Friday, February 12, 2010

Trading Reflection - 2nd Week of Feb 2010

Four of my six trades ended up in losses this week, one break even and one made a small gain. Overall my portfolio down 9.6% this week. Looking back at my trade setup, I had only myself to blame. I entered even when the signals are mixed. The last trade for this week was long AUD/USD on the Euro session. It went down an hour after entry and reach my stop loss within four hours. I did not cut it short even though the signals were indicating reversal. Naivety...
Overall my portfolio now stand at -56.6%, the new low point. Third consecutive losing week. Five losing weeks out of the last six.

Lessons are very expensive in forex trading world. Either you pay someone to teach you the ropes of the the trades or you ended up paying the market for the lessons. The difference is that when you pay to learn from someone, you gained some confidence and knowledge in strategies,if you are lucky you even get a bit of mentoring and guides in your early trading career (if you decide to make it a career). Along the way, as you gained some experience in trading, you ought to discover your own style and strategy. Maybe you tried and experimented with some strategies or trading style of your own, be sure to do it on a small scale.

Saturday, February 6, 2010

Trading Reflection - 1st week of Feb 2010

Had another disappointing result this week, -3%, now the portfolio stands at -52%, new time low. It can be very frustrating when the result do not go your way. Sometimes i do feel helplessness.

When i started this forex trading, I have great expectation to be able to retire comfortably within a short time of period. And it did not turn out as what I expected, then i thought maybe i wasn't able to concentrate and focus on trading while working full time. So i quit my full time job and work in the real estate industry as a negotiator, I thought where this job allows me to manage my time to suit my trading, I would be able to produce better result. And i was wrong, I did worse.

And now i must think of a remedy. How can i consistently produce better result in trading?

Lesson at an Orphanage

I was invited by my friend, Lai to visit an orphanage in Jalan Ipoh today. He had initiated a 1Month 1Charity, a monthly charity initiative for the less privileged. Before that we bought some food and necessities to them. There were 30 of them with 7 workers maintaining the premises. They relied mostly on donations and corporate sponsorship. I was surprised that our government actually did little to assist in the well being of the orphanage.

While I was walking around the home, I saw these words on the wall of the home. Very true indeed.

Friday, February 5, 2010

Jung Personality Test

According to this test, I'm an ISTJ.

Introverted 22%
Sensing 1%
Thinking 62%
Judging 44%

It says:

"It is in keeping with tradition throughout our history that I should express simply and directly the opinions which I hold concerning some of the matters of present importance." --Herbert Hoover, Inaugural Address, Monday, March 4, 1929.

ISTJs are often called inspectors. They have a keen sense of right and wrong, especially in their area of interest and/or responsibility. They are noted for devotion to duty. Punctuality is a watchword of the ISTJ. The secretary, clerk, or business(wo)man by whom others set their clocks is likely to be an ISTJ.

As do other Introverted Thinkers, ISTJs often give the initial impression of being aloof and perhaps somewhat cold. Effusive expression of emotional warmth is not something that ISTJs do without considerable energy loss.

ISTJs are most at home with "just the facts, Ma'am." They seem to perform at highest efficiency when employing a step-by-step approach. Once a new procedure has proven itself (i.e., has been shown "to work,") the ISTJ can be depended upon to carry it through, even at the expense of their own health.

ISTJs are easily frustrated by the inconsistencies of others, especially when the second parties don't keep their commitments. But they usually keep their feelings to themselves unless they are asked. And when asked, they don't mince words. Truth wins out over tact. The grim determination of the ISTJ vindicates itself in officiation of sports events, judiciary functions, or an other situation which requires making tough calls and sticking to them.

His SJ orientation draws the ISTJ into the service of established institutions. Home, social clubs, government, schools, the military, churches -- these are the bastions of the SJ. "We've always done it this way" is often reason enough for many ISTJs. Threats to time-honored traditions or established organizations (e.g., a "run" on the bank) are the undoing of SJs, and are to be fought at all costs.

Functional Analysis

Introverted Sensing

Si is oriented toward the world of forms, essences, generics. Time is such a form, a quantifiable essense of exactitude, the standard to which external events are held. For both of the IS_J types, the sense of propriety comes from the clear definition of these internal forms. An apple "should" have certain qualities, against which all apples are evaluated. A "proper" chair has four legs, (and other qualities this poor INTP can only guess). Jung viewed introverted sensing as something of an oxymoron, in that the natural direction of senses is outward toward the object, rather than inward and away from it. One has the sense that Introverted Sensors are drawn more to the measure of the concept of the perceived object than to the experience of that perception.

Extraverted Thinking

The moderation of the Te function serves to socialize the expression of these forms. When the Si function is ready to relinquish the data, Te may speak. Otherwise, silence is golden. ISTJs seem to have a few favorite forms (the tried and true) which may serve for most occasions. My ISTJ dad woke me every morning with the same phrase for more years than I care to remember. Asked, "How are you?" he answered with the same stock phrase. ("As well as my age and habits will permit" was used for about two decades.) "It's a good form, a sound form--it's the form for me."

Introverted Feeling

Since Fi is turned inward, it is rarely expressed. Perhaps this enables the ISTJ to resolutely accept that "we are all doomed." When told that Lazarus had died, Thomas said, "Let us go and die with him." (He could just as well have said something like, "I knew this was bound to happen sooner or later.") Only in times of great distress is the Introverted Feeling expressed (as I witnessed in my dad when a neighbor's son was killed in a hunting accident). Otherwise, feeling is inferred, or expressed nonverbally, through eye contact, or an encouraging smile.

Extraverted Intuition

The Ne function of an ISTJ does not serve her very well. It needs a lot of help. She was surprised, for example, to find that someone she had talked with only by phone had red hair, because she "didn't usually like" people with red hair! This inferior Ne seems to be a major source of, and a natural breeding ground for, stereotypes. Failure of the banking system is but one bogeyman which arises from the fear which feeds on the ISTJ's mistrust of real world possibilities. The shadow inhabiting the inferior Ne strikes at the precious forms and standards in the heart of the dominant Si function.

Wednesday, February 3, 2010

Trading Goal & Review

Started with the goal of breaking even by end of February. Come to review my goal, I was wondering if its a realistic goal. I read somewhere that goal has to be realistic. I have never achieved growth of more than 24% in a month. Now is 3rd day into the month and i started the month with 2 losses of 3%. Got to grow 108% to break even. Weekly goal is to grow 20%. Daily goal is to grow 5% and that is achievable. The catch here is to do it consistently.

Now that the goal has been set. Its time to review the strategy. Need to put it down to writing so that i can follow my trading setup before i enter any trades. :-)

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