It's a lousy day today (or should I say yesterday?). I lost 2 trades consecutively.
The first one I didn't really follow the strategy strictly, was trying to experiment with some parameters changed and that was a lost.
The second one, well, not too sure if it was my judgement or what, also end up a losing trade. I think I'm going to send it to my coach to ask if I've done something wrongly!
Open Date: 06/29/2007 08:31:03
Instrument: USDJPY
B/S: Sell
Open Rate: 123.26
Lot: 0.5
Close Date: 06/29/2007 10:47:12
Close Rate: 123.56
Gross PL: -$121.43
Open Date: 06/29/2007 11:34:21
Instrument: USDJPY
B/S: Buy
Open Rate: 123.52
Lot: 0.5
Close Date: 06/29/2007 12:25:13
Close Rate: 123.22
Gross PL: -$121.73
Beginning Balance: $1,000.00
Ending Balance: $1,184.20
Profit: 18.42% (drastically reduced!)
Saturday, June 30, 2007
Friday, June 29, 2007
Finally, a trade closed
After one boring day, I finally managed to close one trade today in profit. :D The dollar-yen must have awoken from its sleep...lol... The trade today is based on Strategy 2 and the win brings the % to 84.62%, with a profit of $248.32 from this strategy.
Open Date: 06/28/2007 22:56:52
Instrument: USDJPY
B/S: Buy
Open Rate: 123.31
Lot: 0.5
Close Date: 06/29/2007 00:02:53
Close Rate: 123.41
Gross PL: $40.51
Beginning Balance: $1,000.00
Ending Balance: $1,427.36
Profit: 42.736%
I will be out for the afternoon, so probably won't be trading since I can't monitor the trade before it gets engaged, unless I find a chance to enter the market again before I am out.
Open Date: 06/28/2007 22:56:52
Instrument: USDJPY
B/S: Buy
Open Rate: 123.31
Lot: 0.5
Close Date: 06/29/2007 00:02:53
Close Rate: 123.41
Gross PL: $40.51
Beginning Balance: $1,000.00
Ending Balance: $1,427.36
Profit: 42.736%
I will be out for the afternoon, so probably won't be trading since I can't monitor the trade before it gets engaged, unless I find a chance to enter the market again before I am out.
Thursday, June 28, 2007
I'm bored :(
I've watched the market the whole day today but couldn't find a chance to enter. All my trades have not been engaged so far and I had to cancel them due to change of condition.
High chance is I'll go meet my bed early tonight and just wait for the dollar-yen to wake up later.
High chance is I'll go meet my bed early tonight and just wait for the dollar-yen to wake up later.
Finally won on Strategy 1
I went into the market again yesterday night using Strategy 1 after the loss. It was engaged and I left it to run. Saw that it was a win this morning. :)
Open Date: 06/27/2007 09:53:39
Instrument: USDJPY
B/S: Buy
Open Rate: 122.52
Lot: 0.5
Close Date: 06/27/2007 15:29:08
Close Rate: 122.64
Gross PL: $48.91
Beginning Balance: $1,000.00
Ending Balance: $1,386.85
Profit: 38.685%
With this win, Strategy 1 now has a win rate 88.89% with a net profit of $212.04. I decide to update the net profit/loss from each strategy from now onwards as you'll probably agree with me, having a high % win does not imply that you will make money. Ultimately it'll depend on whether your wins can cover your losses so that you can stay in profit at the end of each month.
Open Date: 06/27/2007 09:53:39
Instrument: USDJPY
B/S: Buy
Open Rate: 122.52
Lot: 0.5
Close Date: 06/27/2007 15:29:08
Close Rate: 122.64
Gross PL: $48.91
Beginning Balance: $1,000.00
Ending Balance: $1,386.85
Profit: 38.685%
With this win, Strategy 1 now has a win rate 88.89% with a net profit of $212.04. I decide to update the net profit/loss from each strategy from now onwards as you'll probably agree with me, having a high % win does not imply that you will make money. Ultimately it'll depend on whether your wins can cover your losses so that you can stay in profit at the end of each month.
Wednesday, June 27, 2007
Good thing I still have a win...
It's a good thing I still have a win using Strategy 2 a little earlier, my 2nd win for the day.
Open Date: 06/27/2007 06:41:50
Instrument: USDJPY
B/S: Sell
Open Rate: 122.41
Lot: 0.5
Close Date: 06/27/2007 08:58:32
Close Rate: 122.31
Gross PL: $40.88
Beginning Balance: $1,000.00
Ending Balance: $1,337.94
Profit: 33.794% (reduced)
At a certain point in time, I had 2 opposing trades engaged, using the 2 different strategies, and both were in red! I called up my coach Edmund and confirmed that I had done the right thing. Had the market moved in the opposite direction, I would probably have lost both trades. Phew! At least now I still manage to win one. This 2nd win brings the winning to 83.33% for strategy 2.
Open Date: 06/27/2007 06:41:50
Instrument: USDJPY
B/S: Sell
Open Rate: 122.41
Lot: 0.5
Close Date: 06/27/2007 08:58:32
Close Rate: 122.31
Gross PL: $40.88
Beginning Balance: $1,000.00
Ending Balance: $1,337.94
Profit: 33.794% (reduced)
At a certain point in time, I had 2 opposing trades engaged, using the 2 different strategies, and both were in red! I called up my coach Edmund and confirmed that I had done the right thing. Had the market moved in the opposite direction, I would probably have lost both trades. Phew! At least now I still manage to win one. This 2nd win brings the winning to 83.33% for strategy 2.
First loss for Strategy 1
Today I hit the first loss for my strategy 1. :( That brings the winning from 100% to 87.5%. I shall wait a while to see if I can enter the market again.
Open Date: 06/27/2007 02:59:01
Instrument: USDJPY
B/S: Buy
Open Rate: 122.69
Lot: 0.5
Close Date: 06/27/2007 08:59:12
Close Rate: 122.24
Gross PL: -$184.06
The lesson learnt from this is, the timing of entry determines the success of the trade. A different person using the same strategy but entering the market slightly later than me would probably have not hit the loss.
Open Date: 06/27/2007 02:59:01
Instrument: USDJPY
B/S: Buy
Open Rate: 122.69
Lot: 0.5
Close Date: 06/27/2007 08:59:12
Close Rate: 122.24
Gross PL: -$184.06
The lesson learnt from this is, the timing of entry determines the success of the trade. A different person using the same strategy but entering the market slightly later than me would probably have not hit the loss.
Today is a Strategy 1 trading day
Another trade according to strategy 1 just got engaged. It will probably take a while before that can close. Let's see if we can still hit 100% winning trade after this one.
Strategy 2, Way to go!
I had another win using Strategy 2 this morning. That makes 9 wins out of 11 trades, a healthy 81.82%. Hope to engage more trades today.
Open Date: 06/27/2007 00:33:38
Instrument: USDJPY
B/S: Sell
Open Rate: 122.89
Lot: 0.5
Close Date: 06/27/2007 01:44:59
Close Rate: 122.79
Gross PL: $40.72
Beginning Balance: $1,000.00
Ending Balance: $1,481.13
Profit: 48.113%
My demo account is approaching 50% profit, which I think is very good results for less than a month of trading. But this is of course base on a high risk of over 10%, which shouldn't be the case for a live account. If I can achieve 20% returns for live account, I would consider that to be very good results too.
Open Date: 06/27/2007 00:33:38
Instrument: USDJPY
B/S: Sell
Open Rate: 122.89
Lot: 0.5
Close Date: 06/27/2007 01:44:59
Close Rate: 122.79
Gross PL: $40.72
Beginning Balance: $1,000.00
Ending Balance: $1,481.13
Profit: 48.113%
My demo account is approaching 50% profit, which I think is very good results for less than a month of trading. But this is of course base on a high risk of over 10%, which shouldn't be the case for a live account. If I can achieve 20% returns for live account, I would consider that to be very good results too.
My last win for the day
The day closed off wonderfully with my 5th win for the day, based on strategy 2. In total, I've traded 3 on strategy 2, 1 on strategy 1 and 1 on SMS alert for the day.
Open Date: 06/26/2007 10:05:44
Instrument: USDJPY
B/S: Buy
Open Rate: 123.26
Lot: 0.5
Close Date: 06/26/2007 11:50:10
Close Rate: 123.36
Gross PL: $40.52
Beginning Balance: $1,000.00
Ending Balance: $1,440.40
Profit: 44.04%
This brings me to 8 wins out of 10 trades for strategy 2 so far, a fair 80% winning trades, all in less than 2 weeks. I shall continue to monitor the results of this new strategy.
I'm beginning to wish that this was my live account...lol...
Open Date: 06/26/2007 10:05:44
Instrument: USDJPY
B/S: Buy
Open Rate: 123.26
Lot: 0.5
Close Date: 06/26/2007 11:50:10
Close Rate: 123.36
Gross PL: $40.52
Beginning Balance: $1,000.00
Ending Balance: $1,440.40
Profit: 44.04%
This brings me to 8 wins out of 10 trades for strategy 2 so far, a fair 80% winning trades, all in less than 2 weeks. I shall continue to monitor the results of this new strategy.
I'm beginning to wish that this was my live account...lol...
Tuesday, June 26, 2007
SMS trade closed
The SMS trade was closed in profits. :)
Open Date: 06/26/2007 06:31:18
Instrument: GBPUSD
B/S: Buy
Open Rate: 1.9988
Lot: 0.5
Close Date: 06/26/2007 08:40:18
Close Rate: 2.00
Gross PL: $60.00
Beginning Balance: $1,000.00
Ending Balance: $1,399.88
Profit: 39.988%
Open Date: 06/26/2007 06:31:18
Instrument: GBPUSD
B/S: Buy
Open Rate: 1.9988
Lot: 0.5
Close Date: 06/26/2007 08:40:18
Close Rate: 2.00
Gross PL: $60.00
Beginning Balance: $1,000.00
Ending Balance: $1,399.88
Profit: 39.988%
3rd win for the day
Just closed another trade, this time according to strategy 1. The trade was engaged and closed within 45 mins. Still 100% winning trade so far for strategy 1.
Open Date: 06/26/2007 07:18:02
Instrument: USDJPY
B/S: Buy
Open Rate: 123.10
Lot: 0.5
Close Date: 06/26/2007 07:59:03
Close Rate: 123.22
Gross PL: $48.68
Beginning Balance: $1,000.00
Ending Balance: $1,339.88
Profit: 33.988%
The SMS trade was engagaed too, but yet to be closed. Things look good now, hopefully can close in profit soon.
Open Date: 06/26/2007 07:18:02
Instrument: USDJPY
B/S: Buy
Open Rate: 123.10
Lot: 0.5
Close Date: 06/26/2007 07:59:03
Close Rate: 123.22
Gross PL: $48.68
Beginning Balance: $1,000.00
Ending Balance: $1,339.88
Profit: 33.988%
The SMS trade was engagaed too, but yet to be closed. Things look good now, hopefully can close in profit soon.
2 more wins for Strategy 2 today
Today is a good day for Strategy 2. Have 2 wins so far.
Open Date: 06/26/2007 01:38:09
Instrument: USDJPY
B/S: Sell
Open Rate: 123.35
Lot: 0.5
Close Date: 06/26/2007 02:25:32
Close Rate: 123.25
Gross PL: $40.57
Open Date: 06/26/2007 03:27:04
Instrument: USDJPY
B/S: Sell
Open Rate: 123.18
Lot: 0.5
Close Date: 06/26/2007 05:00:58
Close Rate: 123.00
Gross PL: $73.17
Beginning Balance: $1,000.00
Ending Balance: $1,291.20
Profit: 29.12%
Noticed the win for the 2nd order is bigger than my normal win. That was because I happen to be watching the market when it approached my profit limit. Decided to shift my PL as the price continued to drop. Finally I decided to stop at 123.00 and end it off with a 18 pips gain, 8 pips more than the norm. Of course this is a rather dangerous thing to do as you never know when the market will move against you. But it was very exciting. I remember a friend of mine told me about using trailing stop in such situation. I must really go and learn about that.
Open Date: 06/26/2007 01:38:09
Instrument: USDJPY
B/S: Sell
Open Rate: 123.35
Lot: 0.5
Close Date: 06/26/2007 02:25:32
Close Rate: 123.25
Gross PL: $40.57
Open Date: 06/26/2007 03:27:04
Instrument: USDJPY
B/S: Sell
Open Rate: 123.18
Lot: 0.5
Close Date: 06/26/2007 05:00:58
Close Rate: 123.00
Gross PL: $73.17
Beginning Balance: $1,000.00
Ending Balance: $1,291.20
Profit: 29.12%
Noticed the win for the 2nd order is bigger than my normal win. That was because I happen to be watching the market when it approached my profit limit. Decided to shift my PL as the price continued to drop. Finally I decided to stop at 123.00 and end it off with a 18 pips gain, 8 pips more than the norm. Of course this is a rather dangerous thing to do as you never know when the market will move against you. But it was very exciting. I remember a friend of mine told me about using trailing stop in such situation. I must really go and learn about that.
SMS Alert again
Received another SMS alert today to long GBPUSD. Have submitted the order but is yet to be engaged. We shall see the result of this alert later.
Strategy 2 strikes again!
Had another winning trade base on strategy 2 yesterday.
Open Date: 06/25/2007 04:08:39
Instrument: USDJPY
B/S: Sell
Open Rate: 123.62
Lot: 0.5
Close Date: 06/25/2007 04:56:33
Close Rate: 123.52
Gross PL: $40.48
Beginning Balance: $1,000.00
Ending Balance: $1,177.46
Profit: 17.746% (reduced)
Learnt something new today. I finally discovered why my last trade was missing, coz the missing act happened again yesterday! It was due to opposing trades (buy & sell together). So when one trade got engaged and hit the other's entry point, the other trade will be deleted automatically. This happens for VT Trader, which I'm using. I tested the same scenario using another platform, it doesn't seem to be deleted.
I also learnt from my trainer that to prevent such scenario from happening, I should indicate the later trade as hedging. Hmm...has no idea what is hedging. I shall go check out babypips to learn about it. Was halfway through my lesson yesterday.
Forex is indeed an interesting field to study!
Open Date: 06/25/2007 04:08:39
Instrument: USDJPY
B/S: Sell
Open Rate: 123.62
Lot: 0.5
Close Date: 06/25/2007 04:56:33
Close Rate: 123.52
Gross PL: $40.48
Beginning Balance: $1,000.00
Ending Balance: $1,177.46
Profit: 17.746% (reduced)
Learnt something new today. I finally discovered why my last trade was missing, coz the missing act happened again yesterday! It was due to opposing trades (buy & sell together). So when one trade got engaged and hit the other's entry point, the other trade will be deleted automatically. This happens for VT Trader, which I'm using. I tested the same scenario using another platform, it doesn't seem to be deleted.
I also learnt from my trainer that to prevent such scenario from happening, I should indicate the later trade as hedging. Hmm...has no idea what is hedging. I shall go check out babypips to learn about it. Was halfway through my lesson yesterday.
Forex is indeed an interesting field to study!
Losing SMS trade
My first SMS trade turns out to be a losing trade...lol...
Open Date: 06/24/2007 23:53:32
Instrument: USDJPY
B/S: Buy
Open Rate: 123.90
Lot: 0.5
Close Date: 06/25/2007 04:06:35
Close Rate: 123.62
Gross PL: -$113.25
Open Date: 06/24/2007 23:53:32
Instrument: USDJPY
B/S: Buy
Open Rate: 123.90
Lot: 0.5
Close Date: 06/25/2007 04:06:35
Close Rate: 123.62
Gross PL: -$113.25
Monday, June 25, 2007
First SMS Trade
Manage to engage my first trade base on the SMS alert today. But it doesn't seem to be going towards my desired direction...lol...
We shall see how things go later.
We shall see how things go later.
Good old Strategy
The Strategy 1 is good (after all it's based on research done from 30 years of data). It has won me another trade early this morning, the missing trade which I've resubmitted yesterday. So far it has achieved a 100% winning trades. Fantastic result!
Open Date: 06/24/2007 16:16:21
Instrument: USDJPY
B/S: Sell
Open Rate: 123.86
Lot: 0.5
Close Date: 06/24/2007 17:07:53
Close Rate: 123.73
Gross PL: $52.53
Beginning Balance: $1,000.00
Ending Balance: $1,250.23
Profit: 25.023%
Open Date: 06/24/2007 16:16:21
Instrument: USDJPY
B/S: Sell
Open Rate: 123.86
Lot: 0.5
Close Date: 06/24/2007 17:07:53
Close Rate: 123.73
Gross PL: $52.53
Beginning Balance: $1,000.00
Ending Balance: $1,250.23
Profit: 25.023%
Saturday, June 23, 2007
SMS Alerts Missed......
Got another SMS alert for GBPUSD while I was out yesterday, so missed the chance again.
Received another SMS alert a few days ago too. But the SMS came in late. When I looked at the chart, it was already engaged and too near the profit limit. So I didn't catch the trend too.
Have not successfully submitted a trade from the SMS alert yet. I hope the next one I'll be able to catch it.
Received another SMS alert a few days ago too. But the SMS came in late. When I looked at the chart, it was already engaged and too near the profit limit. So I didn't catch the trend too.
Have not successfully submitted a trade from the SMS alert yet. I hope the next one I'll be able to catch it.
Another loss...
Yesterday was a very busy day for me, didn't have much time to look at my beloved Forex as I was out since lunch and didn't really have time to spare till late night.
But I managed to submit 2 trades before I went out yesterday, one based on strategy 1 and the other on strategy 2.
The one on strategy 2 was engaged. By the time I checked this morning, it had hit the stop loss point. That makes 2 losses out of 6 trades so far, a 66.67% win. The is the result for 1 week of trading. I need at least another 3 weeks of testing before I can have a better conclusion for strategy 2.
Something weird happen to my other submitted trade (based on Strategy 1). It had disappeared completely from my trading platform!! By the look of the chart, it should have been engaged and moving towards positive end. How weird! I've sent a support message to the trading broker. Hopefully they can get back to me. Otherwise I would have lost a chance to a winning trade by no reason at all!
Open Date: 06/22/2007 07:37:50
Instrument: USDJPY
B/S: Buy
Open Rate: 124.13
Lot: 0.5
Close Date: 06/22/2007 13:07:56
Close Rate: 123.85
Gross PL: -$113.04
Beginning Balance: $1,000.00
Ending Balance: $1,197.70
Profit: 19.77% (reduced)
But I managed to submit 2 trades before I went out yesterday, one based on strategy 1 and the other on strategy 2.
The one on strategy 2 was engaged. By the time I checked this morning, it had hit the stop loss point. That makes 2 losses out of 6 trades so far, a 66.67% win. The is the result for 1 week of trading. I need at least another 3 weeks of testing before I can have a better conclusion for strategy 2.
Something weird happen to my other submitted trade (based on Strategy 1). It had disappeared completely from my trading platform!! By the look of the chart, it should have been engaged and moving towards positive end. How weird! I've sent a support message to the trading broker. Hopefully they can get back to me. Otherwise I would have lost a chance to a winning trade by no reason at all!
Open Date: 06/22/2007 07:37:50
Instrument: USDJPY
B/S: Buy
Open Rate: 124.13
Lot: 0.5
Close Date: 06/22/2007 13:07:56
Close Rate: 123.85
Gross PL: -$113.04
Beginning Balance: $1,000.00
Ending Balance: $1,197.70
Profit: 19.77% (reduced)
Friday, June 22, 2007
Another win for Strategy 2
Had another win with strategy 2. Earn an extra interest of $6.75 due to rollover.
Open Date: 06/21/2007 07:01:54
Instrument: USDJPY
B/S: Buy
Open Rate: 123.73
Lot: 0.5
Close Date: 06/21/2007 20:21:30
Close Rate: 123.83
Gross PL: $40.37
Beginning Balance: $1,000.00
Ending Balance: $1,310.74
Profit: 31.07%
I am in the midst of searching for a local forex broker to start my live account. Need to access a few platforms before deciding which one to take. Currently I have 2 brokers in mind, but need to get used to the platform first.
Open Date: 06/21/2007 07:01:54
Instrument: USDJPY
B/S: Buy
Open Rate: 123.73
Lot: 0.5
Close Date: 06/21/2007 20:21:30
Close Rate: 123.83
Gross PL: $40.37
Beginning Balance: $1,000.00
Ending Balance: $1,310.74
Profit: 31.07%
I am in the midst of searching for a local forex broker to start my live account. Need to access a few platforms before deciding which one to take. Currently I have 2 brokers in mind, but need to get used to the platform first.
Thursday, June 21, 2007
3 more winning trades :)
Had closed 3 more winning trades since the last losing one.
One of them was the last open trade for strategy 1 which has rollover for 3 days. I ended up having to pay 3 days of interest but still managed to close in profits. The other 2 were based on the new strategy.
Open Date: 06/15/2007 14:26:25
Instrument: USDJPY
B/S: Sell
Open Rate: 123.38
Lot: 0.5
Close Date: 06/20/2007 02:10:47
Close Rate: 123.26
Gross PL: $28.13 (after deducting 3 days interest of $20.55)
Open Date: 06/19/2007 14:04:39
Instrument: USDJPY
B/S: Sell
Open Rate: 123.33
Lot: 0.5
Close Date: 06/20/2007 02:17:58
Close Rate: 123.23
Gross PL: $40.57
Open Date: 06/20/2007 10:25:01
Instrument: USDJPY
B/S: Buy
Open Rate: 123.58
Lot: 0.5
Close Date: 06/21/2007 00:20:44
Close Rate: 123.69
Gross PL: $44.46
Beginning Balance: $1,000.00
Ending Balance: $1,263.62
Profit: 26.362%
I have traded 5 trades based on strategy 1 over a period of slightly less than half a month and all have ended up in profits. That gives a winning rate of 100% so far. For strategy 2, I have executed 4 trades over a period of 1 week, with 1 losing trade. That gives a winning rate of 75%, not bad too. But more monitoring is needed (probably over a period of 2 months) before I can really have a good feel of how things are going.
So if you're reading this blog, remember to follow me for the rest of the 2 months to assess the results. You may then decide for yourself later, whether this is your cup of tea.
One of them was the last open trade for strategy 1 which has rollover for 3 days. I ended up having to pay 3 days of interest but still managed to close in profits. The other 2 were based on the new strategy.
Open Date: 06/15/2007 14:26:25
Instrument: USDJPY
B/S: Sell
Open Rate: 123.38
Lot: 0.5
Close Date: 06/20/2007 02:10:47
Close Rate: 123.26
Gross PL: $28.13 (after deducting 3 days interest of $20.55)
Open Date: 06/19/2007 14:04:39
Instrument: USDJPY
B/S: Sell
Open Rate: 123.33
Lot: 0.5
Close Date: 06/20/2007 02:17:58
Close Rate: 123.23
Gross PL: $40.57
Open Date: 06/20/2007 10:25:01
Instrument: USDJPY
B/S: Buy
Open Rate: 123.58
Lot: 0.5
Close Date: 06/21/2007 00:20:44
Close Rate: 123.69
Gross PL: $44.46
Beginning Balance: $1,000.00
Ending Balance: $1,263.62
Profit: 26.362%
I have traded 5 trades based on strategy 1 over a period of slightly less than half a month and all have ended up in profits. That gives a winning rate of 100% so far. For strategy 2, I have executed 4 trades over a period of 1 week, with 1 losing trade. That gives a winning rate of 75%, not bad too. But more monitoring is needed (probably over a period of 2 months) before I can really have a good feel of how things are going.
So if you're reading this blog, remember to follow me for the rest of the 2 months to assess the results. You may then decide for yourself later, whether this is your cup of tea.
Tuesday, June 19, 2007
My first losing trade
Had my first losing trade today. Placed a Short order according to strategy 2. Trend did not move downwards long enough and had to stop loss. Lost $121.37 from my practise account.
Open Date: 06/18/2007 07:55:09
Instrument: USDJPY
B/S: Sell
Open Rate: 123.32
Lot: 0.5
Close Date: 06/18/2007 10:53:38
Close Rate: 123.62
Gross PL: -$121.37
Beginning Balance: $1,000.00
Ending Balance: $1,130.21
Profit: 13.021% (reduced)
Open Date: 06/18/2007 07:55:09
Instrument: USDJPY
B/S: Sell
Open Rate: 123.32
Lot: 0.5
Close Date: 06/18/2007 10:53:38
Close Rate: 123.62
Gross PL: -$121.37
Beginning Balance: $1,000.00
Ending Balance: $1,130.21
Profit: 13.021% (reduced)
Monday, June 18, 2007
Boring Monday?
Market is moving sideways today at a difference of around 20 pips. My trade for the first strategy submitted since last Fri has been engaged but yet to be closed. Looks like it'll take a while before it closes at the rate it is going. Had to pay for an interest of $6.85 since it's a sell order.
Friday, June 15, 2007
1st win for second strategy!
I'm so excited! My first trade for second strategy has closed and made a profit of 10 pips! I'm really beginning to love Forex! But I think I will need many more practices to get myself quick enough to work out the new strategy.
Open Date: 06/14/2007 21:01:02
Instrument: USDJPY
B/S: Buy
Open Rate: 123.09
Lot: 0.5
Close Date: 06/15/2007 03:34:06
Close Rate: 123.19
Gross PL: $40.58
Beginning Balance: $1,000.00
Ending Balance: $1,258.43
Profit: 25.8%
Open Date: 06/14/2007 21:01:02
Instrument: USDJPY
B/S: Buy
Open Rate: 123.09
Lot: 0.5
Close Date: 06/15/2007 03:34:06
Close Rate: 123.19
Gross PL: $40.58
Beginning Balance: $1,000.00
Ending Balance: $1,258.43
Profit: 25.8%
Second strategy
I went for the class on Tue and Thurs to learn the 2nd strategy. It's not as straight forward as the 1st strategy, so I'll probably need more practice to get the hang of it.
Came back from the course yesterday night and placed my first trade according to the second strategy. It was engaged, but now still in the red...lol... The second strategy gives us more opportunities to trade, but it's also easier to lose a trade, as compared to the first strategy. This is of course just my gut feel opinion. Overall the monthly performance is still around 80%, according to KS. I think will need at least a month before I can ascertain whether I can master this new strategy. The first strategy was a no brainer and I'm quite confident to handle that now.
Came back from the course yesterday night and placed my first trade according to the second strategy. It was engaged, but now still in the red...lol... The second strategy gives us more opportunities to trade, but it's also easier to lose a trade, as compared to the first strategy. This is of course just my gut feel opinion. Overall the monthly performance is still around 80%, according to KS. I think will need at least a month before I can ascertain whether I can master this new strategy. The first strategy was a no brainer and I'm quite confident to handle that now.
Back to trade
Back from my Genting trip on Monday night. Realised I've missed a chance to trade on Friday when I was away. Not too bad, just one chance missed.
From the time I'm back till now, I only saw one more opportunity to trade according to the first strategy learnt. Placed a trade on Wed night, but till now the trade is still not engaged as the price keeps moving up. Have been changing my trade order accordingly. Hopefully it'll get engaged soon.
From the time I'm back till now, I only saw one more opportunity to trade according to the first strategy learnt. Placed a trade on Wed night, but till now the trade is still not engaged as the price keeps moving up. Have been changing my trade order accordingly. Hopefully it'll get engaged soon.
Thursday, June 7, 2007
Holiday mood
I'll be away from tomorrow till Friday spending my time with the kids at Genting. I'll probably miss a few trends and trading opportunities these few days. But there are always more opportunities after that.
Results these 2 days
Got a SMS alert to Short GBPUSD yesterday. But I was out and miss the chance to try my hands on the SMS alerts.
Found a chance to trade yesterday night when I came back. Place a LONG trade according to the teachings. The trade did not manage to close and was rollover. As a result, I gain an interest of $20.25 in my account for the half lot. At one point in time, I thought I would have to stop loss as it was just 4 pips above my stop loss point!
This morning found another chance to trade. Close the trade in about 5 hrs. And yesterday rollover trade manage to close after that too! Double good news!
Open Date: 06/06/2007 09:01:02
Instrument: USDJPY
B/S: Buy
Open Rate: 121.18
Lot: 0.5
Close Date: 06/07/2007 02:04:33
Close Rate: 121.30
Gross PL: $49.45
Open Date: 06/06/2007 21:39:37
Instrument: USDJPY
B/S: Buy
Open Rate: 121.06
Lot: 0.5
Close Date: 06/07/2007 00:14:24
Close Rate: 121.18
Gross PL: $49.50
Beginning Balance: $1,000.00
Ending Balance: $1,217.85
Profit: 21.7%
Found a chance to trade yesterday night when I came back. Place a LONG trade according to the teachings. The trade did not manage to close and was rollover. As a result, I gain an interest of $20.25 in my account for the half lot. At one point in time, I thought I would have to stop loss as it was just 4 pips above my stop loss point!
This morning found another chance to trade. Close the trade in about 5 hrs. And yesterday rollover trade manage to close after that too! Double good news!
Open Date: 06/06/2007 09:01:02
Instrument: USDJPY
B/S: Buy
Open Rate: 121.18
Lot: 0.5
Close Date: 06/07/2007 02:04:33
Close Rate: 121.30
Gross PL: $49.45
Open Date: 06/06/2007 21:39:37
Instrument: USDJPY
B/S: Buy
Open Rate: 121.06
Lot: 0.5
Close Date: 06/07/2007 00:14:24
Close Rate: 121.18
Gross PL: $49.50
Beginning Balance: $1,000.00
Ending Balance: $1,217.85
Profit: 21.7%
Tuesday, June 5, 2007
Lesson learnt
Today's trade makes me realise something.
1) If I am watching the market after my trade is engaged, I should let the profit run instead of taking the profit strictly according to the forumla. I remember David said at the preview session - A good Forex trader will cut his loss but let his profits run.
2) The timing of checking the market does make a difference. Imagine someone who has only checked the market now, just to realise that the trend is over, he would have miss the opportunity to make money. Of course there will always be a next chance, but frequent checking of the market DOES make a difference. I begin to understand why KS encouraged us to check and record the market statistics at different timing of the day. Like what he said, it's to give us a good feel of how the market is performing.
1) If I am watching the market after my trade is engaged, I should let the profit run instead of taking the profit strictly according to the forumla. I remember David said at the preview session - A good Forex trader will cut his loss but let his profits run.
2) The timing of checking the market does make a difference. Imagine someone who has only checked the market now, just to realise that the trend is over, he would have miss the opportunity to make money. Of course there will always be a next chance, but frequent checking of the market DOES make a difference. I begin to understand why KS encouraged us to check and record the market statistics at different timing of the day. Like what he said, it's to give us a good feel of how the market is performing.
Today in profit again
I started observing the USD/JPY when I woke up this morning. I had my trading platform open the whole day. It does not show any trend I'm waiting for in the whole morning and afternoon. In fact it was just lingering in the range of 121.55-121.92. I thought today would just pass on and didn't bother to check much, except occasional check. I was glad I still do the occasional check.
In the evening around 9pm, I notice the currency was dipping quickly. It was moving towards where I wanted it to be. I watch eagerly for the moment and finally managed to submit my trade. It was engaged and closed within 15 mins. I made a profit of $49.36 in my practise account today.
Open Date: 06/05/2007 10:00:59
Instrument: USDJPY
B/S: Buy
Open Rate: 121.40
Lot: 0.5
Close Date: 06/05/2007 10:13:55
Close Rate: 121.52
Gross PL: $49.36
Beginning Balance: $1,049.29
Ending Balance: $1,098.65
Profit: 4.7%
In the evening around 9pm, I notice the currency was dipping quickly. It was moving towards where I wanted it to be. I watch eagerly for the moment and finally managed to submit my trade. It was engaged and closed within 15 mins. I made a profit of $49.36 in my practise account today.
Open Date: 06/05/2007 10:00:59
Instrument: USDJPY
B/S: Buy
Open Rate: 121.40
Lot: 0.5
Close Date: 06/05/2007 10:13:55
Close Rate: 121.52
Gross PL: $49.36
Beginning Balance: $1,049.29
Ending Balance: $1,098.65
Profit: 4.7%
Monday, June 4, 2007
My first trade
Today I did my first trades in my practise account. In fact I had about 6 practise accounts, all used for different testing purposes. I created 5 accounts with $10,000 base and 1 account with $1,000 base. I use 3 of the $10k accounts to test out 3 different parameters.
One ended up in a small loss. But that was primarily my fault. That was the very first trade I've placed and being a newbie, I made a mistake of looking at the Bid price when I should've looked at the Ask price.
The other 2 of the $10k accounts ended in profit, one being more than the other.
The $1k account is my primary account to practise the strategies taught in class. I purposely created a $1k account 'coz I thought that was a realistic amount to start with in a live account. I mean, not everyone has $10k in real live to play with! The strategies work well and I made a profit of $49.29 in my primary account. That traslates to 4.929% in one day, not bad at all!
Open Date: 06/04/2007 08:29:50
Instrument: USDJPY
B/S: Sell
Open Rate: 121.85
Lot: 0.5
Close Date: 06/04/2007 08:47:42
Close Rate: 121.73
Gross PL: $49.29
Beginning Balance: $1,000.00
Ending Balance: $1,049.29
One ended up in a small loss. But that was primarily my fault. That was the very first trade I've placed and being a newbie, I made a mistake of looking at the Bid price when I should've looked at the Ask price.
The other 2 of the $10k accounts ended in profit, one being more than the other.
The $1k account is my primary account to practise the strategies taught in class. I purposely created a $1k account 'coz I thought that was a realistic amount to start with in a live account. I mean, not everyone has $10k in real live to play with! The strategies work well and I made a profit of $49.29 in my primary account. That traslates to 4.929% in one day, not bad at all!
Open Date: 06/04/2007 08:29:50
Instrument: USDJPY
B/S: Sell
Open Rate: 121.85
Lot: 0.5
Close Date: 06/04/2007 08:47:42
Close Rate: 121.73
Gross PL: $49.29
Beginning Balance: $1,000.00
Ending Balance: $1,049.29
Sunday, June 3, 2007
Personal Coach
I was running through the notes and strategies and a lot of questions start popping up. I sent them to KS. Was just trying my luck and wasn't really sure if he'll reply back. To my pleasant surprise I saw his replies in my mailbox in less than 24 hours! There were a few correspondences between us as more and more questions pop up along the way. KS was very patient in explaining to a newbie like me and even gave examples to illustrate. Some of his replies came in real fast! He even shared some of his strategies with me. Kudos to his commitment!
Saturday, June 2, 2007
My first Forex class
I've attended my first Forex class today. It lasted for more than 4 hours. The instructor, KS, was very patient and knowledgeable. I'm pretty excited and am eagerly waiting for Mon to put what I've learnt into practice!
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