TRADE/LIFE - Alright, here's the deal...
I can't remember if I posted this or not, but I'm going back to school (Corespondents) to get my high level math. I just started it about a week, a week and a half ago. I have also been working the past couple weeks so I have been fairly busy compared to normal. As a result I have not had much time at the computer, so I haven't been trading.
Now here is what I am going to do. I will start trading again probably tonight. Now if I run my account down to $1400 I am going to stop with the technical BS (I plan on stopping with that anyway) and I am going to start with the news trading. I just need to get everything ready for that. Before I start with the news trading I am going to put my other 400 some odd $$ account into my current $14-- account. So I will have about $18-- to work with. I will be trading 5 mini lots initially while trading the news. With probably a 30 pip stop loss. 30 or 20, or I may use a trailing stop. Still haven't decided, and I still don't know if a trailing stop on initial entry is even possible with my current broker. But lets say I'm using a 30 pip stop loss, that means I risk loosing 30 pips, at $5, so $150 if the trade goes against me, hard.
BUT...
With that being said, I do not expect to loose while news trading. If I loose I expect a small loss of maybe 5-10 pips, and MAYBE the odd 30 pip loss. My profit potential target will be about 15-50 pips per trade. I am going to do the news trading threw a guy that holds a little chat room and lets people use his software for it. This will be my trial. The reason I am going to school again is so that I can upgrade my math and get into a computer programming class, and program some software of my own. For now I will have to use his, along with his advice. He has yet to loose a trade in 4-5 months though. This is simply because he basis his trades off of the deviation of the news release and he generally only trades if it is deemed as "safe". What this means is probably about 10 trades a month with 0 expected to be looses, but if I'm unlucky 1 or 2 may be. IMO this is a way better way to trade, but it is also harder simply because of the broker's asociated with the Forex market. Being that forex is unregulated, the broker's essentially create their own market for the traders. Which means that I may not be entered into my trades if my broker is being a douchbag. So it could be interesting. I may have to switch brokers and test some different ones out while attempting this news trading business.
Another good thing though. He posts a video of the trade after every trade, so I will link you guys (and possibly gals) to that so that you can see what goes down.
But for now I will try and resume my technical trading, even though I've been out of it for a while now. Remember though, if I run my account to $1400 I will stop with the technical crap and the news analyst strategy will come into play.
Now here is what I am going to do. I will start trading again probably tonight. Now if I run my account down to $1400 I am going to stop with the technical BS (I plan on stopping with that anyway) and I am going to start with the news trading. I just need to get everything ready for that. Before I start with the news trading I am going to put my other 400 some odd $$ account into my current $14-- account. So I will have about $18-- to work with. I will be trading 5 mini lots initially while trading the news. With probably a 30 pip stop loss. 30 or 20, or I may use a trailing stop. Still haven't decided, and I still don't know if a trailing stop on initial entry is even possible with my current broker. But lets say I'm using a 30 pip stop loss, that means I risk loosing 30 pips, at $5, so $150 if the trade goes against me, hard.
BUT...
With that being said, I do not expect to loose while news trading. If I loose I expect a small loss of maybe 5-10 pips, and MAYBE the odd 30 pip loss. My profit potential target will be about 15-50 pips per trade. I am going to do the news trading threw a guy that holds a little chat room and lets people use his software for it. This will be my trial. The reason I am going to school again is so that I can upgrade my math and get into a computer programming class, and program some software of my own. For now I will have to use his, along with his advice. He has yet to loose a trade in 4-5 months though. This is simply because he basis his trades off of the deviation of the news release and he generally only trades if it is deemed as "safe". What this means is probably about 10 trades a month with 0 expected to be looses, but if I'm unlucky 1 or 2 may be. IMO this is a way better way to trade, but it is also harder simply because of the broker's asociated with the Forex market. Being that forex is unregulated, the broker's essentially create their own market for the traders. Which means that I may not be entered into my trades if my broker is being a douchbag. So it could be interesting. I may have to switch brokers and test some different ones out while attempting this news trading business.
Another good thing though. He posts a video of the trade after every trade, so I will link you guys (and possibly gals) to that so that you can see what goes down.
But for now I will try and resume my technical trading, even though I've been out of it for a while now. Remember though, if I run my account to $1400 I will stop with the technical crap and the news analyst strategy will come into play.
posted by Digits at 5:06 PM
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