Tuesday, June 14, 2011
LCB
Divergence on the 5-minute chart
I chose LCB over LC because it is lighter.
LC bounced off MPP.
Let's see if this move is sustainable throughout the week.
I chose LCB over LC because it is lighter.
LC bounced off MPP.
Let's see if this move is sustainable throughout the week.
Monday, June 13, 2011
Trading update and FX: Trial by fire.
Nothing much to post today as I was at school earlier and was only able to trade by 10:30am. PX/LC/LCB has already drop in within the levels of my expectations(+/-10%) courtesy of the bearish divergence on the daily chart so the issues could rebound anytime, most likely when DOW/GOLD rebounds.
I tried to scalp earlier today despite of the crappy market this noon. Got my hands some papercut trying to trade XAU-USD and USD-CHF with my trend/volatility system despite of both being range bound. So I lost the $400 that I gain in EUR-USD the last time which I am trying to recuperate right now on EUR-USD again and I kinda recovered half of what's lost already.
I think it's alot better to trade EUR-USD than GOLD and CHF as I always have terrible fills in both GOLD and CHF.
Somehow, it feels like it's alot easier to trade on the short side?
Candlesticks doesn't seem to work on the 10-sec chart...
Maybe it's just my imagination.
Next time I'll make another demo account with smaller capital($1000) as I don't know if I can handle the $5000 account with maxed leverage on actual trading. Right now, I am trading the whole account in 1 position only with maxed leverage with a very tight stop.
*Ninja edit: My take profits point didn't get hit just now @1.4350 in my short position (EUR-USD).
I tried to scalp earlier today despite of the crappy market this noon. Got my hands some papercut trying to trade XAU-USD and USD-CHF with my trend/volatility system despite of both being range bound. So I lost the $400 that I gain in EUR-USD the last time which I am trying to recuperate right now on EUR-USD again and I kinda recovered half of what's lost already.
I think it's alot better to trade EUR-USD than GOLD and CHF as I always have terrible fills in both GOLD and CHF.
Somehow, it feels like it's alot easier to trade on the short side?
Candlesticks doesn't seem to work on the 10-sec chart...
Maybe it's just my imagination.
Next time I'll make another demo account with smaller capital($1000) as I don't know if I can handle the $5000 account with maxed leverage on actual trading. Right now, I am trading the whole account in 1 position only with maxed leverage with a very tight stop.
*Ninja edit: My take profits point didn't get hit just now @1.4350 in my short position (EUR-USD).
Friday, June 10, 2011
FX: Trial by Fire
Day 1: -3600$$ (US%100k - Different account)
Day 2: -400$$ (US$5000 - Different account)
Day 3: +395$$ (US$5000 - Same account: D2 )
Day 4: -740%% (US$5000 - Same account: D2 )
Day 2: -400$$ (US$5000 - Different account)
Day 3: +395$$ (US$5000 - Same account: D2 )
Day 4: -740%% (US$5000 - Same account: D2 )
Forex demo account : Trial by Fire.
I have been thinking really hard on what I am doing wrong in the forex the past 2 days since I lost around US$3600 the first time I tried.
Day 1
The first system that I tried was using was a 9-50 EMA crossover on a 30-sec chart, which takes both long and short position. At first I was impressed as it produced profits on both sides. But when I checked my trades, the crossover produced only a maximum of 8 pips which kinda sucks since I had been reading other people's disclosures of minimum of 100 pips. Then the choppy session came. The losses from the sideways session piled up together with the 8 pip gain that I didn't take, I was devastated and my head started to spin so I decided to take one final trade before calling it quits for the day. I went short on GOLD and slept.
The next day it had a 2.45. That's 2450 pips if I'm reading it right, right? I closed it because it was a half-meant trade so I am counting that one on pure dumb luck.
Lost 3600USD using the system in a 100k account(3.6% of capital).
**No idea on how pips work, where to put the stop loss, trailing stops, and proper position size to maximize the leverage. I didn't even know how buy/sell stops work lol.
Day 2
So I made a new account and put a more reasonable and realistic amount that I can actually put up. This time I used the triple EMA crossover (9-18-50). It also takes both sides of the trade. Disappointingly, it lost more than it won so I decided abandon it and used another system(buy above high-sell below low) which also failed miserably. lol.
Anyway, I started asking myself why the triple EMA crossover didn't work in FX while it worked and showed profitable results in the stock market. Then it got me thinking that I have to be on the right side of the market. With that in mind I decided to "zoom out" and check for 50EMA in longer time frames and trade with the 50EMA trend.
Got really tired so I decided to call it quits.
Lost 400USD using both systems in a 5000USD account(8% of capital).
Lesson: Trade with the trade. Don't take unneccessary trades. Sit tight when winning and set trailing stops. Don't be too eager to trade/wait for the right setup.
Day 3
I probably had the best trade today so far as I was able to gain $$50 above my starting capital haha. I lost it anyway when I started doing what I was doing in my first 2 days of FX trading. After losing the $$50 that I gained, I lost another $200 when I deviated from today's trading plan. After I reconized my own stupidity, I decided to FINALLY follow my trading plan LOL. So, I took the next trade and I was up by $200!!! But then I got really greedy I didn't put up a trailing stop! LOL!
So what do you expect from a pig other than get slaughtered?
Lesson: Don't be a pig and set trailing stops. Trade with the trend.
Let's see if I can break-even tonight. Currently short on EUR/USD.
*Trade setups. Trade with trend. Trade with trailing stops.
**I also tried selling lower and buying higher but both failed miserably. I probably should use them with the 50EMA.
***Currently using the triple EMA crossover in 1-minute chart + 50EMA on the 30-minute chart. Entry points are more often retested than not.
Day 1
The first system that I tried was using was a 9-50 EMA crossover on a 30-sec chart, which takes both long and short position. At first I was impressed as it produced profits on both sides. But when I checked my trades, the crossover produced only a maximum of 8 pips which kinda sucks since I had been reading other people's disclosures of minimum of 100 pips. Then the choppy session came. The losses from the sideways session piled up together with the 8 pip gain that I didn't take, I was devastated and my head started to spin so I decided to take one final trade before calling it quits for the day. I went short on GOLD and slept.
The next day it had a 2.45. That's 2450 pips if I'm reading it right, right? I closed it because it was a half-meant trade so I am counting that one on pure dumb luck.
Lost 3600USD using the system in a 100k account(3.6% of capital).
**No idea on how pips work, where to put the stop loss, trailing stops, and proper position size to maximize the leverage. I didn't even know how buy/sell stops work lol.
Day 2
So I made a new account and put a more reasonable and realistic amount that I can actually put up. This time I used the triple EMA crossover (9-18-50). It also takes both sides of the trade. Disappointingly, it lost more than it won so I decided abandon it and used another system(buy above high-sell below low) which also failed miserably. lol.
Anyway, I started asking myself why the triple EMA crossover didn't work in FX while it worked and showed profitable results in the stock market. Then it got me thinking that I have to be on the right side of the market. With that in mind I decided to "zoom out" and check for 50EMA in longer time frames and trade with the 50EMA trend.
Got really tired so I decided to call it quits.
Lost 400USD using both systems in a 5000USD account(8% of capital).
Lesson: Trade with the trade. Don't take unneccessary trades. Sit tight when winning and set trailing stops. Don't be too eager to trade/wait for the right setup.
Day 3
I probably had the best trade today so far as I was able to gain $$50 above my starting capital haha. I lost it anyway when I started doing what I was doing in my first 2 days of FX trading. After losing the $$50 that I gained, I lost another $200 when I deviated from today's trading plan. After I reconized my own stupidity, I decided to FINALLY follow my trading plan LOL. So, I took the next trade and I was up by $200!!! But then I got really greedy I didn't put up a trailing stop! LOL!
So what do you expect from a pig other than get slaughtered?
Lesson: Don't be a pig and set trailing stops. Trade with the trend.
Let's see if I can break-even tonight. Currently short on EUR/USD.
*Trade setups. Trade with trend. Trade with trailing stops.
**I also tried selling lower and buying higher but both failed miserably. I probably should use them with the 50EMA.
***Currently using the triple EMA crossover in 1-minute chart + 50EMA on the 30-minute chart. Entry points are more often retested than not.
