Why I Just Converted My Entire Trading Account into Yen

Since I live in the United States, I generally transact in USD. So when I withdraw money from my forex account it’s always in USD. But if I think a currency is going to appreciate against the USD, why should I hold my trading account in US dollars? Why not try to boost my forex returns by holding a currency that’s not my base currency?

That’s what I’ve been asking myself lately, and I’ve just now taken action.

Today I moved my entire trading account from USD to Yen in an effort to boost forex returns on top of my normal trading. This is something I’ve been considering doing for awhile, but haven’t pulled the trigger on. If you’ve got a long term view on a currency pair, why not convert your trading capital into that currency while you trade?

Well, there are a couple reasons why you may not want to do this. But there are good reasons for doing it too. In this post I’m going to dive into why I chose Yen and what it could potentially mean for my returns. (more…)

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Forex Trading Weekly Outlook – 9/25/2016

After last week’s trifecta of central bank rate statements from the BoJ, Fed, and RBNZ, I’m looking forward to a week with some decent data coming out but not much in terms of huge events. Hopefully we can start seeing some real trends taking hold. Looking at our trade tracker it doesn’t seem like there’s much going on right now:


But that’s actually quite deceiving. There are a ton of trade opportunities in the market right now, and our Patreon group has been doing quite well. Going forward I will only be publishing a weekly outlook along with a mid-week update on Wednesdays as long as I have the bandwidth for it. I’m still trying to find the right balance between my family life, my business, my personal life, and sharing as much of my trading with you all.

That said, I am constantly updating our Patreon group throughout the week. We’re even launching a model account via MyFxBook starting in October with a $20,000 model account (more on that at the end of the post). The idea is to allow our Patreon members to see our trades in real-time even if I’m not around.

But enough of that, let’s focus on what’s going on in each of our six pairs: (more…)

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Forex Trading Weekly Outlook – 9/18/2016

Next week is going to be a doozy in the forex markets. So before I dive into the technical aspects of what I’m seeing in our six pairs I want to lead with a disclaimer: If you’re new to trading forex, it might not be a bad idea to sit out the week entirely and just observe. Here’s a fantastic recap of five huge events that are on the docket for this coming week. Read it!

Now that that’s over, let’s look at our trade tracker to start the week:


The trade tracker is finally starting to show some life! And this is why I’m going to reiterate why this coming week can be so dangerous for novice traders. There are some clear trends starting to develop, which makes it tempting to hop on the train and ride them to profit. But with the extremely high fundamental risk this week, these trends can be reversed, whipsawed, and everything in between. So please, be careful out there!

Now let’s take a look at each pair: (more…)

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Forex Trading Weekly Outlook – 9/11/2016

Even with three central bank rate decisions last week things still felt pretty subdued. That said, it was better than it has been in week prior, so hopefully we’re getting back in the swing of things. Here’s our trade tracker to start the week:


Things are still choppy, but we do have a couple pairs that are trying to put a toe hold into some decent trends. Let’s dive in and take a closer look: (more…)

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Forex Daily Roundup – 9/8/2016

Today was probably the most interesting day of the week. We had something to capture the attention of traders via the ECB rate decision and Draghi’s press conference. Then we had some whipsaw action with the USD. Sadly though, our trade tracker is looking as pathetic as ever:


Things are extremely mixed in terms of the different trends on different time frames. That results in few opportunities according to the bottom half of our tool. But if we dig in a bit, there’s still trades to be made from a technical perspective: (more…)

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Forex Daily Roundup – 9/7/2016

Most of the action we saw in the past 24 hours came in early Asia trading. Beyond that, things were relatively quiet. USD/JPY took a tumble and other Yen pairs with it, but overall the day did little to change our trade tracker:


There are still a couple of trades we’re looking at, hoping to squeeze some opportunities out of the market. Here’s what we’re seeing: (more…)

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Forex Daily Roundup – 9/6/2016

The US is finally back at their trading desks after a long weekend, and things got a bit nuts after US ISM data coming in worse than expected. I was surprised to see this have such an impact on markets, but then again… things have been very quiet since Friday and perhaps the market just wanted an excuse to react to something. Unfortunately, most pairs went against their adolescent trends, so we’re stuck with few opportunities right now:

Screenshot 2016-09-06 13.11.58

In fact, the only pair that’s really attractive for new entries right now is GBP/USD. But let’s look at each pair individually and see what’s changed: (more…)

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We Hit Our Goal, FMM Lives On!

A few weeks ago I wrote about how ForexFactory designated me a commercial member, essentially banning me from posting on the forums. I came close to shutting down the blog completely, but that didn’t feel right and I asked you, the community, what your thoughts were.

After that first post on August 17th, I immediately start pouring my efforts into our Patreon group in lieu of ForexFactory. And we’ve since bagged 375 pips since that fateful day:

Screenshot 2016-09-06 11.58.34

Our goal has been to hit $1,000 in Patreon pledges to keep FMM alive and running. I’m excited to announce that we hit that milestone today:

Screenshot 2016-09-06 11.55.02

Our next goal is to hit $2,000 in support. When that happens, I’ll remove all the display ads from FMM because really… who enjoys those? Yes, they’re relatively lucrative, especially since most of the ads are targeted at Forex trading, a relatively high cost-per-click demographic. But for me it’s not about the money, but improving the community and the experience for everyone.

Thank you to those who have joined our humble group. I’m excited to see it continue to grow and prosper!

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