Trading around the world

Your english is perfectly fine. I usually one take levels ar D1 and H4. If a level is very clear on the H1 I might take it. But it depends very much on the setup.
cheers

http://en.wikipedia.org/wiki/Perpetual_traveler

Something that may interest you haha

Haha I love it. Thank you!

another train ride to Kyoto today and another thought that came to my mind I'd like to share with you

The first finance rule that our finance professor told us in university was: “Spend less and you will have more.” And my first employer, when I worked in the finance department, emphasized this thought even more by continually asking: “Do we really need this or can we spend the money more effectively?” Whether it’s on a corporate or a personal level, this holds true. If you spend less, and I believe most people do spend too much money on things they don’t actually need, then making a living by trading is achievable much faster than you might think.

How much do you earn now? 40.000 per year? But why do you still never have enough money at the end of the month? And why can you never meet your financial goals?

I see many people saving the majority of their income to eventually buy that new car. But do they really need it? In the end, they use it to drive to work, drive back home, go grocery shopping and, if they have time besides their job, visit friends. I never quiet understood why you want to work harder, spend more time at the office and see your family less just to have a new car to drive to work and back.

Holiday is another concept most people got wrong. They see holiday as a period where they run away from their usual life and try to forget everything that happens at home. Setting up your life so that you have to do things you don’t enjoy for 50 weeks, and then try to escape your life for 2 weeks doesn’t quite make sense if you ask me. And if you see that this is true for you, I believe, that you should overthink your life model.

I always encourage people to write down their expenses and analyze them. More often than not you notice things that will blow your mind. Buying two coffees at some overpriced but hip shop each day, before work and at lunch, will accumulate to ~ 1200 USD per year and to 50.000 USD over a working life. Smoking one pack of cigarettes per day results in spending close to 100.000 USD over 50 years, depending on your location. And how much do you, or your spouse, spend on clothing – do you really need your 10th jeans and the 17th shirt? And seriously, does it make a difference in your life to get that new smartphone with a 0.5 inch bigger display?

I don’t mean that you should life like a monk and cut back on everything, and I certainly don’t do this either, but I am certain that there are some points on your expense list that could be reduced. And by doing so you could reach that point where you can quit your 9-5 day job and start trading for a living much faster – and why not save the money you don’t spend to fund your trading account? And in the end, most people started trading because they wanted to escape that 9-5 rat race and have more freedom and time to do the things they really love. I truly believe that it is possible for people, and it’s a main reason why I started this thread, but it requires some effort and, more often than not, overthinking and changing your current position

Back to the charts. .8592 on NZDUSD has been a nice support&resistance area and we saw a break today, followed by an "immediate" retest. I took a short here. By now, I reduced my risk and took some profits. I am letting the rest run with a pretty decent risk:reward ratio.

Update: After getting 2 H1 pinbars off a previous demand zone, I am taking more profits. Letting only a bit running. Not giving money away on this one anymore.

What about eur/aud?

I am not watching this pair but I have a generl tip that I often tell people.

If you don't see a trade/setup within a few seconds looking ata chart, there is no trade to take.

The good setups will jump at you.

I made a quick update video on what has happened so far, what I see for the rest of the trading week and I talk about my NZDUSD trades from yesterdy and today.



I got my second entry on the NZDUSD level just a few hours ago. Isn't it nice when you can travel, experience new cultures and your orders are making money for you in the meantime!

you should print the chart and hang it to your screen. This is a textbook level!

Thank you for the video and taking the time to help us !

Really enjoyed your insights on AUD/USD, USD/JPY + how and why you took NZD/USD short trade !


Zebzeb

Hi Rolf - when you say that you will look at how the USD/CAD pair approaches resistance, what will you typically be looking for in order to set a short limit order?

Thanks
Owen

Thank you zebzeb for your feedback. I am very happy to hear that my videos are beneficial.

On this USDCAD I was watching how priceed moved towards the level. Since I planed to take a short, you typically want to see a strong bullish move into the level. This will (1) trap people into going long to participate in the uptrend and (2) not make people think about going short since they are 'scared' facing the strong move up.

This happened here. However, on the way down USDCAD has to face some hurdles. That's why I am taking partial profits along the way.

Hope this helps. Cheers

The second target, as mentioned yesterday, just got hit. I am out of 90% of my position, letting the rest run with a SL beyond break even (at a reasonable place 1.0932).

After the NZDUSD, this trade is the third trade this week that it the TP. Both setups are nearly textbook examples.

hi rolf

greeting from jakarta..

im curious.. on EU chart which is i quoted..
how can you be so sure.. price will bounce back on that level?
it could be move upward into against your trade.. but i've seen that you take that trade in peak level and so confidence that price is not gonna up.. but is going down??
off course.. it did back to up again and bounce back.. maybe the price did this to hunt some stops..
please share your thought
GBU rolf

hi wongpasar and terima kasih for your comment (btw, I have never seen a city with a crazy traffic like Jakarta )

Regarding the EURUSD trade, you are right, it certainly can go up and often these trades will not stop and hit your SL. But trading this way offers a great Risk:reward:ratio and if you know where to take the trades at which extremes, it does not look that "scary" anymore to take these kinds of trades.

But keep in mind, there is much more to this way of trading than just taking trades off price extremes.

Another train in Japan and more time to think about life. I enjoy writing these small articles and I am humbled by the positive repsonses I receive. Thank you!

Welcome to the rat race
We go to high school, trying to get good grades so that we make our parents proud and are able to go to a good college and university. In university it gets even more serious, now we need to get good grades to get hired by a big company that has a good reputation and will, hopefully, pay a decent salary so that, within a few years, we are able to repay our student loans. When we land that job, we are trying hard to climb up that corporate ladder and do everything not to stand out, so that there is no danger of getting laid off. We work extra hours, come home late to our families, miss birthday parties, family dinners and that school play of our youngest daughter. And of course we don’t take our few days of holidays per year because we are scared our colleague could outwork us and get the outstanding promotion instead. Some brave people do take a short holiday but don’t dare to go far away from their phone because their boss might call any second. And how happy does it make your spouse when you are constantly checking e-mails while being on holidays?!

But life goes on and in the meantime we got some children, buy a house, the old car needs to be replaced, our kids need new clothes to ‘fit in’ and we have to save money for our children’s education. Now we have to even work harder. And then, there is retirement. And by retirement I mean the few years, after leaving the office at the age of 67(?!), where we can finally ‘enjoy’ the rest of our life in freedom and do the things we ever wanted. But more often than not the costs of a stressful and long working life are severe. Most people start experiencing different stages of sicknesses, unable to do the things they dreamed of when they were in university or just started their new job (“soon, when I make a lot of money, I have the time and the money to do the things I always wanted. Now is the time to work hard!”). Then our story ends and what did we accomplish? How many of our dreams, that weren’t even that hard to make come true, did we realize? What are we leaving behind? What will people remember about us?

What I want to say with this, black and melodramatic story, is that the life that society lays out for us, is, more often than not, not satisfying and will not get you where you want to go. The only time to do the things you ever wanted to do is ‘NOW’ (I know this sounds cheesy and you have heard this phrase so often, but it’s so damn true). How many people do you know who constantly say: “I wish I’d done this and that when I had the chance”. And believe me, almost everyone, when I still used to work at an office job and told people that I am quitting to travel the world, told me that they wished they had taken more ‘risks’ in life. Life is short and we only get this one time here, so you better start living the life that you always dreamed about and start doing the things you like, instead of doing the things that society expects from you. And yes, it might be tough to make a drastic change in your current life and it will be uncomfortable at some point but I guarantee that it will be worth it. Right now there are people living the live you always dreamed about – they are not smarter or better educate than you. They just took a chance and went that path less traveled.

It's Friday and the weekend is almost there. Maybe you should use this time to do some thinking. cheers

Hi TraderRolf,

It was good to read what you said, but most ppl are not as lucky as you and as talented as you to be a professional trader which can do what you want. but also it is good to see that you have contribute to help ppl to achieve their dream. i am still in learning and i am the one who want to achieve my dream.

Good thoughts from trader who can achieve financial freedom. I always dreamed to take trading as job,but trapped on rat race like others... This writing style is similar Kiyosaki Do you ever read "Rich dad,poor dad"? However,good article .Wish you best luck on life and trading

Thank you Naokia. I have listened to his audiobook for a bit but not that much.

I started this thread because I want to help others and inspire them to acchieve their dreams too. I think it does not have to do with luck or anything. I believe everyone can do it. And we can do it together!

Nothing to do with luck. Talent 'might' shorten the learning time, but anyone can achieve what Rolf is doing with hard work, commitment, dedication and perseverance.

Great thread BTW Rolf.

Hi TraderRolf,

how do you treat news events and different trading sessions?