Thursday, June 18, 2009
Journal entry 2009-06-19
Looks like another week of no trades.
Looking at the charts, there have been only side way movements. And when there is a trend happening, I am at work and not able to ride the trends to make some profits!
The period that I can monitor the charts, the USD/JPY pair is moving literally sideways, with too little pips movements to allow my system to find an entry point.
Sigh... :g: Looks like i have to look at other currency pairs or refine my system to see if I can do better at the pair that I am monitoring.
Been spending so much time on forex that I literally forgot all about my PTPs and PTCs programs.
The only few cents I managed to earn the last few weeks are on mylot.
And that ain't enough to reach payout either.
Hmm... looks like money management is not enough. I need better time management as well!
Looking at the charts, there have been only side way movements. And when there is a trend happening, I am at work and not able to ride the trends to make some profits!
The period that I can monitor the charts, the USD/JPY pair is moving literally sideways, with too little pips movements to allow my system to find an entry point.
Sigh... :g: Looks like i have to look at other currency pairs or refine my system to see if I can do better at the pair that I am monitoring.
Been spending so much time on forex that I literally forgot all about my PTPs and PTCs programs.
The only few cents I managed to earn the last few weeks are on mylot.
And that ain't enough to reach payout either.
Hmm... looks like money management is not enough. I need better time management as well!
Sunday, June 14, 2009
Journal entry 2009-06-15
This is a grip post!
I tell you, if there is some one who outta be screwed, it is Murphy and his laws!
Things are always like that. When you want to do something, there will be a ton of other things that will pop up to take up your time and away from the thing you planned to do.
This is exactly what happened to me the past week.
I sit down and want to do some trades. And then something else will come up that has higher priority that requires my attention.
Day after day. Barely could monitor the market for the whole week.
Sigh... not much activity on the trading front. Did some reading and tweaked my trading system a little. I will try to do some trades with the new system and see if they are better than the one I previously had.
Hopefully this week, I will be able to concentrate on some trading!
I tell you, if there is some one who outta be screwed, it is Murphy and his laws!
Things are always like that. When you want to do something, there will be a ton of other things that will pop up to take up your time and away from the thing you planned to do.
This is exactly what happened to me the past week.
I sit down and want to do some trades. And then something else will come up that has higher priority that requires my attention.
Day after day. Barely could monitor the market for the whole week.
Sigh... not much activity on the trading front. Did some reading and tweaked my trading system a little. I will try to do some trades with the new system and see if they are better than the one I previously had.
Hopefully this week, I will be able to concentrate on some trading!
Monday, June 8, 2009
Journal entry 2009-06-09
Well, the start of a new week yesterday.
After my last trades created a margin call on my demo account, I could no longer trade on that account as it has left me with too little to even make a 0.10 lot trade.
So I started the week with a new demo account.
Last night was S-L-O-W on the USD/JPY front!
The movement of the chart was literally sideways!
With peaks of 20 pips between the max and min, minus the spread, there is only about 17-18 pips to play with.
And sitting down in front of the computer for a few hours, the chart was literally creeping up and down the min and max boundary. Most of the time, the max movement is about 5-12 pips.
Considering the movement between the min and max, and the sideways movement, it is near impossible to trade.
Ended up with a wasted night of not putting any trades.
May have to consider looking at other currency pair. I wonder if my current indicators will work with other currency pairs or not. Will have to experiment to know for sure.
Wish me luck for tonight!
After my last trades created a margin call on my demo account, I could no longer trade on that account as it has left me with too little to even make a 0.10 lot trade.
So I started the week with a new demo account.
Last night was S-L-O-W on the USD/JPY front!
The movement of the chart was literally sideways!
With peaks of 20 pips between the max and min, minus the spread, there is only about 17-18 pips to play with.
And sitting down in front of the computer for a few hours, the chart was literally creeping up and down the min and max boundary. Most of the time, the max movement is about 5-12 pips.
Considering the movement between the min and max, and the sideways movement, it is near impossible to trade.
Ended up with a wasted night of not putting any trades.
May have to consider looking at other currency pair. I wonder if my current indicators will work with other currency pairs or not. Will have to experiment to know for sure.
Wish me luck for tonight!
Thursday, June 4, 2009
Journal entry 2009-06-04
Well, this is the progress I made over the last few days.
I have been reading a lot of Forex material in between trades.
And one thing that all the material is saying is to create your own system.
And once you create it, trust it and believe in it and follow it!
Well, this is my result for Tuesday.
Tuesday, 2009-06-02
I was doing pretty well for the beginning part. And I was glad.
So while waiting for the next set up, I was exploring the various limits that my mini account could allow me.
Then I spotted a entry set up. Thinking, there could be no harm to try and see if I can play more lots. So I bought me the maximum number of lots my fund size allowed me.
Yep, 0.03 lots is all my account can do right now. And that was enough to do a lot of damaged.
The trade went in my direction at first. Then it did a horrible reversal on me!
Wanting to cut my losses, I quickly try to close the trade!
To my horror, I got a "Server Busy... Trade not closed"!
So I tried again, keeping my eye on the trade, looking at the losing pips increasing all the time.
Again, it was a "Server Busy... Trade not closed"!
I prayed, and hope that the next one will close.
SO I tried again. To my horror, the chart suddenly trended, and did a long of 20 pips. Just when the 20 pips hit, my trade closed!
I almost died of a heart attack!
Lost 37 pips! 3 times the number of lots I usually played. Total loss, -112 pips!
I am thanking my lucky stars this is a demo account.
One expensive lesson learnt! Trust my system and DO NOT BE GREEDY!
From now on, only one lot at a time till I can double my initial fund size!
Well, after that last big loss, I was licking my wounds from that bashing.
This is the result of the trades for Wednesday.
Wednesday, 2009-06-03
Well, the first one trade went in the direction I wanted in the beginning. Then it did a reversal. Thinking it was just a fluatuation of price, I let it run. My stop loss of 20 pips was triggered before my take profit was realized.
Another one bites the dust.
Ah well, so I waited. And did another trade later on which gained me 15 pips.
Minimized my losses. Not too bad. Was too tired to trade further. So I ended the day with two trades only.
Sigh... another day of losing trades. This is how I fared Today.
So far two trades...
Thursday, 2009-06-04
First trade did a total reversal on me after I entered it. Thinking it was a fluctuation, I let the trade run. Hit my stop loss before I could do anything.
Sigh... Looks like it is gonna be another losing day for me.
Spotted another entry set up. And I took it! Guess what? Yes... another reversal.
I am in no form to trade any further.
SO I sat by the sidelines today. And on the side lines I will stay till I can spot another entry set up.
But given my performance from the last few days, I am not very confident.
Three days of unsuccessful trading is all it took to wipe out what ever winnings I may have earned in the first day of trading.
Sigh...
I will try to do some back testing this weekend to see where I have gone wrong.
And hopefully, next week, I can come back stronger than I did this week!
As tomorrow is the day where the US Economic Report is going to be released, I am planning not trade tomorrow as the markets will be too erratic.
My skills have not been honed to that extend yet.
But I will monitor the charts anyways. Maybe, maybe I will just put in a trade or two if I am confident enough.
Given my losing streak the past few days, I am not that sure though.
Let's just see what the charts say tomorrow eh?
I have been reading a lot of Forex material in between trades.
And one thing that all the material is saying is to create your own system.
And once you create it, trust it and believe in it and follow it!
Well, this is my result for Tuesday.
Tuesday, 2009-06-02
| Trade Type | Lot size | Enter @ | Closed @ | Pips Gained |
| buy | 0.10 | 96.56 | 96.52 | -4.14 |
| sell | 0.10 | 96.42 | 96.41 | 1.04 |
| buy | 0.10 | 96.40 | 96.55 | 15.54 |
| sell | 0.10 | 96.45 | 96.30 | 15.58 |
| sell | 0.30 | 95.56 | 95.92 | -112.59 |
| buy | 0.10 | 95.80 | 95.95 | 15.63 |
| buy | 0.10 | 95.93 | 95.93 | 0.00 |
| Total pips gain | -68.94 |
I was doing pretty well for the beginning part. And I was glad.
So while waiting for the next set up, I was exploring the various limits that my mini account could allow me.
Then I spotted a entry set up. Thinking, there could be no harm to try and see if I can play more lots. So I bought me the maximum number of lots my fund size allowed me.
Yep, 0.03 lots is all my account can do right now. And that was enough to do a lot of damaged.
The trade went in my direction at first. Then it did a horrible reversal on me!
Wanting to cut my losses, I quickly try to close the trade!
To my horror, I got a "Server Busy... Trade not closed"!
So I tried again, keeping my eye on the trade, looking at the losing pips increasing all the time.
Again, it was a "Server Busy... Trade not closed"!
I prayed, and hope that the next one will close.
SO I tried again. To my horror, the chart suddenly trended, and did a long of 20 pips. Just when the 20 pips hit, my trade closed!
I almost died of a heart attack!
Lost 37 pips! 3 times the number of lots I usually played. Total loss, -112 pips!
I am thanking my lucky stars this is a demo account.
One expensive lesson learnt! Trust my system and DO NOT BE GREEDY!
From now on, only one lot at a time till I can double my initial fund size!
Well, after that last big loss, I was licking my wounds from that bashing.
This is the result of the trades for Wednesday.
Wednesday, 2009-06-03
| Trade Type | Lot size | Enter @ | Closed @ | Pips Gained |
| sell | 0.10 | 95.53 | 95.73 | -20.89 |
| buy | 0.10 | 95.75 | 95.90 | 15.64 |
| Total pips gain | 5.25 |
Well, the first one trade went in the direction I wanted in the beginning. Then it did a reversal. Thinking it was just a fluatuation of price, I let it run. My stop loss of 20 pips was triggered before my take profit was realized.
Another one bites the dust.
Ah well, so I waited. And did another trade later on which gained me 15 pips.
Minimized my losses. Not too bad. Was too tired to trade further. So I ended the day with two trades only.
Sigh... another day of losing trades. This is how I fared Today.
So far two trades...
Thursday, 2009-06-04
| Trade Type | Lot size | Enter @ | Closed @ | Pips Gained |
| buy | 0.10 | 96.79 | 96.59 | -20.71 |
| sell | 0.10 | 96.73 | 96.73 | 0.00 |
| Total pips gain | -20.71 |
First trade did a total reversal on me after I entered it. Thinking it was a fluctuation, I let the trade run. Hit my stop loss before I could do anything.
Sigh... Looks like it is gonna be another losing day for me.
Spotted another entry set up. And I took it! Guess what? Yes... another reversal.
I am in no form to trade any further.
SO I sat by the sidelines today. And on the side lines I will stay till I can spot another entry set up.
But given my performance from the last few days, I am not very confident.
Three days of unsuccessful trading is all it took to wipe out what ever winnings I may have earned in the first day of trading.
Sigh...
I will try to do some back testing this weekend to see where I have gone wrong.
And hopefully, next week, I can come back stronger than I did this week!
As tomorrow is the day where the US Economic Report is going to be released, I am planning not trade tomorrow as the markets will be too erratic.
My skills have not been honed to that extend yet.
But I will monitor the charts anyways. Maybe, maybe I will just put in a trade or two if I am confident enough.
Given my losing streak the past few days, I am not that sure though.
Let's just see what the charts say tomorrow eh?
Tuesday, June 2, 2009
Journal entry 2009-06-01
The week began pretty good.
When I opened my account yesterday, I found a trend. In fact, there were two pretty long trends yesterday based on the 5 min charts.
Trading the USD/JPY.
Strategy: Trading the 30min chart, using the 5 min and 1 min chart to decide whether to re-enter to ride the trend, or to hold back my trades.
TP and SL is as stated in my previous post.
Using the Bollinger bands and the Stochastic as my indicators.
The results for the first day of trade are as follows:
Had to close one lot manually as the trade I entered did a total reversal on me. Rather than ride it out, I did a manual close to cut my losses. And I was glad I did. Saved me a good 8 pips! Cos the price when even lower after that!
Phew! :heh:
Not bad for a first day of the month. A positive figure to wrap up the day.
I hope I can continue to spot the trends correctly!
Today, the market seems a little quiet.
Been at the comp for almost two hours already. Still cannot find a good set up to enter a trade.
Ah well... more reading then. :)
When I opened my account yesterday, I found a trend. In fact, there were two pretty long trends yesterday based on the 5 min charts.
Trading the USD/JPY.
Strategy: Trading the 30min chart, using the 5 min and 1 min chart to decide whether to re-enter to ride the trend, or to hold back my trades.
TP and SL is as stated in my previous post.
Using the Bollinger bands and the Stochastic as my indicators.
The results for the first day of trade are as follows:
| Trade Type | Lot size | Enter @ | Closed @ | Pips Gained |
| buy | 0.10 | 95.65 | 95.80 | 15.66 |
| buy | 0.10 | 95.82 | 95.97 | 15.63 |
| buy | 0.10 | 95.96 | 96.11 | 15.61 |
| buy | 0.10 | 96.12 | 96.27 | 15.58 |
| buy | 0.10 | 96.32 | 96.47 | 15.55 |
| buy | 0.10 | 96.52 | 96.67 | 15.52 |
| buy | 0.10 | 96.68 | 96.56 | -12.43 |
| sell | 0.10 | 96.55 | 96.40 | 15.56 |
| Total pips gain | 96.68 |
Had to close one lot manually as the trade I entered did a total reversal on me. Rather than ride it out, I did a manual close to cut my losses. And I was glad I did. Saved me a good 8 pips! Cos the price when even lower after that!
Phew! :heh:
Not bad for a first day of the month. A positive figure to wrap up the day.
I hope I can continue to spot the trends correctly!
Today, the market seems a little quiet.
Been at the comp for almost two hours already. Still cannot find a good set up to enter a trade.
Ah well... more reading then. :)
