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Trading Psychology | Forex Signals 12th Mar

FirePips — Fri, 12 Mar 2010 02:08:57 +0000

Market seems to be going against us this week, or I should say our traders are not in sync with the market. Though this week is not over yet, but looking back I did personally performed better. Based on past experiences and lesson learned from them, I was able to avoid several traders this week which would have not worked out in our favor.

Pip count so far this week may not be in green but I mentally feel better, I still have a sense of accomplishment and positive outlook towards upcoming weeks. I also followed my trading plan 100%.

I would love to hear what others are thinking right now, what mental state they are in and what are they doing about it ?

Update at 5 PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 | Waiting to get filled

Order ID: 14 | Update | $CADJPY Sell 87.65 | Closed out at -75

Update at 9 PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 10 | Update | $EURUSD Buy 1.3690 | Currently at -15

Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at -20

Order ID: 15 | Order Cancels Order | $GBPJPY Sell 135.95 or Buy 136.90 | Stop Loss: 95 Pips | Take Profit: 70-140-210 Pips

Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 10 | Update | $EURUSD Buy 1.3690 | Currently at +10

Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at Break Even

Order ID: 15 | Order Cancels Order | $GBPJPY Sell 135.95 or Buy 136.90 | Waiting to get filled

Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 10 | Update | $EURUSD Buy 1.3690 | First Profit Target Reached at +40 | Move Stop Loss to 1.3645

Order ID: 11 | Update | $EURJPY Buy 124.10 | Currently at +10

Order ID: 15 | Update | $GBPJPY Buy 136.90 | Currently at -15

Note that we will close all open and pending trades at 9 AM EST / 2 PM GMT

Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 10 | Update | $EURUSD Buy 1.3690 | Second Profit Target Reached at +80 | Last Lot closed at 1.3755

Order ID: 11 | Update | $EURJPY Buy 124.10 | Second Profit Target Reached at +100 | Last Lot closed at 125.10

Order ID: 15 | Update | $GBPJPY Buy 136.90 | First Profit Target Reached at +70 | Remaining 2 Lots closed at 137.75

Due to some technical issues I won’t be able to send update via Instant Messenger.

What a roller coaster ride we had this week. Have a good weekend everyone !

Forex and The Secret

FirePips — Wed, 10 Mar 2010 10:30:20 +0000

Is the Law of Attraction applicable in Forex world? Is it just another Self-Help BS or there is more to it? Is there a true Forex Secret? Let’s explore.

You may find this strange topic to write and may be wondering how on earth something like The Secret relates to Forex. I never thought I’ll write an article that has Secret in its title but here it is anyways.

What is The Secret

First of all if you don’t know The Secret is then I suggest you Google it, there is a book and a 90 minute video. Once you have done that come back to this article and it will make more sense.

I came across this video through spam email which landed in my inbox, it asked me to see this video and then take quick action to buy their product. I did see the video but didn’t buy whatever they were selling, not because I hated The Secret but I couldn’t correlate between the two.

The Secret talks about “Law of Attraction” (some would say a fancy name for “day dreaming” ). The Law of Attraction states that like attracts like; your thoughts and feelings attract corresponding experiences. Your thoughts become things and by simply imagining it and taking actions you can get everything in life.

To some degree it is true since it emphasize heavily on positive thinking. Though not necessarily true in Forex. Let me explain.

Where it Fails?

Imagine a day when you encounter a big loss in the market. If you are firm believer of The Secret you would avoid any negative thoughts that come to your mind, wipe the complete day out of your memory and start fresh next day. This may not sound too bad but there is a problem.

Successful trading is an incremental learning process. It is not different then a player watching a recording of his / her performance, noticing mistakes and avoiding them the next time he / she is out there performing again. By completely neglecting the past performance you would miss out on the constructive learning process. The Secret fails miserably at this point.

The Real Forex Secret

There is a Forex Secret. The secret is not only to record your mistakes but also to record what you did “Right”. Repeating over and over again the “Right” and avoiding the “Wrong” is the real Forex Secret. That’s how you excel not only in Forex but in anything in life.

This article is meant to raise a lot of eyebrows and to inspire conversation, so go ahead and comment. I would love to hear your thoughts.

Download this article in PDF

(Thanks to Dave for his comment that inspired this article)

+665 Pips | Forex Signals 10th & 11th Mar

FirePips — Wed, 10 Mar 2010 01:41:56 +0000

What an excellent day we had, a total of +665 Pips in last 24 hours; with one trade still on. GBPJPY moved nicely in our favor reaching all three profit targets, EURJPY made it to second profit target and EURUSD & CADJPY reached first profit target each.

There is lot more potential left in the week and I’ll be actively looking for more trades.

Update at 5 PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 5 | Update | $EURJPY Sell 122.75 | Second Profit Target Reached at +100 Earlier | Rest Closed out at +35

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Currently at Break Even

Order ID: 7 | Update| $EURUSD Sell 1.3595 | First Profit Target Reached at +40 Earlier | Rest Closed out at -10

Update at 9 PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 6 | Update | $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Currently at Break Even

Order ID: 8 | Pending | $GBPJPY Sell 134.60 | Stop Loss: 70 Pips | Take Profit: 70-140-210 Pips

Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Move Stop Loss to 87.75

Order ID: 8 | Update | $GBPJPY Sell 134.60 | Move Stop Loss to 135.00

Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Rest Closed out at -15

Order ID: 8 | Update | $GBPJPY Sell 134.60 | First Profit Target Reached at +70 | Rest Closed out at -40

Order ID: 9 | Order Cancels Order | $CADJPY Sell 87.35 or Buy 88.15 | Stop Loss: 80 Pips | Take Profit: 40-80-120 Pips

Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 9 | Update | $CADJPY Buy 88.15 | Currently at -10

Update at 1 PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 9 | Update | $CADJPY Buy 88.15 | First Profit Target Reached at +40 Pips | Move Stop Loss to 87.75

Order ID: 10 | Order Cancels Order | $EURUSD Sell 1.3595 or Buy 1.3690 | Stop Loss: 95 Pips | Take Profit: 40-80-120 Pips

Order ID: 11 | Order Cancels Order | $EURJPY Sell 122.95 or Buy 124.10 | Stop Loss: 115 Pips | Take Profit: 50-100-150 Pips

11th Mar 2010

Update at 5 PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 9 | Update | $CADJPY Buy 88.15 | First Profit Target Reached at +40 Pips Earlier | Currently at +10

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 |Waiting to get filled

Update at 9 PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 9 | Update | $CADJPY Buy 88.15 | First Profit Target Reached at +40 Pips Earlier | Move Stop Loss to 88.05

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 9 | Update | $CADJPY Buy 88.15 | First Profit Target Reached at +40 Pips Earlier | Rest Closed out at -10

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 |Waiting to get filled

Order ID: 12 | Update | $GBPJPY Sell 135.10 | Currently at -20

Order ID: 13 | Order Cancels Order | $CADJPY Sell 87.80 or Buy 88.25 | Stop Loss: 45 Pips | Take Profit: 40-80-120 Pips

Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 | Waiting to get filled

Order ID: 12 | Update | $GBPJPY Sell 135.10 | Closed out at -65

Order ID: 13 | Update | $CADJPY Buy 88.25 | Currently at -5

Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 | Waiting to get filled

Order ID: 13 | Update | $CADJPY Buy 88.25 | Closed out at -45

Order ID: 14 | Order Cancels Order | $CADJPY Sell 87.65 or Buy 88.40 | Stop Loss: 75 Pips | Take Profit: 40-80-120 Pips

Update at 1 PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 10 | Update | $EURUSD Sell 1.3595 or Buy 1.3690 | Waiting to get filled

Order ID: 11 | Update | $EURJPY Sell 122.95 or Buy 124.10 | Waiting to get filled

Order ID: 14 | Update | $CADJPY Sell 87.65 | Currently at -50

If you are new to our blog then please read Forex Signals and Forex Signals FAQ

Forex Signals 9th Mar

FirePips — Tue, 09 Mar 2010 02:05:36 +0000

Market is showing better signs than last week. Most Pairs that we watch are moving nicely in sync and we also start to see candles with larger price movements. To me this indicates that market has higher chances of trending this week as apposed to what we saw last week. My goal is to get on that trend while it is still taking shape.

Remember to add “firepips@gmail.com” to your Google Talk if you like to receive signals via chat messenger.

Update at 5 PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | First Profit Target Reached at +70 Earlier| Currently at +55

Order ID: 5 | Update | $EURJPY Sell 122.75 or Buy 123.80 | Waiting to get filled

Order ID: 6 | Update | $CADJPY Sell 87.60 or Buy 88.20 | Waiting to get filled

Order ID: 7 | Update | $EURUSD Sell 1.3595 or Buy 1.3700 | Waiting to get filled

Update at 9 PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | Second Profit Target Reached at +140 | Move Stop Loss to Break Even

Order ID: 5 | Update | $EURJPY Sell 122.75 | Currently at +20

Order ID: 6 | Update| $CADJPY Sell 87.60 | Currently at +10

Order ID: 7 | Update| $EURUSD Sell 1.3595 or Buy 1.3700 | Waiting to get filled

Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | Second Profit Target Reached at +140 Earlier| Currently at +160

Order ID: 5 | Update | $EURJPY Sell 122.75 | Currently at +25

Order ID: 6 | Update| $CADJPY Sell 87.60 | Currently at +10

Order ID: 7 | Update| $EURUSD Sell 1.3595 or Buy 1.3700 | Not yet filled

Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | Third Profit Target Reached at +210

Order ID: 5 | Update | $EURJPY Sell 122.75 | Second Profit Target Reached at +100 | Move Stop Loss to Break Even

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 | Move Stop Loss to 87.90

Order ID: 7 | Update| $EURUSD Sell 1.3595 | Currently at +10

Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | Third Profit Target Reached at +210 Earlier

Order ID: 5 | Update | $EURJPY Sell 122.75 | Second Profit Target Reached at +100 Earlier | Currently at +110

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Currently at +50

Order ID: 7 | Update| $EURUSD Sell 1.3595 | First Profit Target Reached at +40 | Move Stop Loss to 1.3647

Update at 1 PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 5 | Update | $EURJPY Sell 122.75 | Second Profit Target Reached at +100 Earlier | Move Stop Loss to 122.40

Order ID: 6 | Update| $CADJPY Sell 87.60 | First Profit Target Reached at +40 Earlier | Move Stop Loss to 87.95

Order ID: 7 | Update| $EURUSD Sell 1.3595 | First Profit Target Reached at +40 Earlier | Move Stop Loss to 1.3605

If you are new to our blog then please read Forex Signals and Forex Signals FAQ

Forex Signals 8th Mar

FirePips — Mon, 08 Mar 2010 06:24:21 +0000

I hope you all had a great weekend. Last week was a bit dull in comparison to previous weeks, not very surprising due to NFP. We had few trades which narrowly missed our profit targets and end up reversing all the way.

I personally don’t consider last week a failure. I think we managed to cut our losses early by stopping to trade in a sideways market. If we would have continued then we may have accumulated more losses which could have made recovery harder for the month. Most of you already realized that we went into capital preservation mode and this way we gave ourselves best chances to come out on top.

Update at 1 AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 1 | Order Cancels Order | $GBPJPY Sell 136.60 or Buy 137.45 | Stop Loss: 85 Pips | Take Profit: 70-140-210 Pips

Order ID: 2 | Order Cancels Order | $CADJPY Sell 87.80 or Buy 88.35 | Stop Loss: 55 Pips | Take Profit: 40-80-120 Pips

Update at 5 AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 1 | Update| $GBPJPY Sell 136.60 or Buy 137.45 | Waiting to get filled

Order ID: 2 | Update | $CADJPY Sell 87.80 | Currently at -5

Order ID: 3 | Order Cancels Order | $EURJPY Sell 123.15 or Buy 123.95 | Stop Loss: 80 Pips | Take Profit: 50-100-150 Pips

Order ID: 4 | Order Cancels Order | $CHFJPY Sell 84.15 or Buy 84.75 | Stop Loss: 60 Pips | Take Profit: 30-60-90 Pips

Update at 9 AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | Currently at -15

Order ID: 2 | Update | $CADJPY Sell 87.80 | Move Stop Loss to 88.15

Order ID: 3 | Update | $EURJPY Sell 123.15 | Move Stop Loss to 123.55

Order ID: 4 | Update | $CHFJPY Sell 84.15 | Move Stop Loss to 84.50

Update at 1 PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 1 | Update | $GBPJPY Sell 136.60 | First Profit Target Reached at +70 | Move Stop Loss to 137.02

Order ID: 2 | Update | $CADJPY Sell 87.80 | Closed out at -35

Order ID: 3 | Update | $EURJPY Sell 123.15 | Closed out at -40

Order ID: 4 | Update | $CHFJPY Sell 84.15 | Closed out at -35

Order ID: 5 | Order Cancels Order | $EURJPY Sell 122.75 or Buy 123.80 | Stop Loss: 105 Pips | Take Profit: 50-100-150 Pips

Order ID: 6 | Order Cancels Order | $CADJPY Sell 87.60 or Buy 88.20 | Stop Loss: 60 Pips | Take Profit: 40-80-120 Pips

Order ID: 7 | Order Cancels Order | $EURUSD Sell 1.3595 or Buy 1.3700 | Stop Loss: 105 Pips | Take Profit: 40-80-120 Pips

If you are new to our blog then please read Forex Signals and Forex Signals FAQ

Important Update

FirePips — Mon, 08 Mar 2010 00:31:19 +0000

Qué onda friends,

Before we get busy with trading this week I want to update you on some important changes.

Instant Messenger

I am adding Instant Messenger as another means of delivering signals. We tested it on Google Talk and it worked great, signals were delivered quite quickly and efficiently. It does not add much delay as I can simply copy and paste all signals at the same time. If you are using Hotmail or Yahoo then it should also work fine. Add following emails to you chat program:

FirePips@gmail.com
FirePips@yahoo.com
FirePips@hotmail.com

Please remember NOT to use chat program for asking questions, since it causes distraction and stops me from doing other things. Only exception is when you notice errors / typos in signals. Best way to ask questions is by posting them on blog, you never know others may also have same questions.

I recommend that you still follow signals on Emails / Twitter and FaceBook. It is always good to have a backup in case of some service going down.

PDF Format

I’ve also created download-able PDF formats of most articles on the blog. Hopefully it will make it easier for you to print and share it with your friends. You can find download links at the end of each article and also on download page at the top. All articles from now on will contain PDF link.

FaceBook

Regarding FaceBook, I currently have 4300+ friends, though I am fortunate to have so many friends but there is a problem. FaceBook has a limit of 5000 friends. I am looking for suggestions on alternatives and would appreciate if you have any.

Language Translation

Last week I added translation feature to blog, it is half way done so far. Hopefully it will be completed by end of this week. If there is some other language you want me to add then please let me know.

Monthly Stats

I am still working on last month’s stats and it is taking longer than I thought. I’ll try to send update on it as soon as I can.

Please share your thoughts and comments. I read every comment on the blog and your participation helps me remain motivated.

Discover Your Forex Trading Niche

FirePips — Wed, 03 Mar 2010 08:13:55 +0000

Someone once said “It’s not whether you can be a good trader, it’s whether you can find the trading that’s good for you”

Give a bunch of traders a proven successful system, you can bet that not everyone will make money from it. We know the system is not wrong. So what is it that makes a person successful at trading? Lets find out.

In my opinion success comes when there a perfect fit between the person and his/her trading strategy. If you are still struggling at making profits from trading then it is not because you are lazy but perhaps you are simply trading in a way which is not in sync with your personality.

Points below will help you to find your own Forex Trading Niche:

Trade Different Time Frames

Have you tried trading intra-day, swing and position trading? If not, then how you know that the current timeframe you are using the best one which fits you.

From experimenting I found that I mentally handle swing trades better than trades that last for months or few seconds like in case of News trading.

Trade Different Styles

Most people dive straight into technical analysis based on indicators. How about fundamental based trading, or even news trading (not that I recommend news trading).

I’ve played around with more indicators than you can imagine. Bottom line, I was getting no where; there is no end at finding the best combination of indicators that would work. I stopped once I found my peace in Price Action and it is where everything came together.

Trade Different Markets

Why trade Forex only and not Stocks, Commodities and Futures? Unless you attempt to trade all these markets how would know which one is best for you.

I am guilty of this myself. I’ve never traded any other market. I may be not performing at my best and I would never know until I try all other markets. The good thing about Price Action strategy that I currently use is that I can apply it on any other market. I’ll save this one for 2011 New year resolution.

Make changes to your trading method

One would think that once they have found the best strategy then there would be no need to make any changes ever. That’s just not true. On the contrary most professional traders constantly tweak their systems to match current market conditions.

I’ve modified the current strategy several times in the past, and I’ll continue to do so as I seem fit. On the other hand I keep working on variations of the same strategy to see if there is more I can get out of it.

Trade Long Enough

This point brings everything together. It would take time to try all the combination above. If you just got started in trading then it can take some time before you discover your trading niche.

I did not succeed for the first two years, I was barely able to keep my account above par. I think I was too adamant to follow any gurus at the time, now looking back I think I should have followed someone which could have shorten my learning curve.

In Summary of discovering Forex trading niche, one would naturally excel when they find the right market, the right strategy and the right fit with their personality. On the side note, remember it is the journey that matters so don’t forget people you meet on the way

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Please share your thoughts and comments below

Forex Signals 3rd Mar

FirePips — Tue, 02 Mar 2010 23:33:06 +0000

Ohayoou Gozaimasu,

Free signals to those who can guess what language is this greeting

I think this week is a good example of why right mental framework is so important for successful trading. Coming from a very successful last week, this week seems quite uneventful, at least so far. A typical trader may be inclined to risk more or take unjustifiable trades just to chase the feeling of high that he/she received last week. A prudent thing to do is to mentally block out what happened in the past and continue trading as normal. Every trade is a new trade and its outcome is not related to previous trades. I’ve mentioned this before but here it is again: “A trader should not think about Performance while Performing”

Update at 5PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 9 | Update | $EURJPY Sell 119.95 or Buy 121.40 | Waiting to get filled

Update at 9PM EST / 2 AM GMT / 0400 Hour Candle:

Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:

Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 10 | Update | $EURUSD Sell 1.3600 | Closed out at -60

We are done for the week. Have a good Weekend !

If you are new to our blog then please read Forex Signals and Forex Signals FAQ

ECN vs Market Maker Forex Brokers

FirePips — Tue, 02 Mar 2010 08:34:02 +0000

We all know Forex Brokers manipulate prices and spreads. How do they do it? Why not someone stops them?

It may come to you as a surprise that Forex market is not as transparent as its counterparts like Stocks and Options market. Unlike those markets, it is not centralized or regulated in the similar fashion, hence exchange rate of any given currency can vary between brokers. The main liquidity providers are the big banks and hedge funds, they are known as InterBank Market. With this in mind lets look at how ECN and Market Maker brokers fits into the picture.

Market Maker Brokers

As the name suggest they “make” the price, as in change Bid and Ask value. Say for example they receive 1 pip spread from InterBank Market on EURUSD, but instead for us they display 3 pips spread (spread is the difference between Bid and Ask). Brokers can vary this from time to time and sometimes even show tighter spreads on Demo accounts but when you open live account it is a totally different story.

Every time you open and close a trade you lose the spread. This adds up to a significant value if you trade frequently. Not only this but market maker brokers are notorious for creating spikes, they do it in order to take out customer’s stops. Some market maker brokers also freeze their platform during news announcements or increase spreads by 20-30 pips which is quite common. Since Forex is not tightly regulated as other markets there is not much NFA or similar organizations can do.

The only advantage of using a market maker broker is that they require less funds to open account and usually offer platforms that are easy to use. They also offer higher leverage, benefit s of which are debatable. Read Does higher Leverage in Forex Trading help?

ECN Brokers

ECN Brokers simply provides the best possible price i.e. the best spread based on current market participants. The price on their platform comes straight from the InterBank market and there is no manipulation of the spreads. Spreads as you know are the bread and butter of market maker brokers. Since there is no mark-up on spreads by ECN brokers, the only way they can money is to charge commissions / fees. This fees is not different from what you pay when buying or selling stocks. From my personal experience the commission are negotiable and you can bid one broker against another to quote you the lowest commission rate. Also paying commission works out economical than higher spreads on market maker platform. I’ve traded on several occasions when there was no spread at all (BID=ASK)

When it come disadvantages, the most common one is the lack of user friendly platform. Most ECN Broker’s platforms are hard to navigate and it takes time to get used to them. However once you are familiar you can take advantage of advance order types which are not typically available on other platforms.

ECN vs Market Maker Forex Brokers Summary:

To me it is quite clear, ECN brokers win hands down. There is not better way of trading. Having said that, they may not be suitable for everyone, for those specially who choose to start with less amount of funds and prefer higher leverage.

Download this article in PDF

What kind of broker do you use? Feel free to share your experience with us

Forex Signals 2nd Mar

FirePips — Mon, 01 Mar 2010 22:52:31 +0000

Yesterday was a day of mixed results. Most weeks do start like that, so I am not surprised at all. What is important is to trade as usual and don’t let the emotions take over your mental balance. It is easy to get carried away by a series of wins and on the other hand stop trading when things go bad.

Winners and Losers are part of the game and you can never know the sequence they will come. That’s why it is important to take all trades and follow them until they either reach Profit Target or Stop Loss.

Update at 5PM EST / 10 PM GMT / 0000 Hour Candle:

Order ID: 3 | Update | $CADJPY Buy 84.80 | Waiting for Third Profit Target to Reach at +120
Order ID: 5 | Update | $EURUSD Sell 1.3580 | Third Profit Target Reached at +120 Pips Earlier
Order ID: 6 | Update | $EURJPY Sell 120.40 | Move Stop Loss to 121.10
Order ID: 7 | Update | $CHFJPY Sell 82.20 | Move Stop Loss to 82.75

Update at 9PM EST / 2 AM GMT / 0400 Hour Candle:

Order ID: 3 | Update | $CADJPY Buy 84.80 | Move Stop Loss to 85.40
Order ID: 6 | Update | $EURJPY Sell 120.40 | Currently at -35
Order ID: 7 | Update | $CHFJPY Sell 82.20 | Currently at -30

Order ID: 8 | Pending | $EURUSD Sell 1.3515 | Stop Loss: 70 Pips | Take Profit: 40-80-120 Pips

Update at 1AM EST / 6 AM GMT / 0800 Hour Candle:

Order ID: 3 | Update | $CADJPY Buy 84.80 | Currently at +80
Order ID: 6 | Update | $EURJPY Sell 120.40 | Currently at -45
Order ID: 7 | Update | $CHFJPY Sell 82.20 | Currently at -35
Order ID: 8 | Update | $EURUSD Sell 1.3515 | Move Stop Loss to 1.3550

Update at 5AM EST / 10 AM GMT / 1200 Hour Candle:

Order ID: 3 | Update | $CADJPY Buy 84.80 | Missed Third Profit Target by 2 Pips | Stop Loss at 85.40
Order ID: 6 | Update | $EURJPY Sell 120.40 | First Profit Target Reached at +50 | Stop Loss at 121.10
Order ID: 7 | Update | $CHFJPY Sell 82.20 | First Profit Target Reached at +30 | Stop Loss at 82.75
Order ID: 8 | Update | $EURUSD Sell 1.3515 | Missed Second Profit Target by 5 Pips | Stop Loss at 1.3550

Update at 9AM EST / 2 PM GMT / 1600 Hour Candle:

Order ID: 3 | Update | $CADJPY Buy 84.80 | Third Profit Target Reached at +120
Order ID: 6 | Update | $EURJPY Sell 120.40 | Closed out at -70
Order ID: 7 | Update | $CHFJPY Sell 82.20 | Closed out at -55
Order ID: 8 | Update | $EURUSD Sell 1.3515 | Closed out at -35

Order ID: 9 | Order Cancels Order | $EURJPY Sell 119.95 or Buy 121.40 | Stop Loss: 145 Pips | Take Profit: 50-100-150 Pips

Update at 1PM EST / 6PM GMT / 2000 Hour Candle:

Order ID: 9 | Update | $EURJPY Sell 119.95 or Buy 121.40 | Waiting to get filled