Winning Traders's Journal (Nigeria's Premier Foreign Exchange Magazine)

Here is the Maiden Edition of the Winning Traders Journal, the first of its kind in this region where our main focus will be on the Foreign Exchange Market. In this magazine,we discussed about Broker's News,Technical Analysis, Fund Manager's Interviews and top rated trading advises.
You can reach me through this mobile number (+2348034235889) to get a copy of this magazine.

Merry Christmas to All Forex Traders and Non-Forex Traders

Merry Christmas to all forex and non-forex traders,wishing you all the best that life has to offer,including the wisdom to be great in anything you all lay your hands on.

How To Trade Forex On News Releases, By Kathy Lien

One of the great advantages of trading currencies is that the forex market is open 24 hours a day (from 5pm EST on Sunday until 4pm EST Friday). Economic data tends to be one of the most important catalysts for short-term movements in any market, but this is particularly true in the currency market, which responds not only to U.S. economic news, but also to news from around the world. With at least eight major currencies available for trading at most currency brokers and more than 17 derivatives of them, there is always some piece of economic data slated for release that traders can use to inform the positions they take. Generally, no less than seven pieces of data are released daily from the eight major currencies or countries that are most closely followed. So for those who choose to trade news, there are plenty of opportunities. Here we look at which economic news releases are released when, which are most relevant to forex (FX) traders, and how traders can act on this market-moving data.

The chart above shows my trade for today (Click on the chart for an enlarge picture).Today I traded the currency pair GBP/USD,after a break of the resistance level. My entry level was at 1.63036 and exist level was at 1.63467 during the news release for GBP.

Strong News Release For Today

Today we will be seeing the following news release that will have a very strong impact on the market:

For GBP (Great Britain)

Wednesday, December 18th, 2013

10:30 AM GMT+1....................Bank of England Minutes

10:30 AM GMT+1....................BOE MPC Vote Cut

10:30 AM GMT+1....................BOE MPC Vote Unchanged

10:30 AM GMT+1....................Claimant Count Change (Oct)

10:30 AM GMT+1....................ILO Unemployment Rate (3m)(Oct)

It happened early this month in Nigeria, now it's the turn of Ghana to organize Africa Forex Expo 2014.

USD/JPY has climbed to a five-year high today (December 13th), as traders increasingly anticipate a taper of the Federal Reserve's quantitative easing (QE) programme following the meeting of the Federal Open Market Committee (FOMC) next week.

Frm Left, Emeka Basil Omeje (CEO, Lagos Forex Expo and Director of Savannah Services) with Pastor Olubunmi Ajala aka Forex Professor

Award plaques

Awards were presented at the Lagos Forex Expo Conference And Exhibition in the following categories:
(1) Best forex news provider: CNBC
(2) Fastest growing broker: XM.com
(3) Fastest growing broker in the region: ACM Gold

It was a great day at the Civic Center,Victoria Island Lagos, where the first Lagos Forex Trading Expo and Conference was organised. Top key players in the forex industry taught participant how to invest smarter and trade wisely.Never has Lagos experienced such kind of forex expo.

Sean Hyman is a former pastor and investing expert specializing in currencies and commodities. His secret to investing is woven within the Bible. Of recent news of Sean Hyman hacking what he calls the "Biblical Money Code" has gone viral. Sean's ability to predict precise moves in the stock market was once laughed at, when he appeared on Bloomberg Television predicting that the stock could go down to $11 a share, and would quickly rise to $25 per share and after that would rally to $40 per share over the next year, during which Best Buy (BBY) was dropping to all-time lows of $16 a share.

This is to remind everybody about the 1st Lagos Forex Expo Conference And Exhibition I wrote about Here .

kayswitch OBIMO official Video ft D'banj

It's a Friday,what song do you all listen to when you trade forex? As for me I listen to a lot of song when trading and I would love to share this beautiful one from Kayswitch.

Traders Nightmare (Jokes)

Another sleepless night worrying about open positions…

So you decide to get up to quickly check what’s going on in the market …..

The chart above shows my trade for today.Today I traded the currency pair GBP/JPY,after a break of the resistance level. My entry level was at 162.034 and exist level was at 162.766.

USD Gains as FOMC Minutes Surprise

The FOMC October 29-30th meeting minutes showed that members discussed about tapering to start in months ahead. Some continue seeing downside risks to US recovery, while others are willing to announce a timetable for the QE unwind. USD gained against a clear majority of G10 and EM currencies on revived specs that tapering will begin at some time in the foreseeable future. Released yesterday, the better-than-expected retail sales in October triggered a short-lived USD buybacks in New York, yet the flat-to-slower CPI readings rapidly capped enthusiasm. The CPI y/y retreated from 1.2% to 1.0% in October as expected, while the CPI m/m turned unexpectedly negative (-0.1% vs. 0.0% exp. & 0.2% last). Softer CPI gives margin to Fed in prolongation of the ultra-lose policy. This in hand, some FOMC members voiced that lower interest paid on excess reserves should be considered moving forward.

The U.S. Federal Reserve building in Washington, D.C

We believe investors in the forex market and financial community in general overreacted to the FOMC minutes. The price action in equities, treasuries and currencies suggests that there was major shift or revelation by the Fed but in reality the minutes contained very little surprises and did not say anything that we had not all already known. The Federal Reserve is likely to taper in the coming months based on better data and considering that the December, January and March meetings are all in the "coming months," the Fed's guidance is consistent with market expectations. Monetary policy committee members also discussed various scenarios under which it may be appropriate to begin tapering sooner and this is also not surprising because it is their job to discuss all options. The Federal Reserve saw very little changes in the economy from the September meeting. The recovery is continuing at a moderate pace with further improvement in the labor market. However the recovery in housing is slowing, fiscal policy is still restraining growth and consumer sentiment remains unusually low. While the downside risks to the economy have diminished, there are still "several significant risks."

The US dollar trades mixed against major rivals Wednesday after yesterday's comments from Bernanke and Yellen from the Fed signaled the bank will maintain its ultra-loose policy for a while.

Reminder:1st Lagos Forex Expo Conference And Exhibition

This is to remind everybody about the 1st Lagos Forex Expo Conference And Exhibition I wrote about Here .

Notice

The name of this blog "ughamadusixtusemeka.blogspot.com" will not be changed again to "iamsixtus.blogspot.com. This is because the registered blog name can not be changed in certain applications online.We apologies for any inconvenience this change has caused.

IronFX Daily Commentary 18/11/13 - USD lower as data backs up Yellen

Watch ironfx daily commentary by Marshall Gittler

News Release For The Days Ahead

News release for the days ahead are as follows:

For USD (USA)

Wednesday,November 20, 2013

1:00 AM GMT Fed Chairman Bernanke Speaks

2:30 PM GMT Consumer Price Index (CPI)

2:30 PM GMT Retail Sales M/M

8:00 PM GMT FOMC Meeting Minutes

Forex Trading in Dubai

I read this article last year on how forex traders in Dubai react to forex trading and I would love to share it with the readers of my blog.

For Benny Jacob, 45, a former electrical engineer based in Dubai, staying calm is the key to trading in foreign currencies. He is a foreign exchange (forex) trader who speculates on movements in exchange rates, much like others would speculate on movements of stock prices. He often takes advantage of even small fluctuations in exchange rates. Market volatility is where he and the growing band of retail traders make their money.

Forex trade is not gambling, forex trade is a serious business. Before I go on, let me define gambling from the oxford dictionary. Gambling is the activity of playing games of chance for money and of betting on horses, etc. There is a general notion that forex trade is gambling or close to gambling and I believe that in the sense that forex is only gambling if one does not have a proven trading strategy and believes he/she can get rich fast by trading without a proven strategy. I see more of forex gamblers than forex traders, and they are the ones with the notion that forex trading is gambling, whereas real forex traders believe that forex trading is a form of investment.

The name of the blog will be changed from "Ughamadusixtusemeka.blogspot.com" to "Iamsixtus.blogspot.com" very soon,please take note of this change.The reason for the change is to reduce the length of the name to enable readers search for the blog site faster.
Thanks for your understanding.

My Trade of Today (EUR/GBP)

Today I traded the currency pair EUR/GBP. My trade today was based on fundamental and technical analysis,after the following news release:
(1) Claimant Count Change
(2) Unemployment Rate
(3) BOE Gov Carney Speaks
(4) BOE Inflation Report
The news release all favored the GBP at the time it was released.
After trading the news release,based on technical analysis I entered another position (a buy order) when the market reached it oversold region on the RSI indicator level 10,for just 10 pips.(Click on the chart for a bigger picture)

GBP/USD Soars After Inflation Report

GBP/USD has advanced sharply today (November 13th), following the publication of the latest Inflation Report from the Bank of England (BoE).

Governor Mark Carney stated in August that the bank will keep interest rates at record-low levels until unemployment in the country falls to or below seven percent. Official data from the Office for National Statistics (ONS) earlier in the day showed this figure inched lower to 7.6 percent in the three months to September.

As a trader and an Introducing Broker for ironfx.com, I will be honest with my readers and let them know that most brokers are not always honest in their dealings with client’s funds. Just as we live in an imperfect world so does the trading world operates imperfectly. A lot of forex brokers are scammers; you execute an order and see something different from what you expect.

Laura Pederson started to trade stocks and learning about Forex in-between classes while still at school. At the age of 17, after one semester of college, Laura started working at Wall Street as a clerk. She then moved into an indexed option trader’s position when one trader couldn't make it into the office. Laura proved to have a knack for knowing all about a Forex account and the secrets of Forex millionaires because she showed other Forex gurus how it was done. Her calculations were accurate and she moved into trading in the pit.

Imagine a world where you make a living without a boss,choosing when and where you like to work at any particular time,making a good amount of money every week at your own convenience. As for me am in that imaginary world where am not answerable to any boss or any government policy that regulate's my job.These and many more that I will be mentioning are the reasons I trade forex and advice anybody to get into it and experience the dynamics involved in trading forex.

There is a saying in the forex world that the fastest means to get rich in forex is to buy when the market or price level has reached an oversold level after a long downtrend and sell when the market has reached an overbought level after a long uptrend,but what they fail or deliberately won't want to tell you is how to trade this method. They don't tell you which indicator to use,what time zone to trade this method and how to get rich using this method.

ABOUT LAFEC

Lagos Forex Expo and Conference will be the gathering of the Industry Leaders, full of seminars, tutorials and discussions by key industry experts where investors can get the skills about whats moving the market

We expect over 5,000 attendees including Beginner Investors, Experienced Investors, High Net Worth Individuals, Institutional Investors, Investment Authorities, Advisors/Appraisers, Agents & Introducing Brokers, Portfolio Managers, Senior Executives of key organisations, Fund portfolio Managers, Investments managers, Analysts, Commodities Traders, Risk Managers, Researchers, Solution Providers, Accountants, Marketing and sales executives, Money market Traders, Dealers, Banking and financial institutions managers, Deans, teachers and students of finance department of universities and anyone who is involved with investments and financial markets.

KISS is an acronym in Forex for the design principle “Keep It Simple, Stupid’’.

A KISS trader makes or realizes most of his profitable trades are those that are the simplest to spot. A trader that trade’s on a simple method which forex traders know as “KISS”, understands the simplicity in it and it is the smartest type of trade because it produces the greatest profits in forex.

Kiss oh no not the type you know spoilt mind.

KISS is an acronym in Forex for the design principle “Keep It Simple, Stupid’’ .

Trade Of Today (GBP/USD)

My trade of the day goes to GBP/USD currency pair.After a breakout of the resistance level of the day.
After breaking resistance level 1.59835 which was my entry level during the news release (Service PMI) and my exist level was at 1.60366

Breakout Trading Strategy

Today I will be discussing about the breakout strategy as promised last week and yesterday (my beloved trading strategy),how to identify a possible breakout and how to ride with the trend that occurs after a breakout(like the saying "the trend is your friend").Breakout Strategy enables one to reap massive profits,it remains one of the most basic concepts in trading.

My trade of the day goes to GBP/USD currency pair.After a breakout of the resistance level of the day.
My entry Level was at 1.59425 and Exit level was at 1.58717.I carefully analysed the market before trading the pair, just immediately after a positive news for GBP (Construction PMI News) was released,using my custom Support and Resistance indicator to spot resistance level (Click on the chart to see it clearly).
I will be explaining how to spot breakout tomorrow.

Cyprus The Country/Island with The Highest Number of Forex Brokers

Anyone who has browsed a number of Forex comparison sites may have noticed that there are significant number of Forex brokers based in Cyprus. Today we are going to explain the reasons behind why so many Forex brokers choose the small island of Cyprus as a base for operations.

George Soros gained international notoriety when, in September of 1992, he risked $10 billion on a single currency speculation when he shorted the British pound. He turned out to be right, and in a single day the trade generated a profit of $1 billion – ultimately, it was reported that his profit on the transaction almost reached $2 billion. As a result, he is famously known as the "the man who broke the Bank of England."
Soros is also famous for running the Quantum Fund, which generated an average annual return of more than 30% while he was at the helm. Along with the famous pound trade, Soros was also cited by some as the "trigger" behind the Asian financial crisis in 1997, as he had a large bet against the Thai baht.

) went offline – to remove some of the not so good publicity pictures and comments. However, the sites are back up and running again – with restricted access so you can check them out!

My trade of the day goes to the EUR/USD currency pair.After the break of support level 1.3730,a heavy trend occurred.
One of my trading strategies is to trade the breakout of either the Support level or Resistance level,using my custom support and resistance indicator.
Next week I will be explaining how I personally trade breakout.

Forex Trading Not For The Faint Hearted

Forex is not for the faint of heart, but a skilled investor with the right tools and the right knowledge can be successful.
Forex trading is certainly one of the most lucrative money making opportunities around the world,although there is a survey that say's 95% of people that take up forex trading lose all the money they invested, but you still have a chance of joining the 5% group of forex traders who are actually successful at trading. I am not trying to put you off forex currency trading or scare you to death, I just want to show you a different side of the coin in trading forex from the usual hype of huge money making in trading forex.

The EUR/USD was lower today, retesting the 1.3700 level in Asian and morning European trade today after a series of disappointing consumer spending reports and new comments the from ECB member Ewald Nowotny put pressure on the pair. In an interview with CNBC Mr. Nowotny noted that the ECB will provide more liquidity by the time the LTRO loans made in December of 2011 expire next year.

To me the trade of today goes to the currency pair,EUR/CAD.Break of the support level 1.43643 saw a heavy down trend.Today the EUR currency was weighed down by the data releases from the news.I still hope for a reversal for the pair.

FOMC and RBNZ Rate Statement

Based on my trading strategy I stick to fundamental analysis, whenever certain news are expected to be released I avoid trading based on technical analysis,as not to be caught in between the two types of analysis in trading forex (There are three types of market analysis,Fundamental,Technical and Sentimental analysis).
Two strong news will be released today that might cause a tsunami in the forex world,so I advice traders to pay close attention to the following news release:
(1) Federal Open Market Committee (FOMC)
(2) Reserve Bank of New Zealand (RBNZ)

Support and Resistance

Two years ago on this blog I posted a topic on trading forex using support and resistance indicator, but didn't explain it at length.

Every day I trade forex , am always on the lookout for support and resistance levels. If you call yourself a forex trader, and you are unable to spot the levels, than I advice you stop trading forex, because it is the most basic concept of trading.

A Support level is where buying pressure overwhelms selling pressure enough to interrupt or reverse a downtrend. Conversely, a Resistance level is where pressure is strong enough to overcome buying pressure such that an uptrend can be stopped temporarily or reversed. A strong resistance level is more likely to block further advance even if prices slightly pierce through resistance, and such a situation presents traders with an excellent shorting opportunity.

Early morning trade for today

I traded the pair AUDUSD,AT 22:00 GMT+1.After a break of resistance that lead to an up trend. Below is the chart.(Click on the chart to see the bigger picture)

There is a custom indicator I will like to share with my readers (forex traders),which I will be giving for free when you register an account with ironfx.com through this link:https://www.ironfx.com/en/register?utm_source=613050&utm_medium=ib_link&utm_campaign=IB.

It's a support and resistance indicator that helps me spot support and resistance levels in the market and I will be explaining how to use this indicator to help traders and intending traders spot breakout in the market and also trends (like the saying,the trend is your friend).
The chart below explains how it works.The red line indicate Resistance and the blue line indicate Support.(Click on the chart to see the bigger picture)

Kathy Lien

Having graduated New York University’s Stern School of Business at the age of 18, Ms. Kathy Lien has more than 13 years of experience in the financial markets with a specific focus on currencies. Her career started at JPMorgan Chase where she worked on the interbank FX trading desk making markets in foreign exchange and later in the cross markets proprietary trading group where she traded FX spot, options, interest rate derivatives, bonds, equities, and futures. In 2003, Kathy joined FXCM and started DailyFX.com, a leading online foreign exchange research portal. As Chief Strategist, she managed a team of analysts dedicated to providing research and commentary on the foreign exchange market. In 2008, Kathy joined Global Futures & Forex Ltd as Director of Currency Research where she provided research and analysis to clients and managed a global foreign exchange analysis team.

As an expert on G20 currencies, Kathy is often quoted in the Wall Street Journal, Reuters, Bloomberg, Marketwatch, Associated Press, AAP, UK Telegraph, Sydney Morning Herald and other leading news publications. She also appears regularly on CNBC – US, Asia and Europe and on Sky Business. Kathy is an internationally published author of the best selling book "Day Trading and Swing Trading the Currency Market" as well as "The Little Book of Currency Trading" and "Millionaire Traders: How Everyday People Beat Wall Street at its Own Game" – all published through Wiley. Kathy’s extensive experience in developing trading strategies using cross markets analysis and her edge in predicting economic surprises serve key components of BK Asset Management’s trading and money management techniques.