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Gav's trading blog - Perseverance, Consistency, Confidence

Trading Journal

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.

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]

Asians’ love of Aussie dollar

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It has been a very busy and wonderful two-week. After seeing off my families back to Malaysia, I am back to my trading desk. I hope to start some tradings soon. 

It is very interesting to know how the retail business people from south east asia (particularly from Indonesia, Malaysia and Singapore) view Australia dollar. They are bullish. For medium to long term , I guess. At the moment, in both Malaysia and Singapore, most probably you can’t buy Australian dollar from retail money changer on the spot. Instead, you’ve to pre-order, and collect it later. People are rushing to buy the Aussie. Supply is short. In fact, my sister was not able to find any Aussie dollar prior coming to Melbourne. This is interesting, isn’t it? 

Of course, this is not enough to create a bullish view of Aussie dollar just yet. In fact, it shows that most of retail traders/investors might still live in the old Aussie dream. This is not a simple correction, this is a pretty serious damage of Australian dollar trend. It might take awhile before their ‘investment’ takes off again. Let’s see how it goes.