Hello newbie! Why not subscribe to my RSS feed or my Free Forex Signals and make some pips?!
I have now completed the first week of free signals sent out to an overwhelming number of subscribers. I’m really pleased with the amount of interest, with more people signing up in one week than my RSS feed since the inception of the site. Nevertheless, RSS feed subscription has more than double in the last couple of weeks too. So to all of you, I thank you, and let’s keep growing this site to create more informed traders. Now, on to how to use my forex signals.
Since these signals are sent to educate you as a trader, I feel I should give you a better idea of how to trade them. The bottom line is to take pips that you see in front of you most of the time without being greedy and hoping it will go up overnight. Folks, these trades are not for long term and should be completed within a few hours, and I do not like to recommend holding them overnight. The only way I would hold a trade overnight is if you happened to be up 100 pips and wanted to put a trailing stop or change your stop loss so that you end up with no less than 75 pips if the trade retracts. Or of course if the technicals hold up and there are no major news releases that would turn the trade while I’m sleeping.
As a trader, you need to realize that if you make 10 pips a day, you will be a very wealthy trader in the long run. I have made 447 pips since November 2. This is a gaudy number, and I won’t make that every week. I will admit that I had a pretty luck trade that began as a scalp with the EUR/USD that I let go overnight that sky rocketed for +304 pips. So I’m really up ~140. That’s a more realistic number.
I was able to make these pips because I didn’t get greedy and took my 30 pip and 15 pip gains when I had too. Also, since I am trading from 1hr charts as my basis most of the time, you really need to set your stop loss loose at 100-200 pips or you are going to lose money with my signals. I say this because while I try to enter positions at the right point, buying and selling against resistance as your major strategy is not an exact science. The first signal I sent went for a stop loss, but I was able to recover for a nice +95 pip week for signals sent.
So heed these rules to my trades and hopefully you will see the same kind of success that I have. Thanks again for helping this site grow so fast. Cheers, have a great weekend.
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Fri, Nov 7, 2008
Blog, Trading Advice