Hi All,
As mentioned in my ‘trading’ page, for Forex, when I have time I try to follow Simon Grinter’s alerts. I am on his email listing and when he trades, he sends an alert to my mobile and right now, it’s totally free! It’s fantastic. His track record has been pretty good in general and overall, he seems like a geniune nice guy who wants to help.
His blog at Rainbow Road details his trade alerts when they happen. It’s well worth a look… http://rainbowroad-s3.blogspot.com/
I don’t always get time to trade his alerts though but today, I follow his alert which came through my phone. There were 3 alerts today:
1. Buy £6 in GBPUSD at market
2. Buy £6 in EURUSD at market
3. Sell £6 in USDCAD at market
I actually, just bought the GBP/USD but at one unit. Simon recommends two units.. one targetting 30 pips and the second targetting 100 pips. Once the first unit has hit it’s 30 pip target, you move the stop loss to entry for the second unit.
This means you’re limiting your risk on the second unit when the first one has reached it’s limit.
Anyway, shortly afterwards.. I received a text to say that the first lot had hit the 30 pip limit… my only problem was that I was in a meeting at that time so I wasn’t able to execute it. When I came back, the market had already eased back and I was just 5 pips in profit. I didn’t have time to analyse it further so I closed it.
Ok, I’m not following Simon’s system to the tee.. I’m just using his alerts to enter my trades but the Rainbow Road blog is worth looking at! If I held the GBP/USD trade, I’d be around 100 pips up right now!
