We had a strong week for Aussie. We are likely to test 0.88 area again. But before that, I expect some pull backs before it continues its bullish run , or in other words, rebound of USD for the coming week. Let’s see how it goes.
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After spending a couple of hours solving the FTP problems and debugging my existing template, I have finally upgraded to the latest WordPress 2.2.3 platform.
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Not a great day. I took 4 long trades in AUD/USD, EUR/USD, NZD/USD and CAD/JPY. End the day with -0.75 R loss. In fact, at the point of writing, I saw another long opportunity of Aussie dollar, but I decided to call it a day. I see a tendency of over trade today.
After reading an interview of Toni Hansen at stocktickr’s blog. I start keeping detailed journal again. Yup, I admit I have been sluggish in this area. Most of the time, I am just keeping an excel spreadsheet for all my trades with little comment. Now I am pulling out charts of my trades and give a little more descriptive comments for each trade.
I will be doing some Aussie stocks swing trade preparation again over the weekend.
Have a good weekend everyone.
Trading is a job that requires constant high quality performance. You can relate this to a stage performance, a tennis competition or even a business presentation. You slip, you screw up your own performance, and you will be penalized in one another way. Losing your audience, losing US open championship, or losing a potential million-dollar deal.
The fact is, you do not have to be in the market every single day. It takes tons of work to get yourself prepared before go on to the stage.There are times that, traders try to trade their day out even though they are lack of sharpness, having hangover, or even sick. They feel ‘it is my job to trade, I am a trader’. Yup, you are a trader, a stupid trader, or even worse, a losing trader.You have to respect your job (being a trader) by putting in effort to make sure yourself are in good condition and ready to give your best shot.
In the corporate world, you might be able to fool your colleague or your boss even though you are in bad shape. But not in trading. You can’t fool the market. You will get penalized for the poor performance. Good performance does not mean you are earning good profit, it includes making timely decision,getting a good entry, a good exit of a winning or a losing trade and trade with the correct risk measure etc.
If you know you can’t give the best shot today, please, stay away from the market. Come back tomorrow.
I found this blog post written back at 13th May with this comic. But , it looks more interesting now than ever, since dollar has reached no man’s land.
I am sipping my ginger tea now. Well, I am not very happy with my own performance today. Partly because I am having very bad flu. The runny nose has been disturbing the whole day. I missed out NZD/USD trade. In the end, no Forex trade for the day. Boo…. I closed my trading screen. The more I watch the market, the more I feel annoyed now.
I closed my two stocks swing trade positions in profit today. Yup, my very first 2 trades in Australian stocks market. No big deal, I traded very small position (it was a mistake, it was just too small, even for experimental trades), commission ate up part of my profit. 😐
End the day with +2.43 R profit. Hello Australia, Trader Gav is here.
Good night, from Melbourne.
