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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

My year end review, well, maybe.

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monkeythinking.jpgI am thinking of doing a review for the year, but I don’t feel like going through the numbers on the blog this time. There were some major changes in my career, and life and it led to change of my trading style and trading instrument. I left my old job, and I left Singapore. I migrated to Melbourne, Australia taking up a consultancy job. Difference of time zone kinda ‘forced’ me to start looking into currency trading in details. In term of trading profit, yup, this is another positive year for me. The figure is roughly around 10% for the year.

I gave some thoughts about my trading. Trading is something that I really love to do. Maybe it is because, I am still doing it in part time basis. No financial pressure is affecting my trading activity at the moment. I am not sure if I happened to go full time, can I still enjoy the game like I do now? Well, I can’t answer it now. At least, for now, I love this game.

I have experienced the thoughts of ‘I hate my current job’ or ‘I should start trading full time and leave the stupid job’ phase. I believe, most of part time traders experienced this during their trading journey. However, I come to realize that, I love trading the market, but it is not an excuse to leave my current profession. Part time trading can be challenging, fun, profitable, and most important , relaxed. Full time trading is a totally different phase of career, it is a career switch, a life change etc. It requires proven skills, track record and capital. I will do that, when the time comes.

I am in the new country, new culture, new life. There are problems and challenges ahead. But I am sure trading is still part of my life for the coming years.

Chart of interest: AUD/USD

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I am not trading today. It is NFP day, by the way. I decided to have a quick look at Aussie dollar pair. Though it holds pretty well at 100 day moving average, bullish momentum does not seem to be building up just yet. To my opinion , it is going to be chopping around at the moment, if not breaking down. I am still being patient to wait for my long entry to appear. 🙂

Here is the………… CHART!

[photopress:audusddaily07dec2007.gif,full,alignleft]

links for 2007-12-06

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Trading the chicken style

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disney-chicken-little-sky-falling.jpgI have not been trading currency for the past two weeks. Last week, it was because of my busy day job. While this week, I am just being a chicken. :lol

I am not the only one doing this. Echo to the post by Hector. I am standing away from the currency market for the time being as well. Basically, I am not a news trader. I don’t know how to trade the news, to be exact. So, why gamble? This is probably the busiest week of the month as far as fundamental announcement goes: AUD Interest Rates, CAD Interest Rates, GBP Interest Rates, EUR Interest Rates, NZD Interest Rates, US Non Farm Payrolls, etc.

I call this a chicken-style of trading. Trading will be resumed after the dust is settled.

Long Ridge & Lehman Brothers Among Investors Agreeing To Buy 35% of FXCM

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12/03/07 —Today, Forex Capital Markets LLC (FXCM) announced that the Refco estate agreed to sell its 35% ownership interest in FXCM to Long Ridge Equity Partners (and affiliated entities) and Lehman Brothers. The financial terms of the transaction were not disclosed. The announcement of the sale was made today by Drew Niv, CEO of Forex Capital Markets LLC (FXCM), the Wall Street currency trader. “We are extremely pleased with the outcome of the auction,” said Niv, “and we look forward to Lehman Brothers and Long Ridge becoming shareholders in FXCM. We believe Lehman Brothers’ expertise in the global foreign exchange market and insight into growing our business will be extremely beneficial both for our company and for our clients.” Upon completion of the transfer of ownership:

  • FXCM will no longer have any financial connection or business relationship with the Refco estate.
  • The FXCM Board of Directors will be composed of seven members. Five seats will be held by original founders of FXCM and two will be held by members nominated by the new investors excluding Lehman Brothers.
  • There will be no change in FXCM’s management, operations or services.

A Vote Of Confidence For The No Dealing Desk Model

“The no-dealing-desk trading platform we have developed allows currency traders to receive prices provided to FXCM, from some of the world’s largest banks, who, offer us some of the most favorable rates. We believe this business model points the way for all retail currency trading in the future,” said Niv.

Full news released here

So, FXCM is just getting bigger and stronger. Provide a bit more sense of ‘security’ for retail trader’s fund. HOWEVER, they really really and really need to put some fund and work on their trading platform. It is ….poor…should I say crappy?

Timothy Skyes’s hater

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I have been receiving comments on Tim‘s new book since my last review of his book. And I thought it will be nice to open up the discuss ion without much comment filtering.

HOWEVER… I have just realized, there is a person, who has been writing long and negative comments about Tim by using different email address and nicks.

Jon T. | [email protected] | IP: 76.26.205.149

Ben S. | [email protected] | IP: 76.26.205.149

Steve Cohen | [email protected] | IP: 76.26.205.149

Uhm..Is he going to kill Timothy someday? :lol

Come on, be a big guy, go and attack him at his nest. Here is just a little space to blog my trading…Tim, over to you. 🙂