FOREX end-of-week update (25-29 May 09)

It's been a great trading week for me, meeting my weekly target, well only my second week but the result had been pleasing. I had mentioned on my earlier entry that I shall only trade on Monday to Thursday, nevertheless, I traded on Friday as I was behind my target due to low trading traffic on Monday (USA Holiday) and Thursday. I make it up on Friday as I had no program, lucky for me, I made a few good trade and managed to close the week with target met. Continue with this trading result (Monday to Thursday only), I should be able to make wonders and be well on my way to creating my wealth. ;p

On a separate issue, I had finally submitted the MBG application for the stupid and senseless course I attended with FX1 Academy before I started out trading FOREX. The course cost me SGD3000+++ and I learnt nothing. To be fair, maybe I shouldn't say I learnt nothing, at least I was introduced into the world of FOREX trading and that was how I started out trading FOREX. Still I would like my reader who chance upon my blog to not be taken in by whatever the BA say about making tons of money after attending FX1 Academy courses. I attended and traded DEMO as instructed for six months. After six months of paper trading, I am negative and after submitting my MBG application, they came back and tell me that I must use only one DEMO account to trade (What's the difference?). They also told me that I had not traded the minimum required numbers of trade. This requirement were not told to the student during the course. Best of all, I explained to them that I had to change my DEMO account four times because I was not able to login to my DEMO account on various occasion and had even called the broker to check. However as records were not kept for DEMO account I had no other choices but to open another account.

In any case, even if I had traded on one single DEMO account, and met the minimum numbers of trade, I bet my last dollars that they will come back and say I had not followed their rules strictly and blah, blah, blah... WTF!

Anyway, readers, look at my result! I am not following FX1 Academy method or strategy or plan or whatever you wanna call it. My own studies and research as well as persistence had bring me result and it can only be better. This only tell you that you dun have to attend any courses to trade well. The internet is always there for you, all you need is the heart to look into the wireless world and learn. Develop your own method, strategy and trading plan. Start small and get confidence, once you are ready, go in for the big bang. I'm sure you can make it cause I made it! Of course dun forget, start with paper trading first, that's the number ONE key to success in trading!

Back to my own trading, I had started monitoring another currency pairs, so that I have more options and actions to take. Nevertheless, I am still very much more comfortable trading my primary currency as I know the movement well. However, I guess it's a good time for me to start monitoring another currency and get comfortable with it.

Time to rest and refresh before the next trading week start again on Monday. Stay tune for my BETTER trading result next weekend! ;p

FOREX end-of-week update (18-22 May 09)

This week had been a great trading week! Managed to sustain my profit and limiting my losses. My account, as can be seen from the chart, is growing constantly and steadily ;p Equip with my current trading plan, I made some revision for next week trading. My new trading plan will be trading on a constant lot size targetting 25 pips daily. Trading days are on Monday to Thursday leaving Friday for leisure and personal time. So to say, with a target of 25 pips daily and taking for instance that all targets are met, I would have profited a total of 100 pips weekly, 400 pips monthly and with the lot size as the multiplier I would be able to multiply the 400 pips to USD. This plan will stay for 2 weeks before any refinement will be made again. This next refinement, in actual fact, is already formulated targetting 50 pips daily, making a total of 200 pips weekly, 800 pips monthly. This amount would be here to stay for a long long time as it would be more than enough to supplement my main income. Finally, seeing some light in my trading.

Nonetheless, I have to caution myself that in trading there is win and lose, hence I have to be aware that there will be time will I will fail to meet my daily target and may not be able to make it up the next day. Hence I have to constantly remind myself to prevent competency to take over me and remember to cut my losses fast!! :D

FOREX end-of-week update (11-15 May 09)

Started the week with some good trade, meeting my daily target of 25 pips. Once the 25 pips target had been met, I continued to trade and grow my surplus. The fund maybe in the same account but I kept a record of how much surplus I had daily. I saw my account grow progressively and almost doubled. I think I became competence and on my second trade of the last trading day of the week, Friday, I failed to cut my losses early resulting in a loss of 100 pips. OMG! at a greater lot size some more. So it's back to square one for my account.

After my appointment, I went back home and took a few trade to reduce my damage for the day. I managed a few pips late into the early morning, but again my last trade before I felt asleep is still floating with -26 pips. I shall close this trade when the market open again and start afresh.

Debrief - I had allowed competency to set in on me and failed to cut losses early to protect my capital. Apart from that, I had gathered from my past few weeks trading that Friday may not be a good day for trading, hence I shall reduce my trading days from five days to four days, Monday to Thursday. Friday will be for my personal time and leisure, though some trades can be taken but must end and close before 1800 local time. This is to prevent having any open trades to be left over the weekends.

Taking from another point of view, though I ended the week with negative result, I am very sure that it is of a case that is different compare to the past. It used to be in the negative for whatever reasons, but now I knew exactly and also understand why I ended in negative, not just blaming myself. Also, I find that I am better at getting profitable trade these days compare to the past. I had definitely been trading better, and equip with these skill set result will only turn positive in the long run. Of course, I will continue to learn and gain experience to make better decision and to trade better.

For now, I shall take a good break over the weekend, freshen up myself and do my research to prepare for a better weeks ahead. ;p

FOREX end-of-week update 4-8 May 09

Started badly in the beginning of the week, hence I traded lesser and did more research to be able to trade better and grow my account. Read this document send to me by tendencia from SFF and I refined the methodology and put it into test on my LIVE account. As it was not a new trading method, I did not paper test it. The method was about increasing your lot size to grow your account. On the day I start trading with a bigger lot size, I met my daily target in seconds, seriously in a mere seconds. From there, I continued trading but at a smaller lot size to build up on my surplus fund which was set aside until the end of the day. Beginning of a new trading day, I would calculate and trade at a bigger lot size, once target is met for the day, it's back to surplus building. This method seem to be working for me as I watched my account grow!

Looking back into the week, though I may had profited at the end of the week, I still think that I am not trading optimumly yet. If you look at the summary, you would have realised that I had a high gross profit of five hundred plus but the net profit was only one hundred plus. This shows that my risk reward ratio is still no good. Comparing those profitable trades to loss trades, the amount gain was much much smaller than the amount loss. Seriously have to look into having the discipline to cut loss FAST!!!

Sail around the world - YAIMA

This entry should had been posted a couple of weeks ago, but because of some technical problem getting the photos, the entry was delayed.

Nevertheless, have it ever come across your mind to sail around the world, be it in your luxurious yacht or just a small normal sailing yacht? Please do not get me wrong, I never have this idea, but now with this influence maybe I can dream about it, haha... ;p

This Japanese man CAPT Hiroshi Maeda, dreamt of sailing around the world twenty years ago. It was only about eight years ago that he started planning for this dream trip of his, together with his youngest son and a staff from his company. Most importantly, guess what? It's going to take him three years to sail around the world. They departed their hometown in Onkinawa, Japan and headed toward Manila, Philippines. If I dun remember wrongly, it took them about ten days to reach. All the details and data, I have kinda forgotten, been awhile already, hopefully my memories dun play tricks on me. ;p

After staying in Manila for a few days, they headed toward their second port-of-call, Singapore. It was through people from Manila that they came to know about SAFYC. I still remembered on the day of their arrival, they did not call on VHF Radio to request for entrance and just came right in and berth along one of the empty pier. Went over to the front desk and asked for immigration clearance. I kinda get a shock when I was called upon to meet them at the front desk. Directed them to sail out again to Angler Bouy for immigration at sea before coming back again. After their immigration, they came back again and their berthing was arranged.

Over the next few days, when they were here, I tried my best to help them out in term of logistics, repairs, etc. The captain was extremely pleased with my attitude in going all the way and out of the way to help him out. It was only during his last few days in SAFYC that I learnt about his dream and his mission. Our Marketing department decided to have an interview with him to know more about him and his round the world trip. We know that he is going to sail round the world because his sailing yacht have words written all over.

The interview was conducted onboard his yacht and with limited English and with none of us speaking Japanese, we managed to complete the interview with more knowledge of his trip as well as how this dream of his is going to be fulfilled. After the interview, it's photo-taking time.On the following day after the interview, they departed SAFYC and heads toward their next port-of-call, Phuket, Thailand. With our sincere best wishes, we sent off CAPT Hiroshi and his crew and bid farewell to their sailing yacht - YAIMA!

For those who understand written Japanese, we may like to visit their website to take a look - Challenge Around The World Dream Sailing

Precious off day 5 May 09

It's Navy Day and no, it's not a coincidence that my off day is on the same day. I just decided to take a break on this day and settle some of my personal stuff. Anyway Happy Navy Day to all Navy personnel,not forgetting ex-Navy personnel like me ;p Woke up around 1000H and trade for awhile before proceeding out to settle my stuff.

After settling my stuff, still got some time in hand so decided to watch a movie at The Cathay. Went over to the cinema and decided on Fast & Furious 4.

The Movie Plot: Vin Diesel and Paul Walker re-team for the ultimate chapter of the successful franchise built on fast cars and furious drivers. When crime brings them back to Los Angeles, fugitive ex-con Dom Toretto (Diesel) reignites his feud with agent Brian O'Connor (Walker). However they are forced to confront a common enemy, so Dom and Brian must give in to an uncertain new trust if they hope to outmanoeuvre him. The two men go back to doing what they do best - push the limits of what's possible behind the wheel.

Nice movie with fair share of excitement and thrill but I find that the stunt and moves of the cars were rather limited, nevertheless still a nice movie. Also realised that there are quite a number of nice movies coming up, hopefully I can get to watch all of them.

Boating Trip to Nongsa Point Marina Resort 1-3 May 09

This was a member organised trip and staff had to support the trip, however with the limited experience that most of the staff have, we were not able to fully support the members. Hence selected staff followed the members during this Labour day trip to learn and gain experience so as to organise such trip in future.

Once at the clubhouse, I distributed the port clearance and immigration crew list to the respective members. At about 1000H, we left the clubhouse on Eric Cheong boat, named Bam Bam II. We headed out and in less than 10 minutes, we had to head back to the clubhouse due to some sensor fault but was not able to identify. Eric got the rest of the boats to go ahead while he have his engine rectified and catch up later. Back at the clubhouse, after some check and topping up of oil, we proceed out again.

Been a long time since I transit through East Johore Straits (EJS), this used to be my playground during my training period. Sorry no photos to show as I dun want my camera to be splashed with sea water. We proceed along EJS till the mouth of the straits where to stop around South Angler Buoy and waited for the immigration boat. My first experience of immigration at sea. We called them on radio and waited for them to come to us. It was during lunchtime and we waited for almost an hour before the immigration boat came to us and did our clearance. We put our passports and the necessary documents in a ziplock bag and place them in a net before handing it over to the immigration crew. After we got our passports back, we proceed to cross the Singapore Straits and head toward our destination, Nongsa Point Marina Resort.

It was a nice place to relax and chill seriously, only thing is that it's troublesome to come by personal private boat as you need to get this documents that documents, nevertheless, this way its exclusive and hence an entirely different experience.  This place can also be reached via ferry at Nongsa Putra Ferry Terminal.  After lunch, we checked into our resort room and enjoy the afternoon.

In the evening, we chartered a bus and went to Wingsor A1 for our dinner. We had quite a number of dishes and drinks before we head back to the resort and call it a day.  

The next days we had shopping at Nongsa Hill, walk about and dinner at Harbour Bay as well as swimming at the resort.  

On Sunday after lunch we head back to Singapore.  All in all a good trip and the members and their family enjoyed it.  More to come Members & Friends!!!

FOREX end-of-week update 27 Apr to 1 May 09

Generally I had a great week of trading, meeting targets and recovering my investment. Nevertheless, setup a trade and left town for Batam together with my club boaters to experience and learn from them. The trade hit my SL first before rallying to hit my TP, what a waste. Anyway, overall result for the week is still positive, phew...

Alex sent me a link to take a quiz to find what what type of trader am I. Took the quiz and found out that I am a Detailed Trader, surprisingly haha... ;p The detailed report can be read at this link, http://www.tharptradertest.com/detailed-trader-report.aspx