Some Forex trades and the Forex competition
I was browsing through the internet and found out that Rich at the Forex Project was having a Forex competition.. this looked like some fun so I thought I would join and give it a go.
Though I don’t usually trade the Forex markets as much as I should, trading is trading and I’m hoping to build some long term links with people with some similar interests. I’ve not made it in my trading career (yet!) so it’s important to find like minded people to share and express ideas.. if you grow together and successful together then everyone is happy.
Anyway, I went to the website http://www.forexproject.com/Forex_Contests/ and read through what to do. I set up a game account as suggested and then scoured the charts to see if I could make some trades.
I’m also reading the Ed Ponsi book, Forex Patterns & Probabilities and there’s a bit in his book which says something along the lines of not looking for the small profits but the big ones… ie a few hundred pips rather than 20 – 30 pips or so.
You get a dummy $100,000 account to play with and a web based trading platform with charts and analysis.
Anyway, I got short USD/JPY last night at 113.846 and long NZD/USD 0.7722. I took my trade entries purely on the daily charts and using the smaller time frames to find a good entry point.
I closed the USD/JPY trade this morning at 112.8850 for $8,445.39 and the NZD/USD is still running with a cumulative profit of $940. I am targetting 0.78500 as an exit.. the stoploss is currently 0.76000. We’ll see how it goes, if the charts start to look funny I’ll get out but so far, there’s every reason to continue.
I was thinking great, this is a good start to the contest but I’ve probably gone in with quite large trades risking upto 10% of my capital… in the real world, this would be suicidal.. you may make some good lucky trades but long term, luck will get you.
Oh, the other thing which I found was that I had not actually joined the contest prior to making the trades and also the contest starts off in January for a month so my results so far don’t count!! Nevermind.. it’s all good fun! 🙂
