I just closed out my position on the EUR/USD @ 1.5585. I placed the buy trade on Wednesday before I went to work and made my stop at 100 pips below. That day, it went south but only to touch 1.5421. I got lucky. Last night around 4:00 am, it went above 1.5500 but I went back to sleep thinking that it would make a run and it went south. I felt the trade would reverse upwards from the daily charts. When I got to work, it had moved about 1.5500. I wanted to close out the position around 1.5550 but the link to the online version of my account wouldn’t allow me to log on. I had just checked and it was @ 1.5580. My Forex account allows me to … Read entire article »

Last night, I placed a sell of the EUR/USD around 1.5460. During the evening hours, it was trading sideways. At one point, I was up $10.00 (only bought 1 lot). I thought, take the profit. I wound up making only $6.70. But when I woke up this morning the market had moved against my sell trade. If I hadn’t sold, I would have lost again. This morning, I placed a buy around 1.5500 and raised my stop to 100 pips. As of right now, it’s moved the opposite way and is around 1.5425. If I had stuck with my rules of 50 pips, I would have lost another $50.00. I think 50 pips is much to tight  dealing with the EUR/USD. … Read entire article »

After executing three losing trades last night, along with losing over $200.00 in the last week, I’ve decided to invest in my trading education. I thought I was being smart and placed trades below and above the support and resistance (EUR/USD) with of course my stops at 50 pips. In the middle of the night, one trade got executed because it hit 1.5415.  When I woke up the trade had reversed and I was about $30.00 in the red. Then, at 7:30 am, the Consumer Price Index report came out and knocked out that trade and triggered my other trade around 1.5480. I’m sure that I got stopped out at 1.5430 today.  I went to Borders and bought “Getting Started in Candlestick Charting” by Tina Logan. It’s obvious if I don’t turn my … Read entire article »

I placed a sell order last night. I doubled up on my trade and bought two lots. I changed my 50 pip stop lost to 25. If I had kept it at 50, I would have made $200.00 over night. Instead, I lost $53.00. Lesson #4 learned. Develop a system and stay with it. What are my rules? Place stops on all trades Place stops 50 pips above or below. Wait for a trading pattern to form before placing a trade. … Read entire article »

When I got home, I opened up the trading program I purchased yesterday. The Stock Trading Robert called Marl. I successfully downloaded the NASDAQ as instructed which gave me back data until the end of February. When I followed the instructions on how to update, I failed. Tommorrow, I will call Clickbank to see if there is a contact number. This marks the second time I’ve tried these electronic packages and was disappointed. … Read entire article »

Last night, I  placed a sell @ 1.5450 for the EUR/USD. At around 1:00 am, I was in profit around 50 pips. I let the trade ride and it reversed on me to move and close me out at my stop at @ 1.5500. What I learned from this trade is that when you in profit, take the money off the table. The second lesson I learned was to pay close attention to the program. I  had placed a trade earlier and it closed out within minutes. The program had somehow populated some new numbers for my stop.  I signed up for the E course Doubling Stocks. I downloaded the NASDAQ symbols last night too. Tonight I will start learning the program while I wait for my Ameritrade account to be funded from … Read entire article »

Today, I finally hooked up the new printer I bought last week. I bought it to print out posts of certain blogs to study affiliate marketing. Interestingly enough, I found Amit Mehta’s Super Affiliate Mindset blog to be very rich in content. I made a note to myself to start with his blog. Amit has written ebook called “Why 2% of Affiliates Rake in 95% of the Profits“. I printed out the ebook, found a three-ring spirial notebook in my closet and punched out three holes to put neatly into the book. I put my “money green” spiral notebook, along with a yellow highlighter and a few pens in my carring bag and went to Starbucks. I hadn’t gotten to page four when Amit writes, “I recommend that you print out this report, … Read entire article »

  photo credit: Okko Pyykkö After talking to a local business owner of a dollar store today, I’m begining to rethink my idea of quitting my job in August. The owner of this dollar store said that even his business is hurting by the ecomony. He also said the warehouses where he buys his mechandise, some of them have gone out of business. “I buy the gallon of bleach for seventy-five cents and I make a quarter on it, I have to sell four gallon of bleach to make a dollar” he cried. At 43, I think quitting my job to go to school would be financial suicide. If I don’t have $30,000 saved, I shouldn’t even think about it. $10,000 isn’t going to be enough in this economy. … Read entire article »

Last night, I placed a buy on the EUR/USD. I placed around 1.5440 and placed a stop at 1.5415. I’ve learned from my last investments not to place a trade without a stop. I wound up in my first and only trade losing $250.00. The position was closed out on a margin call. I got very close to my stop position last night but missed it by a few pips. This morning, I clicked a button experimenting with the trading program and accidently closed my position. I think it’s best because I didn’t want some news coming out and me losing $25.00.  I do think my margins of 25 pips is to tight. I might raise it to 40-50 next trade. I’ll be doing some research at work on affiliate marketing. … Read entire article »

School ended this evening with me receiving an A in my speech class as well as me getting a hug from my teacher. I’m glad it’s over as now I can focus on creating $10,000 in sixteeen weeks. I started off today by depositing money into my Forex account. I’m starting my account with $500.00. I have several ways I plan on making this $10,000. Forex Blogging Music Affiliate Marketing Auctions Stock investing I’ve taken my savings and I’m dividing it up into parts. … Read entire article »