PipStop

It all starts at 5 a.m. Pacific (8 a.m. Eastern) and I'm looking forward to the event. Since we started the Non-Farm Payroll Data special webinar two months ago, we've had increasing numbers in each, and we expect the participants to climb even more this month.

Join our Trading Coach team led by Fundamentals expert Harold Fretheim.

To access the room you will have a reserved space if you pre-registered, otherwise click on the following link at 5 a.m.!

http://breeze.tradingpostfinancial.com/webcast

I was thumbing through an old issue of BusinessWeek (I just love keeping print copies of things - much to my wife's dismay), and it was just over two years ago (April 10, 2006) that pundits were saying Facebook could be valued at up to $750 million (Omigod, That Site Is Totally Hot). A year and a half later (Oct. 24, 2007) Microsoft bought a stake in Facebook for $240 million, valuing Facebook at $15 billion.

In the same BusinessWeek issue a video sharing upstart named YouTube was profiled (YouTube: Way Beyond Home Videos), describing the potential rewards and pitfalls of what it was doing at the time. Six months later (Oct. 9, 2006) Google acquired YouTube for $1.65 billion.

Facebook and YouTube are two of the most trafficked websites in the world. Where in the past it took companies decades to build multi-billion dollar market caps, in this day and age seemingly anything is possible.

So as I look at it, I don't get overly concerned about the "state" of the economy as much as everyone else wants to harp on all that's bad.

Really it's not as bad as it sounds.

I like Paul R. La Monica and his opinion on consumer confidence is shared by me. The Consumer Confidence Index is made up by people too smart for the average folk.

Believe me, I like the truth that numbers bear, but in this case we just have to look around us - or in my case I have to look around when I cross the border. I agree with La Monica that it's far more important to gauge what the consumer is DOING over what they are FEELING.

One point that wasn't really covered in this article is consumer debt. Many Americans have proven to be extremely resourceful when it comes to having to find money to buy things they don't really need.

Just like the currency markets can move in huge swings, so can seemingly anything else in life.

LaMonica illustrates:

Even with July's small rise in confidence, the last time the Conference Board's consumer confidence figures were in a range this consistently low was in 1992. The economy was already out of the 1990-1991 recession at that point. But it didn't feel like the recession was over yet. Consumers were dealing with housing woes sparked by a severe banking crisis. Oil prices were soaring. And it was a presidential election year. Sound familiar?

And in case you forgot, the economy didn't fall into the Second Great Depression in 1993. Stocks were back on track and the economy was on much better footing. The S&P 500 gained 7% in 1993 while the Dow and Nasdaq both rose nearly 15%. The lesson? Sometimes you have to be brave when everyone else is fearful.

What's disturbing to me is that Bennigan's has gone out of business (minus some of its franchisees, I guess). I actually don't drink and only loved going to Bennigan's whenever I was in Chicago because they make a great Monte Cristo.

Also, Starbucks struggles have now hit Australia, where it will close 61 stores and keep 23 open - an alarming ratio. I guess consumer doing in Australia as far as Starbucks goes is NOT good.

One thing that I always chuckle about is a Starbucks by where I live. It used to be open 24 hours, but now it's open until 12:30 p.m., but its transaction system closes out at midnight. So anyone going between midnight and 12:30 a.m. gets a free whatever they order. 

I've come across a few great trading spreadsheets that traders have passed my way over the last number of years.

Trading Post also has also created a trading spreadsheet that is available in its Total Trader course, but for those brave enough (or have time to do it) I recently came across a free (for personal use) online spreadsheet application.

EditGrid isn't unique in being an online spreadsheet application - there are many out there - but it's a lot of fun seeing what other users have created out there. There are quite a number of trading related spreadsheets, and if anything they can serve as inspiration for you to create your own.

The cool thing is you can also integrate live data sources into your spreadsheet (A delayed Yahoo Finance feed is available free). 

There have been many pros and cons of starting up our own user forum, and this is one area that I wish we had one so we could have user collaboration on a trading spreadsheet we can call our own.

I just replied to an email I received through a member of the Vancouver Forex Meetup Group. It's one additional way that I'm reaching out to Forex traders through a social media tactic.

The members of the group (just over 100) probably don't want to be called guinea pigs, but to a great extent this is a lab of sorts for me as I learn more of what traders are looking for, and what they're going through.

As Trading Post continues on the road of being a true solutions provider to traders, I find it's increasingly important to reach out in various ways. Maybe not a perfect answer, but a reply on the fly and I thought it would give insight to some of the questions I get daily.

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Hey Sam,

I haven't been able to attend any recent meetups, although I 
would have liked to been available for the webcasts...

I'm still looking to learn FX trading, but isn't there a way to 
actually get into this huge market with someone's services. Is 
there any company that you dont have to have $10K to start an 
account with?  I'd really like to start leveraging some of my 
money I'm earning from my day job.  Or is it just not a smart 
move to do?? 

Hi:
I'm trying to make sure that there are always resources for traders in the Meetup whether it be live Meetups, webinars, etc.

I would give you a qualified general yes to the questions you ask below. I think it really bears a conversation more than anything else, but I'll share a few short thoughts with you.

Trading isn't for everyone. There is great potential reward, but there is great potential risk. Don't trade looking to hit a homerun, and don't trade with money you can't afford to lose. Successful trading requires a commitment to be successful - and that varies by person. You have to be willing to give it the time - it's like saying you'll get in shape but go to the gym once a month - it isn't going to do much for your overall fitness goals. Be prepared to invest in making yourself a good trader. That doesn't have to be $10K - it can be something more nominal but very few things of value are free in this world.

I have seen the good, the bad and the really bad. Let me know what stage of your learning you're at, what resources you've used, and what your goals are and I can give you some additional thoughts.

Technorati Tags: forex trading

Friday, Aug. 1 marks the day of two special events.

Many of you have marked the announcement of the Non-Farm Payroll Data down on your calendars. The other is the debut of Lewis Evans and LEFT Brain Trading Course.

This isn't a new course - Lewis has written a book, created this course and has taught it to many traders already. Trading Post came to a partnership agreement with Lewis to deliver this course and we're all excited.

Judging by the testimonials and first-hand accounts of those who have taken the course - the mindset and techincal aspects of it - we're confident that it will continue to help traders be better and more consistent.

This is the culmination of Lewis' trading journey combined with the strong mindset aspect his wife Olga Sheean provides.

Browse around the LEFT Brain Trading website, download the new ebooks and register for the course. Remember, to register by Thursday to take the course on Friday.

And, lastly Lewis was on our most recent TP Tuesday and you can view his presentation.

++ "What is Left Brain Trading" with Lewis Evans

I think we all need a little regular perspective.

Yesterday, Randy Pausch passed away. Since being diagnosed with pancreatic cancer in 2006, Pausch inspired many, including me with his approach to his illness.

The one thing I can't beat to imagine is how this will affect his two sons, 6 and 4, and 2-year-old daughter. My oldest child is 3, and when I'm away from home for any prolonged period (beyond one night) it's always an event with her when I come home - I'm sure most every parent feels the same.

Pausch's famous "The Last Lecture" speech given in Sept. 2007 has been viewed over 4.3 million times on YouTube, a clear million more than had been viewed yesterday.

It's a another reminder, reminders we seem to get regularly, of how precious life is, and how there is really no reason to hold grudges, to be unhappy, to be angry, to not enjoy life as it should be enjoyed. We're all lucky people, and it shouldn't take the Randy Pausch's of the world to remind us of that.

Randy Pausch's "The Last Lecture" given at Carnegie Mellon University on Sept. 18, 2007

Some might read it Trading AT the Gym, but I just wanted to share some thoughts that occurred to me when I was at the gym last night.

I won't soon forget what Tom Sosnoff the founder of thinkorswim.com said in a session at the LA Trading Expo last month. In essence it was, if you want to be a successful trader, trade ALOT.

The point that he was making which was a light-shining moment for me last night was - effort and consistency. Just like going to the gym once a week or once a month or once a year isn't really going to make a difference, trading every once in a while isn't going to do too much good either.

What happens at these points of inconsistency is we try to make up for all those other days, weeks, months that we missed out on. We try to pack a full body workout lifting weights we were used to lifting (when we were in a workout routine), and similarly traders seem to take a go big or go home type of approach when trading sporadically - ESPECIALLY when small gains are made - there's a feeling to push that much more.

Really, though, Forex trading or any trading, whether it be equities, commodities, etc., can be related to most things in life.

When you're in the zone of trading, you'll relate everything to life. You walk around, you drive around and everything is relatable. And it should be. Trading shouldn't overwhelm our lives, it should be a part of it.

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I can't believe how fast the days and weeks go by. This past week was particularly crazy. It just seems like Monday was yesterday.