Time Flies when you’re…

An extremely busy month in my Forex world.  I’ve been getting the usual emails promising me great returns with the latest Forex Buster EA (hopefully there isn’t one named that – I just made it up so please don’t sue) and successfully ignoring them.

Then I hear all the news about how the trading rules are changing for us here in the states come May 15th.   If you haven’t heard, check it out with your Forex broker. 

Basically, no more hedging.

And orders are First In, First Out (FIFO).  If you open multiple orders, the first one you open is the first one you have to close.   So now there is a rush to find non-US Forex brokers. 

I’ve meanwhile spent my time studying support and resistance even further. Matter of fact, I am so convinced this could be the answer for me, I’ve created an EA to help me trade while I’m away.   I’m not promoting it, so this isnt one of those get rich quick schemes.  Matter of fact, it’s not for sale. 

Here’s the big secret: 

  • Take a 1 hour chart and draw support and resistance
  • Watch price – it will either bounce or break

Seems to happen every time.  

There is a bit more to it than that however, and I’m still working on the concept in a demo account.  So if anyone has any further ideas along this line, let me know. I’m a bit slower in permitting the comments to be seen – because as we all know, Time flies when you’re making money in Forex.

Meanwhile, thanks to a forum called Bizzy’s Forum, I seem to be doing pretty good in the real cash account.  One of the lessons learned has been patience.

Although people looking for quick answers, wont find them here, it is hoped that the folks that have learned patience will.  And for the first group mentioned, as tough as it seems, an increasing bank account requires plenty of patience.

Time flies when you enjoy what you’re doing…and that’s a key.

Posted on May 4th, 2009
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