Week 3 -Sat- $580.41 Total equity.

 It turned out to be a great trading week. It was one of the rare times that a holiday week is an impulse week. The only thing I can say in addition is – what all traders say after a week like this – it would have been great to have more size on. As it was, I can't complain. On Monday, I exited Friday's ONS trade in USD/JPY for a profit. Then got short GBP/USD, GBP/JPY and got stopped out on

Week 3 -Thu- Current Equity: $557.20

Well, it is turning out to be a decent trading week after all.This morning I got triggered on the long USD/JPY trade and quickly got stopped out for a 56 loss. That makes 3 total losses, the GBP/USD, GBP/JPY, and the USD/JPY. The short USD/CHF and the long EUD/USD – entered yesterday – are on a tear! I'm pretty sure that none of the potential OneNightStand trades will execute tomorrow. The

Holiday week - listless markets- Current equity: $528.17

Best wishes on your holiday.Not many forex traders are trading very aggressively this week, and I don't blame them.I mentioned to the signal subscribers that I would be trading half size this week and am glad that I am. On Monday morning, I came out of Friday's OneNightStand trade in USD/JPY for a profit 15 pips less than Friday's close (less than $2.00).A little later on Monday, I got short GBP/

Week 2- $533.65 Total equity.

The end of the week has come and we stand at $533.65 total equity. I exited EUD/USD at 3:00 PM CST, covering Monday's FirstStrike short position from 1.4391 at 1.4358 for 33 pip profit. We definitely could have doubled or tripled the profit by covering at obvious support levels that it just couldn't breakout below. I try not to deviate very often from my entries or exits, because the only

Equity 523.10-- Forex Meltdown comes late in week

Hi everyone:The huge moves in GBP/USD and GBP/JPY to the downside in the last few days brings up a good topic. Whether one, when trading a straddle-type trade such as FirstStrike or some other type of volatility breakout system; should continue buying and selling all breakouts from the beginning of the week until you get profits or the end of the week comes. This week in GBP/USD, if you started

Clarification for yesterday's post--

It was kindly brought to my attention that there might be some confusion about when FirstStrike orders can be executed.The buy and sell orders are fixed relative to the open of Monday's trading, determined by the price existing at 00:00 Monday morning.The question from a reader yesterday was as follows:I read your latest blog entry last night and enjoyed it. One system specific question, are you

Current Equity - $520.24, Forex Challenge Money Management

My trading is done for the day...,It's a perfect time to talk a little about money management and how it applies to trading, and specifically how it applies to this Forex Challenge. There are tons of different schemes that have been invented for trading the markets with "special" money management so as to turn mediocre methods into higher performing methods. Some are better than others. Why so

Last Equity Check- $516.42

I received another email today from a reader about FirstStrike:FirstStrike looks very similar to an idea I saw on the ForexFactory.Although I haven't booted up my backtesting software to investigate ityet, the approach certainly 'feels' robust.Reply: I have shared FirstStrike with a number of professionals over the last 10 years. I have no doubt the concept has found its way to ForexFactory or

Last Equity Check- $517.52- Still short EUD/USD

Good afternoon everybody!Not much going on with our trade that is left-- short the EUD/USD. It's been a little ahead and a little behind since it got executed. We may have some fireworks later in the week. If the market can't move up and stop us out, the tendency is then to keep on going down a bit more. We'll see.A little more about FirstStrike. It is a volatility breakout method, of course.

New Week--Last Equity Check- $519.78

We are observing typical pre-holiday trading.  Every few years we get something exciting just before the end of year.  I'm always willing to accept it if we get it.  So far, the markets are pretty range bound.I started off exiting my OneNightStand trade this morning at Midnight (00:00).  On Friday we sold GBP/USD @ 2.0181.  I exited this morning at 2.0184 for a 3 pip loss pluss a little for

Final Equity for Week- $535.40. Up 7%

To continue on from earlier...,For this challenge I have chosen to take the first FirstStrike trade of my chosen markets for the week, and cancel the opposite trade when I've executed my position in that currency pair. And I did just that earlier this week. Until early this morning, on two pairs.A little background on the FirstStrike method.  If a trade becomes a loser and gets stopped out, it

Last Equity Check- $524.43- Wow!

I've inserted the chart above of EUD/USD that shows one of the trades that changed the week for the Alpha account.  (..., it is the second one that started last night!)I'm really amazed at the way this week turned out.It still is around 0 degree,temperature-wise here in Minneapolis. It was even colder last night when I was up trading. But the trading today has been HOT!!!I thoroughly expected

Last Equity check- $492.25

By the way, it is really cold up here in Minnesota this winter.  I'm glad to be inside toasty and warm while the markets are decidedly fickle.  An old trading saying, "if the market could go up, it would."  Well, our long trades fit that bill and decided that they couldn't stay up after the "bullish?" news from the Fed yesterday.  More downside expected obviously.We got stopped out of our long

Forex shake and bake!

Hi everyone:This week has been very tumultuous. The Fed has made adjustments twice and people are trading their own beliefs and very few have been outright winners.The Alpha account has been body-slammed more times this week than a typical bout of Jesse Ventura's (another native Minnesotan).After having a number of significant stopouts, an equity low of $477.55 and an equity high of around $518

Live Trading started yesterday!!!!

Our first trades for the $500 "alpha" account were entered yesterday, Monday, December 10, 2007. I went long both the EUR/USD @ 1.4695 and GBP/USD @ 2.0379-- and am still in. I went short USD/CHF @ 1.1148 and got stopped out for 59 pip loss.I went long GBP/JPY @ 227.71, and am still long.I have a sell order in for selling USD/JPY @ 111.26, which has not been filled.In each case I have placed

This is the first official trading day for the $500 to 150K account....

Today is the beginning day of this forex trading challenge.It also coincidently is the first Friday of the month, making this the day they release the Non-Farm employment numbers.  Usually a very volatile day for trading.We have no trades that triggered today.  Recap below--The pairs we will be trading are GBP/USD, EUD/USD, USD/JPY, USD/CHF, GBP/JPY.The question I can imagine some asking is, "

$500 to $150,000 in 10 years or less-----

I have set up a very small trading account (#1271861---$500.00) with Oanda for a proof of concept for how a person can spend 15 minutes a day (or less) reviewing the markets and placing orders, with proper money management. My aim is to accomplish an annual average of approximately 50% return over a period of 3 years.  Then, from a higher equity base, I will ramp up the return, with a

Welcome Forex Traders

Welcome traders, to this new forex trading blog.  It is designed for forex traders who are serious about getting positive returns from the forex markets.  And are willing to do what it takes to take the edges available and execute them, over and over.While most people might assume that all traders are trying to obtain excess return, in reality most people starting down the trading path get