All Hail The Mighty Pound!

There’s no Black Friday in the sterling charts today as we have another look at the top in Cable.
This will be sterling’s 5th monthly green close in 6 and a close out above the 1.6380 level will have us dreaming of 1.700.

GBP/USD monthly chart 29 11 2013

Should we pop then the August 2011 highs at 1.6617 will come into focus and this is matched by the 200 mma at 1.6611.

GBP/USD monthly chart 29 11 2013

HURRAH! Finally, A US Debt Default Is Avoided!

 
But what exactly happened?

Find out from this well written article put together by Reuters correspondents, the political wranglings behind the scene. 


The U.S. Congress on Wednesday approved an 11th-hour deal to end a partial government shutdown and pull the world's biggest economy back from the brink of a historic debt default that could have threatened financial calamity.
Capping weeks of political brinkmanship that had unnerved global markets, President Barack Obama quickly signed the spending measure, which passed the Senate and House of Representatives after Republicans dropped efforts to use the legislation to force changes in his signature healthcare law.
The White House budget office told hundreds of thousands of federal workers, the bulk of whom had been idle for the past 16 days, to be ready to return to work on Thursday.
The down-to-the-wire deal, however, offers only a temporary fix and does not resolve the fundamental issues of spending and deficits that divide Republicans and Democrats. It funds the government until January 15 and raises the debt ceiling until February 7, so Americans face the possibility of another bitter budget fight and another government shutdown early next year.
With the deadlock broken just a day before the U.S. Treasury said it would exhaust its ability to borrow new funds, U.S. stocks surged on Wednesday, nearing an all-time high. Share markets in Asia also cheered the deal.
Taking the podium in the White House briefing room on Wednesday night, Obama said that with final congressional passage, "We can begin to lift this cloud of uncertainty and unease from our businesses and from the American people."
"Hopefully next time it won't be in the 11th hour. We've got to get out of the habit of governing by crisis," Obama said. He outmaneuvered Republicans by holding firm in defense of "Obamacare" to win agreement, with few strings attached, to end the 16-day shutdown.
World Bank President Jim Yong Kim said "the global economy dodged a potential catastrophe" with congressional approval of the deal to raise the $16.7 trillion U.S. debt ceiling.
The standoff between Republicans and the White House over funding the government forced the temporary lay-off of hundreds of thousands of federal workers from October 1 and created concern that crisis-driven politics was the "new normal" in Washington.
While essential functions like defense and air traffic control continued during the crisis, national parks and agencies like the Environmental Protection Agency have been largely closed.
Senator John McCain, whose fellow Republicans triggered the crisis with demands that the Democratic president's "Obamacare" healthcare reform law be defunded, said earlier on Wednesday the deal marked the "end of an agonizing odyssey" for Americans.
"It is one of the most shameful chapters I have seen in the years I've spent in the Senate," said McCain, who had warned Republicans not to link their demands for Obamacare changes to the debt limit or government spending bill. Polls showed Republicans took a hit in public opinion over the standoff.
In the end, the Democratic-led Senate overwhelmingly passed the measure on a 81-18 vote, and the Republican-controlled House followed suit 285 to 144. Obama signed the 35-page bill just after midnight.
POLITICAL DYSFUNCTION
Although the deal would only extend U.S. borrowing authority until the first week of February, the Treasury Department would have tools to temporarily extend its borrowing capacity beyond that date if Congress failed to act early next year. But such techniques eventually run out.
In addition to lifting the federal debt limit, the deal calls for creating a House-Senate bipartisan commission to try to come up with long-term deficit-reduction ideas that would have to be approved by the full Congress. Their work would have to be completed by December 13, but some lawmakers say the panel faces an extremely difficult task.
The agreement also includes some income verification procedures for those seeking subsidies under the 2010 healthcare law. But it was only a modest concession to Republicans, who surrendered on their latest attempt to delay or gut the healthcare package or include major changes, including the elimination of a medical device tax.
The congressional vote signaled a temporary ceasefire between Republicans and the White House in the latest struggle over spending and deficits that has at times paralyzed both decision-making and basic functions of government.
The political dysfunction has worried U.S. allies and creditors such as China, the biggest foreign holder of U.S. debt, and raised questions about the impact on America's prestige. The Treasury has said it risks hurting the country's reputation as a safe haven and stable financial center.
Senate Majority Leader Harry Reid and Republican leader Mitch McConnell announced the fiscal agreement on the Senate floor earlier on Wednesday, and its passage was eased when the main Republican critic of the deal, Senator Ted Cruz of Texas, said he would not use procedural moves to delay a vote.
The agreement stacked up as a political achievement for Obama, who refused to negotiate on changes to the healthcare law, and a defeat for Republicans, who were driven by Tea Party conservatives in their ranks and suffered a backlash in public opinion polls.
There was no immediate sign that House Speaker John Boehner's leadership position was at risk despite having conceded defeat in the budget battle.
Several Republican lawmakers suggested he may have strengthened his standing among the rank-and-file, who gave him a standing ovation at an afternoon meeting.
But Cruz, a Tea Party-backed senator with 2016 presidential aspirations, denounced the fiscal accord as a "terrible deal" and accused fellow Republicans of giving in too easily in their bid to derail Obamacare.
Obama's Democrats avoided claims of victory. "The bottom line is, millions suffered, millions didn't get pay checks, the economy was dragged down," said Senator Charles Schumer. "This is not a happy day, it is a somber day."
The fight over Obamacare rapidly grew into a brawl over the debt ceiling, threatening a default that global financial organizations warned could throw the United States back into recession and cause a global economic disaster.
Fitch Ratings had warned on Tuesday that it could cut the U.S. sovereign credit rating from AAA, citing the political brinkmanship over raising the debt ceiling.
A resolution to the crisis cannot come soon enough for many companies. American consumers have put away their wallets, at least temporarily, instead of spending on big-ticket items like cars and recreational vehicles.
"We're sort of 'crises-ed' out," said Tammy Darvish, vice president of DARCARS Automotive Group, a family-run company that owns 21 auto dealerships in the greater Washington area.

Hiya Folks!


Hey!
We really had a long break here...!!
What have you been up to?
Have you made More Money??

Well, thanks for your patience, here's is... 
 

SEASON 5!!!!!

The Chronicles of Koffie Black

 ******************************

(This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader) 

 

Immediately, his whole life raced before his eyes. He had suffered a lot in his life, the cause of which he usually traced to the lack of funds. He remembered how he did not enjoy the usual perks high school kids got when their parents showed up on school open days. His parents, subsisted on what they got from the church mission, being missionaries. His father, a pious man, emphasized discipline and frugality. He insisted the school knew what food was good for the boarding kids and as a result it was unnecessary to waste much needed funds that could be used to evangelize lost souls on purchasing mundane things like provisions in the name of showing love and care for one's kid.

He mused as his mind quickly returned to the present. Rod had asked a question. Why, dimwit that he was! He thought. The dude needed an answer! He quickly stood up and looked at Rod, a grave expression of someone deep in contemplation etched on his brown face. "That would be..a...good, sir" He managed, his heart still racing. His head seemed to be floating in the clouds. Could this be real? He thought. Even if it wasn't, the mere mention of those golden numbers meant he was getting closer to a multi-million bucks-future or at least that was what he thought at the time.

"He's gonna need a whole lot of stuff-office setup, infrastructure such as internet and all the trappings Rod", Jo interceded, "if we are going to give this a shot...". "Giving this a shot I will, but I'm not gonna put in more than I need to, till I'm sure this stuff's gonna fly." Rod interrupted. "Rod's right. trials before trophies". Posited Gary, who had been contemplating Koffie's body language all the while. "Say, how much would be a good trial for Mr. Black?" He asked, looking at Jo and Abe. Abe took off his thick lens which he wore a while ago when he busied himself with his netbook, looked up but said nothing. He was constantly working on new ideas and for such a busy mind, he thought, this was trivia. Jo spoke up. "Koffie, speak up...what minimum sum would be the best for trials?"

Presently, Kingsley returned with file which he gave to Rod. Koffie was obviously relieved to see his friend, a known face. Kingsley had heard the question asked by Jo, and asked Koffe, "What about twenty grand?" "Twenty's good to start with". Koffie replied without thinking. Abe and Jo looked at each other and nodded. Rod spoke to Kingsley. "You pick up twenty grand; twenty thousand dollars tomorrow, and give to Koffie here." Then still reclining on his ottoman, he turned his face to Koffie, and stated, "I'll expect my twenty thousand dollars with profits in two weeks." Koffie' heart raced again as he effusively assured Rod Bannister of his ability to deliver.

SEASON 4!!!!

The Chronicles of Koffie Black

 ******************************

(This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader) 

 

Koffie suddenly felt his energies and high hopes punctured by Rod’s comments. He looked desperately at Kingsley who was already at Rod’s side. “I…I was not…”. “Next time, be early”. Rod cutting him short in mid-sentence and waving airily to one of the big sofas. “Sit down sonny”.  He said. 

Rod Bannister was joined on the ottoman by Aisha, the fair-skinned lady that ushered Koffie into the suite. She sat half- facing him and cuddled his head in her arms, stroking his white beard while Rod grunted and sipped ice cold beer. Koffie looked in the direction of the two cuties playing video game earlier. One, the taller and darker one named Gina, was eating ham and steak with trimmings while the other girl, Ronke slept on the big bed with her face turned to the huge 55 inch Samsung Plasma TV screen. Her voluptuous backside, partly exposed by her undersized bum shorts, faced him. Hmmm, enjoyment! When one had money, loads of megabucks like Rod Bannister, one could indulge one’s fantasies he mused.  He wondered what it would be like to have a curvy chick like Ronke for a girlfriend and what it would look like when she agreed to take off her … 

"You’ve not answered my question, Koffie…” Gary Hughes remarked in his cool Californian voice, clearing his throat a second time. Koffie swung his head right back, a little too quickly, embarrassed that he was caught staring and fantasizing; causing a low ‘snap’ sound in his neck that told him all was not well. A dull throbbing pain on the left side of his neck soon confirmed his fears. He held a hand to nurse the area. “Err…sorry boss, you were saying?” He stuttered. He noticed Kingsley was not in the suite. Gary Hughes was Rod Bannister’s attorney. He was rather pinkish from lack of exposure to the outdoors. He had closely cropped brown hair and green eyes and looked pretty well fed. He was a wealthy man himself because he managed estates for the likes of Al Goldberg, the business mogul and Michael Dell, the owner of Dell computers Inc. He was dressed in a metallic grey three piece suit with a light blue shirt and crimson tie and kerchief. Next to him sat Jo Decker, a Wall Street fund manager. He was a rather large man with a greying hair at the temples. He had big cheeks and presently smoked a fat Cuban cigar.  He was the one who encouraged Rod to check out Koffie. 

Abe Radcliffe, a bookish man barely into his thirties, is a computer programming wizard who is credited with developing a computer program that can read a man’s thoughts. Recently he received a seven million dollar funding from the Defense Advanced Research Projects Agency (DARPA) an agency of the United States department of defense aimed at encouraging research and development of innovative military equipment and technology tools for use by the US military.

“Tell me…what percentage profit can you make monthly?” Jo asked for the third time. “Err…about thirty, thirty percent please.” Koffie responded quite confidently. “Did you hear that?” Rod asked almost stupefied, looking around at his seated companions. “What if I gave you a million dollars?” Koffie’s heart missed a couple of beats and started racing…

....to be continued

SEASON 3!!!

The Chronicles of Koffie Black

 ******************************

(This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader)

Abdul sustained injuries and his jaw ached badly. But then he seethed with rage feeling disgraced as he rolled over and scrambled to his unsteady feet rather too quickly, causing him to lose balance. He tried to break his fall causing him to into the table, bringing down a computer monitor, keyboard and PC speakers in the process. Koffie satisfied with the development but hoping to save his computer hard ware, quickly rushed forward to retrieve them, completely forgetting for the moment Abdul's prone figure.  Abdul turned his head in time to see Koffie's back turned to him. By this time, concerned neighbors were already trickling in to see what the noise was about and possibly to separate the fighting men. As Koffie transferred the damaged monitor back to its place, Abdul struck before the nearest neighbor could stop him. He hit Koffie hard in the balls with his right foot. 

Koffie screamed at the top of his lungs as white hot pain flashed through his Koffie's brain. He rolled on the floor howling in pain. Meanwhile, Abdul was already on his feet and on his way out. The small crowd at the entrance only conversed in low tones. They knew Abdul quite well. At least well enough not to want his trouble. 
"Next time you want to pick a fight, look for your size. When I come around again and my money is not ready, you'll be dead meat!" He spat, kicking Koffie's still writhing form on the floor. He then departed, shoving a couple of young men out of his way, who were equally eager to leave his path.

But life had not always been like this for Koffie Black, who had tasted the good side of things. He grunted as he reminisced, going down memory lane seemingly oblivious of his departing neighbors who came feigning sympathy; the last of whom was just about stepping out the door.

                                     *******************************

He remembered that day two years ago, sometime in September when he had received a phone call that had changed his life. He had been so shocked and excited when the voice at the other end of the line stated with conviction that his life was about to be turned around. That he had been trying to reach him for a long time and he, Koffie, was to come immediately to Federal Palace hotel for a meeting. There was this very wealthy black American investor, who is a friend of his maternal uncle, also in the States and after about 4 months of preaching to him about the benefits of investing in Forex trading, he had been able to convince him especially after he saw his account that was traded by Koffie upon his visit to the Lagos for a meeting with the Lagos state governor. 

He had excitedly called out to Cudjoe, his friend and host currently in the washroom. "Hey, charley! I just received a call from Kingsley. I am going to Federal Palace hotel!""Federal Palace hotel, who is Kingsley?" asked a confused Cudjoe. "You don't know Kingsley, the guy that I told you gave me a US$1000 Forex account that I grew to over US$2,200 in three months last year?" He had queried, getting up from his bed and jumping into his blue denims and a white shirt. "Oh! That guy? I remember him now. So, he has something big for you then?" "Yeah! sure man, need to be on my way now!" 

Lagos traffic was unusually light going to Victoria Island at about 4:00pm on that fateful Friday. He decided to take a taxi cab, something he hardly ever did simply because he couldn't afford them. But this was different, Kingsley had something big up his sleeves. He couldn't afford to ruin that to save a few hundred naira. "Federal Palace hotel" He shouted as he waved down a taxi cab. "One thousand, five hundred" replied the dark heavyset man behind the wheel of the small Nissan Micra, slowing down. He had flagged this small taxi hoping for a better bargain because he had expected that smaller taxis would charge less after all they used less fuel per kilometer. "five hundred!" He responded to the retreating back of the taxi, which had begun accelerating away. Obviously, Lagos was full of people who could part with the cash. After a while, He finally got a taxi that agreed to a seven hundred naira charge. He hopped in and was soon on the way to Federal Palace hotel.

Meanwhile, Kingsley had pestered him with calls, requiring his whereabouts almost per minute, to the point he was quite irritated and feeling harassed. Upon his arrival at Federal Palace hotel, he was met by Kingsley at the lobby who quickly piloted him into the lift and punched "4th Floor" after hugging him and shaking his hands excitedly. The big American didn't like to be kept waiting. And soon enough, they both arrived at his suite. A sweet-looking fair skinned lady in a skimpy, figure-hugging light green dress ushered them through the nicely scented and well air-conditioned cream colored suite arrayed with expensive drapes, paintings, Persian rugs and overstuffed light brown leather sofas; to a very beautiful big white Ottoman at the far left end. On this sat Rod Bannister, the man Koffie had come to see. He was huge and dark with nicely cut white beard and a shiny hairless head. He was attired only in a white singlet and dark blue track pants. There were three business-looking white men in smart suits seated around a brown mahogany table sipping coffee, to his right, at the other end, a couple of young cute petites had fun on a huge bed watching satellite television and playing video games.

"You're late, sonny." Everyone fell silent as Rod's deep baritone voice rolled across the room.

...to be continued

Hi there!
Today we would look at something very important when trading Forex, and that is; understudying your self, your personality. What kind of person are you when it comes to taking those decisions that decide what happens to your Forex trading account or that of those you are managing? 

Find out below in this article from Jimmy Young, and ensure you watch out for "SEASON 3" of "The Chronicles of Koffie Black" tomorrow!


Courage Under Stressful Conditions When the Outcome is Uncertain

All the foreign exchange trading knowledge in the world is not going to help, unless you have the nerve to buy and sell currencies and put your money at risk. As with the lottery “You gotta be in it to win it”. Trust me when I say that the simple task of hitting the buy or sell key is extremely difficult to do when your own real money is put at risk.

You will feel anxiety, even fear. Here lies the moment of truth. Do you have the courage to be afraid and act anyway? When a fireman runs into a burning building I assume he is afraid but he does it anyway and achieves the desired result. Unless you can overcome or accept your fear and do it anyway, you will not be a successful trader.

However, once you learn to control your fear, it gets easier and easier and in time there is no fear. The opposite reaction can become an issue – you’re overconfident and not focused enough on the risk you're taking.
Both the inability to initiate a trade, or close a losing trade can create serious psychological issues for a trader going forward. By calling attention to these potential stumbling blocks beforehand, you can properly prepare prior to your first real trade and develop good trading habits from day one.

Start by analyzing yourself. Are you the type of person that can control their emotions and flawlessly execute trades, oftentimes under extremely stressful conditions? Are you the type of person who’s overconfident and prone to take more risk than they should? Before your first real trade you need to look inside yourself and get the answers. We can correct any deficiencies before they result in paralysis (not pulling the trigger) or a huge loss (overconfidence). A huge loss can prematurely end your trading career, or prolong your success until you can raise additional capital.

The difficulty doesn’t end with “pulling the trigger”. In fact what comes next is equally or perhaps more difficult. Once you are in the trade the next hurdle is staying in the trade. When trading foreign exchange you exit the trade as soon as possible after entry when it is not working. Most people who have been successful in non-trading ventures find this concept difficult to implement.
For example, real estate tycoons make their fortune riding out the bad times and selling during the boom periods. The problem with trying to adapt a 'hold on until it comes back' strategy in foreign exchange is that most of the time the currencies are in long-term persistent, directional trends and your equity will be wiped out before the currency comes back.

The other side of the coin is staying in a trade that is working. The most common pitfall is closing out a winning position without a valid reason. Once again, fear is the culprit. Your subconscious demons will be scaring you non-stop with questions like “what if news comes out and you wind up with a loss”. The reality is if news comes out in a currency that is going up, the news has a higher probability of being positive than negative (more on why that is so in a later article).
So your fear is just a baseless annoyance. Don’t try and fight the fear. Accept it. Have a laugh about it and then move on to the task at hand, which is determining an exit strategy based on actual price movement. As Garth says in Waynesworld “Live in the now man”. Worrying about what could be is irrational. Studying your chart and determining an objective exit point is reality based and rational.

Another common pitfall is closing a winning position because you are bored with it; its not moving. In Football, after a star running back breaks free for a 50-yard gain, he comes out of the game temporarily for a breather. When he reenters the game he is a serious threat to gain more yards – this is indisputable. So when your position takes a breather after a winning move, the next likely event is further gains – so why close it?
If you can be courageous under fire and strategically patient, foreign exchange trading may be for you. If you’re a natural gunslinger and reckless you will need to tone your act down a notch or two and we can help you make the necessary adjustments. If putting your money at risk makes you a nervous wreck its because you lack the knowledge base to be confident in your decision making.

Patience to Gain Knowledge through Study and Focus

Many new traders believe all you need to profitably trade foreign currencies are charts, technical indicators and a small bankroll. Most of them blow up (lose all their money) within a few weeks or months; some are initially successful and it takes as long as a year before they blow up. A tiny minority with good money management skills, patience, and a market niche go on to be successful traders. Armed with charts, technical indicators, and a small bankroll, the chance of succeeding is probably 500 to 1.
To increase your chances of success to near certainty requires knowledge; acquiring knowledge takes hard work, study, dedication and focus. Compile your knowledge base without taking any shortcuts, thereby assuring a solid foundation to build upon.

We have just what you need at Doxa Capital Ltd. The right kind of training and mentor-ship for a successful Forex Trading future!

Contact us today on: +233 540 61 0084 or email us: info@doxacapitaltd.com

Oops! We're so sorry we were unable to upload the second instalment of our maiden thriller series, "The Chronicles of Koffie Black" as promised on Friday. This was due to unusual delays with our internet service.

Here's Your Long Awaited.....

SEASON 2!!

The Chronicles of Koffie Black

 ******************************

This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader 

 

“Profits?” Koffie asked stupidly, presently placing his feet on the floor. He had moved to Lagos, a crowded bustling city in southwestern Nigeria seven years ago upon the invitation of a friend, a fellow Ghanaian living in a single room in a seedy part of Ketu where he now resides after the former departed the shores of Nigeria for Germany after about a dozen failed attempts. He began struggling to make ends meet since he lost both parents to a ghastly motor accident around Kasoa, a suburb of Accra, in Ghana about thirteen years ago. He had had to struggle through senior high school and then Accra polytechnic selling everything from leather slippers he made himself to liquid soap for doing dishes after his uncle, whom he suspected of foul play, threw him out after falsely accusing him of stealing his money. 

“You are asking me?” asked Abdul incredulously, his irritation fast turning to anger. He stuck a dirty stubby finger in Koffie’s face bellowing, “I need my money right now or I’ll…”. “Or you’ll what?” interrupted Koffie angrily rising to his feet and assuming a defiant stance. “Did I not explain to you what happened?” “I told you that you should give me more time to recover your account…”  He was not afraid of Abdul and this was partly due to the fact that he was not conversant with his notorious antecedent. He had just wiped his accounts. This is Forex trader parlance for losing all the money in one’s Forex margin account and He was in no mood to engage in such conversation. “Recover my account?” Abdul interrupted heatedly, “does it mean that you lost my money?” He glared, his hands turning into fists and his small eyes narrowing into silts. One could almost literally see the lights flickering on and off in his big head as his cognitive mental gears meshed, apparently suffering delay in processing the implications of this new piece of information.   

 Abdul was a dark, fierce-looking broad shouldered, thick-set man in his mid-forties, he could not understand why he hadn’t become rich. In spite of all his frantic efforts to make money; dabbling into various criminal activities in the process. He wasn’t a brilliant man. In fact, he struggled to read and write before he left junior high school and veered into petty crime decades ago. Now, he was a notoriously violent ruffian and thug who had made it up the rugged ladder of the underworld by having his fair share of gun running, illicit drug trade and extortion, being his chiefest trade. He had been involved in at least seven kidnappings before, one of which had involved the 12 year old son of the stinking rich Lagos socialite Chief Adele Williams. He nearly lost his life in the ensuring shootout with members of the Rapid Response Squad, an elite police crime fighting unit stationed in Lagos who scuttled his plans to disappear with a carton filled with cash, killing three members of his gang in the process. Since, this episode five years ago, Abdul has decidedly stayed off ‘hardcore’ crime contenting himself with harassing and extorting money from commercial bus drivers who used the Ketu – Alapere route, his stronghold.

Finally, the import of Koffie’s words dawned on him – His money, his savings was gone! Abdul pushed Koffie roughly, who staggered backwards, taken by surprise. Swearing to kill him in his blind fury, he rushed forward starting a powerful roundhouse punch from his left aimed for his face. Koffie moved like a cat, quickly swerving to evade Abdul’s punch, his brief professional boxing stint rushing to his aid. Stepping in, he planted an upper cut which connected with Abdul’s lower jaw, the force jarring him to his heels. The effect on Abdul was impressive; he suddenly became airborne travelling backwards rapidly with arms flailing for a few seconds before he landed on his back with a resounding thud that threatened to bring down the building.

  

....to be continued