It is always my weakness. however it is something I need to overcome..
I am pretty sian with life. Work sucks, making me want to succeed fast as a full time trader.However, I am doing so, through the whole way. I am wasting my money away. Actually, I am not even doing my best seriously to become a full time trader.
I don't have a plan. I still don't have. I am giving up too early, too easy. All too easy. This path is really not easy, but I cannot give up. I haven't try! I cannot just carry on in this way..
2011. I made the determination to CHANGE MY LIFE. Change it, for good. My life cannot be shitty anymore. I must and definitely must stay focussed.
2011, let's win it. I must put in the efforts. else nobody, nobody can help me.
Friday, December 31, 2010
Wednesday, November 17, 2010
The plan..
first and most important thing. To not care about the money, care about trading right!!! stick to the money management! "When you trade well, the money will come!", I must keep reminding myself this very important point.
Ok I took a break while typing this. and I must say, while I am preparing this blog, I actually broke my rules, again! how difficult it is to seriously stick to the rules! and maybe, one point I came to realise, is that, good fortune is very important, especially so in trading, but then anyway, it's probably time for me to focus on winning through faith.It's proven isn't it? No prayers will go unanswered.
ok, back to the plan.
today 26th Nov, after a long break I am back to blogging about my plan. Finishing the post I set out to, has to be as important as practicing itself. Though this short break, I have a more in depth thought about what is the plan.
the plan is 18 months. I feel like shortening it, or I NEED to. forced to. But I do know what I am like, hurried person, like to do things fast, yea, end up doing things sub-standard-ly. Must change; probably I need to change before I can master FX, one such example of how this shown, of course, is how much I want to succeed NOW. But that won't do, needs time. Let me draw out the plan of what I need to do and see how much time I require. One thing to say this will not be the trading plan yet.
Plan - To trade on a H4. All that is needed will be S/R. basic Fib. trade on important candles. Doji, engulfing. THAT's ALL
However I need to backtest more. 1 year period per pair. Need to test 1) GU 2)EU 3) GJ 4)EJ 5)UC 6) AU. I need to be able to ascertain which trend to follow. Backtesting. That will probably require 1 mth per pair? Ouch that means 6 months!
However, I do intend to trade live using this system, ok I will definitely procrastinate. I need to start SERIOUS and SERIOUSLY! ok, will do, must spend some time to analyse.
1.5% per trade. target 10% profitable in 3 months.
2% per trade. 15% for 6 months.
3% per trade 25% 6 months.
that's 21 months! profitable for 15 months..that will say alot.
Ok I took a break while typing this. and I must say, while I am preparing this blog, I actually broke my rules, again! how difficult it is to seriously stick to the rules! and maybe, one point I came to realise, is that, good fortune is very important, especially so in trading, but then anyway, it's probably time for me to focus on winning through faith.It's proven isn't it? No prayers will go unanswered.
ok, back to the plan.
today 26th Nov, after a long break I am back to blogging about my plan. Finishing the post I set out to, has to be as important as practicing itself. Though this short break, I have a more in depth thought about what is the plan.
the plan is 18 months. I feel like shortening it, or I NEED to. forced to. But I do know what I am like, hurried person, like to do things fast, yea, end up doing things sub-standard-ly. Must change; probably I need to change before I can master FX, one such example of how this shown, of course, is how much I want to succeed NOW. But that won't do, needs time. Let me draw out the plan of what I need to do and see how much time I require. One thing to say this will not be the trading plan yet.
Plan - To trade on a H4. All that is needed will be S/R. basic Fib. trade on important candles. Doji, engulfing. THAT's ALL
However I need to backtest more. 1 year period per pair. Need to test 1) GU 2)EU 3) GJ 4)EJ 5)UC 6) AU. I need to be able to ascertain which trend to follow. Backtesting. That will probably require 1 mth per pair? Ouch that means 6 months!
However, I do intend to trade live using this system, ok I will definitely procrastinate. I need to start SERIOUS and SERIOUSLY! ok, will do, must spend some time to analyse.
1.5% per trade. target 10% profitable in 3 months.
2% per trade. 15% for 6 months.
3% per trade 25% 6 months.
that's 21 months! profitable for 15 months..that will say alot.
Tuesday, November 16, 2010
Hi all
Being a full time trader, that is what I will aim to achieve in this life time. Actually, I have already set the target to do so in 18 months.
To do so, however, requires a plan.and stick to it. Probably that's why I decide to pen it all down now and here.
What makes me interested in trading?
I got introduced into FX by my brother in March 2009. He got me to read some books and stuff, wasn't really interested initially, just wish to see see for fun. however, probably due to the ease of starting (with a demo account), I just got interested with how this whole trading thing works. Initially I tried to find online about the different trading systems available and found one that seems good and easy. I thought I found a holy grail, which seems to be so, from the back-testing carried out. But alas, I was wrong. I made the worst mistake that novice traders make.Trading without a stop loss (SL).
My trades only have a take profit (TP), 100 pips,as is indicated by the system. With luck and without a SL, I easily doubled a demo account (1.2k) in a matter of days (using $1/pip if I did not remember wrongly). It made me feel that trading is a piece of cake. And given the fact that I was pretty much distraught with my job at that time, FX trading sees like such a good way for me to earn money.
With that, I opened a live account. At that time, I also happened to attend a FX introductory seminar with my bro, by Jimmy Young. I remembered my 1st trade, I was trading the system, was so hyped up, so careful. I remembered taking profits at different segments,yea end up earning a $10 for my 1st trade. Super small trade.however, as I was distraught with work, I probably wanted to vent on trading, or try to trade more and more to earn it fast and quit my job.
However that doesn't work. And I realised a bad thing about me; I am too particular about money, or maybe I am expecting to earn for all the trades I entered. As a result, I can't afford to lose, even if it's a small amount. That's bad; ended up, instead of taking trading as a business as it should be, it became gambling for me. And worse, I am a greedy gambler, i gambled but yet refused to take the money off table when I can. In the 1st week of my 1st live account, I lost 200-300 USD. In a month, it was wiped out.
2nd account of 500 USD lasted long; 10 mths probably. wasn't too difficult cos I was in the correct direction, and I did not put SL. It became all so easy, till EU debt problem comes and wiped me out. I could have survived by cutting some losses short, that time I was already up 800USD profit; let I choose to not cut a small loss and end up going back to base 500 USD in Jan (lucky I finally decide to cut my losses short then). I still didn't learn, still no SL.
However in April 2010, the sudden 1000 pip drop in EJ due to some stupid trader's error made me lose my account, overnight. Small account, but to a person who don't like to lose, that's devastating.
started another 450USD account, up for a moment, but end up with the same fate, after less than 1 month,3 weeks probably?
in July, finally decided to attend a FX course, ok shall not say which one here. So how's the course? seems good, but it's all rather basic stuff which I know. Good thing is, it's structured; at least I have a mentor? But hmm, was given some templates to use, but those are not my style of trading. And probably more importantly, I don't really trust the system to be that profitable. Hence I went back to my own bad habits. I more than doubled my 3.6k account, only to lose it when I keep adding on to losing position, and refusing to just close some closing trades at a 3k profit. more importantly, my account size is not big enough to sustain the added losses. Now, currently, the price would have moved in my favor and I could have recouped all the profits. ok that's past.
Having said so much, all I want to say is.
1) I must stop my bad habit of trading anyhow, just to vent my frustration or whatever you call it. I can do that, but jolly well do that with a demo. Don't throw hard -earned money away
2) I know I can trade well, trading is definitely not difficult.But what I need to do is really, to accept my losses and NEVER try to take revenge on the market.
3) Succeed in 18 mths, that is end May 2012.
4) Succeed based on faith - seek my mission in this endeavor. That is why, I must, through this blog, let it be an encouragement to other traders-to-be when I succeed. I must pass on my psychology of trading to other people to enable them to trade well. But in order to do that, I must succeed myself first.
And I will do it, with a plan. That is what I will touch on next.
To do so, however, requires a plan.and stick to it. Probably that's why I decide to pen it all down now and here.
What makes me interested in trading?
I got introduced into FX by my brother in March 2009. He got me to read some books and stuff, wasn't really interested initially, just wish to see see for fun. however, probably due to the ease of starting (with a demo account), I just got interested with how this whole trading thing works. Initially I tried to find online about the different trading systems available and found one that seems good and easy. I thought I found a holy grail, which seems to be so, from the back-testing carried out. But alas, I was wrong. I made the worst mistake that novice traders make.Trading without a stop loss (SL).
My trades only have a take profit (TP), 100 pips,as is indicated by the system. With luck and without a SL, I easily doubled a demo account (1.2k) in a matter of days (using $1/pip if I did not remember wrongly). It made me feel that trading is a piece of cake. And given the fact that I was pretty much distraught with my job at that time, FX trading sees like such a good way for me to earn money.
With that, I opened a live account. At that time, I also happened to attend a FX introductory seminar with my bro, by Jimmy Young. I remembered my 1st trade, I was trading the system, was so hyped up, so careful. I remembered taking profits at different segments,yea end up earning a $10 for my 1st trade. Super small trade.however, as I was distraught with work, I probably wanted to vent on trading, or try to trade more and more to earn it fast and quit my job.
However that doesn't work. And I realised a bad thing about me; I am too particular about money, or maybe I am expecting to earn for all the trades I entered. As a result, I can't afford to lose, even if it's a small amount. That's bad; ended up, instead of taking trading as a business as it should be, it became gambling for me. And worse, I am a greedy gambler, i gambled but yet refused to take the money off table when I can. In the 1st week of my 1st live account, I lost 200-300 USD. In a month, it was wiped out.
2nd account of 500 USD lasted long; 10 mths probably. wasn't too difficult cos I was in the correct direction, and I did not put SL. It became all so easy, till EU debt problem comes and wiped me out. I could have survived by cutting some losses short, that time I was already up 800USD profit; let I choose to not cut a small loss and end up going back to base 500 USD in Jan (lucky I finally decide to cut my losses short then). I still didn't learn, still no SL.
However in April 2010, the sudden 1000 pip drop in EJ due to some stupid trader's error made me lose my account, overnight. Small account, but to a person who don't like to lose, that's devastating.
started another 450USD account, up for a moment, but end up with the same fate, after less than 1 month,3 weeks probably?
in July, finally decided to attend a FX course, ok shall not say which one here. So how's the course? seems good, but it's all rather basic stuff which I know. Good thing is, it's structured; at least I have a mentor? But hmm, was given some templates to use, but those are not my style of trading. And probably more importantly, I don't really trust the system to be that profitable. Hence I went back to my own bad habits. I more than doubled my 3.6k account, only to lose it when I keep adding on to losing position, and refusing to just close some closing trades at a 3k profit. more importantly, my account size is not big enough to sustain the added losses. Now, currently, the price would have moved in my favor and I could have recouped all the profits. ok that's past.
Having said so much, all I want to say is.
1) I must stop my bad habit of trading anyhow, just to vent my frustration or whatever you call it. I can do that, but jolly well do that with a demo. Don't throw hard -earned money away
2) I know I can trade well, trading is definitely not difficult.But what I need to do is really, to accept my losses and NEVER try to take revenge on the market.
3) Succeed in 18 mths, that is end May 2012.
4) Succeed based on faith - seek my mission in this endeavor. That is why, I must, through this blog, let it be an encouragement to other traders-to-be when I succeed. I must pass on my psychology of trading to other people to enable them to trade well. But in order to do that, I must succeed myself first.
And I will do it, with a plan. That is what I will touch on next.
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