Monday, November 12, 2007

A quick FOREX trade

Today I looked risk in the eyes and shorted the USDCAD pair. The chart was screaming pull back. I used my developed signals to tell me when to pull the trigger, and actually ended up pulling the trigger twice, the first time taking a small loss.

The Word stated in a recent post "the Canadian dollar is in a power full bull trend". It is. However, looking at the chart, it seemed too powerful, it hit a low last month of 90 cents, great for Canucks living near the border, a quick 1 hour drive and save 20% on a new car, what a deal!! Maybe a car is not the best example because it sports miles and gallons, the old fashioned system based on arms and legs and feet, we use metric up here, based on water (I think?). I still get confused. Oh, back to trading.....

I was reading tradewhileworking blog earlier today and decided that it was time to find a little time to take on a trade, since I've not been able to trade for the past month or so. Great inspiration at his blog, how he manages to trade in a management role. I chuckle when I read about the issues he faces while trying to trade at work, it's familiar.

In the end I came out a couple of hundred bucks on top, but more importantly, played and learned with live dollars. At $2.50 a trade, I can afford to be wrong. I picked the right place for the stop, it got hit. Once USDCAD stopped climbing again, more signals showed up, on three different time frames, and I jumped in, setting the stop and the target in a bracket order. Then I shut down and drove home. Ate dinner, played with the kids, put them to bed, and turned on the 'puter. All right! Kicked 'risk' square in the balls. Moved the stop twice in and hour and it got hit.

The last few problems of my auto trading system are being worked out. I am inspired by reading about others that have their server located at the brokers, and they sit at home and check their account. Brilliant. If they can do it, so can I. The best part is, 'puters don't have emotions, that's why I'm so interested in a system. Low commissions too, the time is right. This is a revolution. If your a programmer, what are you waiting for?

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