Important Timing to Take Note for Forex Trading

Major News and Economic Reports Release Timing

The list below shows the times when the most important economic data are released for each of the countries and some of the important timing to take note.

Take note of the Daylight Saving Time (DST) which starts from Mar and end in late Oct / early Nov for EUR/GBP/CHF and USD/CAD. It requires timing to be adjusted forward by 1 hour for countries which observed DST during the period.

For exact start and end date for DST of various countries involved, you may visit
http://www.worldtimezone.com/daylight.html

Net Profit of USD20k (1304pips) in One Month

Summary 1 : From MT4Live

Summary 2 : From MT4 Platform

.

I've participated in the recent competition organised by Alpari UK, above is the summary of my results for this one month competition. The leverage for this competition is 10 : 1 and the maximum lot size per trade that I'm using is 0.5 to 2 standard lots.

.

Though I didn't manage to come in tops but making USD20k (1304pips) within a month with a success rate of 97.74% (130 out of 133 trades) is still quite an achievement. Most of my trades are base on intraday trading.

Another Great Live Trading Session on 12 Jan 10

An awesome profit of USD656 (59pips) was made within 2 hours from 2 trades during the live trading session.

.

Some of our students have joined us for the live trading session on yesterday evening, we managed to enter two trades during the 3 hours session and both are profitable trades.

.

One of our students has sent us her trading statement showing trades she has made from yesterday's live trading session. (please see above)

.

Great to see our students really enjoy the session.

Trading For a Living

After going through the recent recession, many felt that working for people is no longer secure and many are talking about trading for a living, be it in stock trading or forex trading.

Many had failed but there are some who succeeded.

What are the Factors that separate those who succeeded and those who failed?

1. Trading Plan
- Come out with a realistic trading plan. i.e. setting yearly, monthly, weekly or daily target.

2. Trading Psychology
- Able to understand how markets work and how to position yourself in the market.

3. Good Money Management
- Know how to manage your capital which able to last you in a long run.

4. Good Trading Strategy
- Know when to enter and exit with good success rate and risk rewards ratio.

5. Traits of the trader
- Hard working (willing to put in effort to learn and re-learn)
- Discipline (Able to follow as per plan)
- Independence (Able to depend on ownself for decision making)
- Confidence (Confidence in what you are doing - after went through the trial stage)
- Patience (Willing to wait for the good opportunity for entry and exit)

and most importantly - need to have the Passion for Trading.

Live Trading with Intake 0609 - Profit USD820 in 3 hours

Yesterday is the live trading session with Intake 0609. During the live trading, we managed to capture a good profit of USD820 (81pips) in around 3 hours by using one of the setups being taught in the course. Another good thing is, the trade was automatically closed by the AEP system! (AEP System is a Auto-Exit Program which follow the exit criteria being taught in the class)

The setups being taught in the course are applicable to all currency pairs and all timeframe, they can be used for stock trading as well. Quite a number of our students are doing very well in stock trading by using the setups being taught in the course as well.

Next class likely will start from end Jan 10 or Feb 10. To find out more, feel free to contact me at darren.leow@sense-and-guts.com.

You may also visit our official website at http://www.sense-and-guts.com/.

High Powered Trading Setups - EURUSD

The high powered trading setups has shown two short selling signal on EURUSD today. Within two trades, a good profit of 135 pips ( around USD1,350 for 1 standard lot) is generated.

Signals from High Powered Trading Setups - AUDUSD

We are able to see the signals from the high powered trading setups very often, today we see some good trades by following the signals. A total profit of 117 pips is geneated (which is around USD1,170 for 1 standard lot).

A good 238pips profit from AUDUSD

Yesterday AUDUSD also show a short selling signal at 0.8245 and a cover signal at 0.8007 which generate an awesome profit of 238 Pips (equivalent to around USD2,380 with a standard lot).

What a great run!

GBPUSD showing a good run

GBPUSD is shown a good run on yesterday and today. It has reached the peak at 1.6663 before turning down and cutting the bottom down trend line. It also shown a short selling signal at 1.6605 and a cover signal at 1.6316 which generate an awesome profit of 289pips (equivalent to around USD2,890 for 1 standard lot).

This afternoon, it also shown a buying signal at 1.6308 and currently is running a good profit of more than 90pips.

What is Forex and why Forex Trading?

"Forex" is referred to Foreign Exchange, it is the largest financial market in the world. Its transaction volume is over $4 trillion a day which is actually more than three times of the total amount of the stocks and futures markets combined. It is a really huge market.

Forex trading involved buying of one currency and selling of another at the same time. Currencies are traded in pairs eg. EUR/USD, USD/JPY or EUR/JPY.

Most traded currencies are USD, EUR, JPY, GBP, CHF, CAD, AUD and NZD.

Forex market is open 24hours a day and is closed during weekend. For Singapore time, it is open on Monday morning and close on Saturday morning. So anyone can trade at anytime within the weekdays.

For Forex, the increment of currencies is called "Pip". If the currency, for eg. USD/JPY, moves from 98.92 to 98.93, the increment is one pip. In forex, the profit or loss is measured by "pip".

There is no commissions for trading in Forex, there is no clearing fees, no brokerage fees. Brokers earn through the spread, it is the difference between the bid and ask price. Usually major pairs like EUR/USD has the spread of 2 pips, it various between brokers.

Forex is traded in lots, the standard size for a lot is $100,000 and for mini size, a lot is $10,000.
For a $100,000 lot size, the value of pip is calculated as follow:

USD/JPY at an exchange rate of 93.92
(0.01/93.92) x $100,000 = $10.64 per pip

EUR/USD at an exchange rate of 1.2575
(0.0001/1.2575) x EUR100,000 = EUR7.95, where EUR7.95 x 1.2575 = $10 per pip

$100,000 is not a small amount, how can most retailers afford to trade in Forex?
Don't worry, for Forex Trading, the brokers usually provide a leverage of 50:1, 100:1 or 200:1. Meaning with a leverage of 100:1, retailers are able to buy a standard lot of $100,000 with $1,000. Not forgetting the mini lot, for some brokers, it only required a minimum deposit of $250 to open a mini account.

In Forex trading, there is another good thing is that all brokers provide basic order types such as:
Market Order, Limit Order, Stop loss order, Good Till Cancelled (GTC), Good For the Day (GFD) and Order Cancels Other (OCO).

Meaning with these orders, we are able to set our profit taking or stop loss level when entering a trade, or even before entering a trade, we are able to set our entry, profit taking and stop loss level.

Sounds good right?

This is the beauty of Forex Trading.

(Note: All $ stated are in USD)