AUD Trade result and CAD deviation numbers

Lost about 1.5% on the AUD news. It came out at a good deviation, but the news from Australia is released very unevenly, so I didn't get the autoclick until the end of the spike and had to withstand over 3% drawdown before closing for a smaller loss. I am pondering never trading AUD news again due to the variance in releases and time delievered to SNWelite.

CAD core retail sales is in the morning at 0730 central time trading USDCAD. Trading deviation of 0.5. Sell if +0.5 and -0.5 buy usdcad.

Tuesday 22AUG2014 trades AUDUSD

Hey all,

I apologize for my absence. I made almost 1% on GBP employment news last week... very odd move.

Anyways, today I am trading the AUDUSD at 2030 central time and also 2045 central time.

2030: CPI m/m deviation of 0.2 will be what I trade
2045: Chinese news HSBC Flash Manufacturing PMI  trading a deviation of 0.6 or more on audusd.

I will post CAD trading numbers later for all. Core retail sales will be coming out.

Best of luck to all.

Aussie trade was a no trade for me

Hey all

At the last minute I moved the order window for the autoclicker and messed up the trade that would have been somewhat successful... I'm not too disappointed today though because it was AUD news and it seemed to come out late on my news feed. Most of the move had already happened. Not sure how well I would have really done.

For those that were able to trade it, I hope it went well!

I do not have good internet for a few days, so I will be posting more limited until Tuesday. However, I will update on what trades I plan on taking next week on Sunday. Next week is a decently busy week and will hopefully produce at least one good winner.

Have a good weekend everybody.

Australia employment triggers and how to spike news trade for free

Hey again,

So let's see if this week can be 2 for 2...

For the Australian employment news, I will trade a deviation of 8-10 from the expected figure. Trading AUDUSD. This is an aggressive number, so use caution if your appetite for risk is low. fasteconomicnews.com does not show an expected figure yet, so I am waiting for that on this trade.

As far as spike trading the news, I think that it is not affordable for some people. Fortunately, there is a solution for that: Forex News Gun at forexpeacearmy.com

http://www.forexpeacearmy.com/forex-forum/forex-news-gun/

Go ahead and read the description of how it works there. Hopefully this allows a lot of you to be able to test out the forex news gun and see what spike trading does for you.

Free straddle trading ea that I used with moderate success.

http://www.forexfactory.com/showthread.php?t=6854&page=53

I would link the account to myfxbook, but my broker does not support metatrader 4 and it is the only ecn that I will trade with here in the USA. Unfortunately, a lot of people will probably not believe what I have to say on this blog, but that's their loss, not mine.

Good luck trading!

This morning's Trade

	04:30		GB Industrial Production (M/M)	0.9	0.3	0.1	0	Chart
	04:30		GB Industrial Production (Y/Y)	2.7	2.2	2.9	2.8	Chart
	04:30		GB Manufacturing Production (M/M)	1	0.3	0.4	0.3	Chart
	04:30		GB Manufacturing Production (Y/Y)	3.8	3.1	3.3	3.2	Chart

Alright everybody, we had pretty large deviations on both releases today, which is great news for a news trader. I ended up catching the trade using SNW elite at GBP/USD 1.6659 and only held it for 10 seconds to 1.6681 because I got so excited that something was finally going right for me. I made a 22 pip gain and a 4.4% gain on my account (using less than 1:50 leverage).

Normally I would have looked at the numbers in those first ten seconds and seen that the deviation was significant enough to hold the trade for the first minute or so, but I  had such a bad month last month that I was just excited to see profit. I cut my trade off a little too soon and did not let the profits run. I continue to refine my skills every day.

As it was, I made 4.4% which is fantastic news. Good for any week. Maybe Wednesday with Australian Unemployment numbers will bring another good trade. I will post my triggers tonight or tomorrow morning for that trade.

So to summarize any lessions learned today, sometimes it pays to hold the trade if the deviation is significant, but a gain is a gain and better than nothing or losing money. I will continue to share any insight that I gain from trading.

Good luck trading everyone!

Trade triggers for GBP news

Industrial Production m/m

Manufacturing production m/m

I am looking for a deviation of +.2 or -.2 for a move of 20-30 pips. Buy GBP/USD for +.2 and sell GBP/USD for -.2 deviation.

Good luck if anyone else is trading this tonight. I hope the deviation is great and in our favor!

My personal problem with trading: Instant Gratification

So... this may be my last post for the day, but I do believe that it is the most important post so far.

I have found that my problem with trading is that it takes time to be profitable. I'm so used to just clicking something and having it become real. I mean with almost everything I do, all I have to do is hit a button and it happens.

What I fail to really keep in mind is the power of compounding interest. To illustrate this fact, I am attaching a spreadsheet for compounding interest from Forexoma (yes the broker that scammed me). I renamed it because, well, I don't want to be reminded every time I look at it.
Find the attachment here:

http://www.forexfactory.com/attachment.php?attachmentid=1400839&d=1396826953

So, let's say I start with usd 1000 and have one really good news trade each month: 6% gain per month

With the news trading model though, it is perfect for working full time also because you only have to be at the computer 15-30 minutes, not even every day. Obviously the problem with SNW elite is that the subscription cost cannot be covered with just one trade with just a 6% gain per month.
To really profit, one would have to have a larger account depending on leverage available.

But you can see that trading really does require patience resulting in compounding gains. I am not a patient person, and this is my biggest problem.

The keys to succeeding at forex for me are patience and persistence.

E/U trendlines

E/U is looking similar to G/U... Of course I'm wondering if a bearish break of that trendline is in the making.

Leverage and lot calculation

Hey again,

So, I wanted to direct you all to my favorite leverage calculator for how many lots I trade on each news trade.

Leverage in the US is limited to 1:50, so I usually just about end up maxing that out per trade. The good news is that the R:R is very good with SNW elite. Usually I end up risking about 2% to make anywhere from 3-6% per trade. Most of the time though, the trade never goes negative if the news deviation trigger is hit.

This method is the most low risk, high probability trading system I have ever used.

Here is the calculator for lots and leverage:

http://fxtrade.oanda.com/analysis/margin-calculator

Point Zero Trading Solutions

Hi all,

I currently do not use any of the PZ tools on live trading, but they are definitely innovative indicators.

Go ahead and take a look.

I have no affiliation with PZ Trading Solutions and do not benefit from the purchase of indicators.

http://www.pointzero-trading.com/Blog/view/52

GBP USD D1/4H chart analysis

Hey all,

Just how I'm drawing trends on the G/U.

News trading services

Hey all, I have a list of all of the news trading threads/websites that I have found:

http://www.forexpeacearmy.com/forex-forum/current-forex-trading-signals/

http://www.fasteconomicnews.com/schedule.aspx

http://www.currencynewstrading.com/calendar/

http://wingstarfx.webs.com/spikeealatestedition.htm

These last two are simply informational sites so that you are aware of the times that spreads widen exponentially and can endanger your trades, tripping stops that are 10+ pips away.

http://www.forexfactory.com/calendar.php

http://www.babypips.com/tools/forex-calendar/

Upcoming tradable events this week Apr 6-12 SNW elite

Alright everyone, let's take a look at this week's trades coming up: All information from forexfactory's news calendar.

Tuesday April 8: GBP Manufacturing production m/m at 0430 EST time.

Wednesday April 9: AUD employment change at 2100 EST time.

Thursday April 10: GBP interest rate statement at 0700 EST time

Also on thursday I will look at trading the CNY CPI on the AUDUSD at 2130 EST time.

It's a pretty quiet week this week, so I don't anticipate much excitement, but we'll see how it goes.

I will post pre trade analysis the day before with the triggers that I will be using. Please be aware that you trade the same triggers at your own risk.

My first 3 weeks of trading using SNW elite

So I did not think to start tracking my trades in this blog when I started this endeavor. I have been trading for about 3 weeks so far and news trading has yielded me only three tradable events.

I am not going to list the events, but I gained 6% on the first trade. Yay. Then the time change happened in Britain, but I was unaware of it, so I completely missed the next tradable event. (I wake up at 3:30 AM to trad GBP trades and go back to bed).
The third trade, I actually set up the clicks wrong with SNW elite... I put the "buy" click on the sell and the "sell" click on the buy. So I ended up selling instead of buying. A huge mental mistake that cost me 6%. I guess that I was not awake enough...

So, here I am with 2/3 trades being mental mistakes. I am at break even. I think I have learned a lot from my mistakes and I will not make them again. I'm embarrassed to even admit that I made that mistake setting up the clicks for the account... It was so awful, but I want to share the bitterness of failure as well as the sweetness of success with you.

We'll see how this goes for the next 4 weeks. I believe I have a winning strategy.

A little bit about me, my journey, and my dream

I got interested in trading forex back in college 2009. I actually signed up with Stellar Forex Consulting group who hooked me up with education at a price of course. I actually opened up my own llc trading forex that summer, but got just 4-5 trades into it risking about 3% per trade and got scared seeing a 15% drawdown and I closed out the trades. I was going through a hard time and I could not handle the most important part of forex trading: the mental aspect. So I shut down the business and gave up. Haru Miyagi was my first mentor for forex, and I am appreciative of all he taught me.

So that was my first experience with forex, and then I took about 2.5 years off (I think) because I had no money to invest and needed to graduate.

Fast forward to the beginning of 2012. I opened an account and caught a few small trades on a EURUSD trend that was an obvious trade to take. I ended up closing that account with about 15% profit, but it was all luck. I closed the account so that I could buy a house and make that big investment first.

Moving on to 2013, I got enough money together to open a small account. I spent a full month trading a technical style on the 5 min chart during the london session. Well, I was basically at break even the whole time. Then I found news trading and forexoma brokerage.

Forexoma brokerage had 5 star reviews from over 100 people on forexpeacearmy.com, so I thought they were legit. I signed up for an account and earned well over 200% in just 6 weeks doing news trading.
I then attempted to withdraw some of that money and they realized that I had made thousands using their fake dealing desk model. They disappeared without a word. A lot of other people got burned with me by forexoma. I was able to recover 65% of the initial investment because I had used paypal. Some of the others were also able to recovery some of their investment.

So, as you can imagine, I was totally crushed by this scam. I was on my way to making $1 million in just over a year. So of course, I decided to take a break and focus on cutting down on credit card debt.

Now in 2014, I have started trading again with moderate success. Now I invite you to join me on this journey to see me fail again or succeed.

My DREAM:

I want to become a fund manager and make millions for clients. I know that money makes the world go around, so I would donate large amounts to charities because I have seen so many people in need. I want to help as many people as I can. I'm a nurse, so I already have helped a thousand people or so, but I want to help thousands if not hundreds of thousands of people.
I figured out that the best way for me to be able to do this is through forex. I have a passion for numbers and charts and even wanted to be an accountant before I became a nurse. So, I want to make millions doing what I love and spend the money doing what gives me meaning in life: helping others. I do think that I have an affinity for money, numbers and trading, although my trade record does not show it.

I have about 18 months to build a successful trading record on an account that I will audit to show investors that I mean business and that I am to be taken seriously as a new fund manager.

Again, I invite you to join me and watch me learn and grow, cry and scream, and go through more growing pains. Hopefully you will find something that helps you as well.

To our success!

Choosing the right broker:

One of the sometimes overlooked facts of forex trading is the need to choose a good broker. For news trading, one must choose an ECN broker that does not increase the spread substantially during news releases.

I can really only comment on brokers available to US residents. I have found that tradersway, interactivebrokers, finfx, and mbtrading are the only options available to us.

Tradersway: I had an account with tradersway, but it is unregulated, so I do not use tradersway. I was scammed in July last year by forexoma:
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/26322-forexoma-com-brokerage.html
As a result, I will never trade with unregulated brokers ever again. I never had a bad experience with Tradersway, but if you do trade with them, be well aware that they could just disappear with your funds with no consequences and no hope of getting your money back. So use caution with the broker.
http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/27177-forexoma-where-money-you-took-traders.html

MBtrading: I have never had an account with MBtrading, so I cannot comment on the performance, but they are regulated and I'm sure that they do a decent job as a broker.

FinFX: I had an account with FinFX and they were good and reliable, but also not regulated by any official forex regulation. I would suggest that with them, you use caution, but they are a reputable broker. After getting burned though by forexoma, I will not trade with FinFX. I do not trade with FinFX, but if I had to choose between FinFX and Tradersway, I would choose FinFX.

Interactive Brokers: The broker I traded with most recently is Interactive Brokers. They are a legitimate ECN available for US residents. They have insurance for their accounts up to usd 500,000 through a private insurance company. They are by far the best broker as far as ECN's in the US go at least in my opinion. Fills during news time were always good with spreads low enough that one could still make a profit, but their charting software is so-so for forex trading. For news trading I would have to say that Interactive Brokers is my choice for news trading. A big drawback is the initial account size though. It is out of range for most, but they offer smaller starting sizes for those 26 or younger. I am 24 years old, so I only needed usd 3000 to open an account.
Interactive brokers does not offer metatrader charting software to trade with, so that is a big drawback for many potential clients. For technical forex trading, it is not the best, but for news trading I would say it is the best.

IBFX, Forex.com, FXCM, OANDA all have spreads that widen way too much during news times, but seem legitimately good for technical trading. However, I would not use these for news trading as they are market makers and never were good at news trading for me.

So then, that is my review of the handful of brokers that I have tried. I will post updates, especially about Interactive Brokers, if any new developments arise. I am looking into a few different ways that one can access better charting software for Interactive Brokers. I will keep you informed.

The most reliable way I have found to make money with forex:

I've tried technical and fundamental trading, and the only one that I have consistently sustained gains with is fundamental news spike trading. 

The only product that I have found to work on a consistent basis is http://www.fasteconomicnews.com/

While there are other products out there that include straddle trader ea's and free auto clickers, I am one who believes that if you pay for a service, more effort is put into it, resulting in better reliability.

The price of SNWelite is out of range for most and I have to admit that this is my problem with this software too. The cool part is the free month trial for $99. You can decide if it is for you or not. You have to have a decent account size to get started, especially if living in the USA. I would recommend at least usd 2000 for news trading because you need to be able to trade at minimum with 1 standard lot. Making 40 pips in one month would pay for the membership, but it would be difficult to make any gains beyond that.

I am going to post trade set ups that I will use over the next month. If the product will not cover its cost, then I will have to stop subscribing.

So, join me on this journey, and let's see if one can make money newstrading forex.