FOREX TRADING,BUY/SELL SIGNAL AND FOREX TRAINING

Coping With Losses: A Major Key to Successful
Trading. By- Norman Hallett.

Be warned.
“Part of overall winning is taking losses along the way.”
“If you have 55% winning trades,you’ll win in the long run.”
We’ve heard it said a million times in a hundred different ways.
In any trading system, we will experience losing trades as well as
winning trades. We know this. So why is it that as we moved forward
from trade to trade, we become frozen with doubt when the losing trades
appear in bunches?

1. Maximum 5% risk per pair.
   Your risk to profit ratio has to be minimum 1:2.
   That means if you are taking a 5% risk on a trade make sure your profit target would be at least 10%.
2. Always have realistic targets.
   More trades you take the more you expose your account for losses.
   No trader in this world can profit from every single market move.
   Patience plays a big part in trading.
3. Take the trades only if you are at least 90% sure of profiting from it.
   If you are not sure stay away from the trade.
   Staying on the sideline is as good as winning.

The Forex market is a very demanding environment and for a trader to
maintain a success level, constant currency trading training is necessary.

The following 7 favorite tips can be used as timely reminders and need to
be read and absorbed on a regular basis:

# 1 - Take Responsibility
“The buck stops here.” Don’t blame the markets, or a host of other factors
for a losing trade. You entered it for whatever reasons you had at the
time. Take responsibility for it.

With your goals for making your millions trading forex in six months set, you need next to have a trading routine to work with. A trading routine is another of the six components of a decent trading plan. I will show you the make-up of the trading routine component of a trading plan. I believe by now you have decided on your trading goals and are now dra wing your road map to your first FX million
There are basically 3 sub-components of a trading routine:
1. Preparation and thinking time (When you get up each day to prepare for each day’s trading activities)
2. Events Watching/Trading Time (When you would be in the market to watch
probably cash in on the trading opportunities you previewed or analyzed earlier)
3. Evaluation Time [When to sit back and evaluate your trading day and activities: time to correct errors and mistakes and pick up new disciplines).

Time: 12:00pm. Event: CAD Employment Change.
Previous: 14.6K. Forecast: 10.0K.
Recommendations: First you have to consider that the CAD Unemployment
Rate
report coming out at this time. But general consensus points to a no
change for the Unemployment rate. So, if there are no contradictions I
will recommend you Buy USDCAD if actual is -5.0K or more negative for
40pips or more.
Sell USDCAD if actual is 25.0K or higher for 40pips or more.
Time: 1:30pm. Event: USD Trade Balance.
Previous: 62.3B. Forecast: 61.4B.
Recommendations: Buy USDJPY if actual is -60.4B or less negative for
30pips or more.
Sell USDJPY if actual is -62.4B or more negative for 30 pips or more.
However, you may also decide to go with the CAD Trade Balance.
Previous: 4.9B. Forecast: 4.5B.
Recommendations: Buy USDCAD if actual is 4.0B or less for 30 pips or
more
in the first hour.
Sell USDCAD if actual is 5.0B or higher for 30pips or more.
That will be the end of the trading week

Monday April 14. Time: 9:30am. Report: GBP PPI Input. Previous: 1.7%. Forecast: 1.8%. Recommendations: Buy GBPUSD if actual is 1.9% or 2.0%. If higher than 2.0%, please trade it on the retracement but pay attention to price before release. Sell GBPUSD if actual is 1.5% or lower. Target 30 pips or more in the first hour. Time: 1:30pm. Report: USD Core Retail Sales m/m. Previous: -0.2% Forecast: 0.1%. Recommendations: Buy GBPUSD if actual is -0.1% or more negative for 30 pips or more in the first hour. Sell GBPUSD if actual is 0.3% or higher for 30 pips or more. Please note: I may still sell GBPUSD if actual is 0.2% but on the pull back. Time: 11:45pm. Report: NZD CPI q/q. Previous: 1.2%. Forecast: 0.9%. Recommendations: Buy NZDUSD if actual is 1.2% or higher for 20 pips or more in the first 15 minutes. Sell NZDUSD if actual is 0.7% or lower for 20 pips or more in the first 15minutes. Tuesday April 15. Time: 9:30am. Report: GBP CPI y/y. Previous: 2.5%. Forecast: 2.6%. Recommendations: Buy GBPUSD if actual is 2.7% or higher for 30 pips or more. Sell GBPUSD if actual is 2.4% or lower for 30 pips. Pre- release price is also important here. You may choose to straddle this event. Time: 1:30pm. Report: USD PPI and Empire State Business Conditions Index. I recommend skipping this one except of course you know what to do. You may apply a hybrid approach to this. That is exactly what I will do on USDJPY. Time: 2:00pm. Report: TIC Net Long Term Transactions. Previous: 62.0B. Forecast: 62.0B. Recommendations: Buy USDJPY if actual is 67.0B or higher for 30 pips or more. Sell USDJPY if actual is 57.0B or lower for 30 pips. I will prefer straddling this report. Well, that will be all for Monday and Tuesday. Please, trade with discipline. See you at the TOP!

Early today we watched the release of the Australian Trade Balance and
the Canadian Building Permits.
The AUD was not quite impressive against the USD with the outcome at -3.3B
which triggered our signal to sell AUDUSD. AUDUSD went down by over 25
pips in the first hour. I did not trade this one as I just couldn’t stay
awake to watch it.
CAD also suffered against the USD as the building permits actual was put
at -1.0% which triggered our signal for a buy on the USDCAD and EURCAD. I
traded the USDCAD and took some 22pips with the pair recording about
30pips before correcting at a resistance level. EURCAD went up for a buy
as well by about 62 pips. Hope you made something out of these.
Now, let us quickly have a look at the events to watch and probably trade
on Tuesday April 8.
Time: 1:15pm (Lagos time). Report: CAD Housing Starts.
Previous: 257K. Forecast: 225K.
Trade Recommendations: Buy USDCAD or EURCAD if actual is 200k or lower for
30pips or more in the first hour.
Sell USDCAD or EURCAD if actual is 250k or higher.

Monday March 31.
Time: 1:30pm. Report: CAD GDP.
Previous: -0.7%. Forecast: 0.4%.
Recommendation: Please note that pre-lease price is important here. Buy
USDCAD if actual is 0.2% or lower for 30 pips or more in the first hour.
Sell USDCAD if actual is 0.5% or higher for 30 pips or more in the first
hour.
NB: if the outcome is 0.4% and pre-release price is on the up side, I
expect a sell on the USDCAD.
Time: 2:45pm. Report: Chicago PMI.
Previous: 44.5. Forecast: 46.5.
Recommendation: Buy GBPUSD if actual is 44.5 or lower for 3opips or more.
Sell GBPUSD if actual is 50.0 or higher for 30pips or more.

TRADING STRATEGIES

 Basically, it’s my rules for this strategy. For some of you (especially the regulars) this info is basically common sense to you. It goes without saying, you take it for granted…it’s second nature. However, for most traders, it’s something no one has really told them. The fact is, the lags are great, but they can’t be used ALL the time. It’s not that they’re bad indicators (they’re the BEST I’ve ever used), but no matter what kind of indicator you have, you just can’t trade during certain conditions.

Trading Signals for Monday 11^th to Thursday 14^th February 2008.

Hello and welcome

Please, read carefully and trade by your rules.

Monday February 11 2008.

Time: 10:30 am Lagos time.

Report: GBP Trade Balance.

Forecast: -7.4B. Previous: -7.4B.

Trading Instructions

Buy GBPUSD or GBPJPY if actual is -6.9B or less negative for 30 pips in the first hour of the report.

Sell GBPUSD or GBPJPY if actual is -7.9B or more negative for 30 pips in the first hour of the report.

Please, trade this on the retracement with 15 pips Stop Loss Order.