Technical Analysis of the Forex Spot Markets using Elliott Waves, Chart Patterns, Candlesticks and other tools. Disclaimer: None of the comments in this blog shall be construed as professional trading or investment advice.
Wednesday, February 25, 2009
Saturday, February 21, 2009
King of the Micro Contest
Looks like trading contests are getting more popular. A friend just told me about it, so I thought I share it here.
There's a King of the Micro Contest coming up by FXCM. Participating Criteria is rather simple, just make sure you have an account with USD500 in it. Person with the highest percentage increase for the month will win prizes up to $25k.
Before you jump in, do realise that joining in such contests typically encourages over-trading (why else would they have such contests). Many people do exceptionally well, and many others completely blow their accounts.
If you are up to the challenge, I'd recommend you take out all but the minimum USD500 for the contest, and enter with your eyes open to the risk of blowing the account. I think if one does enter this contest, it is mostly with a all-or-nothing attitude in an attempt for the $25k prize.
Good luck!
p.s. this is not an advertisement, and I get nothing from FXCM for this.
There's a King of the Micro Contest coming up by FXCM. Participating Criteria is rather simple, just make sure you have an account with USD500 in it. Person with the highest percentage increase for the month will win prizes up to $25k.
Before you jump in, do realise that joining in such contests typically encourages over-trading (why else would they have such contests). Many people do exceptionally well, and many others completely blow their accounts.
If you are up to the challenge, I'd recommend you take out all but the minimum USD500 for the contest, and enter with your eyes open to the risk of blowing the account. I think if one does enter this contest, it is mostly with a all-or-nothing attitude in an attempt for the $25k prize.
Good luck!
p.s. this is not an advertisement, and I get nothing from FXCM for this.
A Singaporean Trader's Story
There are many books out there (like Market Wizards) which compile stories of how different traders became successful. But sometimes, these stories can seem quite distant.
Somewhere closer to home, one of our own Singaporean traders has shared his journey as a trader. From being a blind follower of what others say, to feeling overconfident, to (almost) becoming backrupt, to rising from the ashes like the legendary pheonix.
Even though he write more about the stock market, the psychology of it all is applicable across all markets. Enjoy!
http://www.sgwayoflife.com/articles/MyStory.html
Somewhere closer to home, one of our own Singaporean traders has shared his journey as a trader. From being a blind follower of what others say, to feeling overconfident, to (almost) becoming backrupt, to rising from the ashes like the legendary pheonix.
Even though he write more about the stock market, the psychology of it all is applicable across all markets. Enjoy!
http://www.sgwayoflife.com/articles/MyStory.html
Saturday, January 31, 2009
Sure Fire Trading Challenge
Sure Fire Trading is holding a Trading Challenge from 1st Feb to 28 Feb. There are two categories for this challenge - Live and Demo, and price money is as follows:
Prize Money Real Accounts
1st Prize - $2,000
2nd Prize - $1,000
3rd Prize - $500
Prize Money Demo Accounts
1st Prize - $500
2nd Prize - $300
3rd Prize - $200
Details here.
As emotions can be heightened for such challenges, personally I'd recommend the Demo account challenge if you are interested to try. Good luck with your trading!
Prize Money Real Accounts
1st Prize - $2,000
2nd Prize - $1,000
3rd Prize - $500
Prize Money Demo Accounts
1st Prize - $500
2nd Prize - $300
3rd Prize - $200
Details here.
As emotions can be heightened for such challenges, personally I'd recommend the Demo account challenge if you are interested to try. Good luck with your trading!
Sunday, January 18, 2009
Having a Long Ring Finger May Make Traders Richer
Having a Long Ring Finger May Make Traders Richer, Study Says
2009-01-12 22:08:55.933 GMT
By Elizabeth Lopatto
Jan. 12 (Bloomberg) -- Traders whose ring fingers were longer than average, compared with their index fingers, made ten times more money than those whose two fingers were close to the same size, a study of London traders found. The secret to prosperity may be contained in their digit ratio, which reflects the length of the index finger divided by the length of the ring finger, according to a study of 44London traders in the Proceedings of the National Academy of Sciences.
Traders with a lower digit ratio made an average of 679,680 pounds (or about $1 million U.S.), compared with 61,320 pounds ($90,956 U.S.) by those with a higher ratio, the report said. Previous research has found that the digit ratio reflects how much testosterone an unborn baby was exposed to in the womb. Those exposed to high levels of the hormone are more sensitive as adults to testosterone that creates feelings of confidence and encourages risk-taking, said study author John Coates.
Recognizing the physical characteristics of employees may help companies weigh their reaction to events, he said.
“Economics hasn’t actually looked at the physiology of people in stock market bubbles and crashes to see if their rationality is being impaired by their physiology,” said Coates, a professor at the Judge Business School at the
University of Cambridge in the UK, in a telephone interview.
Earlier studies have identified several physical characteristics that reflect prenatal hormone exposure, including the digit ratio.
University of Cambridge
The new study was funded by the University of Cambridge.
Coates and his team photocopied the right hands of 44 traders, all men, in London. He then measured the length from the tips of the fingers to the crease closest to the palm; the measurement was replicated by an independent observer.
The team found those with a lower digit ratio of 0.93, on average, earned ten times more than those with an average ratio of 0.988. Men typically have a ratio below 1, indicating their ring fingers are longer, Coates said. Women typically have a
ratio of 1 or above.
The study also found traders who have long ring fingers stayed in their jobs longer. Participants worked in a type of trading known as “high-frequency” trading, which lends itself to risk-taking and quick reactions, the authors wrote. In other
types of asset management, such as mutual fund or pension managers, these types of traders may not be as successful, Coates said.
Even within high-frequency trading, comparing the finger ratio only works if traders have equal access to capital and information, and similar risk limits, said Coates, who worked as a derivatives trader at Deutsche Bank in New York from 1996 to
2001, during the dot-com bull market. He was able to adjust the study data to minimize the influence of these factors.
“This was the trickiest part,” Coates said.
2009-01-12 22:08:55.933 GMT
By Elizabeth Lopatto
Jan. 12 (Bloomberg) -- Traders whose ring fingers were longer than average, compared with their index fingers, made ten times more money than those whose two fingers were close to the same size, a study of London traders found. The secret to prosperity may be contained in their digit ratio, which reflects the length of the index finger divided by the length of the ring finger, according to a study of 44London traders in the Proceedings of the National Academy of Sciences.
Traders with a lower digit ratio made an average of 679,680 pounds (or about $1 million U.S.), compared with 61,320 pounds ($90,956 U.S.) by those with a higher ratio, the report said. Previous research has found that the digit ratio reflects how much testosterone an unborn baby was exposed to in the womb. Those exposed to high levels of the hormone are more sensitive as adults to testosterone that creates feelings of confidence and encourages risk-taking, said study author John Coates.
Recognizing the physical characteristics of employees may help companies weigh their reaction to events, he said.
“Economics hasn’t actually looked at the physiology of people in stock market bubbles and crashes to see if their rationality is being impaired by their physiology,” said Coates, a professor at the Judge Business School at the
University of Cambridge in the UK, in a telephone interview.
Earlier studies have identified several physical characteristics that reflect prenatal hormone exposure, including the digit ratio.
University of Cambridge
The new study was funded by the University of Cambridge.
Coates and his team photocopied the right hands of 44 traders, all men, in London. He then measured the length from the tips of the fingers to the crease closest to the palm; the measurement was replicated by an independent observer.
The team found those with a lower digit ratio of 0.93, on average, earned ten times more than those with an average ratio of 0.988. Men typically have a ratio below 1, indicating their ring fingers are longer, Coates said. Women typically have a
ratio of 1 or above.
The study also found traders who have long ring fingers stayed in their jobs longer. Participants worked in a type of trading known as “high-frequency” trading, which lends itself to risk-taking and quick reactions, the authors wrote. In other
types of asset management, such as mutual fund or pension managers, these types of traders may not be as successful, Coates said.
Even within high-frequency trading, comparing the finger ratio only works if traders have equal access to capital and information, and similar risk limits, said Coates, who worked as a derivatives trader at Deutsche Bank in New York from 1996 to
2001, during the dot-com bull market. He was able to adjust the study data to minimize the influence of these factors.
“This was the trickiest part,” Coates said.
Saturday, January 17, 2009
Million Dollar Traders
I recently came across this interesting new reality show. A person attempts to train 8 entirely individuals who are entirely new to trading to become traders. Check out the first part below, and head on to youtube to find the if you find it interesting. :)
Wednesday, January 7, 2009
How to Use Elliott Wave Analysis to Boost Your Forex Trading
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