794 - Review of the previous trades

I closed all 4 trades today, but I shall post the aftermath of all 3 today. See if I can learn anything.

Was in selling position. Seems to stay down.

 Was in buying position. Seems like losing steam and consolidating at the moment.

 Was a buying position. But it goes back up again.

Re-entered.

Today's conclusion is that I should let the Stop-Loss close the trades by itself, same as what MasterGunner is doing. If I do that, my CHF/JPY would have survived. But partly it is also because I need to close all positions to make adjustment to my trading platform.

794 - Still a profit

Closed all my trades today in office using my Samsung S2 phone. Did not wait for the Stop Losses, as I saw some Big Shadows developing. Since I closed all my trades, I took the chance to change my account to Position Trading, which means that the price I entered will not be restarted at the start of a new day. They required me to close all my positions before they can activate it for me.

Anyway, I did not place any trades yet, but placed 5 Stop sell/buy. I also increase my bet size to 3,000 units, instead of 2,000.

 Pierced the Resistance zone and went down again with a Big Shadow. Set a Stop Sell, and a Stop Loss.

Support line tested 3 times, and developed a green Big Shadow. Hoping the price will surge upwards.

 Tested the Resistance zone 3 times, and formed a very long and nice Big Shadow. Will only enter the trade after the recent lowest low.

 This is my previous trade, which I closed it this morning. Will give it another chance to go upwards.

This also tested the Resistance 3 times and formed a long red Big Shadow. Will enter when it goes below the recent lowest low.

817 - New logo?

Currently contemplating if I should change the logo of this blog. Been feeling that the current one is too similar to Nial Fuller's website.

Since I have no readers to give me opinions, I should put the 2 logos together and ask myself the question. lol

So which one do you think, me?

From the looks of it, the current one still seems nicer.

812 - Monday blues

Today, movement is very mild. But I managed to find something that looks like a pretty set-up.

The Support zone is very obvious, being tested 4 times as you can see above. After a fourth touch, a bullish Big Shadow formed.

For my other 3 trades, I also adjusted the Stop Losses to be slightly closer to the current price, bearing in mind to preserve some distant for price to roam.

822 - Stop Loss adjustments

Above are my adjusted Stop Loss, following the theory from my previous post. I also added a black horizontal line, which is my entry point.

821 - Fishing

So now I have open positions, the next thing I have to start learning is how to play with it. Basically, the main idea is to

• cut your losses short, let your profits run

How I see it is like fishing. Your have to monitor every trade, and move the Stop Loss with how the trade progresses. The key to it is to set the Stop Loss in a sweet spot. It is a balance between

• Losing trade, quit it early
• Winning trade, the Stop Loss should have enough allowance for volatility

So it is something like Fishing, you have to strike a good balance between not snapping the line, and also reeling in the Big Catch.

Always have the mentality that each trade has the potential to be a massive win, and learn to Stop it skillfully for a realistic profit.

The one theory to remember when fishing is :

See each trade as a potential big win, and place the Stop somewhere you do not think it will go.

809 - A look back into history

Just now, I went to open my account history.

I opened my GFT account in May 2010, while I was still working in HP.

The total amount of money I put into trading ever since was S$1,750. Why is this important? So that when I make over this amount, I know I broke even, after a long journey. So, it is a great milestone. And it can also prove that my trading is finally working.

But my current milestone is to break S$850 in my account, as I haven't had that much since August 2013. It will be pretty sweet when I am starting to make money, and look back at taking revenge at whatever I lost. I hope and wish badly everyday that I become the 5% of traders who make money.

But I still have some way to go, and I really hope my different trading method this time works.

Above is a rough idea how many Pips I made. Not sure if I am very lucky or the new methodology is very good. I am positive on all 3 trades.

Below are my current 3 trades.