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KaiKiat
FX Trade Gist Overview
in
Trading Systems
Nov 01, 2014 at 10:50
01.Nov.2014: Roles of a Trader1. Get the fundamentals of the trading currency pair right.Lesson1. 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, http://dictionary.reference.com/browse/professional?s=t)2. Position my trade accordingIn other words, the role of a tra...
FXCM Trend Follower
in
Trading Systems
Nov 01, 2014 at 10:50
01.Nov.2014: What is the role of the trader?1. Get the fundamentals of the trading currency pair right.A very very very unprofessional (I remember that amateur according to dictionary.com means (http://dictionary.reference.com/browse/amateur) someone who engage in an activity for leisure and I am not an amateur. I am trading for the money not pleasure. Use demo for pleasure if I have to. That is an important point to remember because sometimes I trade for the anticipated pleasure of winning and it cause me to overtrade and I end up losing most of my trades. Aha a good realization , so I got to...
FX Trade Gist Overview
in
Trading Systems
Nov 01, 2014 at 10:50
01.Nov.2014: Trading Philosophy1. 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 ( http://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.
FXCM Trend Follower
in
Trading Systems
Nov 01, 2014 at 10:49
01.Nov.2014: I have been thinking a lot about my trading performance last week. How is it that after barely breaking even mid week in Wednesday, I proceeded to lose money and my insight about the roles of a trader. What a trader must bear or endure in the process of trading.Discussion of Lesson 1- Did not capture the yen weakening because I did not realize the full significance of BoJ lastest QQE. By the end of the week, it went from 109 to 112, >300pips of profit. That is in hindsight. As I didn't really understand the full significance of the event, I made 2 mistakes. First I fade...
FX Trade Gist Overview
in
Trading Systems
Nov 01, 2014 at 10:49
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. (http://www.myfxbook.com/community/trading-systems/demo1sgd-896488/849279,1)
Demo1SGD_896488
in
Trading Systems
Nov 01, 2014 at 10:49
01.Nov,14:The irony is that the ICM demo account 896488 (+60%) which I did not give much attention to, did so much better than the real accounts (-53% and -95%) that I gave more attention to. Thinking through, all 3 accounts are manual accounts and use the same trading methodology. Lessons learnt:1. Overtrading kills valueFor demo account, I set a ONE trade and did not bother with it until it closes.2. Detachment paysMy attention was at the live accounts where I wanted to make as much money as possible and the Zulutrade linked FXCM Demo Account. All these accounts lost money. My lack of attent...
FX Trade Gist Overview
in
Trading Systems
Nov 01, 2014 at 10:48
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.
FX Trade Gist Overview
in
Trading Systems
Nov 01, 2014 at 10:48
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.
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