Non Trading Week

Lost 74 pips today from GBP/JPY. Went in too early and failed to check the trend properly. After a almost 2 weeks of losses. The rest of the week will be a NTW. Now at the lowest point of my trading career. Time to reflect and re-strategise.

A Tribute To King of Pop

May you rest in peace.

Early exit from a wrong trade

Entered a long GBP/JPY today before the London market open. But it went against my position. I closed with 54 pips loss before it goes to my SL. It was another misjudgement on my side.
NTD for tomorrow.

See you next week.

Too early close.

I closed one trade this morning, short USD/JPY from yesterday. Managed to get 31 pips. A great start to the morning. Later in the day i shorted GBP/JPY but it was a wrong move as the pair staged a reversal, luckily i got out early with only 39 pips loss. Had a long trade on GBP/USD thereafter with a target profit of only 80 pips. It was down 30 pips at one time before staging a mini rally to to positive 25 pips and now hovering at positive terittory. Adjusted my stop loss to break even. Going to leave it to see if it could hit my PT or BE. Though things do not look so encouraging but i am going to leave it.

It closed at break even as soon as i finished this post.

Challenging Week

The most challenging week i have had so far in my trading career. 5 consecutive losses, 375 pips in total. Wiped out 8.4% of my portfolio. A big setback. Time to analyze my trade setup.

What do you do when you get into this kind of situation? I won't lay down. I will come back up harder. Watch me.

Started with 2 Losses

Started the week with 2 losses. Long GBP/JPY when the short term outlook is bearish. Second trade shorted EUR/USD and it reversed. Total loss is 140 pips. First trade entered because i wanted to get the lowest possible price as i positive on the GBP/JPY but the market had other ideas.

Got to come back stronger.

Cheers.

Indecent Proposal Lecture

The title might be misleading...but its a good lecture. What do you inspire to be?

Inspiration from Michael Jordan

Nice commercial.

Week 39 Review

Here's my week 39 review. Grew my portfolio by 4.2% this week. The stats showed my trade winning ratio. Overall maintained at 63% however the average pips won reduced by 2 pips. This was due to few small profits made at midweek. And a total of 3 trades at Break Even. Total pips gained for the week is 161 pips. Will strive harder next week.

Cheers & celebrate.
Play time.

I Can See Clearly Now

I can see clearly now. Missed out on the teabreak strategy today but no regret.

GBP/JPY gained 100 pips + 32 pips from GBP/USD

Entered 2 long trades today both GBP related. The first trade entered early before i got out from my house today. And its a 9 hour long battle that ended out with a 32 pips profit when it hit the trailing stop. With no major news coming out from Europe and UK the market has been quite flat with pound sterling trying to break its day high. The second trade, GBP/JPY entered with limit order which got activated some 4 hours after i set it, about 30 minutes before it expired. And it hit my 100 pips profit target about 5 hours later.

At around 4 hours after my first trade, both trade were activated and at one point was at negative territory with a cumulative of about -80 pips. The indicators were still intact with no major news release, my confidence were challenged. The pairs were hovering and it moved to break even and goes down again. I was tempted to get out at break even. But i persisted after checking the indicators and comparing charts of similar related pairs. Glad I am able to control my emotion this time. I have to force myself away from the screen and it proved to be a good decision as it prevented myself from meddling with my trade setup.

Cheers & celebrate.
Play time!

Small gains from 3 trades.

Entered 3 trades today with very conservative risk capital and managed to made small gains today. Won 29 pips today from GBP/USD and GBP/JPY. A good start to the week after 2 days of non trading days.

Cheers.

Eight Month Forex Summary

I've been analyzing my trading results of my first 8 months in forex trading. And most of my trades centered around this 4 major currencies cross, USD, GBP, EUR and JPY with approximately 85% of my total trades. And the winning ratio is quite satisfactory, however i need to improve on my money management, trading emotion, mentality and psychology.

The strategies i learned from my mentor has been wonderful and proven to be workable. And i am grateful to him as he has been trying to improve my money management and trading psychology by bringing in experts to conduct courses to keep us motivated.

Now it is up to me to raise my believe and expectation.

Have a great weekend ahead.

NFP - June 09

Long EUR/USD and exited with 51 stop loss. After a better than expected result on the NFP, the USD strengthen significantly but at the same time it also help risk appetite and the initial reaction is towards risk appetite and higher yielders moving higher. However the gains retraced in the first half hour after the announcement.

Entered long EUR/JPY minutes later and also exited with 95 pips loss. Overall ended the week with reduced portfolio of 1%.

No trading on first Friday of the month for 2009.

Cheers.

Two trades & two small profits

Entered 2 trades after the ECB announcement. First short on EUR/USD but the breakout did not sustain and exited at trailing stop with small profits. Second, short on GBP/JPY and it was hovering for about 15 minutes before i closed it with small profits also. Total pips gain from this 2 trades is 21 pips.

Cheers & celebrate.

One Escape and One Profit

I entered 2 long trades on the GBP/JPY today. First trade at near GMT6:00 and managed to escaped with 2 pips profit before it goes down for a while. The second trade i entered after the Pending Home Sales (MoM) (Apr) data released in US. It surged up quite substantially. Initially i set a Pending Order to long at quite a low price but did not managed to get it. And i entered manually after the news came out. Adjusted my SL to BE. Everything to gain.

Exit manually with 60 pips gain.

Good night.
Cheers & celebrate!

Teabreak Strategy Worked!

Closed 2 trades with small profits from last week open trade. Entered short on USD/JPY at GMT 11:52 but exited with loss. I cut my losses and entered long in GBP/JPY at 156.30 with a 100 pips target profit. However i exited with 51 pips gain. Even out the earlier loss. Ended the day with small profits. Yeah.

The tea-break strategy should work today if you have the chance to enter.

Cheers.