TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Blog and Rants

Weekend updates

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Firstly, if you are wondering what happened to the Short USDJPY, and Long USDCAD positions? They were all winners with profit targets hit. I am kinda lazy to post another charts to show off today. Maybe I should do that to attract some traffics. 😆

Guess what, USDJPY’s rebound at the end of last week might just provide me another chance to establish short position again next week. Let’s see. I am a little bit negative biased towards Dollar next week.

I was on a road trip with a group of friends to Mornington Peninsula, Australia. The day started with strong wind, hail, and really bad weather forecast in Melbourne. But, there was totally another world at mornington. Nice sunny, comfortable day. Man, it is always good to be away from city.

Jay at The lonely trader posted an interesting conversation with a full time trader. Good read. But, as usual, don’t start debating with Jay if you have a weak heart. 😆

I am off to enjoy my Sunday morning. Man, I think I love Melbourne.

What type of blogger am I?

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What type of blogger am I?  According to Typealyzer :

I am ESTJ – The Guardians

[photopress:estj.jpg,full,1]

The organizing and efficient type. They are especially attuned to setting goals and managing available resources to get the job done. Once they´ve made up their mind on something, it can be quite difficult to convince otherwise. They listen to hard facts and can have a hard time accepting new or innovative ways of doing things.

The Guardians are often happy working in highly structured work environments where everyone knows the rules of the job. They respect authority and are loyal team players.

H/T to Riz din

Trading routine

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what is your trading routine
What is your trading routine

I always tell my friend about my trading strategy is “wake up in the morning, and collect profit”. Of course, that’s a joke.

The basic idea is, once the order is submitted, executed, with stop loss and profit-taking or exit orders are in place, I normally do not stare at the screen too much.

This is especially important if you are trading from Asia, or a little bit worse, from Australia. Staying up the whole night to watch your profit fluctuates doesn’t really do anything good for your overall trading performance.

H/T to Eyal, who is trading from Thailand. He listed out some points about this “strategy”. Good read.

Trading routine

1. It is easier mentally, I don’t really need to watch what’s happening throughout the day anyway. It serves no real purpose to watch P&L or even price action for my open positions as my trading plan doesn’t have any action steps for the afternoon.

2. Flowing from point 1, it makes it easier to actually follow my trading plan of letting positions play out and not getting tempted to tweak and play around with stops and targets. P&L is better off this way. This became evident using Stocktickr’s backtesting tool.

3. It makes it easier to wake up at a more normal time during the day when other people are awake. This also means I’m in a better mental state to trade the European session.

If you are feeling stressed because of your trading activities, you should be considering tweaking your trading routine.

If you are interested in learning more about trading, check out my Back to Basics of Trading series.

USDJPY

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OK, I established  short position of USDJPY. I don’t have energy to write up a full analysis. Basically, my strategy calls it a short, so I go short. Let’s see how it works out.

Here is the statistics

[photopress:usdjpy_trend.jpg,full,1]

About this tool

and here is the …..CHART!

[photopress:usdjpy.gif,full,1]

Some random thought..

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It is almost end of Spring in Australia, but , as usual, we have the luxury of enjoying 16-ish degree Celsius in Melbourne most of the time. I always think Melbourne is a great place for trader, it just keeps you cool most of the time :).  I am sitting in front of my workstation preparing next week’s trading.

I have a couple of friends from Singapore and India asking me about what should they do or when is the right time to go into the market. Obviously, most of people think that the meltdown presents a huge opportunity of life time to invest or should I say, speculate.

I have no answer. I have not established any new mid to long term stock position for months. Timid, well, maybe. I am just not feeling comfortable right now. So, my suggestion to them is to wait for the financial sector to settle down, and cash is king. At least, do not invest any penny into any company. Tomorrow you might hear this company is waiting for bail out 😆 Of course, this is personal opinion.

I am still speculating in currencies, but investment in shares/stocks? Leave me alone,mate 🙂