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Forex Junction

Demo Trade UJ


On the PC at 10.30am

Saw the decending triangle forming.

Waited for the break of horizontal line

Broke the line at 10.40am

Keyed in 105.86 at 10.45am

Took the ride to 105.68 at 10.50am

20 pips within half hour .

Stick to plan . 

Quit for the day .

caveat emptor

 

The surprisingly bad economic reports from the US last Friday triggered off high volatility.

Some of my stops were triggered as well.... crap.... 

 

You are right there...:)

The sharks have every right to survival too... hehehe...  

 

haha. of course there are sharks. but there's a VERY big difference living with sharks in a small drying pond, and living with sharks in a big wide ocean.

The aim is survival, isn't it? if you'd read my retailers thread, you'll know i spoke of EU manipulation since jul. ;)

cheers!

 

iPunter      ( Date: 11-Sep-2008 16:10) Posted: Elfin... :) Hahaha... It appears you are obviously unaware of the sharks in the currency market ...

 

 Baseer... :)

 

Demo Trade on UJ


Lessons Lessons Lessons

last week : positive 60 pips

this week : negative 130pips  : (

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how ? .. sigh ..quite a long story ..but here goes ..

two trades cut into stop loss .. the irony is (as always) they happily later went on to the reach the target price .. like the rodeo horse that unseats/topples the rider and goes on to the finish line innocently ... hahaha !

the 3rd trade : wrong view ..therefore loss

end to last week's positive 60 pips

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while looking up for ed ponzi's books on amazon .... missed one set up.

Lesson : stay focused ... aim for the eyes like Arjun .. merriment comes after the execution of duty .. duty first ... don't get distracted ..

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i wasn't upset with the zero account .. i was quite comfortable with it because i had done my 'due diligence' within my ability ...

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here is the juicy part ...


somehow the 'devil' in me reared its ugly head and prompted me .. and made me break all self-imposed rules ..hahaha !

..like.. on friday night .. had a nice ride down with a gain of 40 pips .. over-ruled Limit Order and got greedy for a few more pips ..to compensate for the lost 60 pips, of course ... and froze to take immediate action to 'put out the fire' when the trend reversed ... thinking its a retracement ...but it went on back to trigger the stop order .

adamant to recover losses , made another impulsive entry ... hence the greater loss..

hope this teaches me a lesson ! serves me right !

Lesson for this week : Stick to ur pre-planned set-up ! don't be trigger happy !

: )




 

 

The easiest way to play Forex is to find a strong economy and play it against a much weaker one. 


However, in extraordinary times like these where the GLOBAL economy is in shambles, it is difficult to find economic opposites. This makes it  difficult to find trends that last longer than a few weeks. 

 

The sharks in the currency market can only be the big banks and huge money...  

That is why even a bank can be 'eaten up'...

 

haha, you are one sharp-eye shark.

iPunter      ( Date: 11-Sep-2008 16:10) Posted: Elfin... :) Hahaha... It appears you are obviously unaware of the sharks in the currency market ...

 

Elfin... :)

Hahaha... It appears you are obviously unaware of the sharks in the currency market ...

 

can't remember if i said it before, but thanks cashiertan for introducing me to forex. a key reason i got into it was because of your 'promotion' about it. you were right that forex is very suitable for techies.

and in this kind of stock market, where it's shark eating shark, personally, forex actually comes as a relief; since it allows for trading; whereas the local equity market is kinda like, shorted to near-death already, and good only for long term plays.

meanwhile, it's back to steady scalping. small money builds up to small fortunes.

 

 

thanks for the explanation, singaporegal. and baseer, good stop loss.

 

Baseer...

Judging from your rate of progress, it may not be long before you become our "Forex King"... hehehe...

 

 

Yup. Thanks trader.

ATR is a volatility indicator. Basically it represents the average range over a period of time. 

I use that to decide where I place my stop. The basic idea is this - the more volatile the currency pair, the further away I place the stop.

trader88.sg      ( Date: 10-Sep-2008 15:51) Posted: ATR stands for average true range. It is an indicator that measures the volatility of a currency pair or a stock. Most charting software should have this indicator included. Just apply it and you will get the ATR of the pair/stock elfinchilde      ( Date: 10-Sep-2008 15:12) Posted: sorry, what's ATR? cool, your mtd's very dif from mine! new strat to learn, wheee!

 

Sorry... :)

Anyway, there's high voliatility swings up and down in the last two hours on the USD/JPY pair... no time for pets now...

 

Pets' talk in Forex thread?

 

A hammy that's too small eg.  a robo can be easily lost in the house...

On the other hand bigger pets like guinea pigs and rabbits are a no-no, since the volume of their urine quickly fouls up the place with stink. White mice must be avoided at all costs because even small drops of their urine stings worst than the rabbits'!

Tip: When keeping a hamster, one must get one which is untrained, ie straight from the brood. Then one must immediately handle it a lot, feeding it while holding it. This must be done every day until it becomes a really nice adorable little creature to own. If this is not done, ie if it is left unhandled by itself in a cage, it will be a nightmare when one wants to handle it later...

A trained hamster treats you like an old friend!...

 

cool. thanks trader88. i shall go experiment. hehe. 

small elves need small pets.