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

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?