Good morning, stayed up last night once again to practice some trades with several of the students from the forex mentoring school.

The GU trade I took was a sell, because my daily bias was for a sell.

My entry was @ 1.9811, and Stop Loss was 25 pips with the spread included. I did not set a profit target since i have not decided where to place my profit targets yet. Still working on the entry process

Yes, this trade was a loosing trade. I was actualy supposed to be looking for a buy, and would have if i had not made a fibonacci error on my daily chart (which gave me a sell bias to begin with). Too me loosing is all part of the process to success. Now im ready for the next trade!

Thanks

Good day this morning, the EU broke above the 1.5000 barrier and lots of things happend including a historical all time high!

This was the trade of the day for the EU.

Entry was @1.5031, Stop Loss was only 15 pips with the spread included.

First profit target was @ 1.5087 and the second profit target was @ 1.5109. Total pips on this trade was +63.

There was also another trade on the GU but I did not take this one since it did not follow my trading rules. If I had traded this:

Entry @1.9844, Stop Loss was 23 pips with the spread included.

The profit target would have been @ 1.9899 or possibly 1.9900, total pips made on this trade was +33. Again I did not take this trade.

Thanks

Hello again, the Eur/Usd currency pair did a lot last night and I went to sleep at around 6:00 am

But it was worth it because I got a very nice buy trigger and made some nice pips.

Buy @ 1.4791, Stop Loss was 15 pips with the spread included.

My 1st profit target was 1.4830 and my second target was 1.4845. This trade was a 1:4 risk-reward with profit of +87 pips.

Hello, here is the trade of the day that could or may have been taken.

Buy on the GBP/USD pair @ 2:30 with a stop loss of 13 pips. Profit Target is 2:1.

I would like to take some time to talk about a trading system I purchased 1 year ago. (The reason I know it has been 1 year is because my customer support service ended last week and they called me to ask me to renew).

I purchased Vantage Point from a Market Technologies LLC. which is a leading company of forex predicting software with 80% accuracy based on their Neural Networks system. The purchase cost me $2000 which was a lot of money, but their sales department pulled me in to it after they showed me one of their *successful* trades. They trading software is based on the cross of two lines (the black and blue line).

You recieve the forcast for the next 1 day, 2 days, or 4 days and the point was to get in to the trade before the market turned around. The vantage point system looked very nice I must agree, it installed quickly, the tech support was fast and helpfull, the customer service was also pleasant. The only problem was that it was not that easy to use. I mean watching for a cross of two lines is not brain science but it looks harder then it seems. The software also predicted the next day high and low which was actually very very good to my knowledge. It would always hit the low or the high but the problem was that you did not know which one.

There was also a monthly subscription involved which was a $20 fee/month for the daily data download.

I enjoyed Vantage Point until I gave up on it because it was not a open-box system. I spend about 2 months later on trying to find ways to use it and even joined a world chat forum called “TraderChat”. (www.traderchat.com) It was just too much of my time, other traders showed me that they where using Vantage Point and making money but guess what??? NONE wanted to share how!!!

I have attached a picture of as a sample of what the software looks like. The truth was I did not like system trading…it was a pain and it took away my confidence and the excitement of forex trading. Another big deal was the Stop Loss was minimum 50 pips…always and most of my trades where 1:1, I even had one trade which had a stop loss of 140 pips – thats too much money for me to put on the table at once. Sorry Vantage Point but you lost the battle.

Thanks again