Glory Glory Manchester United. We came from 0-2 down and beat Everton with 4-2. That’s a excellent result. Everton did play well, but we just get better. After all, it was an exciting game. We are now 5 points clear and within one victory of winning the league.
Tony Saliba discussed the elements of good trading in Market Wizards: Interviews with Top Traders
Clear thinking, ability to stay focused, and extreme discipline. Discipline is number one: Take a theory and stick with it. But you also have to be open-minded enough to switch tracks if you feel that your theory has been proven wrong. You have to be able to say, “My method worked for this type of market, but we are not in that type of market anymore.”
He continued to discuss trading rules he lived by
Always respect the marketplace. Never take anything for granted. Do your homework. Recap the day. Figure out what you did right and what you did wrong. That is one part of the homework; the other part is projective. What do I want to happen tomorrow? What happens if the opposite occurs? What happens if nothing happens? Think through all the “what-ifs.” Anticipate and plan, rather than react.
It was an exciting and challenging week for me. I started the week in red and fought my way up to close the trading week in positive, with +6.35 R. Some new rules were introduced this week. Though I am deploying SAR (Stop and Reverse) strategy, I decided to put a cap at maximum 2 trades a day for each currency pair. If I am stopped out at both direction, I am out. My strategy just doesn’t fit at that particular day. Secondly, I adjust my position size according to my equity growth. Thirdly, I would cancel all open orders before major news released. I use Forex Factory Calendar to identify important events.
When my bucket shop broker widens the spread to 20 pips during news released period, it will normally fill my order, and stops it out in the next minute. Man, I hate this.
[photopress:Week3result.gif,full,alignleft]
Not so bad, though no huge profit, it is always nice to close a trading week in positive note.
May the pips be with you.
Gav says, ‘The real man trades Futures, his son trades Forex, I am trading both, for my wife’
I thought I might be able to post a nice weekly result this week, since I have some pretty good trades on Tuesday and Wednesday.
However, it all happen in one day, the bloody Friday the 13th, where all my gains were whipped out and brought down my account to negative territory. Friday’s trading was the worst. I got stopped out 5 times, though each time I reduced position size according to risk plan, I decided to call it a day when I saw my account swings to more than -6% for the week. I’d better rest and get ready for the new trading week.
Here is the equity chart of my account.
[photopress:Week2result.gif,full,alignleft]
I managed to produce a gain of 7.94% in the mid-week, and I have just lost it away. The indecisive movements of GBP/JPY on Friday was the murderer. Another important note to this week’s result, I started playing with position sizing adjustment on Wednesday, which means prior to that I was trading with fixed size, where the losses caused bigger damage.
Remember, the real man trades Futures, his son trades Forex, I am trading both, for my wife. LOL.
Glory Glory Manchester United. Do I need to say more? Look at the score board of the latest European champions League match. We storm into semi final now. (well, look at the sissy Chelsea). We slaughtered AS Roma 7-1.
Glory Glory Man Utd!
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