Looking Ahead: Week of May 7 through 11

The calendar is relatively light but still with key updates. Consumer credit posts Monday—updating consumer willingness to spend. Traders will be watching Thursday's international trade report to see if exports have been dented by a sluggish Europe. The week closes with PPI and consumer sentiment.

How to become from good to Great!

Learning to anticipate a change in market direction is key if you want to prevent losses. During deceptive markets we should try to avoid trading or use smaller position size. For example side ways markets are typically very difficult to trade because of the choppiness. A trending market allows more follow through and therefore allows more movement. Swing trading should be used only when markets are trending very well. Day trading is best used to take smaller quick gains because the market gyrates and stops us out. Here is a video I found that is worth listening too. Enjoy1!

Looking Ahead: Week of April 30 through May 4

The focus is on the consumer, starting with personal income and spending on Monday. Motor vehicle sales post Tuesday. ADP gives a hint on private employment at mid-week. And the highlight is Friday’s employment situation for April. Other market movers include ISM manufacturing (Tuesday) and ISM non-manufacturing (Thursday).

EUR/USD Trade April 23, 2012

Looking Ahead: April 23 through April 27, 2012

Equities were mixed last week as investors monitored earnings reports, sovereign bond issues in Europe and mixed economic data from the U.S. and elsewhere. As is usually the case in the last week of the month, there will be a deluge of new economic data. Adding spice this time is a two day FOMC meeting followed by Chairman Ben Bernanke’s press conference. Investors will also be watching the outcome of the Bank of Japan meeting that takes place at week’s end. They will be watching to see what new easing policies the BoJ will announce to push the value of the yen down and inflation up. Peeks at first quarter growth data are on tap in the UK and U.S.

Trading results April.15.12 to April.20.12

No trades this past week. Markets were mixed last week as investors monitored earnings reports, sovereign bond issues in Europe and mixed economic data from the U.S. and elsewhere.

Controlling yourself after a trade

Here is part of an article from Nail Fuller that really hit me. I've had this problems before. Enjoy! I know that most of you have had some good trades and made some money in the markets. But, what did you do after your trade? The honest answer to that question is truly what defines a professional trader. Your mindset right after a trade is at its most fragile, because you are likely either feeling a bit euphoric over your winnings or angry and frustrated over your losses. Granted, you should not experience these emotions too intensely if you’ve manage your risk properly, but you will likely still feel them to some degree no matter what, after all, you are risking your hard-earned money. Whether you win or lose on a trade, you are at the greatest risk to make an emotional trading decision immediately after a trade closes. While there is no miracle-formula for making sure you avoid these emotional trading errors, if you understand and accept the following points you will be far less likely to make them: • If you have just lost on a trade, remember that jumping in the market again to try and “make back” what you lost is an emotional reason for trading, not a logical one. Do not enter another trade right away unless there is a valid price action trade setup that meets the criteria in your trading plan. • If you have just won on a trade, remember that you are not some “perfect” trader who can do no wrong in the markets. Beginning traders tend to get over-confident after a winner or a string of winners, this can cause them to veer of course and “run and gun” rather than trading Forex like a sniper. • Remember, your trading success is not defined by your last trade; rather it is defined by the result of a large series of your trades. To become emotional and react defensively to any one trade is to say that you think your success as a trader hinges on one trade, and it simply does not. You have to learn to take your losses as just a part of doing business in the Forex market. • In regards to taking losses, it will be a lot easier to swallow the inevitable losses if you are only risking an amount per trade that you are truly OK with losing. When you start trading with money that you need for other life expenses, or risking too much per trade, you put yourself at a very great risk for wanting to enter a “revenge” trade after you lose. • Perhaps the best way to control yourself after any one trade is to simply take some time away from trading. Rarely are you going to exit a trade and then get another high-probability opportunity immediately after that. It usually pays to separate yourself from your charts for at least 24 hours after you exit a trade, whether it was a winner or loser. This will give your emotions time to die down and cool off before you begin analyzing the charts gain. Excerpt: http://www.learntotradethemarket.com/forex-articles/part-4-become-professional-trader-putting-it-all-together?awt_l=GcSvQ&awt_m=IxU3aIadwXwtMW