EURUSD closed

The EURUSD trade is currently going the wrong way, and the signals are telling me to get out. In actual fact, I am going to change this to a buy in stead of a sell. Let's see how this pans out. i will update on the trade in a bit.

EURUSD trade

A new trade is to be taken. This is on the EURUSD and will be a sell order. The trade was taken at 1.22739 with a lot size of 0.02. SL is 1.23167 (43 pips) TP is 1.21953 (78 pips) Let's see how this one plays out! 0.02 is the usual lot size going forward according to my money management rules, it is not a win or lose on then double the lot size - martingale systems are destined to fail every single time. I have some advanced money management software that let's me win 10 and lose 10, and I will still make money - or lose 10 and win 10, and still make money!!!

Some order amendments for the USDCAD trade

Well, things have been going pretty well with this trade, and as such I have made some slight changes. The new SL is 1.01381, so we are guaranteed a profit. The new TP however has chaned to 1.00730. A couple of reasons for this. One my signals are telling me that this trend will continue, it has broken some support levels, and the SL is actually slightly above this new resistance, so we will be protected if there is a sudden change. The new TP is just above an older support line, and I woudl be happy to take this.

Update to usdcad trade

The way that the current pair is heading at the moment has led me to movemy sl level to move my sl to break even. Why? I think it was Benjamin graham (who taught warren buffet) that his first aim in his investing was not to make money, but ensure that he did not lose money. For example, If you lose 50% of your capital, you need to gain 100% back to just break even!!! By setting the sl to break even ensures that anything you make is always going I be increasing you bank and not clawing it back. Feel good in knowin that from here on in, this profit is 100% risk free! With that knowledge it is much easier to make the right decisions! Enjoy!

Sell USDCAD

So for the first trade I am entering here, it is starting off with a small 0.01 lot (10 cents per pip). It is a sell on the USDCAD. I took the trade at 1.01828 Take profit is at 1.01001 62 pips Stop loss is set at 1.02460 84 pips. I am in the process of setting up my money manaagement tool (it does take some time to do) and once up and running, the lot sizes will change trade to trade. I would recommend that if you want to follow, you trade the same lot sizes to ensure that you make a profit, the take profit and stop loss is movable as you see fit, although there is some science in it so you may want to set them the same, although I am sure that the profit and loss will be different.

Back after a hiatus

Well, I have decided to come back to what I love doing most, and trading Forex. This time hopefully for the long haul. Same rules apply that I will post a message when I take a trade, and will post a message when i move out of a trade. These trades will usually be between 2-4 days long... sometimes longer, sometimes shorter. The idea of these trades is that they will be running with the market over a longer period. Why? Well the longer the timeframe you trade on, the stronger and better the signals. I took a hiatus to start trading on the much shorter time frames. That was a big mistake. I am confident that My strategy is pretty good and is good enough to trade on a part time basis. I aim for about 100 pips per trade, but the stop loss will be around 50 pips. That means that I need to win 1 out of every 1.5 trades to be profitable. I know the maths don't stack up, but my money management means that if I win 10 and then lose 10 I will still end up ahead! Feel free to follow my trades, and i will post ALL my entries and exits, take profit and stop losses and also lot size! I will be starting off with the first trade today! Enjoy

New website launch

Hi, after receiveing a lot of messages, I have been diligently working on a new website that has just been launcged.

This is found at www.everything-money-making.com

Thanks for all your support, and hopefully this website will be bigger and better than just a blog!!!

There is more than just Forex, but a whole range of other things that you can use to get money making!!!

Hope to see you there, and please join in the discussions!