Well it's been an excellent week for me this week. However that's nothing to do with my forex trading. It's mainly because the stock market has rallied and my stock portfolio is now in much better shape. I have banked some nice profits in the likes of BP and Rio Tinto, but I'm still holding several stocks for the long term, including Tomco Energy, which is still doing very nicely.
On the forex front, it has been more frustrating. There were excellent opportunities to go long on the GBP/USD and EUR/USD pairs using my main 4 hour trading system (see right for more details). However both the upward EMA crossovers took place in the overnight trading session (when the Eurozone bailout plan was announced), so I was unable to trade them.
My breakout system didn't help generate any profits either. There was a breakout today that I missed because I was getting my breakfast (although it has moved no more than 10 points into profit so far), and the one trade I did place resulted in a 20 point loss.
I'm starting to think it's time to reassess my trading strategies and maybe go through my vast collection of trading strategies to try and find something different. I don't seem to be making anywhere near as much money as I used to, and I'm not really enjoying trading the forex markets as a result.
In fact I much prefer trading and investing in stocks, and always have done. So maybe that's where my future lies.
Anyway I'll speak to you again next week. Have a great weekend.
Filed under Blog by JamesW
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Permalink• Print• Email• CommentRelated EntriesWeekly Trading Update - 17-21 October 2011Wall Street Survivor GameThe Major Differences Between Forex Trading And Share TradingStock Trading Nitty Gritty ReviewWeekly Trading Update - 31 October - 04 November 20112 Comments on »October 28, 2011Trevor@ 2:05 pm:Certainly forex charts have been flat the past couple of weeks, and Swiss crosses remain off the radar owing to government controls.
Fixed-odds trading with Bet on Markets is an alternative to spread betting. Tip: the variable percentages offered reflect the chance of winning (at lesser odds).
As a share/stock trader have you used this software?
http://www.sharescope.co.uk/
£18 a month for the basic end-of-day service is not bad. Just use IG Index's advanced charts which are free if minimal trades are placed monthly.
Permalink• Reply October 29, 2011James Woolley@ 8:56 pm:Hi Trevor,
I don't use Sharescope myself but I know a lot of very good traders on ADVFN who use Sharescope Gold, which I think is the £18/month service.
I use the ProScreener on IG's advanced charts for technical analysis alerts and Digital Look for screening stocks based on fundamentals.
Both are free and more than enough for my needs. I would probably subscribe to Sharescope if I traded small and mid-cap stocks, but I mainly stick to FTSE 100 stocks these days.
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