One more Millionaire - forex factory trading the news

One more Millionaire ~ forex factory trading the news

A note for a new Millionaire Greater Fool Blog Dog. His P & L

If this shit keeps up No one to shine my shoes.

Smokey, my man.  I took the advice you were dispensing for free on GF and your own blog back in March.  I opened a $100k demo AvaTrade account.  At first, I had no f---in clue what exactly I was doing...trading all sorts of pairs....JUST TO LEARN THE SYSTEM.  Then I decided to only ever trade USDCAD.  I spent exactly 3 months learning....practicing like crazy...up til 4 or 5 am every night, then off to the tax farm at 9:30am.  Wife hated me, and you, and this "game" I was playing.  She thought of it like a video game or something.  Funny how wives can say the darndest things, eh? I also kept reading your comments on GF and your blog.  Took your batman, camel toe advice and applied it.  Worked out pretty well.  Have a look at the screen shot I sent.  I had some scary moments, but some thrilling ones too, netted $440k on the December Fed hike alone.  I really hit my stride when I predicted the July BoC hike, though...caught most people by surprise, that one.  But then again, most people are part of the herd.  I keep thinking to myself "this shits not so hard....just be on the right side of the trade, thats all."  

Now dont get me wrong....Ive been a keen economic observer and avid reader of economic and financial news., and geopolitics for about 13 to 14 years...so Im not a novice in that realm.  But I never really had a outlet in which I could apply the knowledge and insights I was coming up with to make money.  Until I read your comments about currency trading.

Can I make it my day job?  Dont know....part of me says I need to start doing technical trading to do it for a living, part of me says its not actually a thing you can make consistent money on. Plus, technical trading can mess with your head and mess with your flow.  Its better to be an ignorant Neanderthal whos a natural with the ladies than to get a dating coach and get bogged down focusing on posture, eye contact, voice tone, colour coordination of belt and shoes, what she meant when she said xyz, and other technicals.  Thats the difference between understanding overall trends and economic fundamentals vs. focusing on technicals.

So instead of daily technical trading, Ill go for a once-in-a-while big bang approach when a currency gyration is subtly telegraphed in advance to those who have the experience and ability to analyze the economic painting being drawn by the machine.

Thanks so much Smokey, youve changed my familys life.  My wife even likes you now, believe it or not.  But she still hates that she has nobody to stuff her feet against in the bed when they feel cold at 2:30am. 

p.s. Ive been reading your shit on GF since like 2010.  Keep it up.

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Forgot to mention....I spent 3 months learning on the Demo account and then opened a live Ava Trade account in June....gave me ~3-4 weeks to prep for the July BoC decision.

I havent withdrew any of the funds yet....is there anything I should know about withdrawing from an Ava account?  Any hiccups or restrictions they impose, or difficulties they put you through??

Thanks again dude.  If I ever see you, or someone who looks like what I think you look like, at Seneca, free cigar on me.

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TRAIDING GUIDE - real time forex trading news

TRAIDING GUIDE ~ real time forex trading news

For the Medium-term trade, W1 chart is my principal guide and I D1 to determine the current direction of the market and H4 or atimes H1 to identify my specific points of entry for such trades. I also use RSI 14 days period to determine the strength of any current price movement. Once the RSI is around 70 or below 30 the W1, in 95% of such situations, the trend reversal would most likely result in a movement of between 700 -above 1000 pips. My targets for such trades is usually between 400-500 pips. I allow such trades to roam for days or even weeks to in order to reach my target.

For my long term trades, I play like the big boys, I have two pending buy order at 118.00 for GBPJPY for some months now. I know the big boys will one day push the downtrend from 163 to that price to complete the 2nd leg of the downtrend. Whenever the price get to such levels, the retrace for curren is usually definitely more than 1000 pips. Before the price gets to 118-118 however, there is an unfinished business between 126-123.
The weekly chart for GBPUSD indicates that it is gradual get into the end of a wedge. It will either move out of the wedge or fall to around 1.33570 to complete the 2nd leg of fall from 1.70000. I am patiently waiting both currency pairs at those critical areas. However, while the wait is on, I will continue to implement my short term strategy


Forex trading is a product of habit and it is fond of repeating itself over and over again. A trader needs to have the big picture within his purview and understand the cycle to be able to play the game. You need to have both your short-term, medium term and long term strategy firmly in place if you dont want to be one of the casualties of the merciless forex world and stand out from the crowd.

I will discuss the importance of fundamental analysis in my next posting before discusssing the Mechanical Trader i.e. The trader without emotion.

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