Wow..........It has been a long time since I have written a blog!!!! A lot of things have occurred since my last post........I went live and lost almost all of my money and then stopped trading for a bit, I bought a new (old) car, and had my laptop stolen from my car. In between those events, I demo traded and continued to educate myself to develop my trading strategy. I considered forex trading because of the relatively low cost to start trading. Some brokers would let you open a forex brokerage account with a minimum of $5. After loosing a couple a few thousand dollars, starting with a few hundred as a trial run in forex didn't seem like a a bad idea. Moreover, the amount of leverage being offered (some of which is really ridiculous; sometimes 500-1000:1). If you are not careful, you can loose much more than the cash you have in your account playing with that kind of leverage.
I have added another avenue to my trading approach: forex trading. I have been trading currency pairs since January or so and I am liking the results. I was able to take advantage of the decision made regarding Swiss Franc. I have made a few dollars (fake) holding pairs involving the franc. The panic created one of the best profit making opportunities. Shown below are currency pairs I am still holding in my demo account...
The weekend isn't the best time to hold forex positions as economic news usually comes out at the beginning of the week. Since the forex market is open virtually 24 hours, 5 days a week, any economic news released by a country can have a tremendous effect (positive or negative) on the currency as it relates to other floating currencies. I do take that into consideration but my conviction in the move is the only reason I'm holding through the weekend. Shown below is the pnl status of my forex trades:
Here is the trade I did today. I shorted BKS and covered at the first sign of green.
I got scared and missed the continuation to the downside. There were other opportunities presented today in this stock and I missed them because I was either busy at times or too afraid to give back the profit made earlier. Shown below is where the stock was at closed today (when I took the last pic). as you can, see there were other profitable entries.
Anyway, I will be back at it next week. Until then enjoy the weekend!! TGIF!!