Simply Keen Pips Weekly

When I started FX trading in 2011, I wanted to make a lot of money within the shortest possible time. I was taking too many trades per day. I was trading sizes as much as 10% of my trading account. I was chasing trades and I was rather impatient and impulsive. Familiar things you would say. But I never learnt and I blew five real accounts within two years. Surely, mistakes come with the territory but never learning from costly mistakes will bring disaster. I started all over about nine months ago with a demo account and visited FF website a few times as a guest to learn how to master my mistakes, which included not having a functional trading system I am comfortable with and have confidence in. Two months ago, I opened three real FX micro-accounts with three different brokers and joined FF as a member in December 2015.

I have visited some forums since December 2015 and have been particularly impressed by such people as MarkChew, Cat, Medici, Quinton, Emmanuel7788,Sunshine, Stevepatt, Numbnuts, and Jaroo. What I have learnt varies from trading style and philosophy to trading systems, and they have really enhanced my trading outlook, style and strategy. Nevertheless, I believe in doing what best fits my personality and the philosophy of keeping things simple but executing trades with consistent efficiency.

As I trade part-time, I am starting this thread to record my trade as I believe doing so will make me more cautious in the way I trade and thus enhance my trading efficiency and success. I am a bit eclectic but I stick with a simple system based on the use of at most four MAs and an RSI. I employ supply and demand (or support and resistance) zones for turning points and trade with multiple timeframes, with the daily for trend, 4-hourly for trade setups and 15-minute for entry. I tend to leave my trade on for about 12-48 hours.

I will be posting about three times in a week, definitely when I trade. Apart from posting my trade charts (usually daily and 4-hourly), I will share what I see as nuggets of information, ideas, and insight I come across on my FX trading journey. Regarding my level of trading experience, I am purely a learner but I am making the kind of progress I want to see for consistent profitable trading.

I will welcome FF members to share their trading experience but do keep things simple and be non-judgmental, non-exhibitionist and non-offensive. Let us do things by the FF code of ethics, with emphasis on respect for fellow members.

KP

Edit: This thread will be discontinued and merged with my thread 'Success Guarantee - Simply Trade Better' which I had started under the 'Trading Discussion' section but within one day, the Admin moved it to 'Trading Journals' section. But as I already had this trading journal 'Simply Keen Pips Weekly', it will be proper and more efficient to focus on only one trading journal so I am discontinuing 'Simply Keen Pips Weekly' for 'Success Guaranteed', whose title brings out the essence of my posts and Forex trading: simplicity, better trading and consistent efficiency for sustainable, successful trading.

KP

I use Sunday evening to prepare my charts for the week. Usually, this involves updating the SD or SR zones I had identified on the weekly and 4-hour charts. Also, this evening, as I have two unrealized profits to take which I was not able to take because of scheduling issues I had last week Friday, I will close such trades immediately the Sydney session opens.

KP

Nugget:

In FX trading, it is more important to have enough money to trade tomorrow than to keep trading today in the hope of making money!

KP

My bias for AUDUSD atm is for a short trade.

Timing is key... I entered too early, SL hit! Stepped aside from AUDUSD atm.

KP

Taking inventory of the pairs I trade ahead of the new month. Will be dropping one pair from my list for more efficient trading. Looks like I will get better results with few pairs.

KP

Have narrowed the pairs I trade to four after seeing that three pairs were not appealing to my personality and trading style. Will focus on EU, GU, AU & EG for now.

KP

Bought GU.

Made a loss on the GU trade. Although I did not wait for proper trade set up or check for proper placing, I got 27 pips but I wanted more. Had I traded based on my trading plan, I could have made 50 pips. Lesson: I should wait for proper setup and trade my trade plan.

KP

Nugget: Some FX wizard once said, 'our priority is not making profit but avoiding a loss where we could.' I hope to keep this in mind!

KP

In the spirit of simplicity of system, which I believe in, today I have been trying to make my charts cleaner. Since I use mainly MAs, I want to use fewer ones that can complement one another as an effective, dynamic support and resistance mechanism.

KP

I found this helpful:
http://swing-trading-strategies.com/...trading-forex/

Nugget:
'It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.' - George Soros

It is important to understand that dealing ranges drive market behavior. So, what is a dealing range? It is simply a high and a low for a trading session; or a period, such as day, week or month. It is usually known as a period of accumulation by market makers, who use the levels to work out their orders and manage their positions. Often an old dealing range act as the basis for a new dealing range; somewhat like support and resistance levels. Pay particular attention to the 'W' formation.

KP

I have taken much of the week to watch two pairs I may start trading as from next week, EURAUD & GBPJPY. Besides, I have done some tweaking on the MAs I use because my trading is based on reactions of MAs at price action in supply and demand zones in combination with RSI readings.

KP

Jim Rogers, a market wizard, believes a recession will benefit the USD

Giving current conditions, I will look to short EURAUD next week.

Given the near overbought trend, or extensions of bulls, against the USD for much of the past two weeks, I will be watching for bearish dispositions on the following pairs I trade: AUDUSD, EURUSD & GBPUSD; and by extension GBPJPY.

In line with my bias I sold EURAUD.

Why keep a functional trade journal? It helps facilitate learning to accurately measure and understand success or failure in each trade. This is essential to survival in this business.

KP