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
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.