Trading With Confidence and Discipline

Friday, December 16, 2011

This week has been a total wreck. Too many losses deterred my confidence, tomorrow will have to access my trading for this week and hopefully next week is another completely different story. From what I can see my undoing was due to my exits, ill discipline manner and failure to detect a reversal pattern in the price action aka candlestick.

My mistakes were :-

1. Trading the pivot method where price would reverse towards PIVOT. Price did just that in two of my entries but did not reach my take Profit limit in my other four trade and thus bounced back downwards, and where was I during this? DRIVING!!! ... note to self... ALWAYS be there trading the bounce.
2. Upon realizing my miss, I opted to wait and hope things will go my way... well it was a down trend and it never did, not at least for another two days, if ,I have waited for that long to get out of it.  Lost us$200
    on this trades. Remember, cut your losses, if you know it is a loss do not make it worse.
3. Emotion ran wild, I immediately got into another trade risking more of my capital with the intention of getting back some of my LOSSES. another us$350 went in smoke... Story of the day.... 

What I endured trading this week was a classical problem faced by any new traders.

NOTE to self:-

1. Do not risk  more on the capital, (over-trade) will make trader in-confident on waiting the outcome of their trade.
2. Do not be too cocky, always check the chart hourly and be there during crucial moment.
3. Greedy is evil.
4. Over confident, we cannot control the market but we can control ours.
5. DO NOT trade with emotion running wild. Head is always better than the Heart.
6. Follow the Trading PLAN. 

Good Reading and important info here LINK

Failure in life is not how many time you fail but how you picked your self up every time it happen. What don't kill you only makes you stronger.

Objectives for beginners in forex to know.

Saturday, December 10, 2011

It is important for beginners to realise what they need to focus and aim for during their search for forex knowledge. acquiring skills in trading will be much easier when we know what are important and which are not.


I found mine a little bit late, not until I was trading live did I came to realise what I had to aim for during lessons.


There were :
1. Entry
2. Exits
3. Stop Loss
4. Take Profit

This I have already entered in my trading Plan which is different from a trading system.

1. Trend
2. Trendlines
3. Divergence
4. Trending
5. Ranging
6. Consolidating
7. Reversal pattern
8. Continuation Pattern
9. Pivot
10. Support & Resistance

These were all which I learned............. but this was not the hard part... it was getting all of it to work together .... best of luck ... if you have learned all this and still find it hard in your trading.. look for a mentor with a proven system.. and when you do.... everything I have listed will make sense...

and now, years later....

Sunday, November 6, 2011

Assalamualaikum

 Hi all, its been years, 2 to be exact after my initial post on my journey, my three months predictions on me becoming a trader did not materialized in scheduled time. to be honest I did not advance in my quest to be a forex trader due to circumstances. instead I became a retailer. buying and selling the traditional way.

but a few months back I met someone who was into forex and he was talking so much about it tha  t it reignited the flame the desire in me. so I asked him to coach me into becoming a trader.

and he did................



tomorrow is a day to be remembered as I will put into test all the things I have learned this few weeks.

Now the adventure begins ...........

adventures of a currency trader

Tuesday, May 25, 2010

Stumbled accidentally ... and what a good thing it was.. this book or its writer to be exact made sure it was written in the simplest English possible. It tells of a journey which someone who wants to be a currency trader would encounter, preparation he or she should have ... the mentally or psychological aspect which are needed and other important things.
Harry banes, the author and the focal individual in this book encountered blockade after blockade of resistant as well as support in his epic endeavor to becoming the best trader in the world.
This book really help me in getting a better picture and have almost entirely put all the puzzle together from the question which aroused from my readings about the forex.
I thing this book in particular could be a big help to newbies out there who are just starting to dip their feet in the pool of currency trading.

1st glance

Saturday, May 8, 2010

My first impression on fx was a funny and peculiar one. I thought it was a simple straight forward thing..
buying low selling high vice versa. looking at the chart the first time was particularly the pinnacles to anyone's learning experience. why? well, without the knowledge of candlestick and chart reading the charts just seems to be another "spaghetti incident" :D. All that lines,colors, horizontal, vertical and noises as the prices surge up and plunge down ... too much for a noob to handle haha.
But soon enough everything become obvious and trends slowly comes out as more and more information becomes knowledge. educate ones self before trading is a good first step in along journey to a wondrous successful 4x trading.
At first it was all about prices, when I look on the chart I was always oriented by the price fluctuations. But then as I learn more, price was not the only thing that should be realize, people, human becomes an important an important and critical aspects of any assessment of the market as the prices are connected to humans. psychological factor and effects that humans endure and gain during any trading sessions can help to determine of how and where the market is going and these is shown from the candles.
Bearish, bullish and the rice trader in Japan hundreds years ago came to be in existence to show traders what to do or what to expect. But as humans is a bit unpredictable so does become the trading. The saying nobody wins every trade is so true because no one (like the market)is always predictable , always be prepared for something unexpected. but if you are going to loose some just make it 30% loose and 70% wins.

Learn the art of candlestick. happy trading :D

Ebay? Affiliate? catalogue? Mail Order? Import? Quick Rich Scheme? Uptrend2you? ....... now 4x!!!!

Ermmmm what does the above all have in common? MONEY!!!! huhuhu I've been trying to generate money my own way part time. i;ve tried every internet business things that I know of but blankssssssss
once, I tried buying from ebay and retailing it here.. it worked for a few months but then down it went hahaha .. then someone intro me to something called uptrend2you and it was a big HAAHAHAHA!!!! lost some money and here's the saying "when something is to good to be true, it usually is NOT".
I tried online catalogue and paid Us$100+++ just for the license but the post office manage to ruin it.. and only got it after 8 months stashed somewhere .. and the licensed expired hmmmm.
I was pretty frustrated, the urge to make money from trading or anything faded gradually.. hmmm what else haaaaaaaa..
and it was then forex came to be a somewhat big hit in the country... everyone was suck in to the trend there was seminars being offered on the subject... groups or organization with good background offer the classes for a fee or pv or sv whateverrrrrrrrrrrrrr its just a simple and pure mlm you guyssssssssss by using 4x as bait

well, I nearly was sucked into that group okkkkkkkkkkkkkk hahaha anyway I bought a book on the stuff 3 actually hmmm but I really was impressed by the work of glenessis ... I created a demo account using cmfx trading platform and started trading using three moving averages ... it was brilliant .. I manage to win some of the trading but I was still unsure, it still feels like gambling.. so I stopped and decided to look into option trading ... didn't work either..

so I just suspended my ambition and focused on my day job and for a year I did just so... UNTIL ......

keyword .. rapidshare!!! hmmm I'm a collector ... and a sponge for information especially in computer and internet technology ... I collect tutorials for adobe's microsoft etc etc etc. and it was then it came to me to do a rapidshare file search on forex .. and was that a good light bulb ..........

Somebody uploaded a seminar of some kind featuring a guy name peter baine... who's he? well I went through the video ... again and again and again and again and again ... this guy is brilliant ... who could have guessed? huhuhu the video was made around 2003 or 04 I think but in no way did that made it obsolete ...
it reignited my ambition and now even though I'm still demo or paper trading but I sure am more confident then before.. pivot, macd, candles, a plan, a good head, discipline, risk and money management is what I need ... three more months and I just hope I'm ready by then for my first live trade ....