To use chat, please login.
Back to contacts

FX Trade Gist Overview (By KaiKiat)

Gain : -99.9%
Drawdown 99.90%
Pips: -1873.4
Trades 65
Won:
Lost:
Type: Real
Leverage: 1:200
Trading: Manual

FX Trade Gist Overview Discussion

KaiKiat
Nov 01 2014 at 10:48
8 posts
This will serve as a central journal for my various trading account. It will contain the gist filtered from the free-writing of the various accounts trading journal.

KaiKiat
Nov 01 2014 at 10:48
8 posts
This central journal is not likely to have a lot of entries. This central journal will reflect my trading philosophy and the system level configurations and updates.

KaiKiat
Nov 01 2014 at 10:49
8 posts
01.Nov.2014: Trading Philosophy
- Focus on finding the right trade instead of how much I can make and detachment will naturally arise. Control the position size. Don't overtrade.

For more writeup on my experience that lead me to this conclusion, please refer here. (https://www.myfxbook.com/community/trading-systems/demo1sgd-896488/849279,1)

KaiKiat
Nov 01 2014 at 10:50
8 posts
01.Nov.2014: Trading Philosophy
1. When there is no trade conviction, I should never trade.
2. Use demo account instead of live account for non conviction trade.

For more information on my experience that lead me to this conclusion, refer to here ( https://www.myfxbook.com/community/trading-systems/fxcm-trend-follower/843157,1 ) dated 01.Nov.2014
Hopefully I don't make the same mistakes again. Let this post be a reminder and tracker for me.

KaiKiat
Nov 01 2014 at 10:50
8 posts
01.Nov.2014: Roles of a Trader
1. Get the fundamentals of the trading currency pair right.
Lesson
1. Be aware of the fundamentals before I trade. I must be clearly aware before I place my trades whether I am trading with or against the fundamentals.
2. Don't anyhow trade. I am not an amateur. I don't trade for pleasure. I am a professional trader. In other words, I trade as an occupation (have to check the meaning) as a livelihood or for gain (according to dictionary.com, https://dictionary.reference.com/browse/professional?s=t)

2. Position my trade according
In other words, the role of a trader, is to do what the average man on the street is not able to and hence not able to profit consistently and that is to get the fundamentals right and position his trades accordingly with high probability of gains and take the gains and losses professionally. A trader must be able to accept loss even when he is whipsawed with or without proper positioning.
Lesson
1. Don't anyhow trade. I am not an amateur and I don't trade for pleasure. I am a professional trader who trade for a livelihood. (a point worth repeating)
2. Understand trade expectancy of my trading system to better handle losses and not take it too personally
3. Focus on getting the right trades and not on winning
4. Use the correct position size so that loss will not be detrimental for me to restart again (helps if I don't have too many open position)
5. An open position even if profitable or at a loss, does not mean that it will end up as profitable or loss. Don't assume profitability and open another position. Don't assume loss and close the position. This assumes that the position is opened professionally and there are no adverse news big enough to challenge the fundamentals and change the technical.
6. Take profit and loss professionally
For more information, refer to the second post on 01.Nov.2014 ( https://www.myfxbook.com/community/trading-systems/fxcm-trend-follower/843157,1 )

Please login to comment .