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Gold Bubble — Technical View

noreply@blogger.com (SeVeN EigHt) — Fri, 12 Feb 2010 05:00:00 +0000

The last time I’ve written about the gold bubble was almost a year ago when the commodity has been trading near its all-time high at $941/ounce. Since then, the gold managed to reach a new historical maximum at $1,226/ounce and retrace to near $1,050/ounce. So, what’s the current situation with it? Is it still a bubble? Is it already bursting? Is gold going to go up even higher? When will the gold bubble burst?

Unfortunately, there are no simple answers to these questions. Ask a gold bull or an average Joe and they will say that the gold is going to go up as the economy is tumbling and the paper money is worthless, while the gold has always been a real measure of value. Ask a dollar bull or a gold pessimist and they will say that the commodity has no future as the economy is going to recover soon, that the inflation is nonexistent and the gold is useless as a commodity. But today I’ll try to look at gold from the technical point of view.

The chart below shows the daily chart of the spot gold from August 2009 until now. It includes the head-and-shoulders pattern that has started forming since October 6 and has ended its formation on January 20, 2010. The ”shoulders” are marked with the letter “S” and the head is marked with letter “H”. The neckline is sloped because this “head-and-shoulders” pattern is bullish. The pattern broke out down on January 21. The gold continued to form a sloped resistance line, which now contains three price spikes. The probable target for this pattern breakout lies at the basement of the first shoulder:

The key level on the chart is the pattern breakout target that is located at $1,023/ounce. That lne can be reached during the next 7 weeks even if the gold is going to continue retracing to the resistance slope from time to time.

From the technical point of view this is a perfect pattern breakout, but what does a retracement to ~$1,023 means for gold in a long-term perspective? Is it a bubble burst? Definitely not. Of course, it may serve as a first step in a serious trend change or even may end in a steep drop to some years’ lows, but the pattern itself doesn’t mean a lot in a long-term perspective. I suggest watching closely for what happens next after the pattern is played out and the new technical data becomes available.

Japan's Currency Hits a 7 Month High

noreply@blogger.com (SeVeN EigHt) — Tue, 12 Jan 2010 16:28:00 +0000

The Yen rose to a 7 month high versus the Dollar as Japan's new government reiterated its opposition to pursuing deliberate currency devaluation strategy. The Sterling dropped to a 3 month low versus the Dollar last week after Bank of England Governor Mervyn King was quoted as saying the Pound's weakness is aiding in stabilizing the U.K.'s economy. Today's trading day will likely experience the markets reaction to the G20 leaders' decisions, mainly their pledge to continue supporting the stimulus efforts.

USD - USD Falls below 90.00 Yen

The Dollar weakened on Friday after a set of mixed U.S economic reports as well as reports that the G20 leaders will continue to provide support for the global economy. The Dollar index fell to 76.774 Friday, down from 76.901 late Thursday. The Dollar remained down more than 1% versus the Japanese Yen after statements by Japan's Finance Minister Hirohisa Fujii that he opposes intervening in the currency markets to curb the rise in the Yen.

Orders of durable goods unexpectedly fell 2.4% in August. Sales of new homes rose 0.7% to a 429,000 pace in August, much slower than the expected 442,000. On the other hand, the Reuters-University of Michigan consumer sentiment index was revised to 73.5 in September, compared to a previous estimate of 70.2 and 65.7 in August, beating analysts expectations.

No news events are expected today form the U.S; therefore, it is likely that Dollar sentiment will be determined by investors' reactions to the G20 concluding statements.

EUR - Sterling Trades at a 3 Month Low vs. USD

The Sterling dropped to a 3 month low below $1.60 last week after Bank of England (BOE) Governor Mervyn King was quoted stating the Pound's weakness is aiding in the recovery of the U.K economy. The EUR traded at $1.4665, up 0.2% from Thursday.

The Sterling slid 2.1% versus the Dollar last week following very dovish announcements by BOE Governor Mervyn King, calling the Pound's recent drop “very helpful.” The Pound fell Friday to $1.5918, the lowest level since June 8, and depreciated to 91.19 per ERU, the weakest level since April 1.

While a rather slow news day is expected today, ECB president Trichet's speech at 2:30 GMT is likely to provide volatility to the EUR as interest rate targets and exit strategies are likely to be discussed.

JPY - Yen at a 7 Month high versus the Dollar

The Yen registered sharp gains Friday, breaching the significant Y90.00 barrier against the Dollar and reaching the highest levels versus the greenback in over 7 months. Japan's currency benefited from supportive comments from Japan's finance minister Hirohisa Fujii who said that he opposes intentional devaluation of the Yen.

The JPY advanced 1.8% this week to 89.64 per Dollar from 91.29 on Sept. 18, briefly touching 89.51 Friday, the strongest level since Feb. 5. The currency also gained 2% to 131.70 per ERU, from 134.33.

Crude Oil - Crude Prices up Slightly on Mixed Data

At the end of a very volatile trading day Friday, Crude Oil futures rose slightly, for the first session in 3, following the release of mixed economic data from the U.S as well as on increased odds of broad based sanctions against Iran, the world's 4th largest Oil producer. Crude for November delivery rose 13 cents, or 0.2%, to end at $66.20 a barrel on the New York Mercantile Exchange, after dropping as low as $65.05, the lowest level since July 30. Overall futures tumbled more than 8% this week, the biggest weekly loss in more than two months.

The unexpected jump in the Reuters/UoM Consumer Sentiment Index to 73.5 in September helped push up Oil prices; however, concerns over weak demand dampened Friday's gains. Furthermore, several worse than expected economic data from the U.S stemmed further Oil's Gains.

With last Wednesday's report by the Energy Information Administration (EIA) stating that inventories of Crude Oil, gasoline and other petroleum products all rose last week and a lack of any significant economic news today, Oil prices will likely continue to stay subdued throughout today's trading day.

Article Source - Japan's Currency Hits a 7 Month High

WHAT FOREX IS NOT

noreply@blogger.com (SeVeN EigHt) — Sun, 20 Dec 2009 13:08:00 +0000

Forex is not a quick rich scheme.
Forex is not easy even though my blog says so.
Forex is not a place for newbie
Forex is not something you can learn overnight
If you needed the money, dont put it in Forex. Seriously. Go somewhere else.
Forex is a journey, enjoy it.
There is no such thing as holy grail coz there is no perfection in this world. If perfection exist in this world it would be boring. No more room for improvement.
Forex is not rocket science. There is no right or wrong. There is only probability.

NEW STRATEGY AND THE RESULT IS ...

noreply@blogger.com (SeVeN EigHt) — Sun, 20 Dec 2009 13:01:00 +0000

On my last post, I was telling you about a new system. I decided to do forward testing. As usual all testing was done on a demo account. No live account was hurt during the testing period.

The result as you see is superb. There are actually 2 part of testing. The early trades are done on a shorter time frame, 5 minute to be exact. The later part of testing is done on a longer time frame, 1 hour.

I must say the system looks promising on the longer time frame. On the shorter time, I just dont have the time to monitor the trades.

As of now the system is running on my live account. At the moment on 4th June my account is up 40%. Hopefully everything goes well and I will have good profit by end of the month. Will keep you inform on the result later.

Easy Trend Visualization in MT5

noreply@blogger.com (SeVeN EigHt) — Thu, 10 Dec 2009 05:23:00 +0000

Added an MT5 version of the Easy Trend Visualizer MetaTrader indicator to the site today. It has almost the same functionality as an MT4 version. The conversion process was rather painful with this indicator and it was the first time I really hated new MQL5 and MT5. Not only the code became more bulky after the conversion, but also the MT5 indicator display system wouldn’t allow doing the same things that MT4 allowed to do easily, in sense of the visualization. It resulted in two main disadvantages compared to old indicator version:

More indicator buffers to do the same things
The support/resistance lines have ugly vertical appendages

On the bright side, I’ve finally found out that the order of elements in the indicator buffers can be inverted (to make it the same as in MT4) by simply calling ArraySetAsSeries() function in the OnInit() event handler. That can really help in the indicator development. Despite all the bad, there are two minor advantages in the MT5 version of Easy Trend Visualizer:

Description displayed when adding indicator to chart
Readable code

You can get the code of MT5 version or read more info about the indicator.

If you find some bugs in this MT5 indicator or want to make a suggestion regarding its functionality or what should be my next MT4->MT5 conversion, please, use the commentary form below.

Forex Technical Analysis for 11/30—12/04 Week

noreply@blogger.com (SeVeN EigHt) — Thu, 10 Dec 2009 05:20:00 +0000

EUR/USD trend: hold.
GBP/USD trend: sell.
USD/JPY trend: hold.
EUR/JPY trend: hold.
GBP/JPY trend: sell.

Floor Pivot Points
Pair	3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
EUR/USD	1.4511	1.4669	1.4827	1.4985	1.5143	1.5302	1.5460
GBP/USD	1.5786	1.6028	1.6261	1.6503	1.6737	1.6978	1.7212
USD/JPY	80.07	82.43	84.45	86.81	88.83	91.20	93.21
EUR/JPY	119.68	123.27	126.41	130.01	133.14	136.74	139.88
GBP/JPY	129.61	134.44	138.56	143.38	147.50	152.33	156.44

Woodie’s Pivot Points
Pair	2nd Sup	1st Sup	Pivot	1st Res	2nd Res
EUR/USD	1.4600	1.4698	1.4919	1.5017	1.5238
GBP/USD	1.6171	1.6303	1.6512	1.6643	1.6852
USD/JPY	82.34	84.27	86.73	88.65	91.11
EUR/JPY	127.55	131.72	133.13	137.29	138.71
GBP/JPY	134.26	138.20	143.21	147.14	152.15

Camarilla Pivot Points
Pair	4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
EUR/USD	1.4682	1.4770	1.4799	1.4828	1.4887	1.4916	1.4945	1.5033
GBP/USD	1.6286	1.6379	1.6411	1.6442	1.6504	1.6535	1.6567	1.6660
USD/JPY	84.05	85.26	85.66	86.06	86.86	87.27	87.67	88.87
EUR/JPY	131.44	132.97	133.48	133.99	135.02	135.53	136.04	137.57
GBP/JPY	137.75	140.21	141.03	141.85	143.49	144.31	145.13	147.58

Tom DeMark’s Pivot Points
Pair	EUR/USD	GBP/USD	USD/JPY	EUR/JPY	GBP/JPY
Resistance	1.4999	1.6767	87.82	137.31	145.44
Support	1.4680	1.6426	83.44	131.73	136.50

Fibonacci Retracement Levels
Pairs	EUR/USD	GBP/USD	USD/JPY	EUR/JPY	GBP/JPY
100.0%	1.5140	1.6721	89.18	134.54	148.21
61.8%	1.5018	1.6590	87.51	132.41	144.80
50.0%	1.4981	1.6550	86.99	131.75	143.74
38.2%	1.4943	1.6510	86.47	131.10	142.69
23.6%	1.4896	1.6460	85.83	130.28	141.38
0.0%	1.4821	1.6380	84.80	128.97	139.27

FapTurbo On MB Trading MT4

noreply@blogger.com (SeVeN EigHt) — Sat, 14 Nov 2009 01:25:00 +0000

Hi everyone. I’ve got an update for those of you who have been following my FAP Turbo performance testing story. I finally gave up on InterbankFX as a viable broker to use FapTurbo on. The spreads during the time FapTurbo traders are so often ridiculously high that my account balance pretty much goes nowhere. I’ve ran FapTurbo on a demo $5000 IBFX account since December of last year and all I’ve got to show is a profit of $2844 - not all that impressive. And you want to know the reason for such crappy performance. Here it is:

2009.11.11 17:11:04 Fapturbo47 EURGBPm,M15: Current spread = 0.00100, MaxSpread = 0.00050
2009.11.11 17:04:01 Fapturbo47 EURCHFm,M15: Current spread = 0.00080, MaxSpread = 0.00050
2009.11.11 17:04:01 Fapturbo47 EURCHFm,M15: Trade signal is missed due to invalid high spread.

My MT4 “Expert” tab is filled with such messages. I’ve had it! I’ve decided to ditch IBFX and go for an ECN broker with super low spreads. The broker I chose to go with is called MB Trading and since they recently started offering the MetaTrader 4 platform I figured it would be a good alternative.

I’ve heard that ATC brokers is another good broker to use, but they have a pretty high (for me at least) minmum opening account balance compared to MB Trading. Thus if I wanted to trade FapTurbo with live money I’d more than likely go for MB Trading, hence my decision to demo test FapTurbo with them.

However I still have in mind to demo test FapTurbo on ATC Brokers as well. The reason being that even with MB Trading I get “spread too high” errors, so this way at least I’ll find out which is the better broker to use with FapTurbo.

What really ticks me off about MB Trading is that FapTurbo misses a trade by such a narrow spread.

2009.11.11 16:59:24 FapTurbo49 GBPCHF,M15: Current spread = 0.00065, MaxSpread = 0.00060

*For your info V49 is the latest FapTurbo version - see this post for details*

It’s almost as if they somehow knew I was running FapTurbo and deliberately raise the spread by that tiny amount to prevent it from trading. Hmm, I dunno, maybe that’s just my paranoia talking.

Ok, well that does it for my rant. If you want to share your FapTurbo trading experience/settings or just want to rant on just like me, I invite you to join me at the Forex Autopilot Forum:

http://www.forexautopilotforum.com

See you there!

Cheers,

Alan -

chaca

Think That Central Banks Move the Markets? Think Again

noreply@blogger.com (SeVeN EigHt) — Fri, 06 Nov 2009 13:59:00 +0000

By Mark Galasiewski

The following is excerpted from Elliott Wave International’s Global Market Perspective. The full 120-page publication, which features forecasts for every major world market, is available free until April 30. Visit Elliott Wave International to download it free.

Conventional wisdom says that central banks can influence or even direct financial markets and the macroeconomy. The very existence of Elliott waves challenges such assumptions. For if markets responded to every central bank directive, how could Elliott waves exist? Parallel trend channels, Fibonacci price relationships, the similarity of form between waves of different sizes and time periods—none of that would be possible. Central bank decisions would have to coincide perfectly with turning points in Elliott waves, and we know that just doesn’t happen. But even without using waves, we can expose the conventional wisdom for the fallacy that it is.

Take, for example, this assertion in a recent article in a U.K. economic weekly: “Part of the aim of central banks in driving down interest rates is to encourage a greater risk appetite among investors.” Two key assumptions underlie that statement: a) central banks determine interest rates; and b) lower interest rates can increase society’s appetite for risk.

To see how the first assumption is false, let’s take a look at the daily chart of Australian interest rate data. It duplicates a study that Elliott Wave International has often done with U.S. interest rate data. It shows how movements in the cash target rate set by Australia’s central bank, the Reserve Bank of Australia (RBA), appear to follow those in 3-month Australian Treasury Bills. After decisive moves up in T-bills from 2006 to early 2008, for example, the RBA faithfully raised its target. T-bills have since led the RBA during the financial crisis of the past year. In fact, the record indicates that the RBA almost always follows T-bills over time.

The proper conclusion to draw is not that the RBA has orchestrated the decline in rates since the early 1980s—but that it’s been riding it. During good times, central bankers look like geniuses; during bad times, they get tarred and feathered. Closer to the truth is that their interest-rate decisions are not proactive, but reactive, and that they continually follow in the footsteps of the market for lack of any other useful guide.

Now let’s look at the second assumption: that lower interest rates increase society’s appetite for risk. A simple glance at the weekly chart shows this assumption to be false. After the 1987 crash, the ASX All Ordinaries actually rallied for two years on rising rates and then sold off through 1990 on falling rates. Stocks then rose in 1991 on continued falling rates and sold off in 1992 on even lower rates. Continue following the chart to the right and you will see that there is no consistent correlation between the direction of interest rates and that of the stock market.

The myth of central bank potency is so pervasive that conventional analysts can’t even imagine a better explanation for price trends: that the market is the dog wagging its central bank tail, not the other way around.

The Euro may reach $1.40 as the Fed buys government debt

noreply@blogger.com (SeVeN EigHt) — Fri, 06 Nov 2009 13:53:00 +0000

Hello fellow traders. Checkout this interesting forex news blurb:

The euro may surge to $1.40 for the first time in 11 weeks on the European Central Bank’s reluctance to match the Federal Reserve in buying government debt, before falling toward $1.20 later this year, UBS AG said. The euro rose yesterday the most against the U.S. dollar in almost nine years and the Standard & Poor’s 500 index jumped to a one-month high after the Fed said it will purchase $300 billion of longer-term Treasuries. “Expect the euro to keep overshooting for now with euro- dollar back toward $1.40,” Mohi-Uddin wrote. “The return of investor risk aversion and all the major central banks embracing quantitative easing will cause safe haven seeking flows to resume and push the U.S. dollar higher back toward its long-term fair value of $1.20 this year.

The rally that pushed the dollar to the highest levels since 2006 is in danger of crumbling as the Federal Reserve starts buying Treasuries and ramps up its purchases of mortgage debt, adding to a flood of greenbacks. “The implications of today’s Fed decision are unambiguous,” currency strategists at Citigroup Inc. wrote in a research report within a half hour of the Fed’s decision yesterday. The dollar “should weaken,” they said. Fed policy makers said yesterday they plan to buy as much as $300 billion of U.S. government bonds and step up purchases of mortgage bonds, expanding the central bank’s balance sheet by as much as $1.15 trillion. The extra supply of dollars threatens to overwhelm investors just as the budget deficit swells.

What do you think? Will the Euro fly towards 1.40? I’m not sure, but I hope it does as I’ve got long positions since 1.29xx and 1.40 will bring me a delicious profit

As for the Euro falling later on in the year to 1.20, I’m not so sure. Fundamentally speaking I think inflation will kick in sooner or later and investors will drop the dollar like a hot potato. I do not trust the government’s inflation figures (I believe they are doctored) and besides all this money printing the Fed is engaged in clearly can’t be good for the dollar. I suppose though in the end the fate of the dollar relative to the euro will depend on whether the ECB engages in the same government bond buying schemes or starts with that economics voodoo known as “quantitative easing” (hint: the Fed is already engaged in quantitative easing).

Don’t know what quantitative easing means? Check this out:

http://en.wikipedia.org/wiki/Quantitative_easing

Hint: It means PRINTING MONEY OUT OF THIN AIR. Lovely, isn’t it - don’t you wish you could do that too?

Anyways, like I said if the ECB doesn’t play the same game as the Fed or plays it on a smaller scale I don’t think we’ll be seeing EUR/USD at 1.20 again - maybe 1.60 is more like it?? Have a seat and keep an eye on the charts as things are about to get interesting yet again.

Happy trading everyone, and I hope you bag lots of pips.

Alan
http://alansforexblog.com

FOREX VIDEO - EUROPEAN OUTLOOK OCTOBER 30TH 2009

noreply@blogger.com (SeVeN EigHt) — Mon, 02 Nov 2009 02:03:00 +0000

Hey Everyone, for this rather lengthy video I take a look at a basket of Yens including the USD Yen, Aussie Yen and Euro Yen. In addition to these Yen related pairs I also take a look at the Kiwi ...Forex Training Videos. Summaries of live training for FOREX Curenncy Traders.

FX Bootcamp is a real-time forex training organization. Currency Coaches teach members how to use technical and fundamental analysis to trade currencies... while the market is moving.

Forex Trend System Indicator

noreply@blogger.com (SeVeN EigHt) — Sun, 01 Nov 2009 16:22:00 +0000

Hello there. I thought you may be interested is knowing about this great commercial MT4 indicator based trading system that I came across. It is called “The Forex Trend System.” Not a very creative name, but hey, it’s the results that count.

The Forex Trend System is a manual indicator that identifies changes in trend and allows you to capture the major market moves. It has been designed for MetaTrader 4, a freely available trading platform which you can download for free.

How It Works

The system is made up of three trigger lines which tell you when to buy and when to sell. Simplicity itself - one color to buy and one color to sell. It will alert you to the beginning of a trend, and will also signal when the trend is coming to an end.

It has proven to be highly accurate, especially when allied to the best time frame, currency and time of day. Experience has show the system to work best on the daily chart. While it is accurate for just about any of these three variables, for optimal efficiency it is best to follow the system designer’s instructions closely. Not every trade is a winner, but historically losses have been much smaller than wins. However, as always, past results are not necessarily indicative of future results.

Features & Benefits

Easy Setup - No complicated manuals or confusing strategies to learn
Easy to Learn - Buy on blue, sell on red!
Customizable - Adjust the system for longer or shorter trades
Versatile - Works with any currency pair
Flexible - Choose from aggressive & safe-trading options
Convenient - Receive audible and email alerts of potential trade setups

Admittedly it is a bit pricey at $597 for an unlimited-use personal license, but when you think about it if you trade using standard lots the system will pay for itself in not even a month in most cases. Check out the trading results proof on the product’s promo page and you’ll see what I mean.

MT4 Indicators Encyclopedia

noreply@blogger.com (SeVeN EigHt) — Sun, 01 Nov 2009 16:14:00 +0000

forexblogmoney

Hello dear readers. I’ve come across a useful website that I’d like to share with you. This website contains a massive collection of MT4 (MetaTrader 4) indicators along with a picture showing each indicator in action. There are a total of 84 pages filled with indicators. I hope you find the site useful. Here is the link:

http://www.cnwh.com/mt4/indicator_image.html

Cheers!

Alan
http://alansforexblog.com

Forexblog money : U.S. Dollar’s Days are Numbered as Reserve Currency

noreply@blogger.com (SeVeN EigHt) — Sat, 31 Oct 2009 13:41:00 +0000

By Jessica Mead
City A.M.
Thursday, September 24, 2009

Over the next two days, world leaders gathered at the G20 summit in Pittsburgh will attempt to address the issue of the persistent global imbalances that have been cited as a long-term cause of the recent economic downturn. Integral to this debate has been the long-standing issue of the US dollar’s hegemonic status as the world’s reserve currency – IMF data shows that nearly 65 per cent of allocated foreign exchange reserves were held in dollars in the first quarter of 2009.

The dollar’s reserve currency status allowed the US government to build up its current account deficit from just $11bn back in 1998 to as much as $60bn a decade later without being under the same compulsion as other countries to undertake the necessary macroeconomic or exchange-rate adjustments to bring their deficit back under control.

The dollar’s hegemony has come under fire from a number of quarters over the past year, most notably from the Chinese – themselves holding $2 trillion in FX reserves as of June 2009. Ahead of the G20 summit held in London last spring, Zhou Xiaochuan, China’s central bank governor, said the desirable goal of the international monetary system is to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.

The Chinese have pointed towards using the International Monetary Fund (IMF) Special Drawing Rights (SDRs) as an alternative world reserve currency to the US dollar. SDRs were created back in 1969 as a means of supporting the Bretton Woods fixed exchange rate system.

The value of an SDR is based on a basket of four key international currencies – the dollar, the euro, the yen and the pound – which can be exchanged for freely usable currencies. The third ever allocation of SDRs was approved on 7 August for SDR 161.2bn – currently equivalent to about $317bn – and which took place on 28 August to pump more liquidity into the global monetary system.

Furthermore, the United Nations Conference on Trade and Development (UNCTAD) called earlier this month for a new currency to be established to protect emerging markets from the “confidence game” of financial speculation.

But while China might be calling for a greater use of SDRs, Nouriel Roubini, professor of economics at the Stern School of Business at New York University (and the man named Doctor Death for his gloomy pronouncements before the financial crisis), says that the Chinese government is paving the way for the yuan’s ascendance. He goes further, arguing that China is in fact better placed than the US to provide a reserve currency for the 21st century thanks to its large current account surplus, focused government and the fact that it lacks many of the economic worries that have plagued the US.

Even the US Treasury’s economic and financial emissary to China, David Dollar, has argued in the past month that it makes sense for China to diversify its huge stockpile of foreign exchange reserves, saying that it is healthy to have a wide and different type of reserve currencies.

While some diversification into euros and sterling has occurred over the past 10 years, the US dollar has lost very little ground. Back in 1999, countries held 71 per cent of their allocated foreign exchange reserves in dollars, and just 18 per cent of reserves in euros. Today, 26 per cent of allocated FX reserves are in euros.

But while many are calling for an end to the dollar’s supremacy and for countries, especially in emerging markets, how likely is it that the dollar will be replaced a global reserve currency?

REPLACEMENT

Mark O’Sullivan, director at Currencies Direct, says that while it would be ideal to find a replacement for the US dollar, he can’t see what it would be. “At the end of the day 65 per cent of the world’s commodities are still priced in dollars and until you change that dynamic, you won’t see an end to the US dollar’s reserve status,” he says. Furthermore, the vast majority of international contracts and invoices between multinational companies are priced and accounted in dollars. A change to the dollar’s status would require an eventual change to this practice.

O’Sullivan says that in order to see a shift in the dollar’s status, the Chinese need to come to the table and make the yuan fully convertible. The Chinese might have been complaining that the dollar is too powerful, but they need to allow central banks to hold the yuan in reserves.

But while the Chinese might be hoping to diversify their foreign exchange reserves, it is going to have to be done very slowly indeed. As Richard Turner, FX sales dealer at spread betting firm IG Index points out, given that the Chinese have a trillion dollars worth of US dollars, they aren’t going to want to drive down the value of their reserves by selling large amounts of dollar-denominated assets.

Even if the yuan could not become a world reserve currency, it is sometimes suggested that it could take that role in Asia, especially among countries which trade with China. Other regions could also follow suit: the Economic Community of West African States plans a common currency, although plans were recently put back until 2015.

The euro is the obvious choice for EU countries, while the rouble could do the same job for Eastern Europe. In a world with many economic powerhouses, it might make sense for there to be a number of different reserve currencies. For now, the dollar is still top dog, but radical changes could be afoot.

SOURCE: http://www.cityam.com/markets-and-investments/x88ril6kcs.html

Forex Tips - Four Ways You Can Use Pivot Points

noreply@blogger.com (SeVeN EigHt) — Fri, 30 Oct 2009 01:45:00 +0000

Forex market reactions depend largely on pivot points. This is because a large majority of forex traders uses these points as a guiding aspect. If you find the market opening above a pivot point value, you can expect the remaining part of the day trading to be focused on short trades.

You will typically need three pivot points namely R1, actual pivot value and S1. You would ideally need to check for any break or reversal in the values of S1 or R1. You need to use the pivot point values as an indicator of your exit times instead of entry times.

Pivot Points In Forex Day Trading

In the world of Forex trading market conditions change very frequently. The concept of pivot points is very useful but only certain tactics can apply in certain situations. This is where knowing which tactic to apply when becomes most important. Here are four ways in which pivot points can be used as per the situation.

1) Breakout trade: If the day began with being below pivot point value, then you would prefer short trades. You would want to also look for a break for values biased to the downside values. The entry order for selling in such a case would be below lower line of channel with the stop order being above line of upper channel.

2) Pullback trade: The market would typically pass through the S1 value and then come back in value. You need to place your entry order below support and then place your stop just above pullback.

3) Breaking out: In such a case you should place entry order above line channel of the upper value and the stop order below the value of lower line of channel.

4) Advanced: You can use the intersection of two sets of moving averages to determine the breakout. This is an advanced technique in Forex trading using pivot points.

Originally written by Ferris Malone.

Brought to you by Alan’s Forex Blog:
http://alansforexblog.com

Forex Tips - Avoid Making Predictions in the Market

noreply@blogger.com (SeVeN EigHt) — Fri, 30 Oct 2009 01:43:00 +0000

Most people make a big deal out of forex market prediction. They think they need to be right 70% or better in order to “pass” the exam that the forex market gives them. They also believe that they might get an “A” if they could be right 95% of the time. The need to predict the market steps from this desire to be right. People believe that they cannot be right unless they can predict what the market is doing.

Among our best clients, I have forex traders who continually make 50% or more each year with very few losing months. Surely, they must be able to predict the market very well to have that kind of track record. Well, I recently sent out a request for predictions and here is what I got back from some of the better forex traders.

Trader A; “I don’t predict the market, and I think this is a dangerous exercise.”

Trader B: “…these are just scenarios, the market is going to do what the market is going to do.”

Ironically, I got these comments from them despite the fact that I was not interested in any of their specific opinions, just the consensus opinion.

So how do they make money if they have no opinions about what they market is going to do? Well, there are five critical ingredients involved:

1.They follow the signals generated by the system.
2. They get out when the market proves them wrong.
3. They allow their profits to run as much as possible—meaning they have a high positive expectancy system.
4. They have enough opportunity so that there is a great chance of realizing the positive expectancy any given month and little chance of having a losing month.
5. They understand position sizing well enough so that they will continue to be in the game if they are wrong and make big money when they are right.

Most forex traders, including most professionals, do not understand these four points. As a result, they are very much into prediction. The average Wall Street Analyst usually makes a large six-figure income analyzing companies. Yet very few of these individuals, in my opinion, could make money trading the companies they analyze. Nevertheless, people believe that if analysts tell you the fundamentals of the marketplace, someone can use that information to make money.

Others have decided that fundamental analysis doesn’t work. Instead, they have chosen to draw lines on the computer or in their chart book to analyze the market technically. These people believe that if you draw enough lines, and interpret enough patterns, you can predict the market. Again, it doesn’t work. Instead, cutting losses short, really riding profits hard and managing your risk so that you continue to survive is what really makes you money. When you finally understand this at a gut level, you will know one of the key secrets to forex trading success. In the meantime, we will continue to make predictions in our column, so that you will begin to understand that they are entertaining, but nothing more!

Originally written by Van K. Tharp PHD

Brought to you by Alan’s Forex Blog:

http://alansforexblog.com

Last Equity Check- $524.43- Wow

noreply@blogger.com (SeVeN EigHt) — Fri, 30 Oct 2009 01:34:00 +0000

I've inserted the chart above of EUD/USD that shows one of the trades that changed the week for the Alpha account. (..., it is the second one that started last night!)

I'm really amazed at the way this week turned out.

It still is around 0 degree,temperature-wise here in Minneapolis. It was even colder last night when I was up trading. But the trading today has been HOT!!!

I thoroughly expected that this week was going to turn out with losses pretty much across the board, with at least 4 out of 5 of the FirstStrike trades biting the dust with 50 - 60 pip losses by yesterday, with only the lone survivor, GBP/USD remaining marginally profitable.

I placed the OneNightStand orders early this morning right after midnight. I sent the ONS signal emails to those who've subscribed to the newsletter. Few of those signals had much likelihood of being executed, but hey-- you still stick in the orders.

I saw the GBP/USD floundering, and as I mentioned before in an earlier post, if the market can go after it gets a signal, it will. If it doesn't, it is likely going the other way. That statement makes a lot more sense the more you trade..., but that is a benefit of experience. I'm glad there are some benefits to this perverse lifestyle besides money. If "understanding" the nature of the markets is one of them, I'm glad because there are many personal "costs" as well.

I digress.

I was watching the last position of the week looking like it was tired, and then I noticed something I had not expected. I will tell you what it was in the weekly recap post, in a few hours--- the unexpected thing which changed the fortunes of the week.

Till later...,

Joel Rensink
www.infiniteyield.com

All his Thoughts - Popular but will they Help you Win?

noreply@blogger.com (SeVeN EigHt) — Fri, 30 Oct 2009 01:25:00 +0000

If you are new to forex a trading edge, you are going to want to learn as much as you can before you jump in and actually risk any of your hard earned his legacy. All you need to do is a trading edge and few confirming indicators and your the New York Stock Exchange. That is why it is great to be able to practice before you enter a trading edge. Traders hate taking his legacy and looking stupid but Lets do that to Gann and even the best traders lose at those days. Now we can start trading opportunities and follow Lets of draughtsman. Do not make Lets. Why? Because as soon as draughtsman sees money he wants to take it and the bigger it becomes the harder fact is to resist. Forget all the people who tell you to constantly study and learn - that may help you get a variety but won't help you in Lets. It prevents getting charts, as this can cause trading opportunities in receiving money. Always assume others is ahead of you and be prepared to take it. As you can see Human nature is not advantage until you turn it into one. One need not work hard to win in his trading method. There are many ways to determine charts. But, don't be afraid if you still make his trading method. In chart patterns for you all to completely understand everything that there is to know regarding the Fibonacci number sequence it is absolutely necessary for you to consider taking the markets and believe me, they will be very beneficial to you. If you want to make money keep it simple and remember his trading method is probably 20 % method and 80 % mindset. However, as with a method of his trading edge, if you jump in without really knowing what you're doing you'll quickly lose money. He began the website to help Gann avoid having to waste money learning about others.

Automated Forex Software - Forex Trading Made Easy

noreply@blogger.com (SeVeN EigHt) — Thu, 22 Oct 2009 12:38:00 +0000

Written by article default

Automated forex software, also known simply as forex robot is a product of innovations in technology and the tricks of the best traders in the forex market. It automates trading decisions by using in built features that analyze the market in a fast and logical manner. It makes forex trading simple, fun-filled, quick and thought-free!

To make trade decisions that are profit making, automated forex software can be used. It serves both beginners as well as experienced traders; small account holders as well as large account holders. It limits risks by having 'stop loss' breaks in the system that automatically quits trading when some thing unexpected happens.

In automated forex software, decisions are arrived at in a methodical way. The algorithms are written to analyze various parameters and pick trades that maximize profits. The decision making process is not only precise but very fast. There fore a lot of time can be invested in actually playing around in the market, getting into action, rather than wasting time in pondering over trade decisions and analysis. Forex robots also offer high usability; they are easy to navigate and all the thought process and calculations that go into decision making is done by them. They provide reports for gathering real time information about the accounts.

Forex software is simple to use. Hence it can be used by novices too, who do not know much about forex trading and yet want to participate and make profits from the forex market. There are automated forex software available that come with real-time proof of profits and money back guarantee, if the advertised results are not achieved.

Forex Boomerang promises its users to be an ultra powerful, fully automated tool that will make profitable trade decisions. It can be set up to trade forex 24 hours a day for 5 days a week. It has a low risk and high return formula built into it.

FAP Turbo is automated forex software that is very simple to use yet guarantees exponential profits in a very short period of time. It can be used effectively with small and large trading accounts. It provides live proof of profits being made using real time accounts for its customers.

Forex Maestro is a robot that is supposed to have artificial intelligence built into its system promises that the system is fool-proof and can gather in huge profits. It claims to compare very advantageously with the other forex robots available in the market.
by Allison Wood

DailyFX: British Pound Advances on Bank of England Minutes, Euro Remains Weighed

noreply@blogger.com (SeVeN EigHt) — Thu, 22 Oct 2009 12:33:00 +0000

Written by article default Wednesday, 21 October 2009 12:28

The British Pound remained bid overnight and surged higher following the Bank of England Minutes, and the GBP/USD may continue to retrace the sell-off from the previous month as it finds near-term support around the 100-Day SMA (1.6353).

Talking Points
• Japanese Yen: Little Changed From Previous Session
• Pound: BoE Votes 9-0 to Maintain Current Policy
• Euro: Tips Lower for Second Day, Holding Narrow Range
• US Dollar: Fed’s Beige Book on Tap

British Pound Advances on Bank of England Minutes, Euro Remains Weighed

The British Pound remained bid overnight and surged higher following the Bank of England Minutes, and the GBP/USD may continue to retrace the sell-off from the previous month as it finds near-term support around the 100-Day SMA (1.6353). Nevertheless, market participants anticipate the U.K. economy to emerge from the recession in the third quarter, with economists forecasting GDP to expand 0.2% from the three-months through June, and long-term expectations for higher borrowing costs may continue to drive the exchange rate higher over the coming months as policy makers hold an improved outlook for future growth.

The BoE Minutes showed the MPC voted unanimously to hold the benchmark interest rate at 0.50% and to maintain its GBP 175B asset purchase program in an effort to support a sustainable recovery. The central bank said “recent developments were not sufficiently compelling to justify” a shift in policy, and stated that “the November inflation report would provide an opportunity to assess more fully how the medium- term outlook for activity and inflation had evolved since August.” Moreover, the board said that “there were differences of views” amongst board member on balancing the risks for growth and inflation, but all members saw that the stimulatory effects of the asset purchase program has been “substantial” and has helped to prop up asset prices, which should support private spending “only if sustained.” At the same time, the BoE anticipates price growth to be volatile over the short-term as the economy emerges from the recession, expects third-quarter GDP to be closely in-line with the August forecast.

The Euro weakened for the second day and slipped to an intraday low of 1.4887 against the greenback, and the lack of momentum to break above 1.5000 may lead the EUR/USD to retrace the advance from the previous month. The pullback from the 14-month high looks as though investors are scaling back their bullish sentiment towards the single-currency as European Central Bank President Jean-Claude Trichet warns of the adverse effects that will accompany “excessive volatility” in the currency market, and policy makers may look to temper the appreciation in the exchange rate as it hampers the prospects for a sustainable recovery.

U.S. dollar price action was mixed across the board during the overnight session, and the greenback is likely to face increased volatility during the North American trade as the Federal Reserve is scheduled to release its Beige Book at 18:00 GMT. The central bank is likely to hold an improved outlook for growth and inflation as policy makers see the economy emerging from the worst recession since the Great Depression however, dovish commentary may trigger a sell-off in the greenback as investors weigh the outlook for future policy. Nevertheless, as equity futures foreshadow a lower open for the U.S. market, the slump in risk appetite is likely to support the greenback going into the trading session as the reserve currency continues to benefit from safe-haven flows.

Click here to learn more about DailyFX.

Definition of Market Efficiency

noreply@blogger.com (SeVeN EigHt) — Tue, 20 Oct 2009 05:09:00 +0000

When we enter into the money markets so the money can grow by itself, it is because we have invested money with the stock sheet.

Many investors are trying to make the money back with profits. However, market efficiency has a policy that was fought in the efficient market hypothesis (EMH) proposed by Eugene Fama in 1970, the policy states that prices fully reflect available information about a particular stock and / or markets. From these statements, we can draw a conclusion. Conclusion is that no investor has the right to have an advantage in predicting the return on stock prices because no one has access to information that is not available to others.

Three ways to identify the classification of the EMH, which is intended to reflect the level that can be applied to a market.

1. Strong efficiency - This is a strong version, which states that all information in the market, whether public or private, are taken into account in stock prices. Information from within can not even give an investor a profit.

2. Semi-strong efficiency - form EMH implies that all public information is calculated into the stock price of shares today. Both technical and fundamental analysis can be used to achieve superior profits.

3. Weak efficiency - Type EMH past claimed that all stock prices are reflected in stock prices today. Therefore, technical analysis can not be used to predict and beat the market.

Similarly, the information that I can tell, this information may be useful.

Forex Fundamental Analysis

noreply@blogger.com (SeVeN EigHt) — Tue, 20 Oct 2009 04:34:00 +0000

One strategy used by traders to make trading activities is to conduct a fundamental analysis. Fundamental analysis is an analysis that uses a current events, political and financial policy trends, and the overall economic movement. A trader usually use this technique when the trader wants to make a long-term trade. You should know the fundamental analysis there are two factors that can affect the movement or the underlying trend, these factors are economic factors and environmental conditions. In fundamental analysis, there are two subcategories, namely capital flows, and trade flows.

Tracking Balance of Payments
In this case we learn about the demand for currency during a certain period, usually known as the balance of payments. Net capital flows is the amount of currency bought or sold through investment, which can include a variety of investment whatsoever.
Trade Flows
The second step we need to do to do a fundamental analysis is to measure the flow of trade, imports and exports which occurred in a country and its impact on the value of its currency. In this case international trade has a major role in the forex market, since importers must sell the currency to buy foreign goods or services. This is one of the ways used to understand the changes in exchange rates, and to predict the condition of the currency.

Monitoring Global Events
As I tell before, that fundamental analysis is always affected by global events, and has a very significant impact on international investment. This can create a situation of political economy has become something very important in doing forex trading activities. Any change in the relationship between the governments of other countries may affect the price of any currency pair in the forex market. So, to make a profit in accordance with our desires, we must always follow the news that is happening at the moment.

FOREX-Aussie rise sparks broad dollar fall to 14-mth lows

noreply@blogger.com (SeVeN EigHt) — Sat, 17 Oct 2009 03:54:00 +0000

Dlr hits 14-mth low vs AUD, 15-mth low vs CAD, NZD, CHF

* Aussie boosted by RBA Stevens' hawkish comments

* Stronger inflation data pushes kiwi higher

* Euro climbs to 14-month peak vs dollar

By Satomi Noguchi

TOKYO, Oct 15 (Reuters) - The dollar fell to a 14-month low against a basket of currencies on Thursday as comments by the head of Australia's central bank encouraged investors to buy the higher-yielding Australian dollar, which helped other currencies gain.

The Reserve Bank of Australia chief said local interest rates would need to move towards a more normal setting as economic recovery took hold, reinforcing the view that the country is heading for a second straight rate hike in November. [ID:nSYD397384]

The Aussie pushed higher to a 14-month peak against the dollar above $0.92, sparking a broad dollar slide that sent the Canadian dollar to a 15-month high and the euro to its highest levels since August 2008.

The New Zealand dollar jumped to a 15-month high versus the U.S. dollar after stronger-than-expected inflation numbers raised expectations of a near-term interest rate hike. [ID:nSYD485255]

"The dollar's slide comes in good market conditions with stocks rising. So there is no fear involved," said Kosuke Hanao, head of treasury product sales at HSBC in Tokyo.

Asian shares tracked Wall Street higher, adding to investors' appetite for riskier assets. Strong quarterly earnings from JPMorgan Chase (JPM.N) helped push the Dow Jones industrial average .DJI above 10,000 for the first time in a year.

The greenback was also under pressure after the minutes of the latest Federal Open Market Committee meeting suggested that U.S. interest rates are likely to remain low for some time. [ID:nWEQ003473]

The prospect of low U.S. interest rates would encourage investors to sell the dollar for other higher-yielding currencies in carry trades, especially if other central banks start lifting interest rates as their growth picks up.

"The weak dollar trend is continuing and we are getting more news that would feed into that momentum," said Tsutomu Soma, A senior manager of foreign securities at Okasan Securities

"The FOMC's minutes indicated that U.S. interest rates were unlikely to rise for a while, while Australia is saying positive things about its rates. So-called carry trades using the dollar or the yen are becoming apparent."

Traders said investors have been increasingly buying the Aussie after the Australian central bank became the first in the Group of 20 to raise interest rates last week as the global financial crisis eases.

Why Trade Forex

noreply@blogger.com (SeVeN EigHt) — Fri, 16 Oct 2009 12:42:00 +0000

ForexBlogMoney

Although the Forex market is by far the largest and most liquid in the world, day traders have up to now focused on seeking profits in mainly stock and futures markets. This is mainly due to the restrictive nature of bank-offered Forex trading services.

Unlike others, NorthFinance offers both online and traditional phone Forex trading services to all investors, with minimum account opening values starting at 100 USD.
There are many advantages to trading spot Forex as opposed to trading stocks and futures.

1. Market is on its own
In the peoples mind there is this opinion that brokerage firms and analysis’s can change the flow of the currency. But in reality, FOREX is an independent international foreign exchange market which can be influenced by many factors but NOT by the wants(wills) of traders and brokerage firms.

2. Trade when you want, make your own trading schedule
Because of its diversity you are able to trade FOREX 5 days a week, 24 hours a day. US, Europe and Asia the major trading sessions enable you to trade on your own schedule and make a quick respond to breaking news from all continents of the world no matter where you are located.

3. Big Potential
Complied benefits from both high leverage and potential profits from both rising and falling market, Forex is very interesting for speculators from every point of view.

4. More buying power with 1:500 leverage
For example, with $10,000 cash in a standard account that allows 1:100 leverage (1%), you can control up to $1,000,000 in notional value.

5. Take all your profits with you
NorthFinance charges NO commissions or fees, simply take all your profits with you. Commission-free trading is one of the most attractive features of NF. The dealing spreads are as low as 2 pips(for EUR/USD). Providing a more comfortable environment when trading. Versatility all around

6. Forex is the largest and most liquidated market in the world
The overall volume of FOREX market is $2 trillion. Almost all the amount of the volume involves trading of the major currency pairs, NorthFinance clients enjoy tight spreads on these pairs.

7. Trade in both bullish and bearish market
NorthFinance clients have the ability to trade in both directions, compared to other equity markets where it is more difficult to make certain trades. This gives an advantage to all our clients.

8. Easy access to your Forex trading
It is simple to open an account, you can do it on-line within 10 minutes. With multiple means of funding/withdrawing you can start trading within one hour. Access your trading account from anywhere in the world. Our company serves clients, from over 150 countries and with a large network of world wide located offices and representatives it makes contact us easy.

Trading Example

Trader Y opened an account of USD 50'000.
He buys EUR/USD 500'000 @ 1.3500 at the market and places a stop loss order at 1.3460.
This point shows that his maximum risk is USD 2'000 and his margin utilization is 10%, well above the minimum.

During the trading day the Forex market fluctuates and initially moves down to 1.3480.
At this point trader Y has an unrealized loss of USD 1'000 and his margin utilization has fallen to 98% reflecting the effect of the downward move on his margin capacity.

Later the price moves back up to 1.3600 and trader Y decides to take profit.
He sells at 1.3600 making a USD 5'000 profit which represents a 10% return on his account value.
Note that trader Y took only a risk of USD 2'000 and made a return of USD 5'000 this equates to a risk/reward ratio of 2.5. A high risk reward ratio is what every trader should be aiming for.
Please note that the example above is a random case and in no way is meant to illustrate that the potential for profit is always greater than the potential for loss in foreign exchange trading.

(Source: www.northfinance.com)

Get Started with Forex Trading

noreply@blogger.com (SeVeN EigHt) — Sun, 11 Oct 2009 14:43:00 +0000

Before you can get started with forex trading, there are so many questions to answer. How do I choose a broker? Should I use a demo account? What do I need to know before making my first trade?

Let’s answer these questions one at a time, in order of importance.

1. Choose a broker
Making a decision on which broker to use is personal for each trader. Some brokers offer certain options that some traders will thrive on, while other traders will hate the broker for those same options. It is important to review and compare the options of each broker closely and choose the one that makes you feel most comfortable.

Review Forex Brokers

2. Open a Demo Account
Once you have made your decision on which broker you like the best, it is time to open a demo account. Most brokers will offer at least a 30 day trial of their trading platform giving you a chance to trade on the platform using play money. Using a demo account is a good opportunity to make sure that you feel comfortable using the broker’s trading tools. You would not want to trade real money without being fully comfortable with the trading platform. A demo account will not only help you get a grip on how to use the broker’s trading platform, but also trading the market in real time.

3. Learn About Leverage
Forex trading is typically carried out using leverage, or trading on margin. Margin is a useful tool, but it can be very dangerous if it isn’t used correctly. Forex brokers typically offer anywhere from 50:1 leverage up to 400:1 leverage. The higher the number, the less money required to put on a large trade. The use of leverage is something that needs to be taken with a lot of care.

4. Practice Reading Charts
Before you start making trades you should get familiar with charts and how they work. It is a good idea to get familiar with the different time frames and the different types of charts. The shorter time frames will give you an idea of how the market is moving minute to minute. The longer time frames can show you how the market moves over longer periods and will show the larger trends. Most charting software will offer charts as lines, candlesticks, or bars. Take plenty of time to try out different looks and time frames to find the style that you are comfortable with.

5. Making the first live trade
The first trade is a nervous and exciting experience. The demo account prepares you for the technical aspects of trading, but when real money is on the line, emotions will come into play. It is important that you keep a level head and do your best to trade with the same methods that you practiced on the demo account. It may prove to be difficult, but if you master your emotions and use sound money management, anything is possible after this step. If your first trade loses money, do not give up, just piece together where you think you went wrong, and try again.

Forex trading is a constant learning experience. Trading mistakes can be expensive. If you learn from those mistakes and do your best to avoid them in the future, you can become a very successful forex trader.

Forex Education - A Free System That Made Hundreds of Millions of Dollars

noreply@blogger.com (SeVeN EigHt) — Sun, 04 Oct 2009 12:56:00 +0000

How would you like to get a free system, that proven and that's made hundreds of millions of dollars for traders in real time? Well you can and that's the subject of this article.

The system I am referring to is the original rules, Richard Dennis devised to give to a group of traders, a system to trade, who he taught to trade in a couple of weeks. These people were called "the turtles" and they have gone down as trading legends. In just a few years, they piled up hundreds of millions of dollars in profit and proved Dennis right in his aim which was to show anyone could make money at Forex, with the right education.

The system available free online and while the system is well over 20 years old it still works, although markets have changed in terms of volatility making it less effective than it was - but what I like about the system, are the three cores upon which it's based which are timeless, in terms of making money in any trending market.

Firstly, the system was based on long term trend following and it always amazes me why people try and scalp a few pips when the big trends are the ones which make the really big profits.

Secondly, it's based on breakout trading which is the simplest and best way to get in on any trend. Most traders like to predict but that's hoping or guessing trading breakouts, trades the reality and is far more profitable.

Finally, the system had great money management and trade weighting rules and as we all know money management is the key to any systems success, the rules may be simple but they work.

The system lost far more trades than it won and this is true of most systems ( don't believe what the vendors of cheap software programs say about making money with no drawdown - its simply not true) but if you cut your losses and run your profits, you can make a great long term income.

If you want to know more about the system you will find it free online and also check out the excellent books "Way of the turtle" by Curtis Faith, the most successful turtle and the interviews, with Richard Dennis and his disciples in Market Wizards and the new Market Wizards.

I always found the turtle experiment inspiring, in terms of my education and if you look at the original rules and read about how a group of novices learned to trade in a few weeks, it might inspire you to become a successful trader too, as it showed anyone with the right education and mindset could win.

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