Out with profit. Great way to start the trading week.
Monday, March 29, 2010
Thursday, March 25, 2010
Monday, March 22, 2010
Sunday, March 21, 2010
Life of a Trader
When I first started to trade, I did like what almost everyone......buy some books, paid good money to attend trading seminars, surf forums, you know...the works. I did all these in order to copy some of the stuff that work (or seem to work) for these guys.
In other words, what I was trying to do was to shorten the learning curve. I wanted to be able to make money as soon as I had checked out of the hotel that I was in, after the trading seminar had ended.......
........which, of course, did not happen, as you probably have guessed! I found out the hard way that there is MORE to trading, than simply aping what the other guys are doing in their trades.
Many moons later, I began to REFINE & FINE-TUNE all the stuff that I've learnt, and mold it into a sort of personalized system or style that I'm comfortable with. At this stage, I now start to trade less frequent than what I used to do (even on intraday basis).
In other words, I tend to wait until all the elements come together (sorta waiting for all the planets to line up), before hitting the buy or sell button.
Getting from "copy & paste" to "defining my own trading style" phase does take quite a considerable amount of time, but it's well worth the effort.
Why?
Because when you reach this stage, you really don't care about other people's opinion about the setup. You've seen the pattern before during your extensive backtestings and screen time, and you know that this is a high probability trade setup.
OK, rant over. Back to trading!
In other words, what I was trying to do was to shorten the learning curve. I wanted to be able to make money as soon as I had checked out of the hotel that I was in, after the trading seminar had ended.......
........which, of course, did not happen, as you probably have guessed! I found out the hard way that there is MORE to trading, than simply aping what the other guys are doing in their trades.
Many moons later, I began to REFINE & FINE-TUNE all the stuff that I've learnt, and mold it into a sort of personalized system or style that I'm comfortable with. At this stage, I now start to trade less frequent than what I used to do (even on intraday basis).
In other words, I tend to wait until all the elements come together (sorta waiting for all the planets to line up), before hitting the buy or sell button.
Getting from "copy & paste" to "defining my own trading style" phase does take quite a considerable amount of time, but it's well worth the effort.
Why?
Because when you reach this stage, you really don't care about other people's opinion about the setup. You've seen the pattern before during your extensive backtestings and screen time, and you know that this is a high probability trade setup.
OK, rant over. Back to trading!
Tuesday, March 16, 2010
Monday, March 15, 2010
Thursday, March 11, 2010
Losing Trades
Lost both of my USD.CHF & EUR.GBP trades today. I am now hitting a losing streak, particularly during this week.
I have to admit, my confidence did take a bit of a knock. So the sensible thing to do now, is to reduce my risk amount per trade.......until I feel better again. In other words, I'll still trade as per normal, but with reduced amount at risk.
I have to admit, my confidence did take a bit of a knock. So the sensible thing to do now, is to reduce my risk amount per trade.......until I feel better again. In other words, I'll still trade as per normal, but with reduced amount at risk.
Wednesday, March 10, 2010
Monday, March 8, 2010
Indicators
I got a phone call this morning from an old friend asking me whether or not I have a certain type of MT4 indicator.
If you've noticed, my charts are pretty much devoid of any of the indicators - I pretty much rely on only Support & Resistance, and trend lines.
I have found that they suit me best, as they're pretty simple to use.
So, of course I told my friend that I don't have what he's looking for. In fact, he was quite taken aback when I told him that I don't use any mathematical indicators at all.
That is not to say that indicators are useless - many, many traders swear by them.
Maybe I'm just too dumb to use the indicators.......
Different strokes for different folks.
Rant over.
If you've noticed, my charts are pretty much devoid of any of the indicators - I pretty much rely on only Support & Resistance, and trend lines.
I have found that they suit me best, as they're pretty simple to use.
So, of course I told my friend that I don't have what he's looking for. In fact, he was quite taken aback when I told him that I don't use any mathematical indicators at all.
That is not to say that indicators are useless - many, many traders swear by them.
Maybe I'm just too dumb to use the indicators.......
Different strokes for different folks.
Rant over.
Wednesday, March 3, 2010
Well, the fat lady did sing!
Lost this trade. There was simply nothing that I could have done in terms of trade management.
All part & parcel of trading.
Tuesday, March 2, 2010
Monday, March 1, 2010
Fiber Trade
Took large portion off at 1.3650 and moved my stop to 1.3614, where it eventually stopped out my remaining open positions for overall profit.
Monday Trade
Moved my stoploss on my fiber trade, just to reduce risk in case this pair reverses. So far, looking good.
Butterfingers
New month, new trade. Only thing is that this is not the kind of setup that I like, mainly due to the sideway move that this pair did prior to the Euro session.
I had wanted to yank off my order, but it was triggered when the Euro boys started coming in.....
So, what do I do now?
Not much, except to sit tight and see if I have opportunity to move my stop to BE, if it starts to move upward.
Let's see.
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