FOREX end-of-week Summary (21-25 Sep 09)

Total of 16 trades for the week which 3 of them were negative trades. Good result but upon analysing I found that though there is only 3 negative trades, but the amount in term of dollars is high. Thanks to RSI 'POP' I was able to make that losing trade back. I will have to work on this flaw to reduce my risk factor. Now in my arsenal I have RSI 'POP' and Moving Average crossover on multiple timeframe. I have to stay discipline and sustain my trades.

FOREX end-of-week update (14-18 Sep 09)

Always make your decision for a trade at the end of each candlestick, no matter which timeframe you are in. I made a few trade decisions before the candlestick end and cause me substaining a few losses. When I learnt this lesson and enforced it, I was able to make better decision and recover much of my losses. Key is PATIENCE!

FOREX end-of-week summary (7-11 Sep 09)

As mentioned in my previous entry, I applied the common indicators with uncommon application as well as my refined longer term trading method. So far so good, out of 8 trades, only one of them was a negative trade. ;p Yet another great tools added into my arsenal, and with this great tools combined, I continue with my journey in FOREX trading and to attain my goals.

My trading plan had also been refined along the way, and instead of making the 10% growth daily, I change it to growth of minimum 10% each week. This would reduce my risk significantly and would also reduce the stress level haha... The only thing that had yet to be addressed properly, which in fact most traders would say that it's the most important one, would be calculating the lot size relative to the placement of SL. In every trade that anyone take, the setup involve indentifying the SL before even deciding on the TP. This will in turn allow one to calculate the lot size based on the risk one is willing to take on each trade, commonly 3-5% of the account. Seriously speaking, I had not been hard and fast on this rule and this is the reason why my trading journey had not been able to sustain in the long run. Small profit, big losses...

Also in the past, it seem that I had been trading rather blindly when I enter a trade, I do not know of the exit point. I only see the exit when in profit but not the other way round, resulting in big losses. Hence it is important to decide the SL first during setup before entering the trade and the exit signal must also be defined clearly. Using common profit, uncommon application need time to monitor the trade, but the exit signal are clear to me, be it in profit or losses. I will have to build on defining my exit signal clearly for my longer term trading method.

For now, my goals remain the same, to grow my account to breakeven and subsequently into profit. It will take along time, but like what the saying goes, "Late is better than never!"

FOREX end-of-week Summary 31 Aug - 4 Sep 09

Experienced a big loss in the beginning of the week, but manage to reduces my total loses by the end of the week. Attended Common Indicators, Uncommon Profits by AsiaCharts at Singapore Expo. Gained some valuable ways of using the various indicators, will test them out coming week... ;p

Gabriel Wong & Tan ChinSiang Farewell Dinner

Attended Gabriel and ChinSiang Farewell Dinner last night (4 Sep 09) at Yellow Light Thai Restaurant along East Coast Road. It was ChinSiang retirement and Gabriel farewell dinner for completing his service. I reached there extremely early after going for my pre-employment check up at Collyer Quay and haircut. Hence had a cup of tea at the coffee shop nearby.

Went over to the restaurant at 630pm and went to the second floor. The entire area was booked by us for the dinner. The place was cozy and food was good. Only thing was that I did not stayed till the end of the dinner as I had a mahjong session at 930pm. ;p

The man taking pictures for memories...

Gabriel, enjoying the catch he had... And not forgetting our food for the night... Of course there were more, but they ended in our stomach before I could take any pictures ;p