Meeting....and more meetings with boss plus some servicings for some "alien clients" on Mon and Tue. Shit....lots of running around activities with little to no benefit for myself plus giving myself "stress"! No choice for
the moment....my trading skill is not "sharp" enough to replace my day job
to trade full-time!
Hope for some "peaceful" times for me to focus on my trades. Really want to be "free" to have open mind in order to fully focus on my trade plans for both forex and stock.
Yes.....must have a "focus" mind esp when trading "short term" forex. But if I can't have this "focused" thingy then I will give-up on forex trading for the week.
Saturday, September 18, 2010
Up-date for 13 to 17 Sept trading week
For stocks.....well, managed to clear the last lot of HK stocks in my holding. SMIC....and managed to run before it went "south". Good call!
Now shifting back my attention to SGX counters and the lastest addition
was ChinaAniHealth. Still kind of "chicken" to trade Gentings as it has "gone" north with such a huge run. Maybe this week....may think of it if see any pullback for short term trade. Max....to hold till end of the month ( window dressing due to Qtr-end plus F1, therefore lots of visitors and tourists ).
For forex, was caught out with my USD/SGD pair which I bought from last week. So...last Tuesday, sold down to one single std lot and shifted my
postions to USD/JPY on the hope of a upward swing with the election in Japan, but no such luck and I was kind of regreting my earlier move. Luckily on Wed morning....news of BOJ moves for selling of the yens came, the USD/JPY just shot up nicely....and I was like "OMG". Just "swee swee" :)...to see my trade "pop" with a nice "doubling" of my fund in one single move. SWEET!
On using Henry Lui's trading on news release method....committed a couple of silly mistakes. 1st....using a trailing stop loss and was "stopped out" by the spread just before the news release. Shit....just open-up to plus-minus 10 pips while I put in my trade with a 15 pips trailing SL. So with a minor whip-swing....my position was "gone" for me to see the spike going in my direction.....straight-up with a 60 pips run. Shit!!! 2nd mistake was that I open postion 15 mins before the release only to see my postion kena stopped out just by the widening of ask/bid spread at news release.
Both mistakes costed me....more than 100 pips of potential gain plus at the same time immediate loss of more than 60 pips. My stop loss is at 29 pips/trade....plus some spillages. Luckily...I only traded with half std lot size during news release, so a loss of about S$700 for both mistakes instead of making a nice gain S$1K+. Sighed!
End of the day....I took this as a painful lesson and one that would help to sharpen my trading skill when I trade "big". Finally added back my USD/SGD when I closed my USD/JPY position on last Thursday and now my positions are showing a "plus". My reasoning is that....USD/JPY has corrected, followed by USD/CHF so the USD/SGD should start to move "north" soon. On Friday....even USD/CAD also shifted higher plus the fact that EUR
is having some problems with their banks thingy again, therefore it went "south".
For the week....also bought a "signal" thingy from a site in UK and I started to receive my 1st signal on last Friday evening. Didn't see it till nearly 2 hrs later. Short for both EUR/USD and GBP/USD pairs and Long for USD/CHF and USD/JPY pairs. Both "Short" calls....were spot-on! But for "Long" I was "whacked" by the USD/CHF pair with a small profit for my USD/JPY pair. In the end....loss nearly S$500 at close of trade due to my missed trade for USD/EUR. It went down by nearly 60+ pips therefore didn't dare to "fire" my Short call for it. I managed to "fire" for GBP/USD but I didn't managed to get the max pip for it ( also it has gone down by the time I saw the signal ). The worst thing was that I open 2 positions for USD/CHF for only 1 position each for my other pairs. USD/JPY didn't have any huge swing.....quite a calm ride for it.
So....the result was still a positive one for my trading fund as of close!
Now shifting back my attention to SGX counters and the lastest addition
was ChinaAniHealth. Still kind of "chicken" to trade Gentings as it has "gone" north with such a huge run. Maybe this week....may think of it if see any pullback for short term trade. Max....to hold till end of the month ( window dressing due to Qtr-end plus F1, therefore lots of visitors and tourists ).
For forex, was caught out with my USD/SGD pair which I bought from last week. So...last Tuesday, sold down to one single std lot and shifted my
postions to USD/JPY on the hope of a upward swing with the election in Japan, but no such luck and I was kind of regreting my earlier move. Luckily on Wed morning....news of BOJ moves for selling of the yens came, the USD/JPY just shot up nicely....and I was like "OMG". Just "swee swee" :)...to see my trade "pop" with a nice "doubling" of my fund in one single move. SWEET!
On using Henry Lui's trading on news release method....committed a couple of silly mistakes. 1st....using a trailing stop loss and was "stopped out" by the spread just before the news release. Shit....just open-up to plus-minus 10 pips while I put in my trade with a 15 pips trailing SL. So with a minor whip-swing....my position was "gone" for me to see the spike going in my direction.....straight-up with a 60 pips run. Shit!!! 2nd mistake was that I open postion 15 mins before the release only to see my postion kena stopped out just by the widening of ask/bid spread at news release.
Both mistakes costed me....more than 100 pips of potential gain plus at the same time immediate loss of more than 60 pips. My stop loss is at 29 pips/trade....plus some spillages. Luckily...I only traded with half std lot size during news release, so a loss of about S$700 for both mistakes instead of making a nice gain S$1K+. Sighed!
End of the day....I took this as a painful lesson and one that would help to sharpen my trading skill when I trade "big". Finally added back my USD/SGD when I closed my USD/JPY position on last Thursday and now my positions are showing a "plus". My reasoning is that....USD/JPY has corrected, followed by USD/CHF so the USD/SGD should start to move "north" soon. On Friday....even USD/CAD also shifted higher plus the fact that EUR
is having some problems with their banks thingy again, therefore it went "south".
For the week....also bought a "signal" thingy from a site in UK and I started to receive my 1st signal on last Friday evening. Didn't see it till nearly 2 hrs later. Short for both EUR/USD and GBP/USD pairs and Long for USD/CHF and USD/JPY pairs. Both "Short" calls....were spot-on! But for "Long" I was "whacked" by the USD/CHF pair with a small profit for my USD/JPY pair. In the end....loss nearly S$500 at close of trade due to my missed trade for USD/EUR. It went down by nearly 60+ pips therefore didn't dare to "fire" my Short call for it. I managed to "fire" for GBP/USD but I didn't managed to get the max pip for it ( also it has gone down by the time I saw the signal ). The worst thing was that I open 2 positions for USD/CHF for only 1 position each for my other pairs. USD/JPY didn't have any huge swing.....quite a calm ride for it.
So....the result was still a positive one for my trading fund as of close!
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