waf_1988 Trade Journal

Got a breakeven for Long EUR/GBP @0.8352
Long USD/JPY @82.82 - Closed @82.85

Today's trades are marked as clumsy trades; maybe it's Monday and 2 economic figures scheduled to talk. Everybody is anxious I think.. The price hasn't gone too far from the last surge after Mr. Fed talked.

We're looking forward to Mr. Euro talks scheduled @23:00 GMT+7

Short USD/CHF @0.9043 - Closed @0.9041
Long USD/JPY @83.11 - Closed @83.13
Short USD/CAD @0.9919 - Closed @0.9917
Short GBP/USD @1.5981 - Closed @1.5975

Still anxious, but anyhow, my trades can be more and a lot more pippin.. :-)

Today I tried to test a stochastic based strategy but as it turns out all my profits from last week were just reversed by it. In minus right now.. OMG, stoch is not for me..

Still struggling to match marker dynamics.. One time I got swept out of any luck and at another time, saved by the news, which is very lucky of me..

Hope I can learn more by analyzing my trades and find my trading pattern once again. I have swapped from scalpers, hour-trader, position trader, news trader, naked trader, even the most notorious opportunist trader

I've been most, but I must admit haven't found one that is matching my style.

Market has been kind to me.. or in another word, I've been doing good trading lately. Even though struggle is inevitable since I lack time to babysit the pair I was trading on..

Hope this continues, and be a better trader with higher volumes..

Just thought about probable technical trading strategy and would like to test it by Monday. Aligning with fundamental facing QE in England, bad Eurozone, and bad US data, Monday trading will be interesting..:-)

On a completely different topic, I would like the readers to know that my last strategy is a bust, costing me around 3% and it took me 3 weeks to recover the 3% plus 0.5% profit last Friday because I had to trade in smaller size due to consecutive losses (my trading strategy dictates to reduce lot size if faced with consecutive losses and to change trading strategy right away).

I sincerely hope the new strategy to test is better and I can keep my money management intact

My last post is June 3rd, 2012.. I'm very busy right now, doing trades and stuffs.. Even though I trade in smaller size now, the strategy is kept intact.
People might not find it very profitable when they trade small lot size but time after time, it is not about the size, it is always about winning consistently.

If I can win consistently, lot sizes can be adjusted to meet my risk strategy and trading comfort level.

People in this forum might be tricky and each of them might have hidden agenda coming and posting here, so, I must also identify and avoid such people, you know, so that I will not be one of them..

So, later then.. Keep busy trading, or keep busy posting? I'd say keep busy influencing.. In this zero sum game, there will be more people loses money.

The pair is always open traded by lots of people around the world and it is reflected in its quote. It is always there, and yet different trader will have different interpretation about what it represent. Some might ask, does it represent a bull or bear power? Does it represent a country's economic power? Does it say another recession ahead?

Many questions might arise upon seeing the pair's quote. Whichever it is for you, keep it for yourself for your trade does not make any difference to the market. What you can do is influence other trader to make the same move as yours, but there will be no profit guaranteed..

Trade well, live well.. Let come what may

Most traders in FF don't know the fine line between betting, investing, and trading. Most of them started to bet their position and when they run to losing position, they "accept" the trade and say they are investing the position for future liquidation.

Most of them don't really aware that what they did and will continually do is they are actually trading. Trading a currency against another. It is not about being right or wrong, but rather, it is for the sake of taking side in economy power.

Some might think that for example, US$ is now very strong, and they quickly take a Short position, maybe against UK Pounds (Sell GBP/USD). They don't take time to check the economic movement in UK anymore. It is as if those traders are blindfolded by those single US data showing power in US and forget that they are trading it against UK data.

This is a simple example for common mistake repeated over and over again by most traders. So, after knowing this likelihood, I hope more traders can join a more sophisticated point-of-view that what they actually did (and will continually do) is they are trading a currency against another, take lesser bets position, and just forget about the silly investing term if they trade less than $100,000 position value, because it is just not worth the risk..

Happy trading all..

I started trading forex in August 2006, and I've been trading it ever since. I first start trading with local broker charging me some commission fee and the pair's spread. I moved my business elsewhere the next year and keep trading it with foreign broker such as InterbankFx, FXCM, AlpariUK, and OANDA.

When I first start, I was a part-time scalper, looking at minute chart, even in seconds if the broker's platform had allowed me to do so. At that time, exposed to higher risk of heart attack, I survived the market and get around 20% ROI per month. As I progresses, I learn more about technical analysis, fundamental analysis, and psychological levels which are now still very vague of meaning, but I trade it anyway.. The interesting part is, when I learn more, know more, I also chicken more.. There are too many "what-if" scenario derived from the knowledge I took and it affect my trade decision. This is so annoying since I feel less and less comfy to trade and the business feasibility decreases over time

I plan to overcome this situation by slowly switching to naked trading, which is much more affected by fundamental issues rather than taking into so many factors to take a trade decision. I no longer a part-time scalper. I'm now a swing trader and I trade the direction the pair shows me, without much hesitation. I felt better but not really fully satisfied because the trades success rate is still stuck at around 78% and the losses are in maximum of 4 consecutive losses.

I hope I can do better in this business (read:game) and be a member of the survivor

Happy trading all..

What will you do, if fundamentally, market expects a news to come out negative as planned? What if since it is expected, it can't be taken into account that many expect it to affect the market?

Let's put a bet then.. I say, since it is expected, the news won't affect the market much, maybe a retracement is on due, but after that, the market will resume its previous move and get out of today's trading range

GBP/USD and EUR/USD will go higher despite weak employment data from Europe..

Just a bet.. Happy trading all..

Done.. As of writing, the EURUSD is @1.3053 and GBPUSD is @1.6094..
Liquidated all my long positions already and the bet paid off nicely .. :-)

Started to double my trade size to get the thrill alive..
Last night I saw fiber is at a major downtrend and is likely to continue the trend since EUR data came out disappointing. Should these news continue to disappoint, my trade will end in profit; otherwise, should unprecedented events occur, which is unlikely in nature, my trade will sink in loss.
I have taken my position and doubled the trade size as of last night and shall see the result today or probably tomorrow to allow me to take full benefit of mid-weekly position trading

Year 2006 - 2013 is 7 years span and I still witness new clueless traders relying on random strangers' thoughts and analyses. It is as if those people are repeating what I did when I was new to this game. Deep down inside my mind, I want to help them but then I remember, that trading is a zero-sum game which might put me in different interest to theirs.

There I stood in silence, posting my thought here in my journal, maybe a slight of chance and those people could pay a visit here and have a second thought of what they're doing

I guess I agree that 90% of new traders will fail and don't come back, but the catch is, there will always be some new traders sniffing around the game hoping to catch the train we boarded, thinking this is some sort of quick-rick-scheme, which I guarantee is not.

I like being right, even though missing several pips from my initial target as I close my trade mostly manually, seeing those hopes of theirs wither as the wind blows