TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Trading Journal

Life of a modern slave

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OK, I am a modern slave, though people hire me as a project consultant. I was called by a project director to help out in a project for ten working days or so (btw, I left the project last Friday 🙂 ). Since I have a little free time, I thought it is a good idea to grab some additional cash. In fact, I feel pretty good to work on a project in short term basis while getting a daily pay. Just forget about the ‘job security’ things at the moment. No string attached.

So, I might not be trading so often for these coming two weeks. I will mainly focus on London session (around 7pm in Melbourne, Australia) for trading opportunities. And I am seriously looking at SIMSCI futures again, it looks appealing to me again. Let’s see if I have some time to start trading SIMSCI again.

Btw, the promotion of Hector’s training course is ending at the end of this week. Make sure you check it out.

Monday’s currency trade

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I was looking at GBP/CHF with an opinion of weak GBP.  I shorted GBP/CHF during the first pull back after breaking out from the range. But well, it did not work out as my initial thought. Exit the trade with -0.47 R.  -27 pips. I found it to be a bit more difficult to find opportunity in currency market recently. Market condition is kinda messy. Anyway, I will wait and see.

Here is the…..CHART!

[photopress:GBPCHF19Nov2007.JPG,full,alignleft]

Wednesday’s currency trade

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I made some money today. However, I did not make good trade. I got one late entry of USD/CHF, which I closed the position with +12 pips.  EUR/USD is a better trade, first target was hit, I closed half of my positions, but I failed to let the another half run, I was affected by emotion. EUR/USD closed with +152 pips during lunch hour of London sesson. This migh be a bigger winner. All in all, end the day with +164 pips.

Here are the….. CHART!

[photopress:USDCHF1hour14Nov2007.JPG,full,alignleft]

[photopress:EURUSD1hour14Nov2007.JPG,full,alignleft]

Effective Cost Technique

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[Update 2021]: This post was written back in 2007 November. Unfortunately, the original webinar has been removed and I guess the presenter is no longer with FXstreet as well.

I have managed to find the presentation slides here. Hope it helps.

Tony Juste from Fxstreet.com posted a presentation on money management in the forum of Fxstreet.com. It is called ‘Effective Cost’ Technique. The outline as follow:

  • It is a defensive technique. It is based on the probabilities of success of a particular position initiated.
  • It was built to prepare for the worst-case trading scenarios It allows for moderate profits while attempts to keep losses under control.
  • Allows a trader to determine the stop loss level:
    • Based on equity drawdown
    • Based on technical triggers

Full presentation is available in this thread of the forum. You have to sign up a free forum membership to gain access through. Good stuff. Go and have a look.

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My EUR/USD long orders were triggered. It was so near to hit my first profit target when it made new high. But, well, so near yet so far. I closed the position before U.S trade balance announcement , since the positions were not going anywhere and I know ‘the broker’ that I used will widen the spread. End the day with -1.75R.

Weekly Update of my trading challenge: Week 1
This week, I was only focusing in Forex day trading. I don’t see too much opportunity in Aussie stocks trading at the moment. My brokers issue is settled soon, I hope to start index CFD trading 2 weeks later. So far, the portfolio grows +2.182%.

Here is the…..CHART!

[photopress:EURUSD1hour09Nov2007.JPG,full,alignleft]

https://tradergav.com/fridays-currency-trade/