A Forex Trading for Income

Simple Trade to make in the  Forex market


Of the ways to make an honest living, Forex is  3-4 trillion dollar a day market with wonderful opportunities to make money.Anyone with enough patience and persistence can do it. Let you on a little secret I was able to pay off my student loan from my trading profits some years ago. I  am not at the same income level as a Warren Buffet or George Soros. But, I make a good living it. There is plenty of money out there.

Risk Disclaimer:
Anyway, I am going to put the risk disclaimer and get it out of the way. Trading Forex is risky business and sometimes you will lose the money that you traded. You are leveraged 50:1 or even more. There is the risk of loss of the money have invested. Never invest money that you are not committed losing. There is a possibility of losing your original investment. If you are not sure about investing, seek the help of registered investment adviser.


Also, the purpose of this trading lesson is education. This does not constitute trading advise. Nor do I give out trading signals. All opinions are my own and not blogger.com nor Google.com


I am looking the NZD/USD currency pair on the daily chart and is the New Zealand dollar versus the US dollar.. It is the currency pair that I trade most often along with AUD/USD,which is the Australia dollar versus the US dollar. The currency pair is in classic head and sholders pattens. It is at 61.8% fibonachi retracement level. This is simple sell trade. We sell that it can go further. I expect that expect it go even lower because the strengthen of the recent Non Farm Payrolls report that came out on Friday. I am looking at a target profit of 0.8135 and a stop loss 50 pips higher than my entry point.




However, being really cautious because New Zealand Reserve Bank Governor Wheeler's comments about interest rate hikes that are coming in 2014,  and I am going to be even more cautious about the Federal Reserve's tapering possibility could cancel each other and leave things looking very choppy.

Also, we want to pay attention bigger themes like risk trends and what is happening in Japan with BOJ. I am reluctant to take a trade on the USD/JPY because the tight range that it is in of late.

Here is a Rolling  Stones' song that spells it out on I am feeling the USD/JPY.