Still Making Money (Virtually), So Far!

I've managed to get a couple of vitual trades in so far this week, and things are looking good.

Just a reminder here, the pairing I'm working with is GBP/USD.

On Monday 25th Jan, the trade pulled in a massive 177 pips. Think about that! Even trading only .50p (cents) per pip, that's a nice £88.50 to add to the kitty.

After the big boost on Monday, I logged into the platform I'm using, to check out the charts and indicators. The indicators I'm using on my system were showing that a further climb was on the cards. On a personal level, I felt that the pair looked set for a downturn. The noises coming from Bank of Englands Monetary Policy Committee didn't sound too healthy, and after a fairly big climb, I felt the signals could be wrong. Therefore, I decided that in reality, I probably would not have put a trade on, so I left it. As it happens the pair climbed higher, and I missed out on a reasonable gain. Sometimes the news just seems not to have the expected effect.

Skip forward to today (thurs 27th). Looking at the charts early on in the morning was pretty uninspiring. The indicators weren't giving any clues as to what was happening, and the candlesticks were up an down like a brides nightie. Again, I didn't bother, but thought I would check back around lunchtime when the US market opened.

There had been some movement mid morning, with the pair continuing to climb, and the indicators were telling me a further climb was still on the cards. I set up an order to open at 1.5950, looking to take 30 pips profit. That was at 13:00, 45 minutes later at 14:15 the trade was over, a winner, closing out at 1.5985. Take the spread costs off, and it left me 32 pips up.

That really is the essence of my system, making 25-30 pips of profit on each trade. Ok, on Monday I done brilliant, but that was because I was able to sit there and keep an eye on it, extending my profit target as the price moved.

If I don't trade any more this week I won't be upset, how can I be with 209 pips of profit! Translate that into money, at my .50p per pip trading, it equates to £104.50 so far this week. That brings the virtual kitty now to a fantastic £241.85.

For now I will stick with .50p trading. Once the kitty breaks past the £500 point, then I'll up the ante and start trading with £1 per pip.

Still can't afford to do it for real just yet, but I'll definitely be doing so once I have a spare £100 to start with. That will give me a longer time to check this system out properly anyway.

I've actually started tweeting by the way, look out for me, Iwannabeatrader. Haven't a clue what I'm doing. I'm actually struggling with this blog, but we have to start somewhere eh! Hoping to learn how to use pictures and all that sort of stuff soon.

I'll sign off for now, stay tuned in, and stay happy, you'll live longer.