2006/10/06
Trading started again
Well, yesterday i started trading again. Here is Detailed Transactions Listing: for last 2 days:
10/5/2006 3:12:29 AM 10/9/2006 12:00:00 AM 21615854 Sell EUR USD -20,000.00 1.2711
10/5/2006 9:43:00 AM 10/9/2006 12:00:00 AM 21637035 Buy EUR USD 20,000.00 1.2689
10/6/2006 4:33:22 AM 10/10/2006 12:00:00 AM 21678388 Buy GBP USD 20,000.00 1.8739
10/6/2006 6:48:02 AM 10/10/2006 12:00:00 AM 21682824 Sell GBP USD -20,000.00 1.877
22(10/5/2006) + 31(11/5/2006) = 53 pips profit so far.
Both transactions exited at the target point.
Market behavior today: both transaction direction was correct, both exited to yearly. This is very important - a poor quality in trading from my side - not allowing trade to develop after achieving the target.
No more trades until the NFP numbers.
2006/10/02
Trading hours
Next thing to analyze is my trading hours. Would be great to have a chart with the time of trades... Noted...
There are at least two benefits in knowing the trading hours of FX markets:
1. The first hour after a major market opens is considered very important and often indicates how the session might develop.
2.In periods when market 'trading hours' overlap, liquidity tends to increase as more traders participate in the FX market.
There are at least two benefits in knowing the trading hours of FX markets:
1. The first hour after a major market opens is considered very important and often indicates how the session might develop.
2.In periods when market 'trading hours' overlap, liquidity tends to increase as more traders participate in the FX market.
2006/10/01
I`m continue to analyze my Forex activity...
Very interesting post found at elitetrader.com forum:
-------------------------------------------------------------
Before I started trading in February 2006, I've been mostly researching S&P500 by observation, reading as well. I have tried trading via a spread betting firm applying my strategies using a small account size (maximum $2000). My interest has always been in short term index futures trading, therefore I only used to bet on the price of index (intraday). Spread betting, similar to trading in most aspects apart from wider spreads though no income tax involved on winnings, I used to place bets risking 30% of my account minimum and ALWAYS used to get wiped out, because the last trade used to involve 100% risk at risk vs reward around 1.5:1. In total I have lost around $15,000 during the last 5 years, BUT what a lesson that was!
My past losses did affect me at the time psychologically, I thought I was a complete idiot. The truth of it was very simple though. I am only mentioning this for people very new to trading, risking 100% of your account EVEN on the most SAFE trade and/or to recoup previous loss/es IS A PRACTISE THAT LEADS TO FAILURE ALMOST 100% OF THE TIME.
I will never have this approach to trading again. Unfortunately, the law of averages suggests that the majority of people will go through this process and some will never recover. I was lucky not to use all my net worth before, probably that's why I am still here and hopefully will make it as good trader. I think it is almost impossible to recover psychologically when 100% NET WORTH has been lost, for most people.
Post from: http://www.elitetrader.com/vb/search.php?s=&action=finduser&userid=46309
Very interesting post found at elitetrader.com forum:
-------------------------------------------------------------
Before I started trading in February 2006, I've been mostly researching S&P500 by observation, reading as well. I have tried trading via a spread betting firm applying my strategies using a small account size (maximum $2000). My interest has always been in short term index futures trading, therefore I only used to bet on the price of index (intraday). Spread betting, similar to trading in most aspects apart from wider spreads though no income tax involved on winnings, I used to place bets risking 30% of my account minimum and ALWAYS used to get wiped out, because the last trade used to involve 100% risk at risk vs reward around 1.5:1. In total I have lost around $15,000 during the last 5 years, BUT what a lesson that was!
My past losses did affect me at the time psychologically, I thought I was a complete idiot. The truth of it was very simple though. I am only mentioning this for people very new to trading, risking 100% of your account EVEN on the most SAFE trade and/or to recoup previous loss/es IS A PRACTISE THAT LEADS TO FAILURE ALMOST 100% OF THE TIME.
I will never have this approach to trading again. Unfortunately, the law of averages suggests that the majority of people will go through this process and some will never recover. I was lucky not to use all my net worth before, probably that's why I am still here and hopefully will make it as good trader. I think it is almost impossible to recover psychologically when 100% NET WORTH has been lost, for most people.
Post from: http://www.elitetrader.com/vb/search.php?s=&action=finduser&userid=46309
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