A motorist was driving by a Texas ranch, hit and killed a calf that was crossing the road. The driver went to the owner of the calf and explained what had happened and he then asked what the animal was worth.
The most popular currencies along with their symbols are shown below:
For years ‘n years they told me,
“Be careful of your breasts.
Don’t ever squeeze or bruise them,
And give them monthly tests.”
A wealthy old Gentleman decides to go on a hunting safari in Africa, taking his faithful, elderly dog named Killer, along for the company.
Learning the forex is a lot like learning to become a chef.
First, discover what kind of chef you would like to be. Second, learn how to prepare your ingredients. Third, choose the best recipe for you. Fourth, decide if you need to add or omit certain ingredients to suit your taste. Finally, work on the recipe to perfect it.
How does this apply to the forex?
Let’s start with an uptrend. As we are going up, the candles are waving up and down. To find a good entry to go up, we want to wait for the candles to go down, and start going up. After we see 3 candles of retracement, we draw a counter trendline (down) and wait for a good bullish candle to break this. We prefer a candle that is at least 75% body (25% wick).
We put our stop 10 pips below the low. We use fibs or support/resistance to determine our limit.
Or you can set a very high limit (1000 pips) and move the stop loss every time a higher low is formed. Then you can ride this wave as long as it lasts (surfing the forex)! HANG 10!
Let’s go to the downtrend next. As we are going down, the candles are waving up and down. To find a good entry to go up, we want to wait for the candles to go up, and start going down. After we see 3 candles of retracement, we draw a counter trendline (up) and wait for a good bearish candle to break this. We prefer a candle that is at least 75% body (25% wick).
We put our stop 15 pips above the high. We use fibs or support/resistance to determine our limit.
Or you can set a very high limit (1000 pips) and move the stop loss every time a lower high is formed. Then you can ride this wave as long as it lasts (surfing the forex)! HANG 10! (Can you hear the Beach Boys in the background… listen very carefully).
“Watch out! You nearly broad sided that car!” My father yelled at me. “Can’t you do anything right?” Those words hurt worse than blows. I turned my head toward the elderly man in the seat beside me, daring me to challenge him. A lump rose in my throat as I averted my eyes. I wasn’t prepared for another battle.
The three best jobs in the world are:
1. Designated hitter for a major league baseball team.
2. Meteorologist for a television affiliate station.
3. Forex trader
What other jobs can you fail 79% of the time and still be considered good at your job?
A stockbroker and a blonde are sitting next to each other on a long flight.
The stockbroker asks if she would like to play a fun game. The blonde is tired and just want to have a nap, so she politely declines and tries to catch a few winks.
My charting software from Market Traders, MTI4.0, makes it easy to draw trendlines. The green line is a trendline and it makes it very easy to see that the market is making lower LOWS and lower HIGHS. We are in a downtrend.
Ths will would be a good time to sell first and buy later.
Can you see how the market moves in waves, up and down? Overall we are going down. The best time to sell is after we hit a high and we start moving down again.