A short one. I am busy. I don’t even have time to open my trading screen and watch market. I might need to take a week or two off from trading.
By the way, maybe I am slow on this, I just found out igoogle. I start to consider moving to igoogle from netvibes. Check it out.
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I was thinking how to keep my trading journal online, but I do not intend to post all my trades here. So the solution is ..to use blogspot as my trade log while I will just post couple of charts which I feel is notable (for myself though) here.
I shorted USDCAD, and closed the trade with 1-R gain.
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I was listening to a TV interview about Mind Map stuffs, and start to search materials related to human brain. It is interesting to know how does brain work, and how to use our brain effectively.
I found a couple of interesting brain tests and games from Cognitive labs. Testing your reaction, memory, brain ageing etc. It is fun. And I am certainly not happy with my own poor score 🙁 OMG. I need more trainings to improve my score.
Have fun. The tests are here
In addition, here is an article about the Mysteries of the Human Brain.
Nothing here! I was too busy with other business throughout the week. I only managed to make a couple of FX trades and have yet to compile the result. Hopefully I can do it next week. Anyway, I guess I am down a little this week.
It is time to read some rules again. While working on my Forex trading strategies, I visit forums regularly. There are indeed some brilliant people out there sharing their work and ideas (though there are garbage and nonsense as well). In Forex Factory, user lever70 caught my attention when he/she shared his/her own compilation/e-book freely. The book is called Rules for Forex Trading. I decided to quote the summary of his rules here, since I found it to be useful and interesting. For details, please check out his e-book. Credit goes to lever70.
- Define your long-term goals
- Treat trading as a business
- End every day in profit
- Every trade must conform to objective criteria
- Never force a trade
- Theres nothing wrong with getting out early if you are in profit
- Always have a profit target for the day
- Always stick to a small daily profit target
- Your initial trading stake should be small
- Do not enter a trade without a profit target
- Always set a hard stop
- Do not trade unless you are nearly 100% certain about what will happen
- Do not trade when signals are mixed
- Follow your system
- Dont lose your head
- Identify key support and resistance levels
- Look at longer timeframes for both support and resistance, and for clues regarding future price direction
- Be aware of peak market times
- Be careful when trading in the Asian session
- Dont trade thin or directionless markets
- Be careful when trading forex on non-news days
- If you trade intraday, dont enter a trade unless you can actively focus on it
- Avoid reversing trades
- Stay out of the market near news release time
- Watch your broker like a hawk
- Dont go crazy with leverage
- Stop trading after two consecutive losses
- Take profits quicker after a losing streak
- Dont gloat over your winners
- Be wary of chat rooms and online forums
- Dont buy systems
- Stay healthy
- Dont give up
I stumbled upon an interesting advertisement while browsing blogs. What can I say? I love the creativity. LOL.
