FOREX end-of-week Summary (22-26 Feb 10)

This week trading was a roller coaster ride seeing ups and downs and sad to say, it's mainly down.  This resulted in overall negative result for the week.  I had been abit to impatience and too quick to enter a trade before the "final" price action confirm the direction of the particular currency pair.  I have to constantly remind and keep them in my mind that I have to be patience and not too quick to decide.

Patience Is Profits (PIPS) ;p

FOREX end-of-week Summary (15-19 Feb 10)

Nice trade last week, following the trend and riding it at appropriate time.  Best trade of the day usually occur between 9pm to 1 am local time, hence I will be staying awake most night to ensure that I am able to watch the market and follow the action when appropriate.

  

Made my calculation on my excel sheet and it reveal that if everyday I meet I target, I would be able to see the end of the tunnel between June-July 2010 period.  Draft out a plan in my mind on what I will need to do to reach my goal.  Will reveal my goal in another entry when I have the time.  For the next few weeks, I will be testing my strategy again and again to ensure that I am on the right track.  At the meantime, no withdrawal from my account as I will be compounding it to ensure I meet my target and goal by the end of this year.

Resolution for year 2010 came late this year, not on 1 Jan 10 but on CNY, haha... ;p

FOREX end-of-week Summary (8-12 Feb 10)

Deposited another USD20 to make up the total sum of USD4300, the entire amount of money I had invested into FOREX.  Generally, this week had been a week of up and down, small loses but higher gains.  Still trying to understand price action and being able to ride on the right moment.  Constantly improving myself and will be analysing my trades over the weekend to see what went wrong and what went right. ;p

Wishing all readers a Happy Chinese New Year 2010 with many happy returns and a prosperous year ahead.  Most importantly, wish all best of health. ;p

FOREX end-of-week Summary (1-5 Feb 10)

Had a total of 19 trades this week which only 5 were winning trades, one of the trade in mid-week was a great trade.  Basically riding with the trend and adjusting my SL constantly as the market unfold, gained 99 pips for that trade!  Shall see more of such trade in future ;p

FOREX end-of-week Summary (25-29 Jan 10)

Extremely good result for last week, 6 out of 6 winning trades.  Trading along the trend and taking profit along the way and wait for price retracement before re-entering.  The only minus point here I felt was for the swap fees paid.  I find paying swap fees unnecessary as it reduces my total profit, though not significance but I find it not required.  Hence I might not be leaving my trades overnight in future.  Something I learnt and re-learnt is that one have to be patience and do not rush into a trade.  Losing the chance to win a trade is definitely much better in losing a trade. ;p

FOREX end-of-week Summary (18-22 Jan 10)

A rather fulfilling last week, only 1 out of 6 trades in the negative.  Continued trading based on ActionForex reported S&R, I am also training myself to spot those S&R with helps from the report.  Basically, I identify the S&R then goes to the report and check whether my identified S&R are as reported or at least near to what is reported.  I think the accuracy come with experiences and such training should be fruitful when you trade the certain currency pair constantly.  I am still trading solely EURUSD in view of the lower spread compare to most other major currency.  I search for a new broker is still ongoing, however at this moment, it had been in vain.

The reason why I am searching for another broker is not because InterbankFx had not been good for me, but more because I wanted to have a better deal as there are broker who offer lower spread than what I am getting now.  As for now, I am satisfied with InterbankFx.  InterbankFx had also been the one who have most of its regulation been put inline with the Authorities.

FOREX end-of-week Summary (11-15 Jan 10)