This book might be in your local library. The reason I mention it is she questions each indicator and if it doesn't help her know when to buy or sell she takes it off- as you mention above. She only has a couple of indicators on her charts. She approaches the FOREX trading in a clear straightforward way and only discussing what you need to know to make the trade.
"ForeX trading for maximum profit : the best kept secret off Wall Street / Raghee Horner ; edited by Jeffrey Alan Brandzel."
All the best and a profitable 2011 to you!
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Thanks Aquarian1 for your best wishes. You too! Wishing You and Your Family a Healthy & Prosperous 2011!
Thanks for the book information. It's not in my library yet and I will check it out. Yes, I only use the indicators I understand + they need to make a difference lol.
I would love to hear some comments from anyone who has previous experience with a Live Trading Room for Forex. If there are actually any Trading Rooms out there that aren't a complete ripoff. Thanks.
I will soon reach the maximum number of photos lol. If you want to enjoy glimpses of our Niagara Falls stay (incl a short Fireworks performance), please browse the following PhotoShow:
When I did research on the suggested book, I located his 2010 book "Forex on Five Hours a Week - How to Make Money Trading On Your Own Time". Thanks to you! I finished the first one last night and like his emphasis that there're 3 items that we need to decide upon before entering any trade, ie
Plus his final reminder (last chapter "A Trade Going Astray") that Not every move is for a trader!
For those who'd like to have them in their library, I estimate that you can easily locate some complimentary e-copies via The Net. For me, I tried 4shared.com and searched for Raghee Horner.
Now you know I will be spending some holiday hours on reading lol!
I finished reading the two Raghee books. The following stood out:
1. Importance to know the entry, profit target and stop loss before entering into a trade.
2. Good understanding on the trading system. When it starts not working, makes improvement first before searching again.
3. She did go through some Support/Resistance methods (incl Fib) so that one may know where to place PT/SL. For me, I will stay with the previous Swing Hi/Lo as I am only aiming for a few pips at this point.
4. To trade Forex, one must always pay attention to US$.
5. Prime trading hours: London open (accounts for 30% of Forex transactions), US NY market (accounts for 15-17%) and Tokyo open (accounts for 10%). She suggested in her 2010 new book to trade between 7:00 am and 1:00 pm EST. She emphasized trading is only part of a trader's life and not a trader's life. No need to upset one's lifestyle and wake up around 2:00 am/3:00 am to catch the London trades.
I will stay with my original plan, ie start around 2:30 am EST .. for at least a week and get a feel. It's likely that I will switch back to 7:30 am/8:00 am after a glimpse of an evening owl life .. haha ..
Happy New Year everyone. CU next year.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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To ascertain my waking up at 2:30 am, I did not zozozo last night. To celebrate the new year, I have the following "first's" today:
~ first-hand experience as an evening owl
~ first multi-party conference Skype chat
~ first green trade
~ first biggest winner (3-digit $ before commission .. haha)
~ first nap in the afternoon = last night's sleep
~ first post in this thread
FYI: December was a green month of 18 pips before commission (a nice surprise when I received the monthly statement).
Will hang in there before the weekend review.
Happy & Successful Trading Always!
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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When the first trade was a loser esp full SL, it really took more courage to consider a second one. When the second one did not look promising anymore, bailed at +1. I comforted myself that it's good to pay for both trades' commission lol.
Lesson learned from the first two trades: DX did worry me as it's very undecided and not aligned with the 6E signals. Will SOH when it happens again. It's better to be safe (incl missing some good trades) than sorry.
Note: The early London session usually slows down around 6:00 am EST.
Tried to zozo some minutes before 8:00 am. Forgot to activate my second alarm (thought I did) and woke up at 9:00 am. JIT to miss a good signal .. sigh .. Luckily spotted the third trade at 10:52 am and it's a baby green day of +2 .. smile ..
How's my second evening owl day?
~ my second 3-trade day (don't feel I over-trade)
~ My second green day for the new year
It's really challenging for not sleeping overnight (even I am not a heavy sleeper). Felt like a yawning monster with a big lead on my petite head. When I tried to have a short nap on our bed (not sofa in the living room), I felt very very chilled (same as yesterday). Nelson put 3 blankets on me (incl 2 winter ones) and I was still cold. Headache and watery eyes are the symptoms ..
Well, will strive my best to hang in there until end of the week.
Continue enjoying your day.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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