Not a good day for day trading GBP/USD. I was stopped out twice . End with -2 R loss. GBP/USD reversed the direction around 3am EST.
I call it a day for day trading system. I am still holding GBP/USD for my weekly system.
Summary:
Long GBP/USD; Result: -1 R
Short GBP/USD; Result: -1 R
[photopress:GBPUSDDayTrade03April07.PNG,full,pp_image]
This series of journal is to record my Forex day trade system. I am not going to describe the details of my system, since, it is customized to suit my trading style. Basically, it is a SAR (Stop and Reverse) system. And there is no guarantee of success.
Anyway, I made a mistake today, I miscalculated my stop loss, though it did not cause any problem today, it is still a mistake.
I went Short of GBP/JPY, and I was stopped out with -1 R loss. I went long immediately and my profit target 100 pips was achieved, I closed the position with +2.5 R gain.
Summary:
[photopress:GBPJPYDayTrade03April07.PNG,full,pp_image]
Trust me, a real man trades Futures, his son trades Forex. I am trading both, for my wife. LOL
After spending the weekend to draft out my trading plan, I start my Forex trading this month. I did that before, and now I am trying again with totally different style and strategies. The reason of picking up this trading vehicle again is to utilize the advantage of staying in Asia (since I have no interest to trade stocks in Singapore market). Yes, I will trade during Asian and European session , and continue in U.S session if I see opportunity. Thanks Vincent who encourages me to look into currency trading seriously (Though he was talking about currency futures). I am not talking about trading in demo account, I did my testing of strategies in demo account, and now I am going live. For the time being, the risk amount is half the size of my normal R.
I am focusing on two strategies where one of them requires me to hold my position over days with maximum a week, while the other is a day trading strategy which will last for hours. Both of these strategies do not require me to stare at the screen every minute. No dummy trading in FX, as I find it to be difficult in FX trading and I got stopped out frequently during my testing in demo account, well, maybe later I will try it again, since I am a BIG DUMMY Fan.
I am planning do a weekly review of my Forex trading process. Of course, my main focus is still Futures trading during U.S market hour. This is something that I really love to do.
uhm…am I now a ‘full-time’ trader? LOL
Let’s see how it works.
Ok, maybe I again write too many posts over the weekend. But , I just can’t help doing this, because WE WON AGAIN!! We fought back from 0-1 down in the first half, and finished the match with 4-1 win! And my favourite Korean star Park Ji Sung scored again! Oh man, you know what I am saying, we are Manchester United!
The once inactive blog is back. Babak is back with some great posts on his stock trading blog Trader’s Narrative. He is having its first trading blog contest. He’s giving away six months of access to SentimenTrader.com: Analysis Over Emotion in the Stock and Bond Markets.
All you have to do is to write a post about the contest. Check it out.
I was thinking to skip my monthly review for this month, and walk away. I feel so bad to report the lousy performance on my blog. I did badly this month. I found it difficult to trade and in addition, I lost my focus for a moment, I made more trades than I used to. This is the first losing month of the year. I have discussed couple of points in my previous post, I am not going to repeat again here.
I keep two separate journals in order to track dummy system specifically. Interesting, in total, Dummy system produced 0.11 R this month, while my overall trading performance in March was down -3.36 R. And I experienced a string of losses in the last week of March, as I’ve mentioned in my twitter. However, these losses were small as the risk amount were around half of my normal R. Which means I had a couple of trades that required small R , and I did not increase position size.
The result is ridiculous. I made 18 trades this month, which are more than what I did in Jan and Feb. And the result is the worst of the year.
Overall performance:
Anyways, it doesn’t help to bother too much over the losses. Lesson learnt, noted down, and I am ready for April. I give no chance for negativity to enter my life.
