Justins Forex

Hey guys just posting to let you know I’m doing fine and also I have a new blog!  The blog is about my programming career also news and topics about the programming industry!  Check out my programming blog (CodeJustin.com).  Hope everyone will follow me there!  I might have some posts about forex too.

Today I actually really thought about this blog again.  The blog is pretty much dead now and I have not updated it really since last year.  At the peak of this blogs life it was WITHIN THE TOP 3% of blogs.  I thank everyone that has read my blog.  I do still trade forex but not on a regular basis.  I actually have another account I never mentioned on this blog that I have only used when I’m almost “100%” sure that I will profit from the trade.  I also feel ashamed I ever let ads onto the blog.  I never had the intention to have ads (and in all honestly I kinda forget I have ad’s on this blog till I view it).  So for the amount of time the blog was alive I can not complain with the large amount of visitors that viewed my blog.  I see now as I type this that the number of subscribers is only 3 now.  For those 3 people that stuck it out or just forgot to unsubscribe I thank you too.

The blog is not officially dead BUT at the same time it is obvious that the blog has gone no where since I stopped posting regularly.  Also I’m not done with forex by any means.  I do not trade with my second account much (the one I never mentioned on this blog) but I do trade about every other week with the etoro one.

Regardless of what happens I will keep the blog up for as long as possible so that the new traders will be able to reference whatever information they want.

Hello blog readers!  This post is to let everyone know how I have been and also give everyone the low down as to what has been going on since my last real post.  First off the two posts previous to this are just advertisements (not sponsored by me) they are posts I did in return for pay.  I took the offers to help pay for the hosting costs to run this blog.  Speaking of hosting I have recently switched hosts because I has having issues with my old host so some things in the blog might not work (in which case just send me an email and I will fix it).  Etoro gave me my prize money account a few weeks ago!  I was trading actually very regualry for a few weeks (about every other day making over short term trades a day)  I had $200 and at one point worked up to $270 BUT I made two bad trades in a row (I held them too long) and lost BIG compared to my gains… now I’m sitting at about $150.  I haven’t traded in over two weeks because I have been studying for my ACT.  I will be going to college for Simulation and Game Engineering (game programming in a nutshell other words, It’s mainly Computer Science, Game Programming, and Math) the degree requires a score of at least 23 or higher on the math section of the ACT.  Don’t fear though I will also be minoring in psychology partly for the purpose of understanding trader psychology more!  (I still have a strong passion to develop my trading skills) .  I also “launched” my own site/blog for my software and video game creations,  you can find it at NachoSoft.com I encourage all my readers (what is left of my readers… which to those still reading I thank you) to subscribe to that blog/site too to get all the updates on my programming.  Now back to trading… I hope to start trading again next week.  Sorry I did not report when I was back to trading a few weeks ago but I had planned on creating a VIDEO of my trading and a huge update for you guys BUT things popped up and I just haven’t even been trading at all.  When I do trade again this blog will be the first to know my results in detail.  I just wanted to let everyone know the changes.

As always I love to hear from my readers and I reply to each one!  So drop me a comment or send me an email.

I wish everyone the best of luck with their trading journey and I hope you wish me luck on mine!

The high street bank, Abbey, recently reduced the interest rates on a number of its mortgage loan products, which is a further indication of lenders responding to the cut in swap rates, which is the rate at which banks lend to one another. The Abbey’s two, three, and five year fixed rate deals have been cut by up to 0.30 percent, and the rates on larger loans have been cut by up to 0.35 percent. The reduction on larger loans will apply for borrowers looking for between £550,000 and £5 million.

An official from Abbey mortgages said: “We’re determined to offer our customers the best deals and many of these rate reductions will make us a ‘best buy’. We’re looking very competitive across the range with two and three year fixes available from a market leading 5.74 per cent.”

He added: “These great rates may be part of the reason why fixed-rate mortgages are increasing in popularity with borrowers. Our research shows they are three times as likely to choose a three year fixed-rate deal compared with six months ago. Overall, approximately 52 per cent would now opt for a fixed rate product if they re-mortgaged tomorrow compared with 47 per cent last month and 35 per cent six months ago.”

A number of other lenders have been reducing their interest rates over recent weeks because swap rates have fallen. However industry officials are warning that the reduction in interest rates from lenders does not indicate that there is going to be a turnaround in the housing and mortgage markets. Consumers are also still urged to look around for the best rates and to watch out for low headline APRs that may have costly arrangement fees attached.

Crisis affects now everyone and every country. You see some countries with so to say “closed” economy where command economy and not a market one rules have thought that crisis won’t ever touch them or at least won’t be so dreadful as in European countries and of course in the United States. But unfortunately these were just dreams as every country lives on import and export of goods and when import rises to the top point and all the goods that were predefined to be exported are not in demand - eventually recession happens. The country produces more than it can export and this can lead to very sad consequences, like cutting down on working days for all the sectors of economy, cutting down on salaries and so on and so forth.

The most vulnerable establishments are banks. If we look at the situation in the bank sector in the United States the situation seems to be catastrophic! Since the beginning of 2009 year more than 10 banks became bankrupt and the perspectives remain very vague and unclear. Population suffers as well as even cash advance loan is practically impossible to get - there are no banks that can easily process such a request because they do not have the guarantee that you won’t exceed the credit time limit and won’t just ignore the loan guide. We do not even talk anout poor credit loan as this procedure is practically frozen for a indefinite period of time by the most respective banks. For those countries as well as for people who live in them who actually got used to live in credit dreadful time is coming.

I would like to take the time to write this post about our new sponsor Marie Hosting!  The owner of Marie Hosting contacted me the other day and I was exited to hear that such a great guy was looking to sponsor my forex blog.  Marie Hosting is not your average hosting company… they have a really passionate story behind their service.  I recommend you go and check out the story.  They offer affordable hosting with quick customer support.  If your in the market for a hosting company I recommend you check them out (you can click their ad located under our “sponsors” section on the sidebar).  The owner also runs a nice word press theme site (link located at the bottom of the page) for all you wordpress bloggers.

At the same time I also received my FIRST donation for the site from a fellow forex trader (you know who you are) and I would like to publicly thank you.

So all in all the blog is off to a good start for the New Year and I have been in contact with etoro still trying to get my $200 prize money account… so let’s hope for the best!

I feel bad I have not posted in a few weeks but I was waiting till my “news” was done. My “news” is that a few weeks ago I placed second in the etoro play money race which means I won a $200 account! Well needless to say I’m still emailing back and forth with the man that is supposed to set up my account and I’m not getting anywhere. Hopefully by Christmas I will have my account ready to trade. I will be making videos of myself trading for the blog so everyone can see my trading style. As always I will keep my blog readers posted with my status. If I don’t post again before Christmas I hope everyone has a lovely holiday and a great new year!

Well I think I might have found out what kind of trader I’ am… I believe the term would be “scalper”. It seems I have about a 5 to 1 ratio or better when it comes to making trades that last for just a few minutes. I only gain about 1 to 4 pips per trade and have a 12 stop. Last night I went from $34 to $45 never going over a 5k contract size. Well I woke up and started doing very well again than I made a HUGE mistake! I did not have the point in front of 2 so it thought I wanted a 20k contract instead of a 2k and well needless to say it just so happened that AUD/USD went against me horridly and hit my 12 stop in no time leaving me with about $20 left now. I have not had much luck when it comes to AUD/USD… I might stop trading it for awhile. I stay mainly to AUD/USD, EUR/GBP, and EUR/USD since they all have the smallest spreads of 2 pips. I might try going up a few ticks or switching back to a time chart because though I have had much success with a 5tick chart some times the moves while looking at the chart the way I do are only 2 to 3 pips which leaves me hanging sometimes if I do not get my exit in on time. I’m going to keep refining my skills trading these small time frames and see if it works out. As always I will keep my blog readers updated on my forex journey!

Play Weekly Trading Goals Episode 3

This is the third episode of Weekly Trading Goals. I hope everyone had a nice thanksgiving and a successful trading week. I had a great thanksgiving but a not so great trading week. This week I’m down to $32 in my forex account from my second deposit of $50. The silver lining in my loss was that I realized I need to fully revamp my trading process. I currently just trade by my emotion and forex analyst sites. It has proven to be my downfall more than once so I’m really dedicating time to learning about technical indicators. I stopped trading on my live account mid week because I told myself I need to feel more confident in my strategy before I risk anymore money (especially since this is my third week of Tradesense so my minimum contract size has doubled to 1k). As promised in my last post I will explain that strategy that I mentioned. I feel a little dumb for thinking it would work BUT I’m still testing it incase I find something decent I can work with. It is very simple… I open two trades for the same currency pair and hope one hits my limit. A good example is say I opened two trades (one buy, one sell) for EUR/USD with 25 stop 100 limit. If it goes up 25 pips than my sell will be stopped out giving me 50 pips before my buy will be stopped. The intention is that the market will move enough so either my buy or sell will hit limit leaving me with 100 pips minus the 25 from the other so 75 pip gain. I have started testing of this strategy a few days ago and it is still continuing on the same trial. I have six demo accounts running variables from 1x my stop to 6x my stop which the base stops for all the accounts is 5, 10, 25, and 50 pips. I opened all trades with the EUR/USD and USD/JPY pairs for the trials. Currently all of the accounts have lost more than they have gained BUT they have a running profit so it might balance it out. I’m recording whether or not a certain stop/limit gained or lost. I plan to run this trial two more times than after I get all my data I will post it on my blog for everyone to see the results. As of right now this strategy is looking pretty bad but I’m learning from it. I’m still pounding in as much technical analysis learning as I can so I can start trading more on the technical side. Now it is time for this weeks trading goals! My first goal for the week is to understand more about technical indicators before I open another trade. My second goal is to try and leave my emotions out of my trading process. My third goal is to stop myself completely if I drop below $24 this week. My fourth and final goal is to keep testing my strategy. That wraps up this weeks episode of Weekly Trading Goals. I wish everyone a safe and happy trading journey.

Sorry I have not posted in the past few days. I have been so busy trading that I haven’t done much of anything but trading. The good news is that I’m still making a go off this bankroll. The bad news is that I’m down 20% from this deposit. I have been basically trading my normal ways for the past few days but with a little higher stop. It has proven that my “strategy” (look at the charts, read some analyses, and than put a trade in with about 20 to 50 stop and double the profit) does not work. I need to really revamp my whole trading process. I got a little upset losing all of my trades today that I was almost sure were going to profit but didn’t so I impulse bought into GBP/USD with my highest stop yet (100 pips). I bought in at 1.53475 and needless to say a few moments later it seems to be crashing as I type BUT I feel I might have a chance at a nice rebound considering the past two days around this time it sky rocketed. Right now I do not want to tell my strategy I’m thinking of since it will probably be redone a few more times but in my next post I plan to explain my upcoming strategy.