Revolutionary Road

How many of us still chasing after our dreams? What was the things that you would thought of doing when you grow up? And what happen now?

I'm ended up just like everyone else. The idea of you to have settle down and resign to life, i began to wonder if there is solution to this situation. How do i break free?

Inspired by...

Feb 2009 monthly review

I entered a short position on EURUSD at 1.2713 last night. Another impulsive trade entered that cost me 2.4% of my portfolio. When can i really learn from my own folly? This really sums up my worst trading month...13.4% loss for the month so far. Looking back at my trades, i found that i had not been following the rules of trading for most of the trades. I started the month with at the high of my portfolio growth of 9.9% and now its down to -4.8%. Trades after trades of losing has dented my confidence and rocked my self belief at times. At the height, i got delusioned, believing that i can profit from trades with fewer criteria met and was brought down to the floor. And it hurts...real bad.

So no more trading till next month. Need to go back to basics. C u next month.

Long GBPUSD

Buy GBPUSD @ 1.4547
It has been moving sideways for 8 hours now. With no clear breakout, it looks like it is going to be a long constipation....

Update 14:00 GMT
Breakout happen against my position. Lost 97 pips.

Going to stop trading for the week...nothing seems right. Got to go back to basic.

Short EURUSD

23 Feb 09
Shorted EURUSD at 1.2791 with tight SL. Got hit by slight reversal with a loss of 39 pips. Found another way that didn't work. Gotta stop trading with tight SL.

Weekly Trade Result

The market has been very choppy for the past few weeks, the signal generated from the indicators does not last long with reversal happening too frequent. I've been unable to get much trading signal for the past week.

Towards the end of the week, i entered 2 trades after seeing it clear only few of the criteria. GBP/USD closed with 55 pips loss, small SL due to adjustment after it didn't look right an hour after the trade otherwise it would hit my original SL at 200 pips. Another trade which is still open at the moment is NZDUSD, current position is -50 pips.

At the moment, my portfolio growth is still at 0%. Though i have my fair share of winnings, i do have some regrets as well, notably my lack of discipline and sometimes greed. Most of my losing position was due to my own lack of self control and discipline. I probably could have grow 50% if not for my own faults. Now after 4 consecutive weeks of missing my weekly goal of 6% growth, next week shall be the start of my winning run. Check out my winning trades next week.
Cheers.

Charitable Deed

I received a cheque from my mentor after achieved the 2,000pips per trade challenge. This is the second challenge my mentor threw to us during one of our regular gathering. I've missed the first challenge by a day late. It was a big dissapointment to me as I was very close to the reward. So i doubled my effort, researched all the currency pairs and found the highest probable pair that can achieved the 2,000pips. I must say that the reward was worth every single effort that i've put in.

The amount was quite substantial. After pondering for a while on what to do with the sum, I've decided to channel part of the amount to the charitable organisation, Sau Seng Lum.
I will post the receipt once i received it. Stay tuned.

A new personal record high: 2,000 pips per trade

Finally nailed my first 2,000 pips gain per trade. A new personal record high. Took me less than 24 hours to achieve it.

Buy NZDUSD at 0.5165

Buy NZDUSD upon seeing it clear 3 criteria. It immediately reverse soon after I entered.

Update: 21 Feb 09
The trade reversed after it went down to 160+ pips against my position. Now it's at -50 pips.

Double whammy!

Lost 2 consecutive trades today.

1. GBPUSD lost 60 pips due to tight stop loss.
2. GBPUSD lost 102 pips due to wrong approach emotionally.

These 2 losses has wiped out 6.1% from my portfolio. And it sums up this week's trading with a total loss of 5.9% from last week close. Total portfolio growth now stand at 0%. After 5 months of trading it is back to square one. The learning curve has been very steep. Lack composure in front of the platform. Need to learn to be patient and be more confident with my trade set up.

Buy GBPCHF at 1.7292

Buy GBPCHF at 1.7292 upon seeing it clear 5 criteria. Another risky trade of the day. Immediately upon entering position it drop to about 50 pips.

Update 14:50GMT
I forgot to check other CHF pair before entering and only realised that it is going very strong against other majors.

Update 8:46GMT
It hit my SL with a gain of 8 pips. The better than expected of trade balance result from UK didn't help the sterling. Instead it reverse just moment before the announcement. Luckily I had adjusted the SL after seeing it climb +50 pips above the EP otherwise it would it would have been dropping very very near my initial SL (about 8 pips away) for a 200 pips loss.

Can you do it?

A powerful message of a relationship, hope and determination.

Buy GBPJPY at 134.85

Enter buy GBPJPY at 134.85

Current short term indicator showing downtrend, however medium term still showing uptrend potential. This trade might have been entered too early. We'll see the result in 2 hour time.

Update 7:20 GMT
It is down 70 pips at the moment and the indicator does not show sign of reversal. With London stock opening in less than an hour time, hopefully it will aid the sterling.

Update 8:45 GMT
Closed the trade at 135.17 with a 32 pips gain.

Price Pullback for the Lazy Soul

Week 3 - FX Goal Review

Suffered heavy loss this week. Down 3.4% from previous week close. Have now revised my weekly goal after consulting my coach. Will test the new game plan until end of February 2009 before another review.

Weekly Goal (rev. 1)

After 3 weeks and upon reviewing my weekly target with my coach i have decided to change my game plan. I find the reason behind this is to limit my trading activity. The limited number of trades will make me scrutinized for the best deal i can find before i place any trade.

My game plan will be as follows:

- Trade within 3% of my capital per trade.

- Maximum 4 trades per week.

- Planning to hit 6% weekly profit!

Long GBPUSD at 1.4540

I entered the GBPUSD at 1.4540 upon clearing about half of the criteria. 15minutes after BOE announcement to cut interest rate by 50bps to only 1.00%, its lowest for decades, the pair jumped 100pips. And is now finding support at 1.4600 level. However i find the spike is rather milder than previous BOE announcement.

Now awaiting the ECB decision.

Update at 13:40GMT
Hit the trailing stop at 30pips. Though rather small, i broke my losing streak.

A challenge: 2,000 pips

Buy GBPJPY at 127.50
The challenge is to gain 2,000 pips per trade. The game is either to make it or break it. The reward is...

I'm banking on the Bank of Japan to support its currency as evident by the USDJPY range of 88.00 to 90.00, hopefully it will also affect the GBPJPY pairs.

This trade will probably takes at least 1-2 weeks to hit its SL or PT. However the risk is comfortable enough and i do not have to keep checking it hourly.

Update 10 Feb 2009, 19:30 GMT
Closed with 300 pips gain. A reverse in trend killed my hope of a 2,000 pips record.

Have a break.

Two days of losses...

1. Yesterday, my EURUSD trade was closed at stop loss of 129 pips and it cost 3.2% of my portfolio. It was one of the case where i ignored the price pullback range and set the stop loss too close. Got caught in the reversal as unfavorable news also aided the reversal of trend.
2. I made a mistake today forcing a trade even when there is no clear signal. Entered a short position for GBPUSD at 1.4190 with a stop loss of 100 pips, again ignoring the price pullback as well as the indicators. Lost my focus and my mind and it erased 2% from my portfolio.
   

This 2 losses has dented my confidence. The best way to recover from that is to break away from trading. Regroup my mind and re-adjust my mindframe. I hereby declared 4th of February 2009 is a non-trading day.

See you on 5th of February 2009.

Cheers.

Panic at the Trading Mind

Panic - a sudden fear which dominates or replaces logical thinking. I've had that today. It cost me 33 pips. I have checked all the indicators, ran my calculation and set up my trade properly but it was to be undone by a moment of panic.

Maybe as my coach said it, stay away from the monitor after your entry. It helps to keep you from being perturbed. However i find it rather difficult to stay away after the entry...my sight was like glued to the charts, unable to break away. It will takes lots of training to do what my coach can do.
In the meantime, i could only try to look for some activity to occupy my mind after my entry.

Cheers.

Short AUDUSD - 0.6305

Short AUDUSD at 0.6305

This is the 3rd trade of the day. I closed the earlier trade upon seeing the short term indicator pointing reversal. It was a panic call and regretted it very much. Missed out on 33 pips gain.

For this trade i'm going to shut down the monitor and let it run.

Short EURUSD - 1.2716

This is my second position of the day. Had been aggressive as i have missed my previous week target by miles. I have used up my quota for the day. Hope these 2 trades will turn my way.

Enter short EURUSD at 1.2716 after it clears all criteria using Price Pullback Strategy.

Stop Loss at only 84 pips.
Profit Target at 416 pips.

With the ECB announcement later this week, i foresee the downtrend pressure to persist thus the high profit target. Though it will take at least 1-2 days to be achieved.

Price Pullback Strategy, Trade #0004

I re-enter the short position at 0.6352 after finding all the indicators still showing downtrend.