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.
FX weekly review
FX challenge Week 4 Review
I close the week in profit again with pathetic +0.3% (vs last week) , it was a disappointing ending. I just can’t get rid of the Friday jinx. The week’s performance was destroyed by this stupid Friday market. Anyway, I am not really satisfied with my performance this week. Firstly, I found myself watching the trading screen too frequent and have the tendency to exit a trade early even though profit target has been set. Well, some people say “You won’t go broke by taking profit”, I don’t buy this. It is important to hold on your winners to bag bigger profit, you need them to balance out your draw down period. I have no problem exiting a losing trade, since I really hate loser. The real work for me now is to hold on my winners and derive a better way to manage my profitable trades.
Well, I thought I can finish the week strong. But, hey, you don’t know what’s gonna happen next, that’s trading. Anyway, it is still a profitable week. Accept it, fool.
[photopress:Week4result.gif,full,alignleft]
Month in review April 2007
I was feeling a little bit pissed when compiling this monthly review. However, after reading through my trades again, I guess, I should not bother too much. This is just the first month of my live Forex trading, and I ended the month flat (well, up +38 pips, or +0.96 R), the most important to me is, I manage to recoup all losses incurred in the early of the month. The first two weeks was a total trial-and-error period. I finished my trading plan after 2 weeks, understood and found a way to deal with my bastard broker’s widened 20-pip spread during news time, and started trading the new plan since 3rd week. Despite my Friday jinx, I was actually up 189.5 pips , or +4.74 R for the last 2 weeks of April. I should not push myself too hard over this result. I do not plan to tweak my system again for the time being, I shall execute it through out next couple of months. The only possible change might be stop trading on Friday until I find a priest to get rid of my Friday jinx, uhm…LOL
All in all, I finished the month with a whopping +38.5 pips, +0.96 R. System accuracy was just 43.10%. I might not be trading next Monday. If I do, I will update it later.
In case any auditor wants to view my trading log, I have uploaded here.
[photopress:April07Forexresult.gif,full,alignleft]
“The real man trades Futures, his son trades Forex, I am trading both, for my wife” 🙂
FX Challenge Week 3 Review
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’
FX Week #2 result review
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.
Updates and my Forex trading plan
I haven’t been posting much this week. In fact, I did not make any futures trade this week. I have been actively trading Forex, and finalizing my risk-plan (Risk Management is a big word to me, I don’t like this term). It is basically a spreadsheet which controls my position sizing for every trade. Since I am deploying SAR (Stop and Reverse) strategies, I need to be extra careful to avoid burning my small account.
I will see if I am able to extract a template of my risk plan and share it here later.
I made a number Forex trades this week, but I am not going to post every single trade here. Well, to surprise you, I am not trading Forex using any technical analysis stuff, and not even chart. So, it will be nonsense to post my Forex trades here, a weekly review makes more sense.
Basically, here is my trading plan of Forex trading:
- Get Long/Short signal from my system (I am running both Weekly and Daily systems)
- Calculate position size by using risk plan. I am risking 3% per trade, and using compounding effect. So, I will increase my position size when my account grows, reduce position size when experiencing draw down.
- Put in stop loss order and take profit order simultaneously when establishing position. And put in reverse order with appropriate position size according to risk-plan.
- No trailing stop. Exit position by Take Profit order/ Stop loss order or by cut off time (part of system definition).
- No limit of numbers of trade to be taken, since position size is taken care.
That’s it. That’s my Forex trading plan. I am trading live accounts now, of course, relatively small accounts. I am having two separate accounts with same trading capital each for weekly and daily systems. I would like to see how long do I need to double my capital, and compare performance of the two systems.
Now things are almost settled, I will start executing Forex trades and focus on Futures trading again.
May the pips be with you.
Again, real man trades futures, his son trades Forex, I am trading both, for my wife 🙂
Week #1 FX trading review
This is the first week of my new Forex trading journey. Well, am I lucky or unlucky? I have encountered almost all of the worst scenarios of my system, Dang! My weekly position was stopped and reverse and stopped again immediately after release of British Interest Rate Statement. The spike and reversal killed my positions.
In addition to my system, I over traded by trying out a couple of currency pairs, and worsen this week’s result. The trial is over, I will stop doing this immediately. Next week, I will follow the system without second thought.
The original system was designed to trade GBP/USD on weekly system and GBP/JPY on daily system. This week is kinda short for daily system, since I started trading the system on Tuesday and not trading on NFP Friday. So far, I did not enter/exit a trade prematurely, and followed position size rules strictly this week.
The actual result of this week for the system is as below, I do not initiate a new position for daily system on Good Friday, taking off on this ‘Combo’ day (Good Friday + NFP day):
Weekly System:
- Long GBP/USD: 1.9729, Stopped: 1.9699 P/L: -30 pips
- Short GBP/USD: 1.9679, Stopped: 19706 P/L: -27 pips (miscalculated stop level)
- Lose from top (the max unrealised profit achieved): 94 pips
- Total P/L: -57 pips
Daily System:
- Short GBP/JPY: 233.07, Stopped: 233.47 P/L: -40pips
- Long GBP/JPY: 233.47, Exit: 234.47 P/L: +100 pips
- Short GBP/JPY: 234.42, Stopped:234.92 P/L: -50 pips
- Long GBP/JPY: 234.92, Stopped:234.42 P/L: -50 pips
- Short GBP/JPY: 234.38, Exit: 233.98 P/L: +40 pips
- Total P/L: 0 pips
Non-system day trades (Currency pairs that are not part of daily system)
- Long GBP/USD: 1.9782, Stopped: 1.9742 P/L:-40 pips
- Short GBP/USD: 1.9742, Stopped: 1.9782 P/L: -40 pips
- Long USD/CHF: 1.223, Stopped: 1.219 P/L: -40 pips
- Total P/L: -120 pips
It was silly. Non-system day trades actually brought into -120 pip loss unnecessarily. Anyways, over all, I am still feeling ok with the system (provided I am not doing silly stuffs like making non-system day trades again). I know over time it will bring me pips.
Have a good rest over the long weekend.
Still, the truth is ,real man trades futures, his son trades Forex, I am trading both, for my wife. 🙂
