Yeah! Great maiden trades in 2008 and some good progress

Hi fellow traders!

Here are my trades: (as per my email to my forex group, which is mentored by Clarence)

Trade 1

Date : 23-Jan-08
Currency pair : EUR/USD
Position : Short
Time Position open (GMT) : 09:26
Strategy Used : TNT Short Swing (continuation) + PIPS
Entry price : 1.4620
Stop Loss : 1.4670 (50pips) then changed to 1.4620 (0 pips)
Target Profit : 1.4525 (key support level)
Profit: 95 pips @ GMT 13:56

Trade 2
Date : 23-Jan-08
Currency pair : EUR/JPY
Position : Short
Time Position open (GMT) : 06:00
Strategy Used : TNT Short Swing (continuation) + PIPS
Entry price : 1.5568
Stop Loss : 1.5610 (42pips) then changed to 1.5568 (0 pips), then 1.5500(PS 68 pips)
Target Profit : 1.5300 (key support level)
Profit: 268 pips @ GMT 13:22

I'm real happy to have this 2 trades after such a long time not trading. I think a few things to share. One thing, the stipulated SL as per one's system is very very important.

The rationale is this: if you get the wrong signal, you have to get out and wait for the next signal which will actually give you gains. And usually that gives you a better price to get into.

The next thing is that we should always look from a big picture. In both trades, I looked for potential on the daily and weekly charts for the currency pair to move more in the direction I believe it will go.

That much said, I am going to get a gift from Clarence (CNY ang pow). Well, not quite any money or red packets, but he is giving away a certain indicator and the system which he designed to traders who achieve some measure of understanding of his initial system, TNT. Apparently, the system is meant to be more passive, requiring nothing more than weekly monitoring of one's trades.

He's gone on to start a full trading course with "live" support (and I suspect for, at least his, lifetime). Very amazing deal, with other trading schools offering something like 6 to 12 months follow up.

So that's a big congrats to him. And a small pat on the back for me.

Now that I learnt to use the BOLDEN effect. Maybe I should use it to organise my blogposts.

Tuition with Kelvin
Haha...I still call it tuition because it is hilarious to think of it that way. And if it really is "tuition" then it's 2 way -- I learn very much from Kelvin.

For one, we make promises to each other to put effort in accomplishing certain goals over the following week before our next session. Then we meet and we see what have we done. And we review our trades together.

For this week, I told Kelvin I'll continue trading according to the TNT and PIPS system. On his suggestion, I also committed myself to doing some backtesting of the TNT system, at least 20 trades by Sunday.

NO MONEY!!
Haha. Well, I know this is an issue many people my age face. And this problem is compounded by the fact that I am reluctant to give tuition (personal reasons - maybe I'll talk about them later) and also unwilling to work for lower-end hourly wages (5-6 bucks/hour). Well, sounds like I am typically middle-class, who can't adapt changes in the economic landscape.

I don't deny I might be stuck in such a situation but I draw inspiration from my favorite trading book "Adventures of a Currency Trader". As per the story, I will work to earn my right to trade. But for now, it's still studies and forex first.

To all...please share your trades and thoughts with me! I'm sure we'll all learn much from one another.

More motivation needed!

I've been wanting to put in this entry for the past few days. But as discipline (or lack of it) would dictate, I never got down to it till now.

I had wonderful meetings last weekend.

This were words typed some 7 days ago, on the 7th of January in this new year.

Amazing, isn't it, that I can take so many days of procrastination to finally sit down and complete this post. But I'm glad I'm doing it anyway.

I won't dwell too much of matters of the past in this entry, but I must say my meetings left me with resolutions, which I haven't followed or complied with last week. So odd a mind I have that I don't do what I want to do.

An afternoon chat with Firman and Kelvin left me with the impetus to come up with a list of "to-dos" concerning forex. And that would ensure I come into contact daily with forex too. But that was not to be given my ill discipline.

But I just had a conversation with Kelvin and we promised one another to do trades and note them down in a log book so that we can review and learn from one another ('s trades) when we meet coming Saturday.

On top of that, I'll refine and reaffirm my current promise to myself to ensure sufficient contact, on a daily basis, with forex trading. I've 3 main concerns as follows:

1. Do backtesting of TNT strategies on 4hr charts - 5 trade studies a day

2. Clear the backlog of emails from my mentor's yahoogroup - 50 emails a day

3. Look for trade opportunities daily and read Daily Analysis - Done DAILY, analysis at 9am
sent by Clarence

So that's it for now. And I pray I can PERSEVERE, and later develop proper trading PSYCHOLOGY, based on a strong PHILOSOPHY of life and trading. That is the 3P formula devised by Kelvin.

Alright, wish me luck and effort guys!