Forex @ MindSay 
Anybody with a computer and an Internet connection has by now heard of Forex trading. It's being advertised everywhere as the "next big thing" in do-it-yourself wealth building.
Everyone wants to be more wealthy, but everyone also wants to take the path of least resistance to reaching that goal. So why should you, the average Joe looking to find a money-making hobby, consider Forex trading?
Well, first of all, consider that roughly $3 trillion is traded on the foreign currency exchange markets every day. Yes, that is $3 TRILLION every single day. So there is definitely a big enough pie for everyone to have a slice.
Second, unlike trading in stocks or bonds, Forex trading can result in fairly substantial gains on a very small investment. We are talking in the ballpark of $200-$500 to get started and make some serious money.
Of course, like any kind of investment, there are risks involved in Forex trading. But a good basic knowledge of the way things work, a reliable Forex broker on your side and an easy-to-use Forex trading system will go a long way to minimizing those risks and ensuring your success.
Japan's foreign currency reserves unexpectedly rose last month for the first time in over three months, an occurrence that is certain to register on the Forex trading system of anyone trading a currency pair that includes the yen.
With the increase, Japan is now holding just over $1 trillion in foreign currency.
As previously mentioned, changes in the foreign currency reserves of any nation, but especially those of major economic powers like Japan, can have a sizable impact on the foreign currency exchange markets.
Right from the start. New year's eve I got very sick and had to stay home. Few days later our office was flooded and even now is not fully restored, we still operate from a temporary facility. About a week later my car, with me in it, was t-boned by a large pick up truck, lending me in a hospital for a few days. Two days after I had left hospital, there was some snow. Somehow I managed to slip, fall and dislocate my shoulder. Back to hospital. Trading has been in shambles, the worst period I had in ages. And scores of smaller calamities.
Does it mean this whole year is going to be down the drain? Or, perhaps, all the bad events piled up at once and are done with, leaving nothing but smooth sailing for the rest of the year? I hope the second possibility will prevail.
Financial markets in general have been very volatile, which should be welcome by traders, since the moves are large and fast. One has to be, of course, correct on the direction in order to profit. That's another matter altogether...
This here is a trade I initiated at close on Friday. Long USD-JPY at 106.57, looking for 110 and risking about 170 pips or so. Looks to me, there is going to plenty of volatility to go around across all JPY crosses. I'm going to give it a week or 2 and see what happens.
Barring any new catastrophes, I should be returning to this blog on more regular basis.
Husar
Friend of mine rented out a restaurant for a New Year's party, so that's where I'm meeting 2008. Most of the people I know should be there before they go back to work up north. Should be fun, as it normally is with this crowd.
We updated our website. Here is the link.
http://www.spectrumforex.com/weeklycomments/12302007.html
Last week was very slow for me. The trade I mentioned in the last post was adjusted a little bit, with different entry and made a few pips. Highlight of the week.
This here looks promising to me, GBP-CHF. Seems to be ready for a serious rebound, but not just yet. I plan to start buying it in small chunks until I see a daily bullish candle. By “bullish candle” I simply mean and up closing day. That's when I want to open a large position and try to catch 500 pips or so, with a risk of 200-300 pips.
Since I'm using a daily chart, it should be understood, this might take a few weeks.
Have fun during festivities and Happy New Year!
Husar.
Our website has been updated and here is the link.
http://www.spectrumforex.com/weeklycomments/12232007.html
In my last post I mentioned a developing trade opportunity in AUD-NZD. Here is what happened.
My entry was not the best. Market gapped up on the open and I was in at 1.1273. Regardless, it worked out not too bad. My 1.1350 target was reached fairly fast for 77 pips. Nice little trade.
I don't think there is going to be much happening in the markets over next few days. Here is a possible trade that can make a few pips.
Should the price move above 1.6640 I'm going to cancel this order.
My head is really not in the charts. I've entered relaxation period and my plan is to enjoy it for next few days.
MERRY CHRISTMAS!!!
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