Like the title of this blog suggests, making pips in the Forex is easier said than done. This "reality blog" will allow you to follow my life as a Forex trader. I'll not only discuss trades, but also my emotions during these trades. You'll see my ups and downs, my highs and lows, and my smiles and tears.
This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real! Yen and Cable Trade Review- 01/09/07
Trade Review for January 9, 2007:
GBP/USD
Buy at market (9390); Stop Loss= 9330; Target= 9450 (Originally posted on January 8, 2007)
Result: +60 pips
USD/JPY
Short at market (118.50); Stop at 119.70; Target= 117.60 (Originally posted on January 4, 2007)
Result: Currently down -83 pips. The Yen really took a beating yesterday. There is growing speculation that the BOJ will hold rates steady on their Jan 17-18 meeting while the dollar is looking pretty good right now, especially since crude prices dropped today. 117.60 was my original target, but with the recent movements, a more realistic target is 118.00. I will continue to hold onto the trade.
Total pips for the day: +60 pips
