Whats up traders. Here is the update on my latest trades and strategies to make money on spot fx. So from Sunday night to Monday I had made about $60 of profit going short on the aud/usd, gbp/usd, and usd/jpy. Then, I got into my first real challenge for a position that had to be held through Monday and into Tuesday. It was a short on the eur/usd for a limit profit of $24 and short on the usd/jpy with a limit of about $60 profit. They were both taken at the same time and I had about half the margin risk on the e/u compared to the u/j.
Jul 22, 2014
Jul 18, 2014
Great Friday everyone! Well I have been setting spot fx positions like crazy as my $30ish profit target has been getting hit a lot more over the pat couple days. It's nice to get quicker traders rather than waiting 3 days and being down $100 at a time. It's just what the market gives sometimes though. Anyway, between the close of the aud/usd shorts last night and right now we had a bunch of medium to large size winners and only 1 small $11 loss on the usd/jpy and $15 on the aud/usd short this morning.
Jul 17, 2014
Well look at this. I have been in this AUD/USD short since Tuesday, but instead of getting into it all at once, I scaled in with six 0.1 lot entries. 3 were made down around 0.93477 and the rest were set around 0.93607. After a day the trade was about $90 loss and then barely came in for a $10 profit. I would have cleared the trade if it had dropped another $20 and been short the usd/jpy, which would have turned out great.
Jul 15, 2014
Well it was a tough day after the nice morning spot fx profit.The problem came as I started trading on the fed chair testimony and interest rate guidance. I would have made a really nice $200ish profit and had about a $300 swing in the trade balance of this forex account if I stayed in my original pre-news position which was short eur/usd.
Well this spot fx trading is proving to be very interesting. It's Tuesday morning and my limit orders just got filled for a big profit on this A/U short trade. It was held since last Thursday at 0.66 lots and has been about $100 out of the money for most of the time. The plan is to only make $36 a trade and exit as fast as possible. Patience is key. Some trades may last a couple minutes and some may last a couple days, but the strategy seems to allow for profitable sustainable trading even if you are dead wrong on direction originally.