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Good morning all. Thankfully the markets have become a little more predictable this week. I still think that there is a big reversal to come on a number of pairs, so manage your trades carefully.
When markets go through this kind of phase (normally a couple of times a year) we have 3 alternatives;
- Walk away and wait for things to settle back into a pattern/trend - The most sensible option.
- Have different strategies for the various phases of the markets.
- Trade blind - known as gambling !
Under ideal circumstances I would prefer to simply walk away. However, many of you are desperate to trade ! I have a number of strategies to deal with the various forex market phases. On the blog this week I have given you a brief description of a method i used in april to achieve my best months figures ever in forex (1800+ pips) ! See the link at the bottom of this page.
I have been so busy trying to sort computer problems - need to buy more, administration backlog, tax returns, teach my new admin assistant as well as start
$1 million challenge! I haven't had time to make a living ! Sorry to those of you who are feeling neglected, but once this is all out of the way, I can get back to doing what I do best.
Forex Products
One of you, John, sent me an email the other day asking if he could buy a forex product through the site. I wasn't an agent for the product, but he said that he was going to buy it anyway & if I could set it up he would like to buy it through me as a thanks for my efforts with the blog & the e mail support & advice.
If any of you have decided to buy something and its not in the "http://forex-fxtrader.com/blog/forex-products/" section of the blog, would you be so kind as to let me know the product details and I will try to get you the link.
The blog has created a mountain of work and expense (20 + hours a week of my time, new equipment and staff. It is as I intended, all free, but this is one way for you to help me try to provide a quality service without a direct cost.
If any of you have bought anything recently that you would like to write a brief review on, good or bad,let me know and I will post it on the blog for others to share.
Current State of the Markets/LMT
I sent LMT members an update on tuesday advising them that it might be time to start to trade again, with reduced stakes and avoiding some of the pairs. We have had a lot of signals this week & more winners than losers, I would guess 70% to 30%, so despite the horrible conditions you should still have made money this week, but it still isn't all plain sailing.
My advice is still the same. Tread carefully, reduced stakes. stick to pairs that are trending in the same direction on the 4 hour and the daily charts.
Personally I have been taking profits at the 1st sign of stalling, rather than letting trades run. Its not the best plan, but I hate opening trades that get 15/20 pips ahead and then come back and wipe you out. I only netted approx 100 pips this week (my record keeping has collapsed) ! which is poor by my standards, but I haven't had the time to trade properly and as i said i had a lot of things to sort out. Another week and I should have caught up !If you have not seen the LMT yet
Check out my LMT Forex Formula Review
$1 million Challenge
The intention was to start wednesday, but my 15 year old daughter, Charlotte, who is leading the challenge got a little nervous. Consequently she has been trading on a demo account for a few days. Just as well really as she has made the same mistakes as everyone else, including me. In the last couple of days. Pressed "sell" instead of buy - twice !, forgot to put a stop loss on a trade, put the wrong stop loss. Got in early. got in late etc etc.
We then had a problem that running 2 metatrader platforms on 1 pc has caused. We entered a long on a trade that went on to win 92 pips. As we were doing the old "high 5," we suddenly realised we had done it on the wrong account (I did this the week before. I had a 100 + pip gain on gbp/yen for $500 profit only to find I had placed the trade on the forex meta -demo- instead of the alpari, micro account)! The solution is we are getting yet another p.c and that will run the micro account.
Heres the link to the Asian break out strategy I mentioned earlier.
As I said it gave me my best month ever in april. Ironically I don't like trading shorter time frames, but it is a nice system to have up your sleeve when others are not working;
Best wishes,
Marc
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