TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Personal rambling

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I wanna write a short post because I think I might bring some troubles to a friend. He was kinda influenced by me and now keen on currency trading. Without any trading background, though I have advised him to start with demo if not mini account, he started his first trade with a full lot. And , God blessed, it was a winning trade. But, this might be a worse start. Who knows. I am not sure how is he doing now.

Of course, I hope he makes a fortune in currency trading. But, this gives me a lesson. So, from now, I will never talk about trading outside this blog. uhm….

Monday’s currency trade

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I made a peanut trade today. I earned peanut. +10 pips :o: Oops, before I forget, here is the trading secret again “Go long when the market is moving up”. 😆

OK, back to business. I saw a nice long setup in Kiwi  (NZD/USD), I went long. It was moving pretty nicely, but the pull back in hourly chart was a little bit err….. anyway, I closed the position before closing of U.S session (8am Melbourne, Aussie time if you wanna know) and head to work. Uhm..a +10 pips trade.

Here is the …………..CHART!

[photopress:NZDUSD14Jan2008.JPG,full,alignleft]

Is it time now? Look at EUR/AUD uhm..

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Another trading idea comes out from my coffee cup. I see a stronger Aussie dollar. And EUR/AUD gives a shorting opportunity. What do you wanna do? Uhm…..

Here is the …….daily CHART!

[photopress:eurauddaily14jan2008.gif,full,alignleft]

Let’s take a closer look….

[photopress:euraud4hourly14jan2008.gif,full,alignleft]

Random thought while shopping at Vic market

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While shopping for some fresh fish and vegetables in Victoria market this morning, some random thought came into my head.

Why do you fear when holding a position overnight? Because you are not confident or not sure about your setup and strategy. Next, because you are not risking the amount that you are comfortable with. The stop of the trade is too wide for you, and your position size is too big for your small stomach. And, you are simply not prepared to accept any loss from trading.

In fact, it is so simple. Risk the amount that you are comfortable with. And watching the position to develop. Why fear?

Friday’s trade and mailbag

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I did not trade on Thursday, the only setup I have was long USDCAD. However, the setup failed before Mr.Ben’s speech. By the time Mr.Ben talked about further rate cut, I was already in the bed during this hot summer night in Melbourne.

I took a Long AUD/USD trade on Friday. Not so good, end the day with -42 pips. Well… 😐

I received a couple of emails, asking about my trading approach, maybe some hints for them. Well, personally, I do not offer any trading course. And I do not intend to discuss the details of my trading with anyone, not even my wife :-). Basically, I am a trend follower, with a mix of dummy trading. Go long when the market moves up, and short when it is heading down. That’s all I can say. Read the charts on my blog, you can get the idea.

Talking about training, the only trading course I would recommend to my readers is Hector’s trading course. [update: Hector trading is no longer available, there might be some free downloads available on the net, but the I am no longer recommend his material due to lack of follow up ] There are similarities between our approach. And I am confident that his trading course will help my readers. Read my previous review. Don’t ask me about forex killer/cleaner/beggar or whatever, I have no idea about these black box things. :o:

It will be wise to spend your time in studying market, instead of searching for the ‘right system’ which will never be right :-p.