TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Weekly Wrap up

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Before I start writting about trading, I would like to let you know…I HATE SUMMER!!!!! I HATE SuMMER!!! I am baked in over 100 F or 40 degree Celsius for the whole week. And , the best situation is..I do not have air conditioner in my apartment.Well, … I HATE SUMMER!!

Alright, let’s get back to business. Another busy week for me. Trading front, I opened few trades from IHF(read: I-Hate-Forex) system, new sDT (read: Spot-Da-Trend) system. What is the main problem of the week? Trade management. I should admit that I felt lost looking at the positions. To make it worse, I started my mulitple entries method (i.e dividing the risk level, and getting into a trade in different point, tell you what, I just love this strategy). I have plans for everything, but, I was kind of over estimating myself. I was monitoring different systems, positions, figuring out position size, moving stops blah blah blah…etc. And making mistakes here and there. Everything was a mess. Messing up with my plans. See, with a plan is not enough.

Anyway, the solution is simple. Cutting down the number of trades next week. Now, it is not only about making good trades, I gotta make sure I am managing my trades well. This is a different skill set. Brothers, trading is really not only about entry and exit.

OK, in case you are interested to know, I am holding Long positions of NzDJPY, USDJPY, and Short position of EURCHF at the moment. I can see the bloody future of my NZDJPY position. 😆 Rally of Yen is killing my positions now. I will just need to bite the bullets now.

Btw, I thought Million dollar traders by BBC is pretty interesting. Check it out.

Gong Xi Fa Cai

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fu

Happy new year! Today is Chinese Lunar New Year, and this is the year of Ox (???.  To all the readers of TraderGav.com, here is to a healthy , joyful and  profitable year.

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One RDT trade

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As mentioned in  my weekly wrap up, I shorted AUDJPY. RDT (read: Really Dumb Trend) system did well today. Nothing much to say, just profit target was achieved. Trade closed with +194 pips. What a week.

Here is the chart to inspire/show off/whatever…

audjpy_rdt_trade

I am done for the week. Time to catch Australian Open. I am all in for Roger Federer. 😆

Weekly wrap up

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This is the week of USD. And this is the week of President Obama. IHF (read: I-Hate-Forex) system ran wild with Long USDCHF, Long USDCAD, Short EURUSD, Short AUDUSD, Short NZDUSD (after long NZDUSD stopped). All winners. All positions are closed. Some signals were deliberately ignore on Thursday session, as yours truly, the brilliant Trader Gav felt dollar was over extended, and refused to take on any risk to Long USD. 😆

Pretty quiet week for RDT (read: Really Dumb Trend) system. I have two signals at the end of Thursday U.S session. Short AUDJPY, short EURJPY. Something fishy going on with Yen. Yen is notoriously naughty to my systems. So, only AUDJPY position is taken with small size. So, right now, I am short AUDJPY.

Outside trading, my day job is coming to the end soon (bad timing huh). So I am actively looking for next project. In case you are interested to know, I am a very experienced Billing systems consultant (IT) for Telco or cable companies. Let’s see which country I am flying to later. It is not a surprise to see companies are struggling with budgeting problems, I expect a little more difficult to seal any deal. While confirming my next project, I am focusing on my automated trading system development project.

Life still goes on, trading still goes on well. Let’s see what market is to offer us next.

Hope you had a good week.

Coffee thought of the day….Patience is part of trading?

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I was in a trading chat room.  Most of the participants were waiting for trading call from a signal provider. While I don’t trade on these calls, it is really interesting to see how new or struggling traders or so-called busy trader-wanna-be  waiting for calls desperately. Well,  it is absolutely OK with subscribing to trading signal service . I am not arguing that.

Here is a short conversation I have found it to be interesting.

[ABC] Any one has any idea about trade alert today?
[123] apparently not
[DEF] no one????
[456] are you asking us to speculate on what will happen?
[ABC] guess we’ll just need to think for ourselves…
[Master] Patience its part of trading

Ah…”Patience is part of trading! “..Well said. But, to disappoint you, waiting for trading calls is not trading… face the fact, you are not trading if you are still spending your time waiting for the signal service provider to feed you with something…uhmm..something..

I am out for my morning coffee now…