Free Forex Update, Forum News, Signal Service, Tips & Advice
Sent Friday, August 7, 2009
Forex Update For 7th August
Hi all. Back to work Monday (groan). I probably will either not trade, or trade very little the week ahead. I find when I have been away from the markets it takes me a little while to get back into the groove/mindset. The further thing is that the current markets are all over the place, so I am happy to just sit it out until things return to normal over the next couple of weeks. I also have so much to do in terms of sorting out the blog, lessons, results of robot & signal service tests that I have been conducting.
Lmt
I sent out an emergency update last week-end advising you its was best not to trade the lmt whilst the midsummer madness continues. Monday the LMT had an awesome 600+ pip day. I did wonder if I had called it wrong, but as the week progressed it became less reliable. The end result was you could have traded all week for at best break even. Go on holiday. Take a break. Or at least use the time to study.
As I have said many times before, caution & patience are important at this time of year. What normally happens is when the big guys comeback and see where price is they will say "what the...! There will be a big correction and then the trends will start again. There is no way imho that the gbp is worth $1.70. Yes the USA economy is in a mess but the British is just as bad, possibly worse!
$1.000.000 Challenge.
I have been researching lots of daily systems and some 4 hour to use for the challenge. I now feel that I have enough back-tested, reliable systems to do the challenge with maybe just a few trades per week. I may even be able to email you the trades before I take them, for a while at least.
Signal Services.
I have been testing 11 different signal companies/individuals over the last 10 weeks (not the best time of year for it) but if they can make money now then they should be able to make money in ANY market. Some have fared better than others. I will let you know the results in the coming weeks. I am also looking at possibly providing a lower cost daily/4hour limited service of my own.
This is NOT for many of you,
but if you are serious about forex and are trading more than a $3000 account then this guys pedigree/track record is amazing. 25 years experience trading Forex and commodities, including Chief Trader at 2 major international banks.
Richard told me about this guy earlier in the year and I have followed (unfortunately not traded) his signals June to now. He has had 1500+ pip days even in the current markets. Clearly Signalled by email or sms. Lots of the trades are with small 30/40 pip stops looking for 100/200/300 pip gains.
The downside ? He is not cheap, but as I said at the beginning if you are trading a big enough account then it could pay for itself many times over and the best of it is he does ALL the work. As with anything I recommend there is a full refund guarantee, this time for 30 days. As you know my attitude with forex products is if there is a guarantee, its worth a try:Forex Trading Signals
Free Forum.
My tech guy is away until Tuesday so I will look to spend next week trying to sort things into sensible categories/threads. We now have 650 +comments on the blog. There are some great questions & answers,but they are all over the place. If anyone has any suggestions, please feel free to email me.
Free Forex e course.
I have another gentleman looking at putting the lessons & lots of other analysis together into an e-book that should make it much easier for you to read & understand. This will be free to all of you are receiving my updates (probably take a month to sort out). There are so many e-books out there charging up to $100 for information that is often freely available, but is scattered all over the internet.
Fapturbo Evolution.11th Robot bites the dust !
I sent it back during the week. There are people claiming to make money from this and I am biased against robots, BUT I had No confidence in this one. I certainly would not let it anywhere near a live account.
I had major issues re the marketing. The webinars were very carefully controlled/spun. There were NO awkward questions allowed. Same with the forum. The worst part for me was it was $600 and yet the people who had been used to justify its performance (the beta testers) wouldn't tell you their settings unless you bought through their affiliate link. One of the beta testers results were based on a 10% risk. On a $10.000 account no way !
Mine lost money. The wins were small and the losses bigger. Dukas copys' demo account was unreliable. I had followers who needed telephone support who tell me they only got an answer machine. There were rumours in forums about the actual number that had been sold.
The final part of the jig saw was what a crazy time of the year to launch the damn thing. Anyone that has been involved in forex for any length of time knows to go away summer and Christmas time.
NFP/ Monday morning Tokyo open.
I warned on twitter "remember today is
nfp forex friday. i never trade it. if u r in trades now be VERY
careful if you're not best advice is stay out rest of day"
Then 5 minutes before the news;
nfp forex
news:tight morning ranges usually followed by horrendous spikes up
& down in next 3 minutes. if in trades best out or stops tight
Take a look at the euro as an example of the madness of trying to trade this. It was a text book nfp day. Price was trapped in a tight Tokyo/London range of only 40 pips. The news came out which was positive for the USA yet the euro initially shot up 40 pips and then down 70 in just 15 minutes. Wiping out 10.000's of stop losses along the way, before falling a further 200 pips.
In my opinion NFP trading it is just gambling. If you won you had good luck. If you lost, hopefully it wasn't a lot. I will update probably Monday re the week ahead.
Monday morning Tokyo open is the asian markets 1st opportunity to trade the $ news. There could be a lot of gaps and price could again race away. If you are determined to trade wait for the London open, maybe plus an hour. Personally I will leave it alone.
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