PipStop

Who isn’t getting into blogging these days? Actually I think blogging – or the entry of good bloggers into cyberspace peaked a year or two ago, but the notoriously close to the chest Forex Factory is jumping into the fray with its own blog. 

It only has one post on it so far, and we’ll see how often they get around to updating it or if it will become like many other castaway blogs that litter the online landscape.

Good luck, though, and we hope it becomes something of substance and quality – and give us a little look inside the workings of FF will ya?

Just got a Facebook instant message from my friend Lane Mendelsohn, the founder of TraderPlanet.com on a new video series they’re producing, so I thought I’d pass it along.

I really like the philosophy of TraderPlanet. I haven’t dug around the website too much, but look forward to seeing how we can possibly work with the team there – maybe even getting permission to pull these trading videos when they’re published.

I think it would probably be better served leveraging YouTube video postings, but maybe they’re onto something I don’t know about.

A Federal Reserve chairman hasn’t been interviewed in 20 years. These are obviously unprecedented times, though, and Chairman Bernanke shares his thoughts on the financial system, how it caused the economic crisis, and the role that he and the Federal Reserve plays.

He also, opened up the the Fed headquarters, which is rarely seen by the public. 

He mentioned a slower pace of decline, before we see a correction. When asked by 60 Minutes correspondent Scott Pelley, "You seem to be saying that we’re not heading into a new American Depression?" Chairman Bernanke responded, "I think we’ve averted that risk. I think we’ve gotten past that and now the problem is to get the thing working properly again."

Very interesting interview, and here is also an article where Chairman Bernanke figures that the economy will turn around next year.

(Interview Transcript)

"Mr. Chairman, I’m gonna start with a question that everyone wants me to ask: when does this end?" 60 Minutes correspondent Scott Pelley asked Bernanke.

"It depends a lot on the financial system," he replied. "The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. We’ve seen some progress in the financial markets, absolutely. But until we get that stabilized and working normally, we’re not gonna see recovery. But we do have a plan. We’re working on it. And I do think that we will get it stabilized, and we’ll see the recession coming to an end probably this year. We’ll see recovery beginning next year. And it will pick up steam over time."

Thanks to Robert for forwarding this though, it’s well done and applicable to the majority of traders – especially newbies.

If you haven’t followed Jon Stewart’s recent skewerings of Jim Cramer, you ought to take a quick look. For as confident and blustery as Cramer always comes off, he’s having a hard time digesting Stewart’s heat.

CNBC thinks that Jon Stewart is unfairly picking on Jim Cramer, but it’s because the loudest mouth is the easiest to identify. Do you think Stewart is extra ticked because maybe he followed some of Cramer’s recommendations?

Here are some recent presentations that were given by GFT Directors of Currency Research Kathy Lien and Boris Schlossberg.

I sat through part of the US Dollar Outlook, and I always enjoy the dynamic between the two. It’s great to see Kathy take the bull by the horns at certain points to get what she wants to share out.

Sure there are other Non-Farm Payroll Webinar’s that are held. FXstreet has hosted a long running NFP webinar for over 2 years now.

Ours has been longer running, albeit with a break in the middle, but join us, and trading coach Harold Fretheim on Friday at 5 a.m. Pacific (8 a.m. Eastern) for the Trading Post edition. You’ll probably see some other Trading Coaches drop by. I had a conversation with Nikhil Patel yesterday, and he mentioned he would be there.

I personally don’t trade announcements, but it’s always a good occasion to get together with other traders.

The latest issue of Currency Trader Magazine has just been released.

The March 2009 edition features:

+ The British Pound’s Pounding

+ Sweden’s Krona Faces Familiar Currency Challenge

+ Weekly Bottom Pattern: Time for a Bounce?

+ Risk Aversion and the Forex Market

+ Currencies and Sovereign Credit Risks

+ CME Readies New Micro FX Futures

Download it now or better yet sign-up for your own subscription so you get the notifications immediately.

It’s been a few days since I returned home from the New York Traders Expo, and it was a great time.

Out of all the Trading Expos put on by InterShow, New York is definitely the one to attend. Seeing as there are twice as many exhibitors than at any other expo is indicative of that. The reason for any trader to want to attend is not necessarily because of the exhibitors (it’s like a big meat market on the exhibitor floor), but to attend some of the sessions (there are plenty of free sessions) and to rub shoulders with fellow traders.

A few of my observations were:

- Objectification of Women Award: This was routinely taken by ODL Securities when it was still operating in the North American market, but the torch has been passed to Forex broker ACM. There’s nothing wrong with physically attractive women wearing tight fitting clothing standing around the perimeter of a booth, but when you’re really the only exhibitor with more than one, it tends to stand out. I honestly don’t remember what sets ACM out from the other brokers – maybe I was distracted.

- In Need of a Marketing Makeover Award: Hands down it’s Best Choice Software. It is followed closely by Global Futures. My point is strictly from a design perspective. If you’re going to spend thousands on a booth, why not spend a few extra bucks to have a nicely designed booth? Is it so hard?!? One note about Best Choice Software – as I stood by their booth a trader demurred that the software is horrible, and urged me to go to Elite Trader to read all about it. He’s an Elite Trader poster and obviously not a fan of Best Choice.

- People Attracter Award: Now this can be given to Pristine, and educator, which is routinely a platinum sponsor, thereby having the largest exhibit with constant mini teaching sessions, but of all the other exhibitors, InterbankFX seems to be on to something with its mini trading contests held throughout the day.

It was great to see those we’re partnered with and to meet additional people and companies which we’re exploring partnerships with. All in all, there are many trading solutions out there ranging from courses, to systems, to tools, to brokerages.

There has never been a better time to be a trader, and hopefully we can do a better job in bringing more meaningful solutions to the forefront to help you be a more profitable and consistent trader.

It’s easy for people to be critical. It’s easy for people to cast blame. That is the unfortunate undercurrent to society.

Although Berkshire Hathaway reported its worst result in 44 years (fall in net worth by $11.5 billion in 2008 and per-share book value declining by 9.6%), it’s refreshing for Chairman Warren Buffett to be frank, as he usually is, in his assessment of the current economic climate and some of his strategic missteps. His chairman’s letter is a tremendous commentary.

For every Buffett, there are tens of thousands of wannabes who think that somehow their voice is always a voice of reason in the name of “free speech” and “transparency.” It’s unfortunate that there are so many conspiracy theorists out there who are paranoid about being taken advantage of.

The truth is, those who live in North America are blessed. Sometimes instead of thinking the grass is greener somewhere else, we just have to look at our own backyard and remind ourselves why we originally chose to live where we do.

Take a page, not just from Warren Buffet’s investing handbook, but from his view on life. Control what we can control, and for what we can’t, don’t dwell on it that those controllable things in our lives become uncontrollable.

If you have a positive mindset to life, it can help translate to having a positive mindset in trading. The power of positive thinking is cliche-ish to be sure, but I’ve seen it work time and time again.