My 2nd half portion of the GBP.CAD trade was taken out at BE, when the market reversed.
Monday, November 30, 2009
2nd half open position
My 2nd half portion of the GBP.CAD trade was taken out at BE, when the market reversed.
Cash some chips in
Took some profit, and locked in my stop to BE. I'm quite anxious to collect some pips early, because there's a news announcement that might affect CAD in the evening.
Now that this is a risk-free trade, it's time to go to the local pasar malam to buy some dinner for the family.....:-)
Tuesday, November 24, 2009
Done for the day
Well, my 2nd half position on the chf.jpy trade was taken out at BE. No worries, that's just the way things go.
Monday, November 23, 2009
Active Trade
The market is moving down pretty strong on the CHF.JPY pair that I'm trading, so I'm taking off half of my position in order to bank-in some pips. I have also moved my stop to break-even on the balance of my position, effectively making this a risk-free trade.
I am increasingly more in favor of doing this, rather than "all or nothing" type of trade management which I used to do before.
Wednesday, November 18, 2009
The Swing That Did Not Take Place...
Well, I got "swung out" of my GBP.CAD trade, as soon as the London boys came into the picture.
Tuesday, November 17, 2009
Sunday, November 15, 2009
24 Hr Trading, Anyone?
One of the reason why I switched to FOREX (I was trading US stocks before this) is due to the time flexibility that the FOREX market offers.
Ot to put it in another way, I could trade ANYTIME I want, because the FOREX market runs 24 hours a day, 5 1/2 days a week.
Cool, no?
Well, not quite.
While it's true that you can pretty much trade at anytime of the day (or night), I quickly learnt that in order to have a fair success win rates, you cannot simply trade whenever you feel like it....
....especially if you're an intraday trader!
Whenever I take intraday trades, there are a lot more things that I need to consider, before pulling the trigger.
Firstly, I avoid trading during the Asian session. I like trading 'em during the Euro session.
Secondly, I need to know when the key news announcements are going to take place, as these can (and do) rock the market like a tsunami.
Also, intraday trades are more prone to fail, so I need to be picky about trade selection, as well as all the other potential roadblocks that may derail the price movement.
Sounds like a lot of work?
Yep. Frankly, the easiest ones to trade are the Daily setups.
On the Dailies, I don't care about the news, and I pretty much don't care the time of the day when the trade is to be taken.
Ot to put it in another way, I could trade ANYTIME I want, because the FOREX market runs 24 hours a day, 5 1/2 days a week.
Cool, no?
Well, not quite.
While it's true that you can pretty much trade at anytime of the day (or night), I quickly learnt that in order to have a fair success win rates, you cannot simply trade whenever you feel like it....
....especially if you're an intraday trader!
Whenever I take intraday trades, there are a lot more things that I need to consider, before pulling the trigger.
Firstly, I avoid trading during the Asian session. I like trading 'em during the Euro session.
Secondly, I need to know when the key news announcements are going to take place, as these can (and do) rock the market like a tsunami.
Also, intraday trades are more prone to fail, so I need to be picky about trade selection, as well as all the other potential roadblocks that may derail the price movement.
Sounds like a lot of work?
Yep. Frankly, the easiest ones to trade are the Daily setups.
On the Dailies, I don't care about the news, and I pretty much don't care the time of the day when the trade is to be taken.
Tuesday, November 10, 2009
Enjoying my Kiwi fruit
I have started to do more intraday trades. Here is a trade that I took on 15 minute timeframe. It is actually a trigger for my hourly setup chart.
As you may have noticed, I have change my chart settings a bit. I've added a bit more pizzazz to enhance some of the things that I look for in a price chart.
I plan to do more intraday trades.
Sunday, November 1, 2009
I'm back!
It's been 3 weeks since I last place a trade. The reason for this mini sabbatical was due to being stuck in "lab" mode - spending endless hours learning/researching/fine-tuning my overall trading plans.
I have found that whenever I'm in this mode, it's best to stop trading altogether so that I can fully focus on the stuff that I need to do in order to further improve my trading game.
Well, I'm now out of my lab cave and am now ready to trade the market again. However, the market today is pretty dull......
......and dull market means NO TRADE, as there's simply no momentum for me to ride on.
There's also plenty of news this week, so I need to keep an eye on them as well. Don't want to be caught in a FOREX Tsunami that could very well occur during these times.
Looking at the intra-day charts, I don't quite see anything that would warrant any interest. The European traders are just not making any waves today after the London Open.
Methinks I'm just gonna call it a day. Let's see how tomorrow shapes up.
I have found that whenever I'm in this mode, it's best to stop trading altogether so that I can fully focus on the stuff that I need to do in order to further improve my trading game.
Well, I'm now out of my lab cave and am now ready to trade the market again. However, the market today is pretty dull......
......and dull market means NO TRADE, as there's simply no momentum for me to ride on.
There's also plenty of news this week, so I need to keep an eye on them as well. Don't want to be caught in a FOREX Tsunami that could very well occur during these times.
Looking at the intra-day charts, I don't quite see anything that would warrant any interest. The European traders are just not making any waves today after the London Open.
Methinks I'm just gonna call it a day. Let's see how tomorrow shapes up.
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