Hehesam (Malaysian) trading journal

I am a student from Malaysia and graduate soon, going to seek any job opportunity from forex market after graduate. 1st deposit is $180, lets see what i can do to utilize this money. BTW, welcome for open discussion about forex, especially traders from Malaysia. (sorry for my crappy english.)

After follow J16 thread for long enough period, I going to implement it and see whether the strategy plan suitable my trading style or not. Start this thread to review my weakness in trading and my mistake in trading, hope u all enjoy and won't feel boring at here. Thanks.

Good luck bro!

1st trade of the week. usd/chf. BEOB, down trend, off ppz.
1st half position open 1.0093 - sl 1.0150 tp 1.0070 or 1.0060
2nd half position open 1.0089 - sl 1.0150 move to be after 1st half position's tp hit.
lets see how it doing.

loss -18 and - 22 pips for both trade.
as you all can see, the price go to 1.0071 and didn't hits my tp at this broker (but the tp did hit at other broker) .
Who to blame? broker maybe, but as a conclusion, the price reach FTA (1.0070) although this is not consider a good trade. Btw, i close the trade early because today is Friday, and the bar closed like a pin bar.
Look forward for nice trade next week.

hi,

Just some words of advice you may delete it if you find somewhat uncomfortable.

First, I want to remind you that by implementing other people's strategy is not a good start. Why? J16, whoever that is, may say that he is profitable using his own strategy, but you and him are different, therefore two psychologically different people. He may enter at x price and exit at y price whilst you enter at price x -1 pips and exit at price y -2 pips. In this case, you already have -3 pips disadvantage. Get the picture?

Second, If any other traders in this forum or in any other forum mention that they have a high %, say 90% win rate strategy, better yet if they say a holy grail strategy, it should be a red flag, because it's misleading. A 90% win rate can have a negative expectation. Percent win means nothing. What they won't tell you is the other 10% lose rate. All that said, you need to develop your own strategy.

Third, absolutely Do not trade with money you cannot risk. Capital preservation is a must. The only thing should be in your mind before entering a trade is how much you are going to lose. If you are only thinking about winning, I can guarantee you, you will make up the 9 out of 10 traders who fail.

Fourth, Get a full time job. If you already have, don't quit, save your money. You should only trade full time when you have enough reserve capital and can comfortably afford your daily needs.

Fifth, Do not try to outsmart the market. Market does not care who you are, whether you are a president of xyz company, a professional trader, a newbie or a student. And you can start off by learning to respect. Respect the market and respect other traders. And by doing so, leave your ego outside. One of the main things that separates the 9 traders who fail and the 1 who succeed is their ego.

Hopefully this helps. Good luck.

all the best bro...really jealous of you bcoz u got to know forex at a young age...is there anymore update bro?

p/s: btw, where you at ya? if near enuf, can go for TT session lor...

I fully agree with prodigy. No traders can apply same strategies because of difference in trading style and psychology. I think the best is to keep it simple. Learn all the basic indicators (even though you don't need to use some) follow the trends and breakouts and enter wisely and also you need to have enough capitals to prevent margin calls. Calculate the risk of getting margin calls against yr equity, for example if you deposited USD1000 and you enter a position at USD0.50/pip, yr risk of having a margin call for 1 open position is 1900 pips, provided that you don't enter stop lost.
Now for Eur/USD average high-low difference is about 1000 pips/month whereas Aud/Usd is about 500 pips/month. There is a fairly save distance from yr allowable 1900 pips.

And also remember that every pair that has Usd pair will not wander too far on the negative from the average level because other countries will not let the dollars to fall too far because it will have severe consequences to their economy.