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Posts Tagged ‘ trading room ’

Jittery Nerves

Today was a slightly frustrating one in the sense that pips were definitely left behind in the market. My trading room was pretty busy this morning and almost immediately after 10:00 GMT, a trade looked likely to form. In my haste to make my pending trade aware to other people in the room, I set the wrong entry for my trade. This hasn’t happened before but neither have I been trying to place a trade and announce a trade. I had the entry 3 pips to low and those 3 pips were the difference between a loss and a win. Whilst it was very frustrating, it also settled my nerves. I now know the process of calling trades and keeping people up to date with pending orders. I did manage to redeem myself with a winning trade on EURUSD for +14. I decided to close this early as I wasn’t particularly happy with the way EU was resisting to go higher, everyone in the room managed to close for at least 12.5 pips, some 13 pips. It turned out to be a good call as the highest it went to was +14.7, 0.3 short of full scalp. This is the beauty of having a live trading room as I can manage my trade with other people and make them aware of reasons behind my thought process. So a breakeven day on my new method but it could have been a lot better, but I am a patient and disciplined person, I will not chase the market, I’ll wait for the market to come to me. I am compiling a nice Q&A for everyone who joins my trading room and with the help of everyone already there, it should help newcomers settle in quickly.

TUFXP decided to play ball and again GBPUSD gained +28 pips ( 3 better entry). It transpired that not everyone got the corresponding signal and shortly afterwards, IQFeed went down yet again for over 23 minutes. My constant emailing to IQFeed has managed to bring about a new feed though, one which I can use when FXCM feed goes down, so at least I am getting some return on my $80 feed. TUFXP themselves though have still yet to reply, even after 5 emails regarding this matter. A truly shocking display of customer support.

I’ll add my trade management post sometime tomorrow.

2009: 11/17
CATEGORY: Forex
TAGS: IQFeed
trading room
TUFXP
3 comments

Friendly Welcome

Well today was the first day of my own trading room and it was a nice way to start the week. Whilst the method I am detailing has a day off on Monday, it was a good opportunity to get everyone together and go over any questions that the members had. The overall feeling was a positive one and from speaking to most of the members individually, everyone shared the same consensus that it’s a fine idea and they were looking forward to watching the method get to work. There seems to be a nice collective mix of beginners and more experienced traders and there were several members helping each other out with questions regarding various spread betting companies and brokers.

My TUFXP method had three trades today, once again GBPUSD proving the most solid pair with a straightforward 25 pips in the morning part of the London session. EURJPY also triggered a trade 10 minutes after the GU trade and it briefly went past +10 before hovering around breakeven until the US news at 13.30 GMT. Just before the news, a potential short setup occurred and it was close enough to be triggered during the news release. The news sent us in and during the process sent the long out for a loss of 25 pips. The short went to +23 before retracing all the way back to breakeven and even up to -9 pips. However, gravity set in and it eventually made it’s full scalp of 25 pips.

Most of my day flew by with answering everyone’s questions and I can already see the week’s flying past even quicker than before. I have been busy working on another new strategy that’s been whirling away in my mind for the last few weeks and it’s always been something that interested me. I still have a lot of research to do and testing but initial feelings are that it looks incredibly straight forward and successful.

There are a few aspects of trade management I want to touch on over the next few days so look out for that..

Thanks to everyone for a fantastic start to the week in the room. See you all tomorrow.

2009: 11/16
CATEGORY: Forex
TAGS: pips
trading room
TUFXP
2 comments

End of Week

Today was a pretty crazy end to a crazy week. My method which will be live in my trading room as of Monday went absolutely bananas today with a 90 pip haul. Depending on your risk appetite risking 3% per trade would have translated into an 18% growth of your account in one single day. Everything just fell into place and prices reacted very well. Days like these are special for several reasons. Not only does it give me great satisfaction knowing my method is working but also it gives me encouragement to move forward and help others with their trading.

I do not trade my TUFXP method on Friday’s as statistically Friday’s are the weakest day and it turned out a good day to miss with a loss on the day of 25 pips. I’ve been working hard on improving my strategy and the longer I spend with the software, the greater my understanding becomes of how to maximise it to the full. I originally thought it was simply a case of following the signals and entering at the indicated level. It’s been a fairly steep learning curve over the 4 months of using TUFXP but it’s also been a good one. I think it applies to everything to do with Forex, the longer you spend in front of charts, the more familiar you become with their characteristics. I went in all guns blazing trying to trade as many pairs as possible and quickly realized, quality really is better than quantity. Whilst I’m still very new to Forex, my advice to any aspiring trader is to be patient and concentrate your efforts on one or two strategies rather than trying to master everything at once.

Thankyou to everyone who has signed up so far, 19 subscribers and counting! I look forward to Monday. I will be sending an email over the weekend with all the required details, I hope you find the next week an enjoyable one.

If you haven’t signed up yet, you can do so by following the link on the left.

2009: 11/13
CATEGORY: Forex
TAGS: trading room
TUFXP
2 comments

Fantastic week, discipline and gumby’s…

This week is fast becoming incredible and I’m feeling on top of the world. These purple patches seem to occur once a month without fail lately and it’s always a timely added boost to the monthly gains. I’ve had two trades this week go to -24 pips, 1 away from my SL before slowly making the climb back up and hitting my scalp target. These types of trades make for hard viewing but keeping the discipline is equally as hard. I’ll talk a lot about discipline throughout this blog as I feel it’s priority number 1 when it comes to dealing with any form of trading, gambling, car racing etc.

You can have all in the talent in the world but without discipline you’ll never get anywhere. Keeping your cool when things get bumpy is extremely important and I try and help others keep their discipline and focus in the daily trading room I use. We are all mostly beginners at various stages of our trading careers and we all have our weaknesses. The main benefit of a trading room is the ability to share ideas and help each other work on various weaknesses/strengths. It is also a massive help when it comes to breaking up the boredom of a trading day, there are many dull hrs and being able to have a chat really helps.

The US GDP q/q release was always going to be an interesting event, I personally thought the forecast of 3.2% was high but as I hedge the news, I am personally not too fussed as to whether it’s over or under. It turned out to be higher than expected and caused a massive upswing on EURJPY. I ended up exiting even a little too early but whenever I can take home 65 pips, it’s a welcome bonus! Speaking of news, the NZD release late last night wasn’t a firecracker but I did manage to gain 15 pips on the short. I await my rematch with it next time out, we still have unfinished business.

There’s an interesting thread on FF here and I have to say I’m amazed by the rudeness of some people. I guess there is no helping some people. Any community should be a friendly one and rude, arrogant members really need to wind their necks in. Nobody can argue with the that fact pips are not the be all and end all of trading, they simply tell part of the story. Anyway, I’m not going to let a few gumby’s get in my way. Onwards and upwards..