I was reading an article about a guy who started a computer business when the industry was new and growing.  As he grew and was successful he noticed that there were many others doing the same thing.  There was no longer anything unique about his company.  He decided to take the gamble of focusing on data storage.
He said that even though a company may downsize the data never does.  So he felt that there would be a place for his business for a long time to come. Keeping track of data storage for companies.
I was thinking how this is like the currency market.  A currency pair may trend or channel but there are still good trades and an opportunity to make you some pips.  News comes and goes the currency pairs go up and down.  If you specialize on learning how to use some indicators you can trade any currency pair that is making a move rather than only trading one or two currency pairs.
What we are saying is, specialize on learning how to use a few indicators and not generalize in learning a lot of currency pairs.  You might have your favorites but be ready to trade any currency pair that is moving.  This way you will be an indicator specialist being able to move between the time frames to find the best entry point.
Be good at the trading platform and the use of a few indicators to enhance your currency-trading career.

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Here are some thought by some of the best stock traders. Good trading principles apply in all markets.
Also, everyone who is truly interested in Forex should read as widely as possible.
Jesse Livermore: The World’s Greatest Stock Trader by Richard Smitten

1. Don’t lose money
2. Always Establish a Stop
3. Keep Cash in reserve
4. Let the (Successful) Position ride…until you have a Clear Reason to Sell.
5 Take the Profits in cash…and place 50% in a separate account
Lessons From the Greatest Stock Traders of all Time by John Boik

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We are writing this because of the large gaps in the market at the open on Sunday September 7, 2008.  The market does gap but usually it will happen on the opening of the market on Sunday. Occasionally a gap can be seen around a new announcement.  It is not as large as the gap at the opening of the market.
What causes the market to gap?  Most brokers close for the week end but the market is still moving because the banks are still trading.  When a currency pair has a gap it is because the market was trading in a direction which moved away from the price the brokers closed at.  This causes a gap in the price of the currency because the broker’s closing price has to align with the banks prices at the time the broker opens.
If you have a stop loss on an order that is open over the week end the market will gap past the stop loss and the order will not be closed at the stop loss price it is closed at the next available price. In most cases the stop is filled at the price the market gapes to.  If you have a buy or sell stop and the market gaps past the market order you will be filled at the next available price.  This is the price the market gaps to.   If you have a sell or buy limit order then it will be filled at that exact price when the market hits the exact price of the limit (pending) order.
This is why many traders do not like to leave trades open over the week end.  Position traders (long Term Traders) are not concerned about the gaps because they are trading the long term trend.

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This is a letter we’ve received from a strategy user and we thought it brought powerful insight that we would like to share with all of you.

Jed

Also, just to let you know, I find it quite amazing that two moving averages and the so-called “mao” can produce so many positive results.  It is truly incredible, to say the least!  So simple yet so powerful.

Please do share with me your thoughts regarding the natural laws of economics in relation to a personal account growing with such massive momentum.  Let me explain what I mean.

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In today’s world the question ‘Is your money safe?’ is a very valid question.  We wanted to share with you the latest video from Terry Savage at the MoneyShow.com. We found that it offers some great advice for how to keep your money safe and some great resources to understand what you need to know. Click on the link below and watch it, then come back and tell us what you think and other ideas you know of to keep your money safe.

Is Your Money Safe? Video 

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I found this amusing.  I was asked to go to this chat forum and see what they were saying about the market.  Here are four of the comments I saw.

Hi, I join the tread started by ……. and ask you guys the same question about GBPUSD the coming week, any views on where we are going?

My strategy when the market opens above 1.8950 i will set long because the market opens above the resistance

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If you feel stuck in your trading you don’t seem to be able to make any considerable progress.  Maybe you are lousing a little then maybe you should go through your mission statement and business plans again. Review these and reacquaint yourself with what you’re trying to accomplish.

Maybe, you need to get back to basics and take a refresher on the fundamentals. Vince Lombardi would say at the beginning of every new season by holding up a football in front of the team: “This is a football.” He would start with the basics and build from there.  When you get to the professional level of playing football you know what a football is.  He was trying to stress the point that the basics are of great importance.  You might go to baby pips.com and do a refresher, graduate again, before you lose all of your confidence and your account.

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This post is to give the instructions for downloading a 2nd version of the MT4 trading platform.  In the next Post you can find the instructions of how to move profiles, templates, indicators, etc to another platform.

1. To install multiple platforms: Use normal procedures to install the platform the first time. Use this link: http://www.ibfx.com/downloads/MT4.exe.

2.  If you already have a copy of the platform change the name of the icon on your desktop before you download a second version.

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I came across a couple of quotes I want to share with you:
“Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes” Jesse Livermore
“In order to make a success, the trader must act in a way to overcome the weak points that have caused the ruin of others”  W.D. Gann
The reason indicators work in any financial markets is because human nature never changes.  We remain greedy, emotional, and want things right now.  If we can trade by using a system and following rules then we are doing the things other successful traders do.  If we chase trades get caught up in one trade that is causing us problems and want more than the market is willing to give then we will do what most of the unsuccessful traders do and that is flounder.
Another way of looking at the quote by W.D. Gann is:  If you keep doing the same thing you have always done then you will keep getting the same results you have always gotten.  A trader needs to identify their strength and weakness then work on correcting their weaknesses and improve their strengths.
I once heard it said that: “It is insanity to think you can keep doing the same thing and expect to get different results.”  Successful traders are successful because they are willing to do the things that unsuccessful traders are not willing to do.  Successful traders will keep a trade journal, follow a trading system, and use a set of rules when trading just to name a few things they do.
First of all we must decide why we are trading.  Then we must do what it takes to become successful.  If we are not willing to do the things that successful traders do then we should never put money into the market we should just continue to demo trade and keep our money in a safe place.
If we trade the news and always lose, stop trading the news. If we chase trades and lose then stop chasing trades, if we trade against the major trend and lose then stop trading against the trend.  If we trade without a stop loss and lose then start putting stops on our trades.  Success leaves clues so look for the clues.  We can be successful at trading if we are willing to change the way we trade when we lose.

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At the time of these announcements there is a high probability that the market will make a significant move.  We do not trade the news, but we do trade after the news has been announced and when an entry signal appears.

Consumer Price Index for the USA
USA Non-Farm Payrolls
USA New Home sales
USA Existing Home Sales
International Trade Balance USA
Trade Balance for Canada
Retail Sales for USA
Retail Sales for Canada
Gross Domestic Product USA
Gross Domestic Product Canada

If you go to www.forexfactory.com you will find the news announcements for the week.  When you see one of the above listed be aware that the market will probably make a good move

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