ADVENTURES OF A CURRENCY TRADER in .NET

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ADVENTURES OF A CURRENCY TRADER
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to my house. They were more than happy to oblige, so I grabbed just one of the books the book about day-trading forex and I left the store, hopped on the subway, and headed home. By the time the subway reached my stop in Queens, I was so wrapped up in the book that I never got off. I stayed on all the way to the end of the line, and although by then I realized what was happening, I stayed on anyway. From what I could tell, the currency market was the most liquid market on the planet, and trillions of dollars a day changed hands (or computer screens) in trading. The book was written for the guy trading currency at home, which was perfect for me and it had systems, it had tools, it even had advice about how to keep a log of my trades. I had placed a total of three trades in my entire life but I was determined that it wasn t going to be long before I was trading on a daily basis. When I arrived home, I had two things waiting for me: a frustrated wife and a box full of books sitting on the porch so heavy that we could hardly move it. Gini was wondering how on earth I could justify buying all those books when I had just lost my job. It was funny, because I hadn t thought about my lost job all day long. Once I ate dinner with my family and put the kids to bed, I rushed to the computer and fired up the charting program. That was the first thing I wanted to see: the charts. Mr. Wilson had told me to look at the longer term charts. So that is what I did (see Figure 9.1). The daily chart told me nearly everything that I cared to know about Craig s trade. Just the day before, on the first day of April, his trade had
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FIGURE 9.1
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Harry looks at a long-term chart.
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closed at his profit target of 1.8600. But I needed to see a chart closer up that would show what had happened today. So, against the wishes of old man Wilson, I switched over to a 15-minute chart. From my book on technical analysis, I learned that each of the candles I looked at represented the movement of price in a designated period of time. On a 15-minute chart, each candle showed how far the price moved in, well, 15 minutes. Dark candles meant that price had gone down. Light candles meant that price had gone up. Easy enough (see Figure 9.2). Looking at the chart, I realized that the GBP/USD had moved its entire distance for the day 200 pips in the first 15 minutes after the report was released. Then it rose back up 100 pips, and then it fell back down 100 pips. What a wild ride! Surely a lot of money could be made in a very short period of time. That s where the money was! In the short-term trading, just like Craig Taylor was doing. If I could react fast enough, I realized, I could get in on the first move of a currency pair after the Non-Farm Payroll report (ah, the NFP!), or the FOMC (Federal Open Market Committee) interest rate decision, and then ride it for a quick profit. And what if I traded more than just one currency pair While I knew I had made a mistake when I traded after the FOMC interest rate decision, I now understood that it was more a mistake of how long it took me to enter the trade and for long how I stayed in. It had nothing to do with whether I bought or sold. There were fast profits even easy profits to be made when these two reports were released. How many more reports were there When did they come out Would Craig show me how to trade them I felt badly for Mr. Wilson. That old man was sitting around
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