ITLFx Foreign Exchange trading

Friday Webinars

2013-06-18T19:34:00.001+01:00

Hi All

Last Friday's first open webinar went very well despite being a difficult day and a late start. Plenty of pips were made.

Here is the link for this Friday: 21:06:2013 2pm BST

Please join the meeting, by clicking on this link:
http://go.teamviewer.com/v8/m29707382

Meeting ID: m29-707-382

www.teamviewer.com - Easy online meeting & screen sharing

P.s Hope everyone profited today from the daily analysis. We had a blinding day using market entry orders hope you did too.

Steve

Friday webinars

2013-06-08T23:03:00.001+01:00

Hey All

When i finish work on a Friday afternoon i have been doing some training webinars for some friends etc and i have decided to publish the link to the webinar here every week so anyone can join in.

The existing members will receive a market review before the webinar starts so you know what the most likely trade scenario is. New members will see these levels drawn on my charts but not receive the analysis that gave us these levels.

Bear in mind this will only happen on a Friday from approx 2pm UK time (Currently BST) after i have finished work. In 2014 i plan to start doing it every day 7am to 4pm.

Also before the end of the year i will be starting a website and eventually everything will be done from there instead of this blog.

Everyone is welcome to join in. Syndicate member or not and its FREE.

Quick Note to new passers by that would like to join in. ITLfxclub is a syndicate that we started approx 4 years ago with a very small amount of capital. Most investors invested £10 each and there are approx 30 people in the syndicate. The account has more than doubled in that time but i have only been able to trade on a part time basis because of my full time job. I am not an investor i am a day trader so rarely will a trade be carried over. Although we do discuss the longer term setups. The last one we called was on the Eur\Usd and if anyone took it then they should have exited on Thursday last week 06:06:2013 This was a buy from approx 1.2850 to 1.3255 for little over 400 pips lasting for about a week.

Do not be put off by the small cash amounts posted on the blog as the syndicate account is small and
my main concern is always managing it correctly and not over leveraging. Note the pip count instead so if i posted 50 pips on a particular day and you are a 1 standard lot trader then you would have earned $500 less spread. Just had to point that out for new traders.

In 2014 i will be trading my personal account along side the syndicate account every day.

Currently i am testing out TeamViewer for the web conferencing to see if it is worth buying. Here is the link to next week's webinar.
Please join the meeting, by clicking on this link:
http://go.teamviewer.com/v8/m22711004
Meeting ID: m22-711-004

www.teamviewer.com - Easy online meeting & screen sharing

P.s If you would like to join in to see how we trade then please join the Blog.

Steve

2014 ITLFxclub Time to go Pro.

2013-05-17T17:34:00.000+01:00

Hi All
As some of you know i am leaving ITL at the end of the year. I intend to start trading the Currency market full time in 2014. I have been building up to this point for the past 4 years.

I have saved enough money to trade a decent size account along side the Syndicate account. So i now need to ask the question: Who would like to stay in the account?

To be honest trading is pretty boring most of the time as you have to be patient and wait for a trade to set up. So i am hoping the majority if not all will stay. This will give me things to do as i can write news letters. Post account summaries etc etc to keep me busy.

If you do not want to stay in it then it is no problem i can give you your cash before i leave. If you stay i will give out all of my contact details so you can contact me any time.

For people that do stick with it then i was going to suggest a periodic meeting so we can get together and have a drink or whatever on some of the proceedings and we could catch up and decide on the future direction of the account and what threshold we should set before profit share etc.

I will do a printout shortly with every one's name on it and a couple of tick boxes stay or go sort of thing. Also i will need to make sure i have every one's contact details up to date.

I'm really looking forward to 2014. On the other hand i know i will miss ITL very much.
Steve

2012-11-09T16:10:00.001+00:00

Hi All
Trade results for today $54 and we also made $22 yesterday after (ECB) Mario Draghi's announcement. Yesterday afternoon trading was quite disappointing really. It just fizzled out and went into accumulation again. So to sum this week up we have made approx $400.

I have 4 days holiday next week too so lets see what we can do with that (-:

Steve

2012-11-08T10:37:00.004+00:00

Hi All
Today i have missed the main move of the morning session as i was busy trying to update our Google Doc and lost track of time.
The European Central Banker (Draghi) has a speech this afternoon and the markets usually react in a disorderly fashion to his initial announcement.

For this reason i will be waiting until after his announcement and the dust has settled before entering a trade if any this afternoon.
The image above shows we made another $74 last night.

Steve

2012-11-07T17:28:00.002+00:00

Hi All

As you know i'm off work this week and doing some trading while i'm off.

Monday the market moved really early 7am and i did not get the chance to enter. In the afternoon it just went sideways in an accumulation faze.

Tuesday was really slow and i got fed up watching it go nowhere fast so i exited a trade with a whopping (-: $4.99 profit.

I entered a trade last night about 1am and when i got up this morning it had hit our target and the auto take profit i set up had been triggered. Making us $266 See screenshot.

Today (Wednesday) we lost $33 I was a bit upset with this one as it was a setup that i look for all of the time and i usually make decent profits from that type of trade. I must have still been asleep to get that one wrong lol. Never mind yo can't win em all.

Steve

2012-10-30T23:24:00.002+00:00

Hi All
Just a quick post of our trading results this week so far $82.

I have more plans for this week
and im just waiting for the correct
levels to be hit before we enter.

Click on the image to enlarge.

Steve

2012-10-27T23:39:00.001+01:00

Hi All
I have been analysing our account and the trading system i\we use.
On the positive side it is growing. But on the negative side it has grown very slowly.

Because i work 8 hours per day the only way to enter trades is to set up an auto entry
at a logical level 12 or so hours before it happens. So we do not have the advantage
of entering the market on live price action. If the trade goes wrong then we have no
option but to take the loss for that day. Meaning the option to reverse the trade and
recover or profit does not exist.

Its time to change. Our current method is to catch the daily trend which on average at
the moment delivers 50 to 60 points only if our entry point is spot on. So you can imagine
that most of our trades are not exactly spot on as our trading is done automatically and not
LIVE. This means we take 30 to 50 points on average per winning trade and lose 30
points on the losing trades. Our risk profile is not that good in other words.

At the moment the markets in my opinion are not in a buy and hold situation and i
have always treated them this way since starting to trade fx. Now i understand much
more about currency trading it is time to try and latch on to the micro trends. Meaning
stay in a trade for 2 or three days depending on conditions and when correct add trades
to the basket on a daily basis until the trend ends.

I am going to start posting some analysis on the blog as often as i can showing what trades
we intend to enter and what we have entered along with what we can expect from them
including booked profit and loss along the way.

Steve

2012-10-25T22:53:00.001+01:00

Hi All

Not so much trading done lately but it is still going in the right direction. Tuesday we made approx $32 and today $42.

I have booked 8 days holiday in November. The 5th to the 8th and then the 12th to the 15th and i intend to do some decent trading while i am on holiday so i will update as regular as possible in these two weeks.

Steve.

2012-09-17T19:23:00.003+01:00

Hi All
Not had much good luck lately.
As you know i was not well last week so no trading done.

The week before my puter gave up and i have had to buy a new one.

Anyway a good start to this week as we made $102 today.

Click on the image to get a larger view.
Steve

Friday 31st August Trade Results

2012-09-02T22:08:00.003+01:00

Hi All
Things are happening very slow at the moment but we made $31 on Friday after i finished work.

I had a few things to do on Friday afternoon so we missed the best part of the move.

Steve.

2012-08-23T21:17:00.001+01:00

Hi All

Sorry for not updating for a while. I have been busy and not took so many trades lately.
I was on holiday for a couple of days in the first week of August and we made approx
140 points ($140),

Since then we have made a couple of $20 or $30 trades but lost 1 $60 and a $30 trade.
Today we made $49 so all in all everything is good and moving in the right direction but
slowly at the moment.

A while back i talked about opening a spread betting account and transferring our account
to this UK based account. The account is now open but i did not transfer the cash yet.

Before i transfer the cash i want to test it out first to make sure it is as functional etc as
the US account. Also i am watching the Pound against the Dollar to try and get a decent
exchange rate because we will be charged a standard fee on top of losing a little to the
exchange rate.

For the above reasons i am going to fund this account with a little of my own cash to test
it out before we commit.

Steve

Monday 30Th July Trade Results

2012-07-30T22:42:00.001+01:00

Hi All

Today's trade results $60. Not much else to say really except it is a good start to the week (-:

Steve

Friday 27th July Trade results.

2012-07-27T17:34:00.002+01:00

Hi All

It has been a difficult few weeks trading.

We did ok this week tho. Early on in the week we took $30 or $40.

Today we made about $100. Click on the image to enlarge and see our profit today.

I will update the Google spread sheet asap.

Steve.

2012-07-21T00:03:00.000+01:00

Hi All

As our account is now growing at a more rapid pace i am finding that the stress levels are going up and it is a hindrance to our profitability.

From now on i need to Guarantee that no one loses any money from our trading if things go Boobies up (-: which i am NOT expecting but the thought of that is holding me back lately.

So i need a helper. Basically i would like someone to step forward and help with the money side of the account. Anyone?????

For the next few months i would like all of our profits to be diverted to one of the share holders until everyone's deposit is covered in the event of the above Boobies up case lol. So until we reach our deposit amount i will transfer our monthly profits to the volunteer's account.

This will take a lot of pressure of me as i will not need to concentrate on the money side of things and i can concentrate on trading.

In other words if i mess up no one loses and the Volunteer has the cash to pay everyone back what they deposited if not more. We currently have approx 30 investors.

If no one volunteers then i will find someone. If there are multiple volunteers then we should vote on who does the job and holds our deposit.

This way i get less stress while trading and everyone feels more comfortable with there investment.

Anyone interested please email me.

Steve

Trade Results Wed 18th July 2012

2012-07-18T19:27:00.000+01:00

Hi All
Trading has been a bit difficult lately as we are trading in a tight range and the setup's in the morning are not happening as early as they were.

It goes in cycles so hopefully it will be better conditions soon.

Anyway we made $60 today. Click on image to enlarge.

Steve

2012-07-14T23:02:00.000+01:00

Hi All
Friday we made $70 by entering 2 positions on the Eur\Usd pair. Click on image to enlarge.

The plan was to reverse the trades for that news announcement but it happened so quickly i missed the entry and it was too risky to take the trade after that.

I'm not sure exactly how much we made last week but it is in the region of $90 to $100.

In the next few weeks i am going to open a spread betting account in the UK because i was charged a small fortune transferring our new balance to the US account.

It was always the intention to do this anyway if we became consistently profitable because with a spread betting account you do not need to pay capital gains TAX. The US account is not tax exempt.

Steve

Trade Results 10th July 2012

2012-07-10T22:04:00.000+01:00

Hi All
Sorry i have not posted for a while but i have been busy.
Last week we took a couple of small losses but do not worry as this is expected now and again.
Our in built risk management takes care of that no problem.
Yesterday was quiet being a Monday and there were no trades to be had.
Today we made approx $89 which is more than we lost last week so we are still profitable this Month so far.
Click on the image to see the trades we took today.
I am expecting more USD strength tomorrow but we shall see in the morning.
Steve

2012-07-01T00:38:00.000+01:00

Hi All
I have been busy and quite tired this week so we have only took 3 trades.

The first one was two pairs USD\CHF and EUR\USD we lost $60.

Then we took a trade on USD\CHF and the EUR\USD making $104.

The third was on the EUR\USD only and it made $20.

Next week i hope to be more active and i will be sending everyone a new google doc with everything up to date including our new deposit due on Friday 6th July.

After the funds have been deposited i will work out our max lot size we can trade inside the 3% to 5% rule we need to stick to.

Our goal for now is to trade 2 mini lots ($2 Per Point) on each trade and add another lot when our account increases to that level and we can manage the risk.

Steve

2012-06-24T21:32:00.001+01:00

Hi All

last week we made about $70 not a big amount but at least it is in the right direction.

Last week i mentioned to everyone that i am planing to add some funds to the account at the end of the month. I am not doing this to entice other people to do the same although you can if you want.

The reason for doing this is to manage our risk. I am not doing it so we can double our position size and profit more although if we manage our risk properly then soon it will be possible and safer to do so.
We have been trading way over leveraged so far and got away with it.

Now as we are doing ok and i'm a lot more confident in trading it is time to start managing our account properly. Even professional traders do not win every trade but they have water tight risk management rules which keeps them profitable.

We should not risk more than 3% to 5% of our account at any one time so as our account is tiny i am going with the 5% but if it was to grow large enough then we would drop down to the 3%

Here is an example of our past over leverage:
We need to give the market a little room to move when we enter a trade so our stop loss is 30 points which = $30 loss if we are wrong and you aim for at least 2 to 1 for profit so $60 profit if we are right but not always achievable because i work full time as you know and our trades are set up outside of working hours usually about 6 or 7am.

Starting balance £410 or $638
Trade size $1 per point. (We can trade less per point having a micro account but it would take for ever to move on at the current rate).

So 5% of 638 = 31.9 Which means from the start our stop loss could not exceed $31.90 and if you have a losing trade from there then this stop loss needs to reduce to stay within the 5% risk rule. Less than 30 point risk in our situation is pretty impossible to achieve.

So if our account was $1500 to $2000 we would not need to worry about our losing days at $1 per point per trade if we are about 50% right in our trades. This should help to keep every month positive.

Steve.