I usually update you with my forex positions and let you know how the compounding is going, but this entire week I have been legged out. I have nearly recovered all the losses from the ridiculous move from Friday to Monday. Today, what I want to focus on for you day traders and investors is what kind of mindset yields the most consistent and long-term profits with the least amount of stress.
Aug 28, 2015
Aug 25, 2015
Well I have had a tough break as the usd/cad and eur/gbp as well as gbp/usd sky rocketed higher all at once. I had to close all positions to get smaller in my overall size or the account would have blown. The good news is I have the same positions on right at the tops on Monday morning so the profits are starting to come back.
at 8:34 AM
Aug 21, 2015
Well I legged out a little bit here and missed the eur/usd final 100 pip leg in the currency markets this morning. However, I did get a hedge on to protect a bit going into the weekend and to start next week off. This was an intense move that should have moved triangular trades one way or the other.
at 3:55 PM
Aug 19, 2015
Well as I progress through the profit compounding schedule I am becoming more and more into keeping positions on basically around the clock. So what happened this morning early was I closed the EUR/AUD basket hedge out for about half of my daily profit and since all I needed was about half I was able to stick to my daily profit schedule of where I was supposed to be today given the 1.7% compounding daily profits. I was short by $0.50 but I'll take it.
at 9:32 PM
Aug 18, 2015
Hey forex traders. We have another great day of profits. I rolled right out of the the U.S. trading session yesterday and got setup to play the overnight session with the EUR/AUD cross currency triangular hedge. As you see in today's video I took off the profits of that trade in the Australian Dollar and put on another trade to play today's moves.
at 8:52 AM
Aug 17, 2015
Well I had a new position on from Friday afternoon in the eur/gbp cross hedge. It was a scale trade, but not leg scaling. I ended up nearly taking a full day's profits out of it while still being ahead on the profit target schedule. I did take two small 0.01 lot shorts in the usd/cad for a small profit just because that was about the size of the hedge that needed to hedge my triangular position (meaning if my core position went down, the usd/cad short position had a strong chance to show some profit.
at 3:23 PM
Aug 14, 2015
Hey forex traders. Well we are at an end of the week and I just closed my final open position to make a few more % points on an already great week. So it has now been a full 20 days worth of compounding profits and I had already gotten to this market on Wednesday so the last few days have just been spent sitting around on the long eur/usd, short eur/aud, and short aud/usd triangular position. It came in today nicely.
Aug 13, 2015
Well, it's now day 20 of the compounding forex profit schedule. At 1.7% goal a day I am hanging in there tough. That seems to be a nice number and over time it will mean a lot of profit if the train can keep rolling. So it's the middle of the night and I just took off my last trade to get the trading balance to where it needs to be by the end of the week.
at 2:58 AM
Aug 12, 2015
Hey forex traders. I have been looking for a high quality forex broker for non-U.S. clients for awhile now that was an ECN, had all the proper regulation, and provided liquidity from tier 1 sources such as banks and other financial institutions. So I have finally found a good one called NSFX. They just take a cut of your profits in the commission of the trade and have nothing to do with your actual position.
at 8:49 AM
Hey forex grinders. Well I started off with a few triangular baskets centered around the eur/usd and aud/usd but ended up adding all kinds of short USD positions by shorting the usd/jpy, usd/cad, and going long the nzd/usd. I kept my free margin all the way down to 10% for a few hours and then back up to 50% to get me through the night.
at 6:33 AM