Image by Mr Wabu via Flickr
Yes, this is the kind of profit you can gain from trading currencies on line - $3,800 profit on an initial capital of only $5,000 in just 7 days! (And, this is still conservative compared to the trading records of some experienced traders!
In my instructional demo trading using the Japanese Candlestick Charts, I bought 1 lot (worth $100,000) of Japanese Yen at 90.11 last February 11, 2009. (How this is possible will be the topic of my next blog!)
Our objective of 93.55 has been reached and so I will liquidate my position at this level before the U.S. market closes today. I will publish the actual profit I made on my next update tomorrow. (At the price levels of USD-JPY as of this writing (93.60), my profit stands at $3,600!)
This is how effective the Japanese Candlestick charting technique is on spot currency trading. Although, the candlestick chart has not shown me any sign that the dollar may pullback, I will just the same square off my position and actualize profit for now.
The dollar may pull back a little in tomorrow's early Asian trading so, I look forward to re-establishing my buy position then. If you have questions, comments, or suggestions, please feel free to post it below. Just click on the 'comments' text link at the bottom of this post and a comment form will pop up for your use. Or, you may use my yahoo messenger at the side bar if I happen to be available at the time you read this post! Watch out for more of my instructional trading updates.