Yesterday's Test

I ended up scalping very few points with yesterdays strategy. It seems all the work is not to fruitful in the end since placing so many orders that barely scalp any pips just leaves the brokerage with too many pips. It seems like just trusting trend directions on the hour chart, and chasing bollinger bands have been the most successful strategy. Combining the bollinger band chart to the ATM chart will hopefully allow traders to calibrate the bounce back against a trend. For those who have not yet learned these strategies, I plan on posting hopefully some useful WordDocs that will help teach the basics of the strategy. The day has just started here, good luck all:)

So far so good...

Since my post 2 hours and 43 mins ago, I've closed out 2 orders, both with small pip earnings. I think that this strategy is frowned upon by many experienced traders, because the concept itself sounds stupid. However watching the market, I feel that it is easier to close an order when you see the currency spike a certain way, then to actually place one. This may be due to that anxiety I was talking about. Hopefully this experiment proves successful and I walk away with the ability to place trades without stressing as much.

Practice against Anxiety

Since I have not been trading for to long I've found that whenever I place a trade, no matter how secure I am prior to placing the order, I start to freak out once I've place my order. There really is no reason to freak out as I have a stop loss and take profit set in for back up... but I still freak out. For the moment, I am testing a strategy where I place two orders at the same time,(long and short) and I drop one of them when I see a trend start forming. This way, I can leave my computer or turn it off and still feel safe. For the moment, I have not closed any and I understand that I'm paying my brokerage twice the amount of pips, but the security, and the fact that i only have to close on time, and not place my order on time so far has been a plus. I will update tomorrow after the trades are finished off to see if its really that effective. If anyone has any suggestions as to how you got over traders anxiety, I'd be happy to hear from you.

The Beginning

Hello and welcome,

I'm Jon Vaughn:) I've been training methods and strategies to trade on the foreign exchange market, and thought it be nice to have a little communal place of my own to talk about stuff and share ideas:) I'm currently in OC, California, so if any day traders are in the area I would love to share Skype info, email, Facebook, etc. I will use this blog to discuss new scalping methods I have been using, and also what currencies, brokerages, and all that good stuff. Since this is my first posting, I just thought I'd break down what I'd be adding next.

-Post of a list of links to different free beginners programs/forums where newbies can check out what Forex is about.
-Post of a list of links to different comparison sites where brokerages and what benefits each brokerage can provide for what type of trader.
-Post quotes and other nice little bits and pieces of philosophy one can adapt into their trader's mentality.

I would love any suggestions or ideas of other helpful posts to start out with and remember it's only fun if you participate and leave comments!

~Your Ride Conductor,

Jon Vaughn & Richard Too


Special "Thank You" to my mom without whom it would have all been just a dream...