When I first saw this position still open my trading account...I must say I was overjoyed. But on thinking and rethinking, I realised it is a trade which shouldn't have stayed open. The only reason it happened is because of negligence on my part of even being aware of an open position.
1. Date : 29th Nov 2007
2. Currency Pair : USD/CHF
3. Trade : BUY
4. System : TNT
5. Method : Retracement - Continuation Signal
6. Entry Price : 1.1131
7. Time of Entry : GMT 0539
8. Stop Loss : 1.1101 (later adjusted to 1.150 around 22/11/2007)
9. Target Profit : NONE (THIS IS A MISTAKE!!!) (later adjusted to 1.1630)
10. Exit Price : 1.1500 (On 26/12 GMT 13:07) (Win 369 pips)
11. Commentary and Reflection : Alright. Honestly I love this trade and it shows me the power of longer term trading. But it is a mistake because I did not set a TP at first, and later forgot about the trade. When I saw it is still on around 20th Dec, I went in and put SL and TP levels. Ended up with SL triggered. Could have saved another 19 pips though, because Clarence's advice (which I did not act on) is to change the SL to 1.1519.
I won't say much for now, but this system seems to work pretty well. I've been trying to do backtesting with my sister, but I got discouraged 2 hours into the research. But, well, like the word says , I'll go re-search for the truth.
Do have a wonderful and meaningful last few days. Have a great year ahead!
Friday 28 December 2007
Saturday 15 December 2007
The season for trading
12.45 (early) in the morning, 2 weeks non-stop no forex and trading actions, hardly done anything since my varsity hols started...but this is certainly the PERFECT time to blog.
For a few reasons of course. But I won't list the reasons.
I note that it's real close to where and when I'm supposed to start trading. And I actually feel I have a better chance trading in school. I picked up trading again while preparing for my varsity exams. And so going back to school quite excites me - continuous wireless, and my laptop's usually with me.
Talking about that, I spoke to Kelvin last night. In short, he's a friend I met during my national service days. (in the camp where I, thankfully, was allowed to slack for more than 1 year) For a brief period, I got to know this guy with some ideals and ambition, but appeared like an educated Ah Beng to me. Well, years go by, and I realised he's really not a Beng (or hooligan, apologies for the colloquialism), is pretty friendly and has learnt a lot since we parted about 2 years back. He picked up English, surprising me with his vocabulary and fluency, having rejected reading Rich Dad Poor Dad in english when I first got to know him in camp.
Anyway, back to the conversation. He gave me my most unusual request to date. To tutor him weekly (and charge him my normal tuition rate) in forex trading. And that was easy to answer. For many reasons, I can't accept a single cent. Simply because I'm as much a student as he is. But I know what he's aiming for, and I agree we should do as he suggests -- to meet consistently at least once a week to discuss trading and stuff. We'll see what comes out of that in our next meeting.
Next, (I hope you guys are tired of hearing this from me) I finished the ebook "Adventures of a currency trader" once more. The first time was during my extended lunch times in the Times bookshop in Centrepoint. And I still absolutely love that book and recommend it to all traders, but more so for traders for have had a little experience in trading but is going nowhere. The book has no answers, but is a great direction pointer. (Firman, I think you should read the book, if you haven't.)
I'm not gonna say too much now, lest it be repeated stuff. But I must emphasize this point to all fellow traders. Trading is NOT about the system. Everywhere in the market, we see trading systems being promoted and sold. Some claiming to be a sure win, others say they guarantee a path to riches. I'm not saying they are not true or can't do what they claim. But that's TOTALLY MISSING the point.
Trading is about yourself! There is no system that works without the trader clearly knowing what's the rational behind the system. And the system has to suit you, the trader. I clearly know you can't use a system that trades on the hourly chart if you can only afford to go on to monitor trades on a daily basis. (or even less frequent than that)
At this point, I must say I don't really know how to substantiate my abovementioned point, so please do leave a comment if you guys have something to discuss or some questions to direct my posting on this issue.
Just a last point. I attended a seminar on futures. Really great info there, learnt a lot about futures and investment in general.
I'm a student, and I believe we all are on this amazing journey.
ENJOY IT!
For a few reasons of course. But I won't list the reasons.
I note that it's real close to where and when I'm supposed to start trading. And I actually feel I have a better chance trading in school. I picked up trading again while preparing for my varsity exams. And so going back to school quite excites me - continuous wireless, and my laptop's usually with me.
Talking about that, I spoke to Kelvin last night. In short, he's a friend I met during my national service days. (in the camp where I, thankfully, was allowed to slack for more than 1 year) For a brief period, I got to know this guy with some ideals and ambition, but appeared like an educated Ah Beng to me. Well, years go by, and I realised he's really not a Beng (or hooligan, apologies for the colloquialism), is pretty friendly and has learnt a lot since we parted about 2 years back. He picked up English, surprising me with his vocabulary and fluency, having rejected reading Rich Dad Poor Dad in english when I first got to know him in camp.
Anyway, back to the conversation. He gave me my most unusual request to date. To tutor him weekly (and charge him my normal tuition rate) in forex trading. And that was easy to answer. For many reasons, I can't accept a single cent. Simply because I'm as much a student as he is. But I know what he's aiming for, and I agree we should do as he suggests -- to meet consistently at least once a week to discuss trading and stuff. We'll see what comes out of that in our next meeting.
Next, (I hope you guys are tired of hearing this from me) I finished the ebook "Adventures of a currency trader" once more. The first time was during my extended lunch times in the Times bookshop in Centrepoint. And I still absolutely love that book and recommend it to all traders, but more so for traders for have had a little experience in trading but is going nowhere. The book has no answers, but is a great direction pointer. (Firman, I think you should read the book, if you haven't.)
I'm not gonna say too much now, lest it be repeated stuff. But I must emphasize this point to all fellow traders. Trading is NOT about the system. Everywhere in the market, we see trading systems being promoted and sold. Some claiming to be a sure win, others say they guarantee a path to riches. I'm not saying they are not true or can't do what they claim. But that's TOTALLY MISSING the point.
Trading is about yourself! There is no system that works without the trader clearly knowing what's the rational behind the system. And the system has to suit you, the trader. I clearly know you can't use a system that trades on the hourly chart if you can only afford to go on to monitor trades on a daily basis. (or even less frequent than that)
At this point, I must say I don't really know how to substantiate my abovementioned point, so please do leave a comment if you guys have something to discuss or some questions to direct my posting on this issue.
Just a last point. I attended a seminar on futures. Really great info there, learnt a lot about futures and investment in general.
I'm a student, and I believe we all are on this amazing journey.
ENJOY IT!
Monday 3 December 2007
Reflections and (re)Awakening
I'll be honest, I don't know how to start this post.
It's just a mini looking-in-and-looking-back exercise.
The whole deal of getting any more affluent (not to even mention rich) was partly propelled by my wish to see something and funds and energy being done for and to people who are worthy. I know the words more commonly and easily understood include "unfortunate", "poor", "needy" etc. But that's not what I mean or who I want to refer to on two counts.
One, help should not be blind, even if someone is commonly thought to be in need (eg. African starved babies), not everyone deserves it. I'm no one to judge, but I learnt through my life experiences that one can only make full use of help or additional resources when one is willing to help oneself first.
Two, people who are worthy, deserving help, are not "needy" or "unfortunate". They are the people who truly live their lives (and use their hearts to achieve their goals) They are more than deserving. To me, people with purpose are sacred. (I'm really not apologetic if someone thinks this word should be in the domain of religion)
And these few days, events (again, I can't remember what happened, but I preserved the lesson) told me to look again at this aspect of myself and my desires. I remember setting aside money out of my income when I was working to be used to donate to a cause I thought is worthy.
Well. I failed and succumbed in the face of financial need (rather, wants) of my own. Well, I should say it was desire and wants to caused me to steal my own money and betray my integrity to splurge it on myself. All that money quite a few cents) came from my "charity pool".
I think I owe it to myself, not even to anyone else, to do something about that.
And I will. But when?
It's just a mini looking-in-and-looking-back exercise.
The whole deal of getting any more affluent (not to even mention rich) was partly propelled by my wish to see something and funds and energy being done for and to people who are worthy. I know the words more commonly and easily understood include "unfortunate", "poor", "needy" etc. But that's not what I mean or who I want to refer to on two counts.
One, help should not be blind, even if someone is commonly thought to be in need (eg. African starved babies), not everyone deserves it. I'm no one to judge, but I learnt through my life experiences that one can only make full use of help or additional resources when one is willing to help oneself first.
Two, people who are worthy, deserving help, are not "needy" or "unfortunate". They are the people who truly live their lives (and use their hearts to achieve their goals) They are more than deserving. To me, people with purpose are sacred. (I'm really not apologetic if someone thinks this word should be in the domain of religion)
And these few days, events (again, I can't remember what happened, but I preserved the lesson) told me to look again at this aspect of myself and my desires. I remember setting aside money out of my income when I was working to be used to donate to a cause I thought is worthy.
Well. I failed and succumbed in the face of financial need (rather, wants) of my own. Well, I should say it was desire and wants to caused me to steal my own money and betray my integrity to splurge it on myself. All that money quite a few cents) came from my "charity pool".
I think I owe it to myself, not even to anyone else, to do something about that.
And I will. But when?
The shock continues...
And what's the shock? That so much time has passed since I posted in August. In any case I'm starting again, and with a BANG! (I hope)
Anyway, here's a trade I did based on the system of Clarence, my mentor in forex.
1. Date : 28th Nov 2007
2. Currency Pair : USD/CHF
3. Trade : BUY
4. System : TNT
5. Method : Retracement - Continuation Signal
6. Entry Price : 1.1057
7. Time of Entry : GMT 0430
8. Stop Loss : 1.1027 (later adjusted to 1.1087, then 1.1127)
9. Target Profit : 1.1147 (later adjusted to 1.1192)
10. Exit Price : 1.1192 (at GMT 12:45) (Win 135 pips)
11. Commentary and Reflection : Well, the price went really smooth, in part I attribute it to that the price has been above the PIPS pivot level for some 8 to 10 hours. Also, remember Clarence mentioned about how he observe prices suddenly shoot up upon contacting the MA line? Well, it sure happened here!
Yeah! so happy! (to finally get a proper trade which wins)
This is just a common email that I get within Clarence's yahoo group, full of forex enthusiasts, experts and noobs alike!
The post is a little outdated though, do pardon me for that. I will try to post more trade on the blog to share with everyone too!
Maybe you guys could share your trades with me too?
Anyway, here's a trade I did based on the system of Clarence, my mentor in forex.
1. Date : 28th Nov 2007
2. Currency Pair : USD/CHF
3. Trade : BUY
4. System : TNT
5. Method : Retracement - Continuation Signal
6. Entry Price : 1.1057
7. Time of Entry : GMT 0430
8. Stop Loss : 1.1027 (later adjusted to 1.1087, then 1.1127)
9. Target Profit : 1.1147 (later adjusted to 1.1192)
10. Exit Price : 1.1192 (at GMT 12:45) (Win 135 pips)
11. Commentary and Reflection : Well, the price went really smooth, in part I attribute it to that the price has been above the PIPS pivot level for some 8 to 10 hours. Also, remember Clarence mentioned about how he observe prices suddenly shoot up upon contacting the MA line? Well, it sure happened here!
Yeah! so happy! (to finally get a proper trade which wins)
This is just a common email that I get within Clarence's yahoo group, full of forex enthusiasts, experts and noobs alike!
The post is a little outdated though, do pardon me for that. I will try to post more trade on the blog to share with everyone too!
Maybe you guys could share your trades with me too?
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