For a relative or a good friend

Here is a post I wrote at the beginning of April about making a trade and then forgetting about it for a while. I am more of an intermediate or short term trader...but if I was still a broker, this is the kind of trade that I would have recommended just as much as an equity trade.

The pair I suggested going long in was the CAD/YEN. On April 3, the pair was at 81.48. Today it's at 88 (clicking on the chart gives you a clearer view):

Well, I got another one. It's tough for me to not watch my trades, so it's not my cup of tea (there's always going to be whipsawing.)

It's also tough to not close a position that's very profitable...but if your wife, friend, relative wants to sock a little away for 4 months, not watch their account every day, go find an ETF that reflects the Reuters CRB index (Commodity Research Bureau). Here is a video that is similar to the one on Crude Oil a couple of posts ago...and rightly so, because oil is part of the index...and this is just as likely to be profitable as the trade above was.

Thanks to traders like Adam in the above video, my accounts are doing extremely well.

Don't Be Crazy!

I'm in this private chatroom sometimes. There are successful traders, not-so-successful traders, new traders and experienced traders. I see how some of these folks react to profits and losses and it's obvious that the mentality for trading is just not there with everyone.

Not to be a snob or anything (I don't know an eighth of what someone like Meredith Whitney or Bill Gross know,) but I do know that you have to have the correct mentality to trade.

So, if you think you could use some trading-attitude adjustment, check out this great essay (short pdf) by Bradley Gariess.

A little more on Crude Oil

Here are a couple of images from Adam's short video on crude oil. The first image suggests that we will have a little correction from here because the breakout in the Head and Shoulders has been exhausted.

BUT the second picture (featuring Fibonnaci retracement lines) suggests that, even if there is a pullback, we will see at least $82. (Clicking on the charts give you clearer views):

So basically, we'll be paying more to drive (summer demand,) but should you be long in crude it might be prudent to take half off the table.

New trades

I made a trade based on overbought equity markets and a trade that Trader Outlook made in their account...

This was the start of the recovery from yesterday's massacre. I only did a half position because it's Friday, but the comeback is on!

Great part about trading with rules and specific S/L's and Profit points, is that you will usually end up your trading month or quarter very much in the positive. The Euro/US trade that we lost on yesterday was because of a mistake. That happens, unfortunately. Anyway, accounts are still doing amazing.

Must see crude video

Paying much more at the pump? I know I am...

Anyway, here's a new short video from Adam on crude that you need to see.

You saw the account numbers from the last post and Adam has a lot to do with it. (Regular readers of the blog know I use 7 or 8 different indicators to help me with my trading.)

Account updates for all accounts

My main Forex account is up about 72% since the beginning of January. I sold my Gold in the 960's and repurchased it at around 948 and it is in the new account at the bottom.

My intermediate Forex account, which is up 16% since January (Zip file.)

My options and equity account, which are titled in my children's names, so I can only recreate the trades.

Here are the account particulars:
--My Sprint trade (which I closed at around 13% profit)
--My Zion Bank trade. (26% profit)
--The Gold puts purchased to protect my long term gold position have expired with a $3000 loss.
--The Puts I bought (and sold) to protect my gold, the first time around. ($11,000 profit)

and lastly, the new account I just opened up specifically for Trader Outlook. Looks pretty ugly right now, but I know it will turn around...you will be witnesses! Bob I's trading group made the exact same trades and even the best traders have days like yesterday.

(I also own: S+P puts which are significantly down, but don't expire until June 20.)

These days happen!

Two trades and neither did well. As a trader, I know these days happen, but that doesn't mean I have to be thrilled.

I will post an update on all my accounts today...the value will still be +90% even after today's massacre.

Probably won't do much over the weekend, but stay tuned.

New Trades

New trades made:

1 Lot Long EUR/USD @ 1.41214
Target is 1.4194
S/L is 1.3910

1 Lot Long Sterling/USD @ 1.65791
Target is 1.66610
S/L is 1.6410

He's on TV

If you want to see the founder of my newest trading indicator, he is on CNBC @ 11:05 today. Bob is the reason I opened up a new intermediate account, because he is longer term and scalping takes too much time!

Bollinger Bands

I have been saying for weeks that this market is overdone. Now, if you know how Bollinger Bands work, the longer they are narrow, the bigger chance for a HUGE move.

Here's what Larry Levin wrote:

Today began the S&P500 futures roll over. This is when traders switch from June (the current contract) to the next contract month, which is September. Stock futures trade quarterly. Please switch all of your charts this evening for tomorrow's trade.

Roll over is normally an unfriendly trading environment because traders gradually switch from June to September. With volume spread between two contracts, we normally see small choppy ranges. Today, however, it was as if there was no roll over at all: the market fell apart (early).

What made today different? My guess is that the market internals simply called for a big move today. We were ready for it - roll over or not. Over the last several days our Notes from the Pit noted the extreme fall off of NYSE volume. During this decrease of volume, however, prices continued to rise and the value area shrank. Moreover, yesterday's range was extremely small.

Put all of that together and we strongly believed the odds favored a very large move today and should have been down.

What happens next? We'll do our best to inform you in Notes from the Pit and the virtual trading room but something odd is brewing for sure. From today's Notes: "Although today was a great breakout trend day, the market came back strong to close almost unchanged again. This makes 7 out of the last 8 consecutive days almost unchanged - amazing. There must be a LARGER breakout soon. Today's internals are weak, but with the strong close the overall bull trend is intact. Be careful."

Said another way, the market has been churning in about a 30-point range for almost two trading weeks and that just can't last much longer.

New Trade

The other name for FX Membership is Trader Outlook...and that is what we will be calling them now.

The newest recommendation was to go long US/YEN if we closed above 97.92 on the 4H chart. I agreed and went long 1 Lot with a stop @97.20. My target is 98.79.

Guys...this trader is a lot smarter then me...7 days for $7, is worth it. I opened a new intermediate acccount and this trade is the first one...(up about $400)

Why We're On A Major Roll

If you've been following along...you'll notice that some of my profits have been much bigger. FX Membership has been largely responsible for that (recently.)

They are just another weapon in my arsenal...and I was re-listening to today's trade webinar, and realized that the biggest reason for Bob's success is because he diversifies his trades (not because he is on CNBC a lot!) He watches 8 or 9 pairs and, combined, and much, much more then often there seems to be a profit or a negligible loss. because of cumulative pips.

Take a look at a screenshot of a recent webinar he did (clicking on the image gives you a clearer view):

This is done on a daily basis and they are NOT JUST RECOMMENDATIONS! Bob's trading group prepares for/makes the exact same trades that they recommend us to prepare for and make. They do unbelievably well...and there are quite a few times where they have no losing trades.

However that is not the point of this blog entry. FX Membership works if you adhere to the same rules that Bob's company does. e.g. sometimes he'll say that they will only enter a trade if there is a close below a specific price...but on the 4 hour chart, not just an hourly.

I tried them out for 7 days for $7...and then was hooked. My Market Club helps me with trend if I want to do some confirming...or I will just stare at charts (which I find fun.)

See my account's success again. (The webinar is every morning and lasts about 30+ minutes. Very thorough too.)

Watching Eur/Yen

We are at a very important trendline here (dating back to mid-May.) FX Membership is going to go short if the 4H chart has a close below 1.3493. Take a look at this trendline I drew...and a break in it could signify a short a little higher up. (Click on chart.)

However, the new trading 'tool' I am using is a lot more conservative...FX Membership. It seems that you are giving up some profits in return for much more of a sure thing. Now, in trading, there is no such thing. But in this case...a close below 1.3493 on the 4Hour chart is much more damning for the pair then a trade based solely on a break of the above trendline.

Another way of determining if the above trade will hit is looking at the possible chart from Market Club. Although the pair made and closed at a new high, I think we will get a retracement first. It is an excellent complimentary indicator because it helps determine the trend beforehand...great way to be thorough:

As you can see, I have no trade triangles showing...but the trend seems to be down when you look at the Williams% (clicking on the chart gives you a clearer view.)

Trade updates

Okay...so we ended up even on these trades. I could have sold both at a significant profit...BUT that would have been against the trading plan. In order for this new system to work, I must stick with the parameters of the original trade and not sell prematurely.

We did also incur a small loss on Ozzie/US and the feeling behind both these losses is fear of Dollar devaluation...panic. This is why we use stop losses...because tonight's trades (if there are any) will work better as last night was rare, given Bob I's record. Remember...it's cumulative pips. See what you do over three weeks, for instance.

Here is the latest on the account. Remember, that combined accounts are up +90% since January 1. DOING GREAT!

Bob Iaccino

Bob Iaccino Update November 16, 2009

Bob Iaccino is a very good trader...I have used his techniques a lot, BUT ...

...there is no way he is the best, and, for the money that he charges, you may want to consider a person that is just as smart as he is (if not much smarter,) does work for the New York Stock Exchange numerous times throughout the year, and can show you how to turn $9,000 into $190,000 free for 30 days.

Do yourself a huge favor and Google a guy with the name of Guy Cohen. He is a best-selling author of trading books worldwide (millions of copies.) Take a look at his resume...and you will see what he has done with his life. You will then understand why the following software program of his is just downright amazing!

If you’ve ever sweat blood over a trading system, or failed miserably because it was too difficult, complicated or time consuming, then this is your answer, because he does work for the NYSE and has hundreds of other clients.

Guy Cohen has been burning the midnight oil on something astonishing for the past 6 months now. I was one of the first to get it, and I love it. I made money the first time I traded with it. (Just don't forget your stops.)

It’s so simple that, just like they describe it; a 12-year-old could follow it …and yes, it's so easy that it just takes just 20 minutes a day…and so devastatingly effective that £7,000 a month profit from home is well within your grasp.

If nothing else, check out the testimonials of people who’ve been given a privileged secret opportunity to be guinea pigs on this. The other day I did a blog entry titled," £20,000 in 30 Days...110% Profit in 6 days...30% in Two Days."
Those are real numbers...

Brad

P.S. This just became available. Be one of the first to hear about it.


UPDATE, UPDATE (OCTOBER 12, 2009)

Here is my back-to-even Bob Iaccino account statement. This account is basically flat since I started using Bob's techniques. We had shown a decent profit since starting with them (chart) but then we came back to Earth. (Ok, so I was able to maintain my trading capital...and for the $15o/month he charges, not bad...and you learn about trading Forex.) But now look at the next paragraph...

For much less money then Iaccino charges, you may want to consider something that is just as good (if not better)...That is Market Club, and my Trade Triangles...much less expensive, and the accounts in this blog are have done amazingly well. Market Club and Adam Hewison are responsible for most of the success.

I consolidated my cash account at the beginning of June, and you will see a 72% profit from the beginning of January until that point.

Then there is my intermediate Forex account which is up 24% since January (Zip file.) Both of these accounts are a product of my analysis and research BUT they come from the Trade Triangles.

Then we have my options and equity accounts, which are also a product of Market Club (titled in my children's names, so I can only recreate the trades:)

Here are the account particulars:

--My Sprint trade (which I closed at around 13% profit)

--My Zion Bank trade (26% profit)

--The Gold puts purchased to protect my long term gold position have expired with a $3000 loss.

--The Puts I bought (and sold) to protect my gold ,the first time around. ($11,000 profit)

---My S+P puts which expired worthless with a loss of $3,100. I am considering buying them again.

---And most recently the HUGE profits I have made in my November Gold calls (which I rolled over from October)...also due to Market Club (I still am short 1 Lot, which is why I bought the calls in the first place.) These are now worth a little over $82.

So, you can either try a 30 day risk free trial OR just as good...sign up for their free email course which will show you why it works so well. They have a technology that is simple, but genius.

New Trade 2

Just entered another SWING TRADE. I am now short Sterling/USD @ 1.6085.

So here is the second trade I have made (clicking on the charts give you clearer views):

Enter = 1.6050
S/L = 1.6154
First Target 1.5795
No second target.

(3:53 e.s.t.) Both trades profitable so far...This new technique is a good one so far.)

New trade

One of the new techniques I am learning about centers around the use of the 4 hour charts as the main impetus behind certain trades. Scalping works, but, for a while I am going to try trading with a longer term in mind...which is the new system I am being taught now.

It is very different...requires a lot of waiting...but seems less stressful and more lucrative. Risk/Reward ratio is a big part of this technique...the lower the decimal, the more worthwhile the trade. (More on that later.)

So here is one trade I have made (clicking on the charts give you clearer views):

Shorted 1 lot EUR/GBP @ 0.86725. S/L = 0.8732
First Target 0.8623 (will cover half.)
Second Target 0.8573 and will move stop to breakeven.