Friday, February 29, 2008

Will Power

"Will power is but the unflinching purpose to carry a task you set for yourself to fulfillment..."
-Matt J
Sent via BlackBerry from AT&T


This is a currency pair that I got into later than I would have liked; but nonetheless it's been moving for me and I'm happy.

If you notice in the picture above, the currency pair found a good solid support at about the 2.1254 level. Now, if it were to break that line then the major downward trend should continue. Well, after touching that support level about 6 times; it finally broke through it and did so with authority!

I shorted 2 mini contracts yesterday afternoon and I've caught some of the ride. My stops are tight to lock in the profit that I've made so far. Additionally, I would expect a bounce of some sort as that will be people taking profit.

But understand this.....In currencies, the move that you see here (from 2.1254 to 2.0713); that's a total of 541 'pips'. Now a pip is roughly equal to $1.00 in size (roughly because it varies from one currency pair to another...this one might be $0.95 per pip...but we're using $1 for easy math...).

NOW, a 540 pip move would produce about $540...ON 1 MINI CONTRACT!!! Now, if you trade 1 full contract (which is made up of 10 mini's) then that's $5,400...10 full contracts takes you to a grand total $54, about 3 days....

Tell me thats not awesome! You're CRAZY if you think it's not...54K in 3 days....let it sink in.....Hmm, Hmm good. That's the power of leverage!

-Matt J

Leaping Lower

After the trading club lastnight, we've made the assumption that we're heading lower. The main reason why is because the indices are looking to be rolling over on less momentum AND the $VIX (A measure of fear in the market) is looking to bounce up. Remember, when the VIX is high it's time to buy, when the VIX is low....LOOK OUT BELOW!!!

Already the futures are indicating that we're going to open lower by about 100 points or so.

Should be a fun day!

Thursday, February 28, 2008

On The Road Again

Driving and driving again....this is the unfun part of my job; but I do get to listen to books on tape or trading dvd's through my iPod.

I'm going to Selma to make a presentation. Hopefully all goes well.

-That's all

-Matt J
Sent via BlackBerry from AT&T

Wednesday, February 27, 2008


It is so hard to trade right now; at least for me it is. What I'm coming to realize is that no matter how good of a trader you are, when the markets are this uncertain, it is nearly impossible to win with certainty or through an edge. I feel like only luck can create winners right now.

The VIX is relativly low and you know what the saying is. "When the VIX is high, its time to buy...When the VIX is low, look out below"

Good luck to all of you who are trading this...I'm staying away!

-Matt J
Sent via BlackBerry from AT&T

Monday, February 25, 2008

Thought for the day!

"Plan the trade and trade the plan"

If you're going to trade, you've got to have a plan...

But what good is it if you don't stick to it?

-Matt J
Sent via BlackBerry from AT&T

Wednesday, February 20, 2008

NC Airport Sucks

Of all things to happen, I'm stuck in an elevator...HA! Just kidding...

But I did see Matt Roloff, from the hit TV show, Little People...I practically took a mug shot of him; just so you know who I'm talking about.

That's all.
-Matt J
Sent via BlackBerry from AT&T

Going to Paper Trading

Ok, this is a point you don't really want to get to as a trader, but my stock account has taken a 20% draw down from its high (Mostly because of a stupid exit strategy on POT. I held a long put on POT over this past weekend; and the markets were closed on Monda due to Presidents Day. I knew before the close that THETA was going to kill me and stop me out if I didn't exit then. Well, I went to close the position at market but it wouldn't allow me because my 'Day Trading Buying Power' was too low to place the order...also, I had a stop still in place on a position that I had just closed out that tied up a lot of capital. By the time I realized this, the markets closed and I was stuck....Tuesday morning POT gapped up 1.30 or so along with the THETA...I lost $...I then swing traded POT through out the day and cut my losses but not enough...

So, per my trading rules, if my account takes a draw down of 20% from its liquidating high, i have to take my trading to paper. I'll come back to real money when I get a 70% win streak (with a minimum of 10 trades). I'll still post my paper trades

The good news is that my currency account is blowing and going. So as one account goes up, the other goes down....I need to fix that...

Have a great day; I'm off to Denver!

Tuesday, February 19, 2008

Winning Attitude

"A winning attitude is a positive expectation of our efforts, with an acceptance that whatever results we do get are a perfect reflection of our level of development and what we need to learn to do better"
-Mark Douglas

GBP/JPY shorting over?

Alright, here's the thing with this GBP/JPY currency's wedging together or forming a symmetrical triangle. This means that it should pop one way or the other. If you want a better definition or understanding go HERE.

I just closed this position to swing trade the pattern...I'll keep posting how it goes...

Happy Dance

The Charts that I put up earlier are working in my favor. I can't celebrate yet, because I'm still in the position.

When I get out of the position I'll be sure to post the charts again.

Be Blessed!

Shorty Swing my way

The arrow is where I added to my short position (by the way, going "short" means 'I bet its going down').
So it breaks down through support on the 15th which should now act as resistance; It comes up to horizontal resistence line; MACD looks to be rolling over and down; I get a confirming candlestick pattern ("Shooting Star").

So I added to my current short position...So, right now I'm short 2 mini contracts of the CAD/CHF with a cost basis of 1.0948. My stop has been placed at break even. So if my trade turns against me, then I'll be out at ZERO loss. I have a gain in the position but I don't want to prematurely get out.

Let your winners run and take your losers out!

Monday, February 18, 2008

Currency Positions

The CAD/CHF is looking to go further down...I'm currently short 2 mini contracts.

The EUR/GBP is looking to continue upwards...

I'm still bullish on the EUR/USD but I'm not entirely convinced...I've tightened my stop to capture most of the gain...

The GBP/JPY has bear-flag written all over it...

Another Day in the Office

ok....another day in the office, its Monday and all my Monday's are spent here. Its nothing too exciting but some day I'll have that office that overlooks the city or something.

Anyways, I'm currently shorting the CAD/CHF and the GBP/JPY. And then I'm long the EUR/USD and the EUR/GBP...if you don't know what that means; then $100 to the first person who figures it out (and you pay yourself)...

I'll try and get some charts up of what I see...And every single day is a great day!

-Matt J
Sent via BlackBerry from AT&T

Saturday, February 16, 2008

Call of Duty 4

This is my girlfriend playing a video game....

Its probably one of the funniest things you can watch...

-Matt J
Sent via BlackBerry from AT&T

change of direction....

I'm going to change up my use for this blog....I think i'm going to start posting trades on here so that I can keep myself accountable........not that anyone is reading my blog or in all actuality....0011101001100101100011010011010100100.

"This world is made up of 10 kind of people; those who understand binary code and those who don't"