Darth_Trader_HSM's Forex Foray - Learning to Earn

[Darth_Trader_HSM]

I just opened a demo account at Forex.com and logged in. After having read all the stuff they had to offer on the website, I am now ready to put my TA skills to the test.

I am new (4 months with real money, 7 months en total) to trading on the OTC BB and Pinks. I am here because (specifically) the enthusiam of WallStreetAlert, being fed up with shady MM's myself, StockDevil whose trading speaks for itself, RPM seems to know what's going , StockJock-e reputation irrefutable, and several others.

This thread is for the new guys, from a new guy perspective. Note, I didn't say newbie. I think I know TA well enough to do this, so I'm going to give it a shot from a Purely TA angle. No news, no tips, rumors or innuendo. TA and TA only.

I will take it slow and steady. Charts will be posted with my thoughts and all. I haven't given up on the OTC just yet, just merely exploring my options.

I'm back stateside now, so I will be limited in the use of the internet during market hours, and this Forex thing is supposed to be 24-7, which fits the bill for my needs.

I am using a demo account from Forex.com. I don't encourage or discourage anyone from following any advice I give. Remember, a good leader listens to advice, then makes his OWN decisions. (i.e. you get jacked up by paying attention to me, it's your fault.)

Good luck to me and

"May the Forex be with me."

[Darth_Trader_HSM]

I was stationed in Japan for the last three years, so I'm comfortable with the exchange rates US/JPY, so I'll start with that.

Aside: When I first got there, they told me, think of it like this, One Dollar is like 1000 yen, or 10,000 yen is like a hundred bucks. The actual exchange rate was more like 120 yen to the dollar. Close, but 1/5 less than a dollar.
It first occured to me that I could make money exchanging money at this time. I could get travelers checks for US Dollars on Base , then go off base to a Japanes bank and get an exchange rate of 122 yen for each dollar. The rate on base was always like 2-3 yen higher(means it would cost me more to buy the same thing on base.) So for a few thousand bucks I could make, like 30-40 dollars. Too much effort.

[Darth_Trader_HSM]

Five Year Chart: Crossed above the 50 and 200 day MA. So, the trend is up.

[Darth_Trader_HSM]

One year chart, narrows it down to this year.

[Darth_Trader_HSM]

Okay, so I like posting charts...3 months, followed by 5 days, I'm getting there.....



Healthy upward trend all week long. Closing up the dip it made earlier this month. Looks like there's still room to go up.

[Darth_Trader_HSM]

And here we see the effects of a SITH LORD entering the Forex Market on Intraday:


Good channel from 117.20 to 117.58 followed by a break to the down side at 117.19, which would have been a good entry point, had I not been sleeping.

I would probably choose the next white candle as a signal to exit. I'll just wait and see....

[Darth_Trader_HSM]

The intraday chart spans hours of time. I know most of the Forex traders here would seriously disagree with using more than 15 for a trade on a 15 minute chart.

I am testing my hypothesis, that following a larger trend, may be a plausible techniqe, taking into account the stop loss may have to be a bit greater. Greater risk equals greater risk.
But that's still a 75 pip drop for a short hypothetical postion.

[Darth_Trader_HSM]

And here's the exit signal on intraday, a 75 PIP profit. If only I hadn't of been sleeping.



"All too easy."
-D. Vader

[Darth_Trader_HSM]

Okay, okay, I know that wasn't realistic. The price swings would have probably hit my stops, I don't have enough margin to cover, blah, blah, etc...

So I see the wisdom in using the 15 minute charts and going for smaller, but faster (hopefully safer) profits of less than 10 PIPS. I will use them from now on....

Don't bang me up too bad, I'm learning here, I'm learning here!

[Darth_Trader_HSM]

Watching the 15 minute intraday chart for channel formation.....