Well, after squandering all my hard earned capital and profits of more than USD550 (capital of USD150), I re-injected USD100 into my trading account.
I have to constantly remind myself to be more cautious and less greedy and stay focused.
Market was boring today and moreover, I have not had time to monitor throughout the day and evening. Did some small transactions here and there mainly I kept myself to max of 0.4lots in trade at all times.
Manage to close the day with a 17% gain... Not bad for a trading day that was not active and coupled with my low activity. I take the 17% as a good yardstick and a prudent gain based on more prudent investment methods. Though it will take me longer to realize my dreams, better late than never.
Monday, September 5, 2011
Trade Breather? 29th Aug - 2nd Sept 2011
Hardly a breather but it was a foolish week. With very little tools and information I continued trading on the mobile platform. While its a good tool to trade during free time, it is not a good one for long trades as one loses historical traction of a particular currency and with your mind managing information from a few currency pairs, things and information seem muddled.
So to cut the long story short, Monday thru to Wednesday, I was making decent progress bringing my investment up to about USD550 levels, but holding in the throes of losses were my GBP and EUR open positions, riding a time bomb that is about to explode, but with free margin of USD380 it looks pretty healthy.
Bad call, should have just cut those losses and begin a clean sheet but the sheer thought of losing those hard made cash makes cutting losses ... difficult. By end of Thursday all my margin calls came in and I was left with USD12 in my account. I would have closed my positions and maintain some form of decent cash holding but I was at a dinner and driving back from Putrajaya and sincerely hoping that the margin will hold. Unfortunately it did not and I have learnt my lesson well.
Rules to adhere to:
1. Keep playing the trend - Do not in any way try to BUCK the trend and hoping that it will go the other way
2. Keep your sanity - Do not be GREEDY
3. Be ready to STOP LOSS
4. Focus only on 2 or at most 3 currency pairs
5. Read all necessary news and graphs before trading
Anyway, I hope to keep to the above mentioned guides in my future trade... wish me luck.
So to cut the long story short, Monday thru to Wednesday, I was making decent progress bringing my investment up to about USD550 levels, but holding in the throes of losses were my GBP and EUR open positions, riding a time bomb that is about to explode, but with free margin of USD380 it looks pretty healthy.
Bad call, should have just cut those losses and begin a clean sheet but the sheer thought of losing those hard made cash makes cutting losses ... difficult. By end of Thursday all my margin calls came in and I was left with USD12 in my account. I would have closed my positions and maintain some form of decent cash holding but I was at a dinner and driving back from Putrajaya and sincerely hoping that the margin will hold. Unfortunately it did not and I have learnt my lesson well.
Rules to adhere to:
1. Keep playing the trend - Do not in any way try to BUCK the trend and hoping that it will go the other way
2. Keep your sanity - Do not be GREEDY
3. Be ready to STOP LOSS
4. Focus only on 2 or at most 3 currency pairs
5. Read all necessary news and graphs before trading
Anyway, I hope to keep to the above mentioned guides in my future trade... wish me luck.
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