Week 93: Not so good week

Had a not so good week where most of my trades ended up in losses. Thought of quitting trading. After one year of being in the real estate industry, the income has been inconsistent though the time has been flexible. And my trading has been inconsistent too. Lost 3% from my portfolio this week, leaving me with only 45% from my initial capital. Total of 7 trades this week, 1 break even, 3 wins and 3 losses. The magnitude of the losses are bigger than the winnings, hence the negative outcome.

Delayed gratification...?

When you are now at your midlife, and you are asking yourself 'What's the point?' I guess I do not have the answer right now. Coming from a poor family, graduated from government school, finished college, completed a degree, my academic result were fairly good. However that did not prepare me to the real world. Switched to different profession in my twelve years of working life, starting with drafting, construction, QS and now to real estate. Realized early that being an employee has its limitation. Began searching for new opportunity as soon as stepped into the working world.

'No matter how busy you may think you are, you must find time for reading, or surrender yourself to self-chosen ignorance.' - Confucius

However, I have enjoyed reading books. One of the books that really opened up my mind is 'Rich Dad Poor Dad' by Robert Kiyosaki and some other books on investing, properties, etc. I began to participate in some workshops and seminars on motivation, internet marketing and investing. And finally I decided to focus on forex trading. I was determined to make it happen. But so far result has not been encouraging. Few of my friends stopped trading, some wiped out their trading account and some did not start. Quit my full time job to become a real estate negotiator in order to find more time to trade. Now facing the challenges of both the real estate business and the forex trading a bit overwhelming. And I hope I can overcome it.

'Our greatest glory is not in never falling, but in rising every time we fall.' -Confucius

I would love to believe that I would succeed eventually. That this period of challenge is one short phase towards a fulfilling journey. I'd like to believe that this is a process of delayed gratification, that I would be able to get what I wanted if I persisted long enough. There was this marshmallows test done long time ago on a group of children, which showed that children with better self-control often excelled in their life. Hoped that I made a right choice.

Equities Tracker

I have the chance to attend a workshop on Value Investing conducted by Equities Tracker in Leisure Commerce Square last weekend. I have gained valuable insights into value investing, on how to read financial statement, selecting stocks and timing the entry. I highly recommend those beginners/novice in the stock market and investors to attend the course for you to understand what is investing all about.

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Getting Rich

I have read a few books on how to get rich e.g. The Science of Getting Rich, Think and Grow Rich, Millionaire Mindset, Rule #1, Property Millionaire, Property Jewel, The Secrets, etc. And a recent survey done in Malaysia revealed that 96% of youth aspire to become millionaire by the age of 35. but only 24% of them believed its due to hard work and determination. While 25% of those surveyed said that they are willing to give up ethics to become a millionaire.
I think it takes a lot of determination and a little bit of luck to achieve what you wanted. Like Wallace D. Wattles said, the first principle in the science of getting rich is thought and gratitude or Law of Attraction. You only need to use your will power upon yourself. Begin with the end in mind, know what you want and act upon it...until you succeed.

"Success is falling nine times and getting up ten!"
— Jon Bon Jovi

Renaming of Blog

I was seriously considering renaming this blog. Current name of FX War do not sound appropriate and in harmony with my mission and my goal.

Will keep you updated as I thought of a better and appropriate name.

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.

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.

The Most Powerful Word

WWLLLWLWLL-LWW-LWLWWWWL

This is the result since Sept 25 2009. Although the win loss ratio seems to be even but the magnitude of losses was far more than of the winning. At one point i was losing my hope in trading after so many defeats. Took a few days of break, then come back again with few small wins then wrapped the week with another loss.

On a good note, i managed to close my first deal in real estate. An office tenancy for 2 years, will be collecting my first pay cheque in the next few days. Last night I have dinner with my four ex-colleagues at Lookout Point. Olivia just got married 2 weeks ago, came from Singapore, Cathy just got her new Vios, Nicole and Chloe. We catch up with the happening in our lives and we left at midnight.

Good week ahead.

Trade Result Year 1

It's been one year since I started trading forex. And I've learned a lot from my mentor, my trading buddies and from myself. What was once I thought would be the easy and fast track to wealth has been a very challenging one. Perhaps I underestimated the market and overestimated myself. But I am glad I have found my passion and working towards my goal. I have always believed that i would be a trader, if not in forex, perhaps in stocks or options. The chart on the right tabulated my total trades since my first trade.

My winning to losing trades is approximately 5:3 with few trades breaking even. My target till end of the year is to increase the winning ratio to 7:3 and making 500% return in order to win my mentor's challenge. Although my current portfolio is sitting at -23% and its quite a big goal but i believed its possible. Stay positive, disciplined and focus on my goal and game plan. I will do it.

Forex Graduates Gathering Q3-09

Today is our Forex Graduates Gathering Q3 2009 in Menara Hap Seng. Had the chance to meet few of my course mate. Learn few more technical analysis and new strategies. And two guest speaker on the topic of fundamental forex trading and property investment by a Real Estate Agent. Two area of my interest.

Thereafter, few of us went to have dinner at an Iranian restaurant, the Palm at the Weld just two one street walk away from our gathering venue. May Lam, Chooi Ling, Daniel, Pooi Lum and me were having wonderful food and awesome conversation of everything. We should do it more often.

New Path

I tendered my resignation yesterday. One month to go before i will be on my own without a full time 9-5 job for the first time in my adult life. It was a tough decision to make but I'm glad after I hand in my letter.

Though it will be sad to leave behind a wonderful group of colleagues. But i committed on my decision and there will be no turning back. It will be a long road ahead, hopefully i will be able to meet new friends. My new job would be a real estate negotiator. No fixed time, fixed salary, only commission. How good and how hardworking you are will determine your income. New environment to me. But its an essential steps toward my goal.

Cheers.