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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Quote from Tony Saliba

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Tony Saliba discussed the elements of good trading in Market Wizards: Interviews with Top Traders.

Clear thinking, ability to stay focused, and extreme discipline. Discipline is number one: Take a theory and stick with it. But you also have to be open-minded enough to switch tracks if you feel that your theory has been proven wrong. You have to be able to say, “My method worked for this type of market, but we are not in that type of market anymore.”

He continued to discuss trading rules he lived by

Always respect the marketplace. Never take anything for granted. Do your homework. Recap the day. Figure out what you did right and what you did wrong. That is one part of the homework; the other part is projective. What do I want to happen tomorrow? What happens if the opposite occurs? What happens if nothing happens? Think through all the “what-ifs.” Anticipate and plan, rather than react.

FX Challenge Week 3 Review

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356.gifIt was an exciting and challenging week for me. I started the week in red and fought my way up to close the trading week in positive, with +6.35 R. Some new rules were introduced this week. Though I am deploying SAR (Stop and Reverse) strategy, I decided to put a cap at maximum 2 trades a day for each currency pair. If I am stopped out at both direction, I am out. My strategy just doesn’t fit at that particular day. Secondly, I adjust my position size according to my equity growth. Thirdly, I would cancel all open orders before major news released. I use Forex Factory Calendar to identify important events.

When my bucket shop broker widens the spread to 20 pips during news released period, it will normally fill my order, and stops it out in the next minute. Man, I hate this.

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Not so bad, though no huge profit, it is always nice to close a trading week in positive note.

May the pips be with you.
Gav says, ‘The real man trades Futures, his son trades Forex, I am trading both, for my wife’

Thunderbird 2.0 is in town

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thunderbirdy.gifI have been a Mozilla user for quite sometime. I am running both Firexfox (Web browser) and Thunderbird (Email client) on my laptop.
Mozilla just launched Thunderbird 2.

Thunderbird 2, with its enhanced features, is intended to ease the organization of e-mail via message tags, advanced folder viewing, and speedier inbox and message searching. full article here.

Save the web, go mozilla.

My MP3 day

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poundsterling.jpgAfter the “kinda frustrated..” day, I am having a “kinda happy” day. I have finally achieved my 100-pips day. In fact, I am up 200 pips today.
It is time for me to get my MP3 player, it was the reward I set for myself when I achieve a 100 pips day.(still IPod or Creative Zen?..)

A hit or miss game
I was surprised by the sell off of GBP crosses. I mean, I was surprised by the speed of sell off. I woke up in the morning with full of confidence to short GBP/JPY, and of course, my darling GBP/USD. I was trying to Long EUR/JPY as well. There were some buying during Sydney hours , but tone changed when Japanese was greeting Ohiyo(Good morning in Japanese, in case you are confused) to the Forex market.

I found myself exiting position prematurely yesterday due to some fears in me. I knew it was a mistake and a problem. Today I decided to close my trading screen after putting in profit target and stop loss orders. Long EUR/JPY was stopped out, and I went short at the same time.
Market was in selling mood, so all short positions were covered by take profit orders.

More works need to be done.
I am not sure if I can close the week with positive note, but I am pretty comfortable now, I have figured out a lot of problems and refining my trading plan along the way. It takes tons of effort to study and refining strategy. It is really a different game to me. What works for me in futures market , hurts me in Forex market. Anyways, I am enjoying the learning process, and of course, the pips.

May the pips be with you.

Oh I forgot to mention ” The real man trades Futures, his son trades Forex, I am trading both, for my wife” 🙂

Google docs gets better – Now with charts

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docsslogo.gifI use to draft my trading strategies and keep my trading journals with Google docs and spreadsheet service. It just gets better. Now Google spreadsheet finally integrates charting service. I can plot my performance charts online. Though charting functions are still limited, it is good enough for keeping trading journal.

the company rolled out a new version of Spreadsheets today with charting and a few other worthwhile features. The free Web-based app is still more of a Spreadsheet Jr. than a full-bodied Excel rival, but it’s becoming more and more plausible as a real productivity tool, especially if collaboration is involved… full article here.

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Anyways, make sure you always keep an offline copy of your online documents.

Life is boring, human behaviours are amazing

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People are just too exciting to see GBP/USD crossed 2.0 level. OMG. This is how they celebrate. LOL, just kidding. But this news is ….errr..ridiculous

Woman accused of spraying cop with breast milk

An 18-year-old woman is to appear at Richmond Magistrates’ Court accused of assaulting a police officer with breast milk.

Felicha Marin, of Palmerston Road, in Acton, was charged with shoplifting and assault after being arrested on March 29.

It is alleged she was detained for trying to steal shoes from Lizard, in Hill Street, Richmond. After being arrested for theft she sprayed an officer with milk from her right breast.

Source from Edgware Times