The Diary of a Novice Forex Trader

Hi! First off, don’t read this expecting to get any useful tips on how to beat the market, mug the market or even take 10 pips a day out of the market. This diary, in the greatest of British traditions, will allow you a feeling of Schadenfreude.

For those of you out there who have just seen your 9pip gain turnaround and trigger that carefully placed, out of reach, stop you can turn to this page and realise that it wasn’t just you that got it wrong. And if you’re the smart-arse who just took 50 pips out of the market this afternoon you can feel a warm glow, whilst reading about some-one who didn’t!

My e-mail address and forum link follow:
Forextrader@proactiveinvestors.com
Novice Forex Trader Forum

 
Read the latest issue here - No: 113 - Diary of a Novice Forex Trader

 

Who is “The Chimp”?

The ChimpThe Chimp is based on the laws of probability and originated with studies showing that a monkey could pick winning stocks just as efficiently as fund managers by throwing darts at the shares page in the Financial Times.

My Chimp trades by tossing a coin instead of throwing a dart and has to deal at 7.00am each day, regardless of economic events, central bank speeches etc. His rules are quite simple, but may be refined over time; Heads- he buys the market; Tails- he sells the market, at the prevailing price when he tosses the coin. He deals in £6,taking profits on £3 at +20 pips and the remaining £3 at +50 pips. His stop is -25 and is brought up to break even once a 20 pip profit is achieved.

New to Forex?

In response to an increasing number of enquires the Chimp and I have put our heads together to offer a beginner’s guide to forex trading.

  • Trading platforms 08/05/07
  • Subscription services 08/03/07
  • Where to start 22/02/07