Just how bad is Oanda’s tradig platform. I decided to cancel all short orders of EURGBP after watching the FXtrade platform behaved weirdly.
Look at the distance between the order price and the current price. They were around 100 pips away, but, it was showing as 1.1 pips? And I tried to switch tabs, it appeared correctly for a second, and back to 1.1. Did I miss out anything?
You can’t trade your capital on this type of platform. Of course, I am not talking about the minis.
This is the setup I am looking at the moment. Let’s see how it works out. I am looking at buying some GBPUSD should the price retrace and trade around 1.6450. And first target at 1.67.
Here is the …. CHART
As I’ve mentioned in Twitter, I saw a day trade opportunity to short EURJPY(FOREX:EURJPY). The trade went well, though I did not expect the aggressive selling. Very simple setup, playing with support resistance levels in bigger time frame, and day trade in 15-min chart.
I do not make too many of short term trade like this, I thought this trade is a good example of simplicity.
Here is the…. CHART!
I am still actively trading. The main project I am working on now is enhancing my trading and risk plan, increase R size, increase my account size, changing broker and platform. The basic idea is not to tweak my current strategy since it has been serving me well, so, I do not wish to tweak what is working now. Instead, I am increasing risk per trade, in other word, a bigger R. I’d continue monitoring the performance and adjust my risk profile accordingly.
I’ve been pondering to increase my account size, one of the requirement for this would be changing broker, to one which offers better execution, stability, and reputation. Anyway, that has been decided, I am not going to start another post of broker discussion. I’ve been practising on the paper trading account to get familiar with the platform, and I am ready to go soon. These are the main things that I am working on, nothing really new, just part of business process,and that explains why the lack of posting recently.
I thought I would give a quick summary of my trading. Firstly, I would say, Non Farm Payroll and FOMC had really messed up my charts. My EURGBP long position was takenn out at breakeven, hours after NFP announcement. Well, and you know, the pair went back up after that. What can I do? It happens, sometimes. I decided to hold on my short position of GBPJPY, though at times, it looked like a dead body. Since stop were in place, I didn’t want to second guess it. The position achieved the first profit target and closed right before FOMC statement released. That was around 400 pips. Those were no easy pips, good training of sticking-to-plan discipline.
I am sitting on cash now. It is just a mess everywhere on the charts.
I am active on Twitter. So, follow me if you’re interested in my not so frequent market calls and rants.
It has been a quiet and slow trading week for me. My day job has been keeping me really busy for the past week. (And I really hate the job, I made no secret about that 🙂 ) On trading front, I have been watching the markets everyday, but, hardly found anything that was worth my time and money. Sometimes, you just have to wait until the chart shows you a “Ah Ha” moment, and setup. Trust me, you really don’t need to try hard to convince yourself to take a trade. I finally got one on Friday, Asian morning session. I shorted $USDJPY on Friday morning. And before the closing of U.S session, my risk has been well covered, and now, the position is on the risk-free ride. I am holding the position over weekend. Let’s see how it works out.
During my regular review of my trading journal and plan, I observe the reduce of trading frequency. On average, I made 2 to 3 trades a week. And I am more inclined to trade bigger movement. I am feeling very comfortable with that. The game for me , now, is to scaling up my risk size, and manage it effectively. Most of my time is spent on managing trade instead of searching for entry.
My lifestyle and day j0b are heading to a big change soon, I might talk about that later on.
I am enjoying the sunny, cooling Saturday here, in Melbourne. Have a good one.
Here is an important note quoted from Van. Tharp’s Trade Your Way To Financial Freedom, 2nd Edition. Just to note it down here, and hopefully it helps some of the 12 readers.
Given your goals in terms of returns and drawdowns, what kind of initial risk stop do you want? If it’s close, will you be able to get right back into the market so that you will not miss a move?
Stops, in my opinion, should be a violation of the reason why I wanted to get into the trade in the first place. And yes, I always have a way to get back into the trade.
My stop is a function of the market and what it’s doing. It’s only in directly related to risk – unless the risk is too big for me to even take a position. I control risk as part of my position sizing.
Have good trading week ahead.
