Wednesday, July 4, 2018

Yet another new and learning experience for June

An interesting June for me as I learnt and acquire new knowledge, also at the same time having an experience in trading. Generally, most trades were done for medium or longer term, managing them as the market develop.

Made a few winning trades but at the same time also made a few mistakes. Nevertheless, still manage to contain those damages and withdrew $500 from the account. Those key lessons learnt are to allow breathing space for the trade especially when it's in the green and once stopped out, just stop trading for at least 4 hours. 

Wednesday, June 6, 2018

Learning & Exploring on managing losses

Did not manage to recover from last month losses, but just have to lift up my head and push on. At the same time, finding other opportunities, everyone need to survive after all.

Nevertheless, May started pretty well and due to personal circumstances, a withdrawal of $500 was made on the 3rd day of May. No big deal. However, as I commit myself to other opportunity, I had reduced screen time and hence I turned to longer term trading. Nothing had change seriously, it just that I may not have the luxury of time to myself and stay in front of the monitor and take a trade. Now I take the trade when the opportunity come and I would have to set the Stop Loss and leave it running and monitor the trade while on the move. In fact, starting from the second week of May, most if not all the trades taken were done this way.

Above show the result for the month of May, a profit of $162.22, which was quite a good result though it could have been much better. I had runners on a few occasion on the sell side and made quite a killing. However as the direction change, I did manage my stop loss but after being stopped out, I would again find opportunity to sell again. That! Gave back my profit to the market. Realising the mistake and rush-ness in my trade, I either had to set a wider stop loss or be patience for the retracement to reach a resistance level before selling again.

I will have to constantly stay on the sane side and keep a watchful mind to not fall into the trap of doing a trade ahead of time. Patience is still the key!

Wednesday, May 2, 2018

Recovery, tumble and recovery...

Had to work my way and recover after the frustrating month of March, tried very hard to be immune to those negative feeling and mindset due to the result of the previous month. Kept to my trading plan and strategy only to be hit by over-confident this time round and suffer another hard hit.

Almost went bonkers this time round, but with no road to retreat, I just had to bite on, stomach the hit and move on with a clear mind which I did. Continued to stay sane and move on with the trading momentum. Survived to the end of April, though the end result is a lost but at least I manage to kept my sanity and recover slowly. Stick to the plan, forget about the P7L while trading, count the pips and keep the profit no matter how small it is.

Monday, April 2, 2018

Stressful, Pressurising, Frustrating March

Into the fifth month of trading full-time, without any other income stream. It hadn't been a smooth sailing journey at all and in actual fact full of emotional swing up and down, which had been torturous. There are times where you think that you could cross the finishing line with flying colours while there are times where you start to wonder what you are doing and why you are doing this and that, totally clueless and aimless.

Nevertheless, I find that this journey is so far fulfilling if not for the stresses of life. Stressful because of those bills that you need to pay every month, Pressurising because of the need and necessity requirement of every month, Frustrating because you lose too much when you shouldn't had and even worst when you turn a winning day to loses. All these emotion exist in a human mind and I have to face it, it's not something that can be eliminated. I just have to learn to control them and be more immune to them, be on top of them. But then there's always good side and bad side to it.... Press ON!!!

Yet another month of loses, and again those loses came from the lost of control of emotion and ego, turning winning to loses. Nevertheless, did a $1,000 withdrawal and now total deposit for this trading account is $2,000. I am still very much in exploration to find the optimum loses per day. Money and Risk Management is still very much the key to unlock success in trading not forgetting controlling your emotion and ego.

Made some adjustment to my trading plan to prevent big loses and also minimum trade size to 1 lot, hence I will have to maintain a balance of at least $1,500 at all times (that would be almost 80% leverage!). 

Monday, March 5, 2018

It's the Spring Festive a.k.a Lunar / Chinese New Year (CNY)

Started the month making some losses and had been chasing after the losses as well as feeling the pressure and stress of the need to realise some revenue. Especially so after having suffered a great lost at a game of mahjong (down $1,500). I will definitely remember that day clearly not because of anything but the P&L record shows. On the 6 Feb 2018, it show the huge losses I had and the previous night was the day I suffered the great lost in mahjong. 😓😓😅

After that horrifying lost, mainly due to fighting the market to try to regain the losses, I had to called it a day (Live to Fight Another Day) and refresh myself and my mind to continue the following day. I did came back pretty well over the next few days and in fact almost back to breakeven.

It's also the month of the Chinese New Year (CNY) where we celebrate the new spring and visiting relatives and friends, some even took this opportunity to go for a short getaway vacation. As for me, it had been the same routine for the past decade, staying home looking after the household pet dog while my mum and sister go for a vacation. Of course, I also visit my relatives at their home on the second day of CNY and attended gathering with friends.

Sometimes, I just cannot live a day without trading and that sometimes kills me. On the 16 Feb 2018, which was the first day of CNY, I told myself that I should take a break since it was a holiday, but nevertheless a trade was taken which lead to another and because of the losses, one trade followed by another which eventually lead to another huge lost, else that could have been a good week. I was taken in by my own greed and having a view of the market. Had to humbled myself (Manage Your Ego) again and accept the fact that this losses will stay till the end of the month.

Did some wakeup call searching myself and reminded myself on the purpose and objective of my trading and proceed again, back to square one. I also made a decision to trade on higher leverage (1:50-60) to allow for faster track to make a comeback, but with vigilant. Tumbled along the way trying to come back again and bring my trading account back to safe zone, and making mental note to keep my account in profit (>$3,000). No smooth sailing but moved on slowly and progressively in the month of March 2018.

Thursday, March 1, 2018

A New Year (2018) with the Beginning of a New Chapter

I was preparing for my In-Camp-Training (ICT) for the new year celebration, though there wasn't any much celebration for me. Something special about this ICT was that we will be out on the first day instead of the usually second week. Nevertheless, I was prepare not to trade during my ICT as I won't be able to monitor the price action as well as intermittent data connection will most likely be experience.

Came back on the end of the first week and saw a interesting opportunity buildup and took the shot, before I knew it I fell asleep only to wake up much later in the evening to find my trade a winner, set my stop loss and take profit and held it over the weekend. This trade was such a runner/winner that my January targetted profit was met with that one trade.

After my ICT, I continue to trade in accordance to my trading plan/strategy and make some losses, however taking the mental note to not to loss back my profit made by the winner earlier in the month.

In general, January had been a great month but I also refresh myself not to take a view but to follow where the market goes. Remembering that profit is a by-product of trading, small consistent win is better than that occasional winner. 

Wednesday, February 28, 2018

Cautious Christmas 2017 Trading Season

Started December trading with much caution as it's the start of festive season for many. However, there were still much opportunities and with the limited liquidity, I was able to make some profit from the market.

I also manage to accumulated enough to make a withdrawal of $1,000 in mid of December without affecting the trading capital and continued to the end of the month and nett almost $1,000 including the $1,000 I had withdrew in mid month. 👍👍

As of December, I was trading between 100,000 to 150,000 and maintaining sanity is of utmost importance. Especially so when you gain for a few days and then suffer a lost that reduces your size. You will need to fight really hard to ensure that your size really reduced to the planned as most of the time you will want to continue at your last traded size so than regaining the capital is also much easier. Hence keeping you ego under control and having your greed under check are equally important.