Trading for 2008

Good morning and a very Happy New Year to you all.

Over the last couple of weeks we have had thin volume, early closing trading days as well as closed days and now they are a thing of the past........well for nearly another 12 months anyway!

The markets are opening again within the next hour for the first time this year and we will analyze the currencies during the course of the day and will share some charts tomorrow.

We will be watching Cable and Euro carefully during the coming weeks for any breakouts or breakdowns. We have already posted our Euro chart below todays post for you to view.

We have had a few emails from traders and the excerpts are below with permission.

I registred for a newsletter and I found it very useful thanks to Anne. I recommend it to everyone who is new in trading. I had 2 weeks holidays from 24 December, for the first time I was trading during the day time. I manage to earn more then 700 pounds in few days of trading.
From KB

I've been trading for just under a year and a half now and my results and consistency are getting better and better. From our last meeting I've been applying everything you showed me to the 'T' with a couple of additional things that I like to use and the 2 trades I've taken on have both been very successful. I traded short on the USDCAD where I made just over 180 pips using the BB strategy and I went short on the USDJPY using my own analysis and got a sell signal the following day on the BB strategy after the market moved down over 160 pips. I've now exited 40% and have my stop on swing high which is 160 pips from entry. Now I'll just be scaling out.

I just wanted to say I'm glad I came to see you the night before my 25th birthday as I considered it to be a great birthday present for myself. I said this to you on that day and I'm going to say it again, you are an inspiration Javid and I appreciate the time you have taken out to teach me the art of trading. Trading is now going to play a major role in me living the life of my dreams which will have a ripple effect on all the people around me.
From JS

So the New Year has started and regardless of the results of last years trading, we are all starting with a clean slate for this year. If you know an aspect of your trading needs improving then work on those areas of your trading. Be honest with yourself to identify those areas and if you make a small improvement everyday you will find you can overcome it! You have proof from two people who already have.

Write down your goals for 2008. Every successful trader we know and have had the pleasure of meeting have always had written goals. Write down your goals and that does not just mean monetary ones. If you want a new car then write down you want a new car (including specification and colour etc) and when you want it by. If you want a holiday to the Bahamas then write down when you want to go, where you want to stay, what you will do there etc. You need a plan and by doing this you are telling your subconscious you need to make a specific amount to buy a specific item by a specific date. This is far more powerful than just trying to make a profit from the markets everyday just because you want a profit. We all need goal settings so if you have not done yours for 2008 do them today!

Happy New Year and here's hoping it is a prosperous one.

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Forex Analysts

Anne Chapman & Javid Shaik