What About Resistant And Support?

Resistant and support are two significant element in forex analysis. Ability to determine support and resistant line is crucial to become a successful trader. So, I will take this two elements into consideration. One thing to understand, when support is broken, it will turn into a new resistant, and so when resistant is broken, it will turn into a new support.

Well, let's take this idea into practice. Take a look at the chart below. It's GBPUSD H4 chart. Based on my technical analysis, this pair will move up to test a broken support which turn into resistant at 1.5836 level. So, I set a pending order to buy this pair at 1.5595 support line. This is my trade idea for next week which taken resistant and support into consideration.

Stay tune for the trade result.

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Stop Out Kill My Trading Account

Newbie most common mistake (I'm a forex newbie) kill my trade today. My USDJPY trade blow my trading account in one week, which make me feel so weak. I don't want it to end up like this but my catastrophic desire to make it big very quickly end up with Stop Out (SO).

Trading account balance is no longer enough to support any trade, which mean, I have to reload my trading account again. I hate to do this but I have to do it or there will be no more trade. The big mistake is failure of setting the trade scale.

Usually, I start it small, and make it bigger as my account is growing. But this time, I'm so confident that USDJPY will move downward that I've short another big trade for this pair. Unfortunately, that action leave my account with no room to survive from the opposite movement of 61 pips, what a shame! I lost the trade because I fail to handle these 61 pips!

So, I've set a new trading rule. The rule is to provide at least 200 pips of movement to the other side for a single trading account, or else ... there will be no more trade. This lesson is hard, but I have to obey this, if I want to make it.

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Holy Grail Forex Trading System

Trading forex is by far the most famous way to make money or losing money online. As a seasonal forex trader, I'm looking for Holy Grail trading system. As I move around the net, I've came across the site which said;

Stop searching for the holy grail forex system, it does not exist.

Well, I think the word is true. A lot of people are in search for this never exist item. It's the idea that keep on going and will have no ending. Most of forex trading system provider out there will clearly state that they will end the search for Holy Grail forex trading system. This is their trick to make sale and most newbie will get attracted to this (including me).

So, the real holy grail to trade forex is to take your time to learn. One of the most critical factor in forex trading is psychology. Failure to control emotion and so forth will results in losing the trade. "Babypips.com" is an excellent forex trading site for all level of forex trader.

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Why People Trade FOREX?

People trade forex for various reason. Most of the time,
the reason is money. People want to make money, and
forex is one way of making big money very fast. But,
forex trading is dangerous, if you don't know how to
do it properly. It's one of the fastest way to lose money
other than being rob.

However, people who trade forex are aware of this risk,
so they risk the amount of money they can afford to lose
so that they can keep their normal life style. It's clear that
the primary reason for people to trade forex will always
be one, and that reason is to make money.

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Weekly Forex Trading Outlook

Usd/Jpy is trending down based on 4H time frame.
Forex trader may short the pair to make profits.
Gbp/Usd and Eur/Usd is going up (based on 4H
time frame). Usually, at the beginning of the week,
I put demo account into the test. When the trend is
clear and stable, then only I put my live account
into the trade.

Oh, by the way, I choose FxOpen as my broker.
MetaTrader4 is my official trading platform.

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Weekly Forex Trading Report

This week, I end up winning USD12 in pure profits trading forex via FxOpen. With initial deposite of USD15 into my new micro account via Liberty Reserve, I have another USD15 to fight in order to break-even and keep my account clean. I was trading the unknown strategy based on my own perception about the market (market sentiment).

After sometime, I manage to go highest in my weekly trading for as high as USD50 in my trading account, with pure profits of USD20. I was trading the USD/JPY pair with the trading strategy based on Babypips trading strategy (Trade of the day) which is very profitable. I manage to take profits around USD12 with Babypips.

However, I start losing the trade after that, which turn me back to break-even point. Slowly, I start to lose the trade. Just before the market close, I manage to make some profits and close the trading session for this week at USD42 with pure profits of USD12.

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Babypips Trade Idea

I was trading the signal from Babypips blog, Trade Of The Day. According to the author, USD/JPY pair is bearish. So, the idea is to sell the pair somewhere around 92.00 and take profits around 100 pips. However, I choose to take profits below 100 pips, just to be save. I'm trading the real account with FxOpen and so far, things are going good.

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My Forex Trading Style

I was waiting for the trade update from Babypips. Trade of the day is my favorite Babypips blog and the track record is clean. Babypips is a cool forex guide for newbie.

Personally, I choose FxOpen broker to trade forex. I prefer to depose fund via Liberty Reserve and make payment through Evogate. This is not the first time I trade forex. The first season is over and I end up blowing my own account.

I trade GBP/USD, USD/JPY, and EUR/USD pair only. I need to focus on these 3 pairs before I trade the other pair. I do the day trading because I work from 9 to 5 daily and don't have the time to do the trading during my working hours.

Usually, I set the take profit target when I make a trade. With moving average indicator alone, using 14 moving average, I make decision (by default 4H time frame). However, I still observe other time frame before I make any trade.

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Forex Blueprint System

According to ForexBlueprintSystem, any promise that claim
to make thousands of dollars in just a few hours of trading forex
is rubbish. Forex trading system developer will more likely to fail
on delivering such promise.

By the way, ForexBlueprintSystem enable you to:

• Learn the secret of short term trading
• Avoid lengthy forex trading time
  
• Aim for 120 PIPs per week
  

I don't know who bought ForexBlueprintSystem into the market,
because author's name is not clearly stated on their website. However,
it's good to try this thing out, since it's not very costly. I have this this
product in my digital warehouse. Quite COOL.

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Instaforex Competition (Day 3)

Unfortunately, GBP/USD keep their bullish trend on 4H time frame. I feel so bad about this movement, because I was expecting a bearish trend. Bullish trend is very strong, and I have no idea what make me keep expecting that this pair will move down. I'm losing too much, and I feels like there is no hope to recover from this problem. However, I will never let it go, since I have nothing to lose, and something to win. Never mind, I can just keep going ...

Maybe, I will spend the rest of this week to perform the postmortem. I should be doing good if I trade a long position. Hoping for the short when the trend is going up is a big mistake. This mistake can be avoided. Maybe, using a good technical indicator can save my trading account. Next week, I will install Forex Powerful Indicator (Kuasa Forex). For now, I have to keep the losing trades floating, hoping so much that profits will roll-in.

The other mistake that I've done this week is to trade against the trend, hoping so much that the trend will soon reverse. Making so many mistakes, and learn from it is a good practice. The good point is that, I don't trade any live account.

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Out of Control

My forex demo account this week is out of control. Losing the trade
is the price I have to pay for not having the stop lost. Now I realize that
a winner must be able to take lost. In fact, winner is the loser who never
quit (this is true at some point). Luckily, it is not my real account. The price
movement is very unstable this time, so there is no clear indicator that show
me where the price is moving. That is what forex trading is all about. Timing
to enter and exit is the most important agenda for retail investor. Will have the
rest of my day in this week to train myself to trade effectively.

Learn to trade like a pro at BabyPips.com it's FREE.

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Robotics Trading System

Robotics trading system implementation for demo account ... is rejected. I'm not yet qualified for automated trading system. This is not a gambling platform. Instead of automated trading system using robot, I choose to test CSR100 trading strategy. A new old school method that I learn last night, and so far, the thing is working good. Demo account named Robotics was created solely for this purpose. Will probably go live tonight, using the same system.

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