Wednesday, August 02, 2006

End of month Trading results

The month produced excellent returns again, with a final profit of 31%. This has been my best month to date. After having a great start to the month. I decided to experiment for the rest of the month with some Heiken Ashi studying.

Hieken Ashi are modified Japanese candlesticks, and most trading platforms allow you to select these as your preferred technical indicator. Whilst they look very impressive and pretty, I really haven’t had much luck with them as my primary indicator. Basically you ‘sell’ when they are red, and buy when they are white. But, I had so many false signals with them, that I’ve abandoned them for now while I search for more detailed information on how to use them correctly. I know that a lot of successful traders use Heiken Ashi almost exclusively as their prime indicator. Obviously they know something I don’t – at the moment at least. There are a couple of trading courses around that teach and use H.A. so maybe I’ll try one of those. I’ll keep you posted.

This last month, it was indeed fortunate that I decided not to trade. The escalating conflict between Israel and Lebanon no doubt caught a lot of people off guard as the prices swung this way and that. Technical indicators were nearly useless in this situation, and trading the news was pointless when the news coming from that region was changing hourly. In my opinion, unless you can be glued to the screen in this scenario – it’s best to stand aside.

For those news traders out there, Thursday and Friday are going to be busy with ECB,BOE rate decision on Thursday and Non Farm Payroll data on Friday

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  • 3 Comments:

    At 5:14 PM, Blogger Charls King said...

    Hi,

    I would like to exchange links with your blog.

    Please send me your link info.

    Thanks,
    Charls

     
    At 11:34 PM, Blogger Midas Joe said...

    need to send me an address :-)

     
    At 9:03 AM, Blogger miskec said...

    hi! i have found your blog on the moneytec.com forums, i like it a lot. i've just started my own forex blog, mostly based on news. please visit it and say what should i improve. thanks a lot and good luck

     

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