Fig:2)
I really need to focus more on the hour strategy as you can gain more points. But I have targets and as long as I get 20 pips per day then I'm happy. The name of the trading game is consistency.
I have been consistently winning since I started to purely focus on the breakout. I will increase my pounds per point if I have another two weeks at this level.
Have a fantastic Day!
Monday, 20 July 2009
Trading Diary Mon 20th July
The Bi monthly meeting for advanced mentees took place on Sunday 19Th of July at the Grosvenor hotel Victoria. This is used as a catch up to discuss how the strategies have been performing! The biggest concern was the ftse strategy, this gave us a few challenges this month.
Spoke to Marcus (Investment Mastery) about possibly using the strategy on the German Dax. But generally we went through the use of pivot points and some of the guys talked through bad trades. Feedback was given by the group and Master Trader Avi and Marcus de Maria.
I presented twice on the day and it was great to catch up with various faces on the skype chat to improve our trading!
I have heard many people talk about Mondays not being a good day to trade Fx. I personnel have not noticed this and tend to be more consistent on Monday than any other day of the week! It was a strong Morning for the three strategies I generally use.
Had I been brave enough there was over 100 pips up for grabs. Lets begin with Cable breakout. The trend of the morning was up and there was 4 pivot points below my short entry(See Fig 2 for better example).
Long entry point was 16420, in the end I got in at 16423.1 as cable broke the high of the morning. Unlike the previous weeks it struggled to find early momentum and I was in the trade for over an hour which is unusual! Total pips on trade 27 and positive start to the week!
(Fig:1)
Overall a strong morning for the strategies and trades!
To more trading success!
Spoke to Marcus (Investment Mastery) about possibly using the strategy on the German Dax. But generally we went through the use of pivot points and some of the guys talked through bad trades. Feedback was given by the group and Master Trader Avi and Marcus de Maria.
I presented twice on the day and it was great to catch up with various faces on the skype chat to improve our trading!
I have heard many people talk about Mondays not being a good day to trade Fx. I personnel have not noticed this and tend to be more consistent on Monday than any other day of the week! It was a strong Morning for the three strategies I generally use.
Had I been brave enough there was over 100 pips up for grabs. Lets begin with Cable breakout. The trend of the morning was up and there was 4 pivot points below my short entry(See Fig 2 for better example).
Long entry point was 16420, in the end I got in at 16423.1 as cable broke the high of the morning. Unlike the previous weeks it struggled to find early momentum and I was in the trade for over an hour which is unusual! Total pips on trade 27 and positive start to the week!
(Fig:1)
The 1 hour strategy yielded 70 pips with entry at 8am (See Fig:2). Good old Adrian, cheeky bugger was not sure of breakout so left with 5 pips. He then got in again on the hour and adjusted his limit to 60 pips.
The candle shot up and he made his target pips for the day and then some by 9am. Had I adjusted my strategy and changed stop I could have gained 100 pips... OK 27 is still a great start for me so I shouldn't complain!
(Fig:2)
Overall a strong morning for the strategies and trades!
To more trading success!
Saturday, 18 July 2009
Day Trading Diary 17th
Got back half my loss from Thursday with the final day of trading this week. Still playing the cable breakout, tricky entry point due to the pivot point. Go in early and you face the problem that it will not break the S1 pivot. Go later and you miss the move and it retracts back against you.
Same as earlier in the week, the candle price action mixed with time and macd suggested a strong short and I went for it!
I made the decision to go in early which could have gone horribly wrong. Could I or should I have waited? The answer is yes, you should not in my opinion go in until the candle has closed below the pivot point.
It proved to be a good decision as the second of the three red candles screamed past the pivot point.
In total I gained 23 pips and could have taken more. I resisted this temptation to stay in the trade longer for fear of the previous days quick retraction!
I thought the behaviour could be similar so grabbed the 23 pips, Very keen to finish up on the week.
This weeks key learning points:
Think carefully before you get into a reverse trade after a loss. I know this already but was far too giddy from the weeks performance and should have protected profits! Another holy grail of trading that you need to keep remembering. Control your emotions!
Hope you had a successful trading week!
Same as earlier in the week, the candle price action mixed with time and macd suggested a strong short and I went for it!
I made the decision to go in early which could have gone horribly wrong. Could I or should I have waited? The answer is yes, you should not in my opinion go in until the candle has closed below the pivot point.
It proved to be a good decision as the second of the three red candles screamed past the pivot point.
In total I gained 23 pips and could have taken more. I resisted this temptation to stay in the trade longer for fear of the previous days quick retraction!
I thought the behaviour could be similar so grabbed the 23 pips, Very keen to finish up on the week.
This weeks key learning points:
Think carefully before you get into a reverse trade after a loss. I know this already but was far too giddy from the weeks performance and should have protected profits! Another holy grail of trading that you need to keep remembering. Control your emotions!
Hope you had a successful trading week!
Trading Diary July 16th
Start getting too comfortable and you break the rules. So far 55 pips up on the week and I play without caution and lose twice. Firstly I entered the trade far too early believing I now have an instinctive idea of were the trade was going!
To be honest on review, the signs were fine but the rule I broke was the entry time(after 7). I have incurred most losses when the trade happens before 7 and yet I still take the trade when I think I see it.
I entered my short trade around 6.50 It then reversed promptly with 4 green candles. I cut my losses by 5 pips but in total loss 20 pips
Stupid yes, but not as stupid as going in again especially when it had hit the pivot point 4 times and failed to break through. The pivot point R1 and also 400 were on the same level. This does not occur too often. But its a doubly strong support or resistance line. I will approach that sort of situation with more caution.
It proved to be the stumbling block all morning. At the point that I went long (reversal trade after loss) it had reached 16405 and convinced it had now sufficiently broken the pivot and 400 level I entered the trade.
I had 6 - 8 pips at one point but this was short lived. It reversed the next candle and I cut my losses at 25 pips.
What happened? I have been playing the breakout a lot more due to the recent channeling of cable. It has not shown a clear trend, playing on a smaller time frame like 5Min's means you can take points while its channeling.
But today it channeled in an even smaller range and I finally experienced a lot of what was happening on the 1 hour fx strategy. I recognised this even more when I then played cable on the hour. It did nothing for two hours and I got out with 3 pips.
Some in the skype chat stayed with it for nearly 4 hours with different degrees of success!
That was three trades for me and I felt it time to stop trading. Will make the points up tomorrow!
To Your Success!
To be honest on review, the signs were fine but the rule I broke was the entry time(after 7). I have incurred most losses when the trade happens before 7 and yet I still take the trade when I think I see it.
I entered my short trade around 6.50 It then reversed promptly with 4 green candles. I cut my losses by 5 pips but in total loss 20 pips
Stupid yes, but not as stupid as going in again especially when it had hit the pivot point 4 times and failed to break through. The pivot point R1 and also 400 were on the same level. This does not occur too often. But its a doubly strong support or resistance line. I will approach that sort of situation with more caution.
It proved to be the stumbling block all morning. At the point that I went long (reversal trade after loss) it had reached 16405 and convinced it had now sufficiently broken the pivot and 400 level I entered the trade.
I had 6 - 8 pips at one point but this was short lived. It reversed the next candle and I cut my losses at 25 pips.
What happened? I have been playing the breakout a lot more due to the recent channeling of cable. It has not shown a clear trend, playing on a smaller time frame like 5Min's means you can take points while its channeling.
But today it channeled in an even smaller range and I finally experienced a lot of what was happening on the 1 hour fx strategy. I recognised this even more when I then played cable on the hour. It did nothing for two hours and I got out with 3 pips.
Some in the skype chat stayed with it for nearly 4 hours with different degrees of success!
That was three trades for me and I felt it time to stop trading. Will make the points up tomorrow!
To Your Success!
Wednesday, 15 July 2009
Trading Diary Wed 14th July 09
Wow after a cautious two days the markets went like a rocket this morning. Adrian had finished trading by 9.30 after taking 40 pips on cable breakout and 15pips on ftse strategy. They all went long and I'm writing this at 13.41 and they are still going!
Fig 1 (GBP/USD)
As you can see I got in twice in the space of 20 minutes on the above breakout (Fig 1). In total I scalped 35 pips. I have established the breakout as my key trade. I then trade the ftse and Fx hourly strategy if I have no other trades.
Adrian trades with me most mornings and we support each other in the kill or be killed world of spread betting. I thank him for his hypnosis cds in making me a calmer person when actually in the trade. Check out his site for more info!
We support each other by reviewing good and bad trades. This is essential in your trading growth. You pick up on your mistakes and can also be open and honest about what you did.
Trading can be a lonely business!
Fig 2 (ftse)
I include the ftse trade today, from opening it broke the signal to go short. We ignored it and instead waited for more clarity....Adrian got in on long as the numbers show in graph and finished on 55 pips in total for both trades.
There was also a trade at 7am for Eur/Usd, I ignoring the 1 hour strategy trade due to waiting for my favoured cable breakout. I include the chart below to show you what happened. In total there was 56 pips if you waited for the hour, or 76 pips if you was watching the trade!
As I won on cable anyway, I was not too unhappy about the missed points.
Fig 1 (GBP/USD)
As you can see I got in twice in the space of 20 minutes on the above breakout (Fig 1). In total I scalped 35 pips. I have established the breakout as my key trade. I then trade the ftse and Fx hourly strategy if I have no other trades.
Adrian trades with me most mornings and we support each other in the kill or be killed world of spread betting. I thank him for his hypnosis cds in making me a calmer person when actually in the trade. Check out his site for more info!
We support each other by reviewing good and bad trades. This is essential in your trading growth. You pick up on your mistakes and can also be open and honest about what you did.
Trading can be a lonely business!
Fig 2 (ftse)
I include the ftse trade today, from opening it broke the signal to go short. We ignored it and instead waited for more clarity....Adrian got in on long as the numbers show in graph and finished on 55 pips in total for both trades.
There was also a trade at 7am for Eur/Usd, I ignoring the 1 hour strategy trade due to waiting for my favoured cable breakout. I include the chart below to show you what happened. In total there was 56 pips if you waited for the hour, or 76 pips if you was watching the trade!
As I won on cable anyway, I was not too unhappy about the missed points.
Fig 3(FX EUR/USD)
To your success!
To your success!
Tuesday, 14 July 2009
Tuesday 14th Breakout Trade!
I questioned recently whether I was Trading with fear? The last two days have answered my question. The decision of reducing my trades now looks to be a good one.
Most of the Forex pairs are proving a challenge to say the least. The markets are very uncertain and The skype trading group are having more losses than normal. Its the major uncertainty as to recovery or non recovery?
I did not wake up on time today, (Normally 5am) when I finally got the charts up and running cable looked to have moved a bit already. As already stated its currently channeling so I like the morning volatility of when it opens. It then dropped back to near the 50 level.
To Your Success!
Most of the Forex pairs are proving a challenge to say the least. The markets are very uncertain and The skype trading group are having more losses than normal. Its the major uncertainty as to recovery or non recovery?
I did not wake up on time today, (Normally 5am) when I finally got the charts up and running cable looked to have moved a bit already. As already stated its currently channeling so I like the morning volatility of when it opens. It then dropped back to near the 50 level.
When its playing at 50 level I'm very weary as you know if you have read the blog previously. It quickly moved Back up after pull back on one red candle...That was my sign and I made some quick decisions to go in at 16270.00 due to the macd and histogram signs!
The other key indicator was the up trend and knowing there was a good chance it would go another 3 green candles. Taking into account I.Gs spread the entry was 16273.60 I then exited the trade at 16291.10 for a nice 17.5 pips. I trade the breakout on 5min candle so again the speed of the trade is obvious!
More detail this week on the other strategies....and as normal your comments or requests are very much appreciated.
To Your Success!
Monday, 13 July 2009
Forex and Trading Strategies!
Being a forex trader can seem very exciting. The majority of people who teach you to trade will always say if you want to make money you need to trade FX.
Did not trade this morning on my favoured cable, the move happened while I was asleep at 3am. So there was no early morning breakout and the hourly strategy was ruined for the rest of the day!
I trade three strategies on a regular basis, these are ftse at 8am, the forex hourly strategy and breakout trading. I also use a strategy on crude oil if the signs are correct. The oil strategy depends on the range and circumstances and is too subjective at the moment.
If you take last week as an example oil dropped nearly 30%, experts on bloomberg are contradicting themselves and are very unsure of where it's going. For this reason that strategy is currently on hold!
I will also say I probably have too many strategies! Analysis paralysis can be a huge issue when you become a trader. In your early days you will look for the holy grail of strategies and realise it does not exist. The only way to become a good trader is to find a strategy that suits you and do it over and over again until you get it!
Whatever you do Forex should be one of the strategies you use. It is the most liquid market and the brokers can not tamper with it as Much in terms of pricing issues!
Did not trade this morning on my favoured cable, the move happened while I was asleep at 3am. So there was no early morning breakout and the hourly strategy was ruined for the rest of the day!
To your trading success!
Friday, 10 July 2009
Spread Betting Versus Shares
The late Benjamin Franklin is remembered for once famously saying, "There are two things you can be sure of in life - death and taxes!" When an opportunity to make money and not pay any tax on the profit comes along, it's fair to say that most people would take a second glance. Financial Spread Betting falls nicely into this category.
Leverage
Spreadbets are leveraged, so with £1k margin, if you use, say, 10:1 gearing, you can gain the equivalent to £10k's worth of shares. Of course, then it only takes the shares to fall 10% to wipe out your margin. It's the same principle as property investment (with a mortgage). With traditional share dealing more money is required to cover the same amount you could with a spread bet. Of course with leverage comes risk - ultimately it is up to you to use good judgement and use leverage wisely.
Share trading | Spread bet | |||||||
| Current share price | 464p | 464.7 | The slightly higher purchase price is to take into account no commission with spread bets | |||||
| You buy | 10,000 shares | £100 per point | 100 shares = £1 per point spread bet. Therefore 10,000 shares is the equivalent of a £100 per point spread bet | |||||
| Initial cash outlay | £46,400 | £4,647 | Spread bets on shares only require 10% of the toal trade size as a deposit | |||||
| Stamp Duty | £232 | £0 | Stamp duty is not applicable to spreadbets saving 0.5% on all buy transactions* | |||||
| Commission | £15 | £0 | Your current stockbroker may charge you a flat rate of £15 for example for a transaction of this size. Spread bets never incur any commission | |||||
| Total outlay | £46,647 | £4,647 | ||||||
| You were correct and the share price of ABC Plc rose to 494p over the next month. You decide to close your position. | ||||||||
| Current share price | 494p | 493.3p | The slightly lower selling price is to take into account no commission with spread bets | |||||
| You sell | 10,000 shares | £100 per point | To close an open 'long' postion you sell | |||||
| Commission | £15 | £0 | ||||||
| Profit | £2,735 | £2,860 | ||||||
| Less Capital Gains tax (40%) | £1,101.20 | £0 | Spread bet profits incur no Capital Gains Tax liability. The rate used is based on a higher earner tax rate. Tax laws can change. | |||||
| Total Profit after tax | £1,651.80 | £2,860 | ||||||
| Return on Capital | 3.5% | 61.5% | The significantly higher return on capital was the result of a much lower initial capital outlay for spreadbets as opposed to share trading | |||||
| Note, if you were not correct in predicting the direction of price movement of ABC Plc you would lose money. Profits and losses can quickly exceed your initial deposit. | ||||||||
Thursday, 9 July 2009
Trading Diary 2nd July
The markets are ranging so taking them very cautiously. Strategies on ftse and hourly strategies on cable are difficult to asses at the moment with no major moves. Generally as most know, the markets are usually trending up or down. But as we move into the so called recovery, the markets seem to be changing month to month.
With this in mind I have restricted myself to the gbp breakout in the morning. The number one point of trading is to preserve capital. Number two point in trading is to preserve capital. Number three point in trading is to remember points one and two!
Having said that ftse won 4 out of five trades last week so maybe I'm being over cautious, which is not a bad thing. As long as I am not trading with fear.....Not sure yet on that one. My Thursday breakout is above...Any comments let me know!
Thursday, 2 July 2009
Effective Mind Control When Trading!
Trading can become a stressful game, you need to learn to control your mind to be a great trader.
learning to control your mind is not a sheer question of will. If it were, millions of others would’ve long be liberated. Instead, you need to be connected to a system which is able to teach you the secrets of controlling your mind, rising above reality and seizing your inner potential.
- Trade in a calm assured state!
- Destroy limiting beliefs!
- Vision your trading goal so no matter what happens you are 100% solid in your belief of success!
The goal of the Silva Method is to teach you how to use more of your brain and activate the untapped areas of your mind.
If you envision the life of your dreams in your head, you WILL live the life of your dreams in this present reality. Imagine being stress-free? Where you’re no longer in the rat race because you already made it.
Imagine moving on to bigger and better things? That even when past memories are still there, the power that these past memories have will be banished forever.
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