On the surface, Forex appears to be relatively simple. Basically, you just speculate on whether currency pairs will rise or fall in value. If you are successful with your predictions, then you make profits. Otherwise, you will lose your money. Period!
Forex is open to all levels of participants ranging from large financial institutions and governments to ordinary folk like you and me. In addition, the Forex market is so large that no organization on its own can dominate it. This means that you are fundamentally on the same pegging as the big boys.
Forex can also be very exciting to trade because it involves such a massive flow of money. You may have been attracted by all its positive attributes for creating a home-based business.
However, you will find that that it can be an arduous road learning how to trade Forex successfully if you follow the route of the common herd. You need to stack the odds in your favor if you want to make real progress. How do you do that?
Well, first you must clear your mind of all the fantasy. Forex is anything, but simple and will take you some time to master. So that is where you start finding the time to develop your new skills.
If you are just starting Forex or have been trading unsuccessfully for some, then cease any attempts at to trade live. Instead, you will need to revisit the drawing board and revert back to demo trading. However, you must adapt your mindset to imagine that you will be trading live in demo mode. The more successful you can stimulate live conditions, the more useful this activity will be.
For instance, use the equity amounts that you plan to utilize when you go live. The imaginary $50,000 or so that is provided by Forex brokers is a complete waste of time unless you have that amount to invest.
Most sources advise that you should use demo trading for periods of about a couple of months. However, this is completely wrong! If you do so, then you are completely underestimating the complexities of Forex. If you know that doctors, lawyers and airlines do not become qualified in that sort of time, then what makes you think that you can master one of the world’s most complex subjects so quickly?
Instead, you should aim to demo trade sensibly for periods that could extend for a year or more. You must learn and obtain a feel about leverage, time-frames, different technical indicators, fundamental events and trading strategies to name just a few vital Forex topics.
Try trading using low leverage with strong money management concepts. Take your time and investigate each Forex feature. Aim to trade conservatively and attempt to earn just small profits each month initially. Seek further comprehensive information should the need arise.
Do not think about live trading until you can demonstrate completely that you can make money demo trading. Do not delude yourself because live Forex trading takes no prisoners then again...which form of gambling take live prisoners?
Thursday, June 03, 2010
Protecting Yourself from Forex Horror
If you have ever endured a losing streak when trading Forex, then you will know what a debilitating experience it can be. Did you feel extremely helpless and worried? I know I did as I watched all my money vanish before my very eyes. One of the big problems was that I did not know when to quit and accept reasonable losses. I just hung on hoping desperately that Forex would alter it direction and all would be well in the world again.
Yes, eventually it did reverse and proceed back in my originally chosen direction. Not that this development did much for me because my account was already dead and buried by then. At times like these, you will finally acknowledge the sheer relentless power of Forex trading. You do not want to get on the wrong side of this monster.
If you have been trading Forex for a while, then you must have come across many such horror stories mingled with some successful ones. So, how can you determine when it is time to quit under such circumstances? The following trading example may provide you with some answers.
Assume you have a Forex account balance of $50,000. Your research convinces you that the Euro is in freefall because some of the member states of the Eurozone have serious financial problems. As a result, you plunge in and sell the EUR/USD at 1.2400 using $20,000 of your balance. For simplicity, assume you are then risking $20 per pip.
Image that there is an initially plunge to 1.1900 producing you a profit of 500 pips. You have successfully made a profit of $10000 in the matter of days. Obviously, you would be ecstatic about this result. Unfortunately, Forex has the habit of making you select poor decisions just after your best successes.
This is because at these moments, everything starts to crumble. Instead of the currency pair falling further, the Euro starts to rally strongly. You may think that this is just a temporary correction before the bear trend resumes. You could get out and still preserve some of your profit, but you do not.
You could quite easily convince yourself that your fundamental analysis cannot be wrong so you should stick with your trade. However, you wake up the following morning and discover to your horror that the rate has now climbed to 1.2600. If you quit now, not only would you have lost all your winnings, but you would now experience a significant loss.
If you acted like me under these conditions, you will now feel sweat forming on your brow whilst your adrenaline goes into overload. What should you do? Hang in or quit? Why did you not take all those wonderful profits earlier?
Trades can always go wrong and you simply cannot subject yourself constantly to so much pressure. Instead, you should utilize less leverage, risked just 2% of your account and use better risk and money management strategies. You must never expose yourself to such horror. Yes...same apply to stock trading too....sighed!~!
Yes, eventually it did reverse and proceed back in my originally chosen direction. Not that this development did much for me because my account was already dead and buried by then. At times like these, you will finally acknowledge the sheer relentless power of Forex trading. You do not want to get on the wrong side of this monster.
If you have been trading Forex for a while, then you must have come across many such horror stories mingled with some successful ones. So, how can you determine when it is time to quit under such circumstances? The following trading example may provide you with some answers.
Assume you have a Forex account balance of $50,000. Your research convinces you that the Euro is in freefall because some of the member states of the Eurozone have serious financial problems. As a result, you plunge in and sell the EUR/USD at 1.2400 using $20,000 of your balance. For simplicity, assume you are then risking $20 per pip.
Image that there is an initially plunge to 1.1900 producing you a profit of 500 pips. You have successfully made a profit of $10000 in the matter of days. Obviously, you would be ecstatic about this result. Unfortunately, Forex has the habit of making you select poor decisions just after your best successes.
This is because at these moments, everything starts to crumble. Instead of the currency pair falling further, the Euro starts to rally strongly. You may think that this is just a temporary correction before the bear trend resumes. You could get out and still preserve some of your profit, but you do not.
You could quite easily convince yourself that your fundamental analysis cannot be wrong so you should stick with your trade. However, you wake up the following morning and discover to your horror that the rate has now climbed to 1.2600. If you quit now, not only would you have lost all your winnings, but you would now experience a significant loss.
If you acted like me under these conditions, you will now feel sweat forming on your brow whilst your adrenaline goes into overload. What should you do? Hang in or quit? Why did you not take all those wonderful profits earlier?
Trades can always go wrong and you simply cannot subject yourself constantly to so much pressure. Instead, you should utilize less leverage, risked just 2% of your account and use better risk and money management strategies. You must never expose yourself to such horror. Yes...same apply to stock trading too....sighed!~!
Slowly Climbing to the Summit of Forex Success
Extensive research into the habits of Forex traders found that there are a number of common reasons why most novices lose their initial equity quickly and many traders fail.
If you can learn how to avoid or counter these problems, then you will have made great steps in joining the 10% of Forex experts.
For instance, you must not repeatedly become side-tracked by new products and ideas of dubious quality. Instead, you must seek sources of education from acclaimed professionals.
You must not over-estimate your abilities as well. You may already be proficient in other subjects but this will have no bearing on how well you will perform at Forex trading. This is because it is such a complex subject and has a game plan entirely of its own.
You must learn to assess the market for what it is and not what you think it should be. The latter approach will obliterate you equity in no time at all.
If you appreciate that other professionals, such as doctors and lawyers, do not master their crafts in a matter of months, then you will realize that you must approach Forex in the same way.
You must try not to make your trading complex by using sophisticated Forex trading strategies. If you do, then you could well obscure vital price formations that could have a serious adverse effect on your results.
Instead, you need to design a simple trading strategy and then optimize its performance at adjusting one parameter at a time. You need also to assess the performance of your strategy by calculating its expectancy value after each test.
You need to progress your trading strategy through phases of small incremental steps of risk commencing from demo trading through to full live testing. Yes, this will take you considerable amounts of time but at least by then you will know what you are doing.
If you really want to succeed at Forex trading, then you must roll-up your sleeves and take responsibility for all your actions, especially the negative ones such as your losses.
If instead, you try and take too many shortcuts such as listening to so-called Forex gurus or buying robots, then you will never develop your own database of Forex knowledge and experience.
You cannot depend totally on any single technical or fundamental technique, just by itself. Instead, you must take the time to fully integrate the ones of interest into a complete trading strategy. You must learn as well how to trade without involving your emotions.
You must forget about all the marketing publicity surrounding Forex that could have made you believe that you could become a millionaire overnight.
Instead, you must develop your patience because it is one of your main keys to success. For instance, you must preserve with a trading strategy once you have made a selection. You must try to test and assess it thoroughly instead of leaping onto any new Forex gadget that comes along promising you the earth. How true! It really takes time, heartache, trials or errors and there is still no sure-win method that one can use forever as trading conditions change and one has to go along with it. No point fighting it...same for trading trend to but there is always a turning point. The successful trader will be able to pin-point the actual turning point and time the trade accordingly. Not just patience but also must have the trading discipline to go with it in order to be an all-rounder.
If you can learn how to avoid or counter these problems, then you will have made great steps in joining the 10% of Forex experts.
For instance, you must not repeatedly become side-tracked by new products and ideas of dubious quality. Instead, you must seek sources of education from acclaimed professionals.
You must not over-estimate your abilities as well. You may already be proficient in other subjects but this will have no bearing on how well you will perform at Forex trading. This is because it is such a complex subject and has a game plan entirely of its own.
You must learn to assess the market for what it is and not what you think it should be. The latter approach will obliterate you equity in no time at all.
If you appreciate that other professionals, such as doctors and lawyers, do not master their crafts in a matter of months, then you will realize that you must approach Forex in the same way.
You must try not to make your trading complex by using sophisticated Forex trading strategies. If you do, then you could well obscure vital price formations that could have a serious adverse effect on your results.
Instead, you need to design a simple trading strategy and then optimize its performance at adjusting one parameter at a time. You need also to assess the performance of your strategy by calculating its expectancy value after each test.
You need to progress your trading strategy through phases of small incremental steps of risk commencing from demo trading through to full live testing. Yes, this will take you considerable amounts of time but at least by then you will know what you are doing.
If you really want to succeed at Forex trading, then you must roll-up your sleeves and take responsibility for all your actions, especially the negative ones such as your losses.
If instead, you try and take too many shortcuts such as listening to so-called Forex gurus or buying robots, then you will never develop your own database of Forex knowledge and experience.
You cannot depend totally on any single technical or fundamental technique, just by itself. Instead, you must take the time to fully integrate the ones of interest into a complete trading strategy. You must learn as well how to trade without involving your emotions.
You must forget about all the marketing publicity surrounding Forex that could have made you believe that you could become a millionaire overnight.
Instead, you must develop your patience because it is one of your main keys to success. For instance, you must preserve with a trading strategy once you have made a selection. You must try to test and assess it thoroughly instead of leaping onto any new Forex gadget that comes along promising you the earth. How true! It really takes time, heartache, trials or errors and there is still no sure-win method that one can use forever as trading conditions change and one has to go along with it. No point fighting it...same for trading trend to but there is always a turning point. The successful trader will be able to pin-point the actual turning point and time the trade accordingly. Not just patience but also must have the trading discipline to go with it in order to be an all-rounder.
Maintaining a Cold Detachment when Forex Trading
You will find that there is always a lot of debate about how easy it is to learn Forex properly so that you can gain a constant stream of profits by trading it.
Many strongly suggest that it is relatively simple and that all you basically have to do is to choose the correct trading strategy and you will be assured of success.
However, this train of thought clashes dramatically with historical records and statistics that emphatically demonstrate that there are, in fact, very few Forex winners.
Research into why this discrepancy exists indicates that emotions are one of the biggest problems that traders face. Basically, novices, in particular, let the quality of the trading decisions be negatively influenced by their gut feelings and whims.
This is certainly not desirable because Forex is so complex and dynamic in nature that you must always be in top notch form to generate the correct assessment of a new development very quickly.
You simply do not have the time to hesitate for too long otherwise you could badly affect the timing of possible new trading opportunities. For instance, greed can be very destructive in these cases.
This is because you may feel some attachment to all the cash flying around Forex because you could think that you should be entitled to at least a slice of the action. If you are constantly focusing your attention on and dreaming of money, then this is bound to affect the quality of your trading decisions.
Instead, you need to clear your mind of such superficial thoughts and concentrate in a more scientific and robotic way by analyzing Forex in terms of pips gained and lost.
If you can change your mindset to process and analysis each trading situation with a cold detachment, then you will find that your emotions will not bubble to the surface so often. Consequently, you should discover that your money will take care of itself.
You also need to design or arrange your trading space so that you can minimize all your distractions. This is especially important if you need to monitor your trades constantly over extensive periods of time.
You should also try to keep your trading simple. If you constantly clutter your mind by over-analyzing, then you will not possess the ability to focus clearly enough on key trading decisions.
You must always strive not to overtrade by subjecting your useable margin to intense pressure. If you deploy good money management strategies, then you should ensure that this will not happen.
Otherwise, you will subject yourself to extreme levels of stress and tension that can wear down your resolve as well as degrade the quality of you trading decisions.
How can you possibly maintain a cool front if you are constantly worried that you may be receiving a margin call from your Forex broker? These days the chances of such an event happening are very real because of the very high levels of volatility existing in the current market.
For forex and stock trading...the same things apply if you want to be a good trader!
Many strongly suggest that it is relatively simple and that all you basically have to do is to choose the correct trading strategy and you will be assured of success.
However, this train of thought clashes dramatically with historical records and statistics that emphatically demonstrate that there are, in fact, very few Forex winners.
Research into why this discrepancy exists indicates that emotions are one of the biggest problems that traders face. Basically, novices, in particular, let the quality of the trading decisions be negatively influenced by their gut feelings and whims.
This is certainly not desirable because Forex is so complex and dynamic in nature that you must always be in top notch form to generate the correct assessment of a new development very quickly.
You simply do not have the time to hesitate for too long otherwise you could badly affect the timing of possible new trading opportunities. For instance, greed can be very destructive in these cases.
This is because you may feel some attachment to all the cash flying around Forex because you could think that you should be entitled to at least a slice of the action. If you are constantly focusing your attention on and dreaming of money, then this is bound to affect the quality of your trading decisions.
Instead, you need to clear your mind of such superficial thoughts and concentrate in a more scientific and robotic way by analyzing Forex in terms of pips gained and lost.
If you can change your mindset to process and analysis each trading situation with a cold detachment, then you will find that your emotions will not bubble to the surface so often. Consequently, you should discover that your money will take care of itself.
You also need to design or arrange your trading space so that you can minimize all your distractions. This is especially important if you need to monitor your trades constantly over extensive periods of time.
You should also try to keep your trading simple. If you constantly clutter your mind by over-analyzing, then you will not possess the ability to focus clearly enough on key trading decisions.
You must always strive not to overtrade by subjecting your useable margin to intense pressure. If you deploy good money management strategies, then you should ensure that this will not happen.
Otherwise, you will subject yourself to extreme levels of stress and tension that can wear down your resolve as well as degrade the quality of you trading decisions.
How can you possibly maintain a cool front if you are constantly worried that you may be receiving a margin call from your Forex broker? These days the chances of such an event happening are very real because of the very high levels of volatility existing in the current market.
For forex and stock trading...the same things apply if you want to be a good trader!
Is Scalping a Form of Forex Gambling?
Forex scalping is a trading strategy that has gained popularity over recent years primarily because the design of many Forex robots is based upon its concepts. Many novices favor it as well because they are drawn to the fast action of scalping believing that they can become rich from its sheer speed of operation.
The big question is: can you really achieve success using this strategy? When you attempt to scalp Forex you are aiming to perform many trades and target small profits every time.
One of the main concepts of this trading method is that you will try to reduce your risk exposure by ensuring that the duration of each of your trades is always very short.
You must also not try to implement this strategy during times of high volatility especially when major Fundamental data releases are scheduled. Instead, you should attempt to detect trading periods that are exceptionally calm.
Many proponents of scalping aim to trade during 4:00 pm EST and 8:00 pm EST daily when Forex is practically asleep. This is because countries such as the USA, Canada, Eurozone and Britain do not post new economic data during this period.
Trades can be completed extremely quickly even in a matter of seconds sometimes. Scalpers also try to target profits equaling about two to three times the spread of the currency pair they are trading.
However, although there may be benefits, there are certainly many problems associated with this trading method. For instance, if you do not know what you are doing, then you are practically trading market noise, which cannot be healthy for your equity.
As you will be using extremely low time-frames, you cannot depend on their associated statistics because they will be of poor quality and totally unreliable.
You certainly will not be searching for any long-term price formations such as trends. In addition, you will definitely subject yourself to high levels of mental stress if you plan to monitor all your very short-term trades.
This is because you will have to make many very fast trading decisions if you intend to activate numerous buying and selling opportunities in short trading sessions.
Normal Forex trading can induce high levels of tension, but does not compare with what you could subject yourself through scalping. Your main problem emulates from the fact that should you keep stumbling because you cannot maintain high levels of quality trading decisions, then you could place your equity under a lot of pressure.
If your errors start to mount up, then you may attempt extreme measures to correct your declining status. You cannot even fall-back on any technical tools to help you because they are practically useless when utilized with extremely short time-frames.
Instead, you may attempt to increase your profits by using more leverage, but this practice is extremely dangerous as you will be exposing your equity to extreme levels of risk.
Perhaps your best bet is to try to locate a mentor who has already mastered this strategy.
This strategy can be used for stock trading too. In the end....the broker makes the most money hehe!
The big question is: can you really achieve success using this strategy? When you attempt to scalp Forex you are aiming to perform many trades and target small profits every time.
One of the main concepts of this trading method is that you will try to reduce your risk exposure by ensuring that the duration of each of your trades is always very short.
You must also not try to implement this strategy during times of high volatility especially when major Fundamental data releases are scheduled. Instead, you should attempt to detect trading periods that are exceptionally calm.
Many proponents of scalping aim to trade during 4:00 pm EST and 8:00 pm EST daily when Forex is practically asleep. This is because countries such as the USA, Canada, Eurozone and Britain do not post new economic data during this period.
Trades can be completed extremely quickly even in a matter of seconds sometimes. Scalpers also try to target profits equaling about two to three times the spread of the currency pair they are trading.
However, although there may be benefits, there are certainly many problems associated with this trading method. For instance, if you do not know what you are doing, then you are practically trading market noise, which cannot be healthy for your equity.
As you will be using extremely low time-frames, you cannot depend on their associated statistics because they will be of poor quality and totally unreliable.
You certainly will not be searching for any long-term price formations such as trends. In addition, you will definitely subject yourself to high levels of mental stress if you plan to monitor all your very short-term trades.
This is because you will have to make many very fast trading decisions if you intend to activate numerous buying and selling opportunities in short trading sessions.
Normal Forex trading can induce high levels of tension, but does not compare with what you could subject yourself through scalping. Your main problem emulates from the fact that should you keep stumbling because you cannot maintain high levels of quality trading decisions, then you could place your equity under a lot of pressure.
If your errors start to mount up, then you may attempt extreme measures to correct your declining status. You cannot even fall-back on any technical tools to help you because they are practically useless when utilized with extremely short time-frames.
Instead, you may attempt to increase your profits by using more leverage, but this practice is extremely dangerous as you will be exposing your equity to extreme levels of risk.
Perhaps your best bet is to try to locate a mentor who has already mastered this strategy.
This strategy can be used for stock trading too. In the end....the broker makes the most money hehe!
June
Luckily....since the start of this month ( June ) things changed for the better. Kena 4D on Wednesday....total $650, also not bad. Then for forex....made back more than 100% of my initial capital for just 3 days of trading.
On Tuesday....focus on EUR/USD and EUR/GBP pairs and today....just focus on USD/JYP
pair. Yes, fool around with USD/CHF and AUD/USD too but didn't do well for both so end up closed the positions and just focus on the major pairs. On Wed....also traded
the EUR/USD and EUR/GBP pairs....won some "kopi" money. Really made me "confidence"
about trading the forex. How is do it? Frankly....I just follow the guide from MF Global Forex team and traded with my gut feel. Whacked the whole lot included the leverage of 1x50 for the 3hrs-core trades. Within....that time frame, got profit of over 20 to 30%. The beautiful thing....was the almost perfect timing of closing the trades, all my traded pairs dropped within minutes of my closing. SUPER...."swee" same for today. Enter the USD/JPY ( long ) at around 12+pm.....and continue to add position until max out and I closed most of my major trades by 6pm. In the morning...entered USD/AUD ( long ) and USD/CHF ( short ) and after I closed the position....both went the other way round. The timing was off....so just managed to make some "kopi" money.
Btw....I started with forex after attending classes at FXDS for 8 weeks on Oct 09 but somehow I just couldn't get the hang of trading. Lost half my capital till end of May.....and within 3 "good days", got back what I lost plus 10+% for suffering haha. My capital was US$5K with Onada. Now....I am confident of my trading using my gut feel of things plus the trading analysis from MFG. Hope my luck hold out long enough haha.
OK....something about my style for trading forex. I will start with 20% then slowly build up my positions. I will add position if my initial trade shows negative result within 10 mins of opening trade. Will continue till it show a position return. But for today's trade....I start off with 50% and added the balance within a couple of mins when it shows a positive result ( meaning the call from MFG was right ). Then as and when the pips accumulated....and the margin allowed for further adding of positions....I kept on adding.
Near the end....I saw that what I added started to stay negative, I closed all the major positions except the newly added ones ( smaller positions so it is fine with me to hold out ).
On Monday....it was different. I started out with 2 pairs EUR/USD and EUR/GBP. My EUR/USD immediately show good results....but my EUR/GBP "tanked". After 15 mins, again added one position each for both. Again....show the same result. After 1+hr of trading....the EUR/USD were showing a gain of over 100 pips while the EUR/GBP was the other way round....minus of over 100 pips. Max out all my capital plus leverage
for both pairs.
Then another 1hr passed....EUR/USD were showing well over 170 pips gain while the other pair was down by 120+ pips. So fed-up....closed my EUR/USD pair and put all the money on EUR/GBP pair. After a couple of hours later....it shot up!!! swee swee
and it was show a nice gain of 150+ pips. My eyes....were so tired at looking at the pc. And after my Korean drama ended at 10pm....I closed all positions. Bagged 1+K for that....2 pairs. Oh....earlier in the day, already bagged close to $500+ for just trading EUR/USD pair.
What I meant by "kopi" money....anything from one to two hundreds dollars hehe. Anything less....I don't want to mention. Frankly....maybe I was lucky with my trades these few days. I hope to continue....by not losing "big" money for the whole month of June then...I can safely say that my gut feel is "okay" for trading forex. If not....it is back to the drawing board ( in this case....back to more training classes ).
Oh....another thing that I found out is "trading discipline", must die die
stick to the trading plan for the day plus only enter trade within a certain set-up. If that is not met....no trade if already open position and it shows negative or wrong direction, immediately closed trade and called it a day. ( no more trade for that day ). Go swimming, feeding fish, sauna, gym...and do other errands but no more looking at the pc. Same for stock trading too.
On Tuesday....focus on EUR/USD and EUR/GBP pairs and today....just focus on USD/JYP
pair. Yes, fool around with USD/CHF and AUD/USD too but didn't do well for both so end up closed the positions and just focus on the major pairs. On Wed....also traded
the EUR/USD and EUR/GBP pairs....won some "kopi" money. Really made me "confidence"
about trading the forex. How is do it? Frankly....I just follow the guide from MF Global Forex team and traded with my gut feel. Whacked the whole lot included the leverage of 1x50 for the 3hrs-core trades. Within....that time frame, got profit of over 20 to 30%. The beautiful thing....was the almost perfect timing of closing the trades, all my traded pairs dropped within minutes of my closing. SUPER...."swee" same for today. Enter the USD/JPY ( long ) at around 12+pm.....and continue to add position until max out and I closed most of my major trades by 6pm. In the morning...entered USD/AUD ( long ) and USD/CHF ( short ) and after I closed the position....both went the other way round. The timing was off....so just managed to make some "kopi" money.
Btw....I started with forex after attending classes at FXDS for 8 weeks on Oct 09 but somehow I just couldn't get the hang of trading. Lost half my capital till end of May.....and within 3 "good days", got back what I lost plus 10+% for suffering haha. My capital was US$5K with Onada. Now....I am confident of my trading using my gut feel of things plus the trading analysis from MFG. Hope my luck hold out long enough haha.
OK....something about my style for trading forex. I will start with 20% then slowly build up my positions. I will add position if my initial trade shows negative result within 10 mins of opening trade. Will continue till it show a position return. But for today's trade....I start off with 50% and added the balance within a couple of mins when it shows a positive result ( meaning the call from MFG was right ). Then as and when the pips accumulated....and the margin allowed for further adding of positions....I kept on adding.
Near the end....I saw that what I added started to stay negative, I closed all the major positions except the newly added ones ( smaller positions so it is fine with me to hold out ).
On Monday....it was different. I started out with 2 pairs EUR/USD and EUR/GBP. My EUR/USD immediately show good results....but my EUR/GBP "tanked". After 15 mins, again added one position each for both. Again....show the same result. After 1+hr of trading....the EUR/USD were showing a gain of over 100 pips while the EUR/GBP was the other way round....minus of over 100 pips. Max out all my capital plus leverage
for both pairs.
Then another 1hr passed....EUR/USD were showing well over 170 pips gain while the other pair was down by 120+ pips. So fed-up....closed my EUR/USD pair and put all the money on EUR/GBP pair. After a couple of hours later....it shot up!!! swee swee
and it was show a nice gain of 150+ pips. My eyes....were so tired at looking at the pc. And after my Korean drama ended at 10pm....I closed all positions. Bagged 1+K for that....2 pairs. Oh....earlier in the day, already bagged close to $500+ for just trading EUR/USD pair.
What I meant by "kopi" money....anything from one to two hundreds dollars hehe. Anything less....I don't want to mention. Frankly....maybe I was lucky with my trades these few days. I hope to continue....by not losing "big" money for the whole month of June then...I can safely say that my gut feel is "okay" for trading forex. If not....it is back to the drawing board ( in this case....back to more training classes ).
Oh....another thing that I found out is "trading discipline", must die die
stick to the trading plan for the day plus only enter trade within a certain set-up. If that is not met....no trade if already open position and it shows negative or wrong direction, immediately closed trade and called it a day. ( no more trade for that day ). Go swimming, feeding fish, sauna, gym...and do other errands but no more looking at the pc. Same for stock trading too.
The month of May - what a horrible month for stocks.
Yes...confirmed, why....becoz I also kena "whacked" hard by stocks. Even with low profile ( stopped most of my buying ) still kena whacked.
Nothing went right....stock, forex and unit trust. Even 4D also bad...no kena mah.
Nothing went right....stock, forex and unit trust. Even 4D also bad...no kena mah.
Subscribe to:
Posts (Atom)