Trading on Nov 3, 2008

Today was rather a bad day for me. First I entered Buy for GBP/USD after seeing EMA/SAR all fall into the right places. but alas, the price go down and I lost 55 pips! *sob* *sob*. Then after that i used teabreak strategy on 5 currency pair and 3 of them did breakout and went all the way down. But the heartbreaking news is that I set the wrong expiry time for the pending orders. Instead of putting 11:59, i set it at 10:59. Meaning that it ends on the second candle only. Sigh!

All the 3 currency breakout only during the third candle! Aarrggghhhh! What a stupid mistake that could have win me at least 200 pips. Then when i reach home at nite, I quickly go into GBP/JPY as I see the sign changing to sell position. Manage to make 13.18 before it hit the stop loss at after adjusted Trailing stop.

So here it is:

1st trade:

Position: Buy

Currency pair: GBP/USD

Lot Size: 1.00

Entry time: GMT07:34

Why enter the trade: EMA5 started to cross over indicating a buying trend while EMA12, 15, 60 and P/SAR are all below the EMA5 line.

Entry Price: 1.6395

Profit take:1.6500

Stop loss: 1.6340

Exit Time: GMT07:51

Why Exit the trade: Hit stop loss

Profit/loss: (55pips)

What do you learn from this trade? Do not be controlled by fear and greed, be knowledgable in forex and you will control the situation!

During teabreak startegy, all pending orders did not get executed due to expiration

2nd trade:

Position: Sell

Currency Pair: GBP/JPY

Lot Size:1:00

Entry time: GMT16:13

Why enter trade? EMA 60 has crossed above other lines and SAR is above EMA60. Selling spree!

Entry price:156.20

Profit Take: 155.20

Stop Loss:160.20

Exit Time: GMT 16:18

Why Exit trade? Hit adjusted Stop loss

Profit /Loss: 13.18 pips

What do you learn from this trade? Trade only when you are confidence, always use price pullback strategy.

1 trade on 30 oct 2008!

Despite the first disastrous trade, I decided to overcome my fear, study the market well, look closely at the price movement and i went in using teabreak strategy. Although I won 41 pips, but because the lot size i use is 0.05, Thus total winning is only USD2.05. But nevermind at least I know the game better already. This is my transaction details:

- Position: Sell

- Currency Pair: GBP/USD

- Lot Size: 0.05

- Entry time: GMT 9.22

- Why Enter the Trade? There is a breakout below the lowest point after GMT07:00 candle

- Entry price: 1.6544

- Profit take: 1.6450

- Stop Loss: 1.6503(after adjusted by Trailing Stop-15 pips)

- Exit Time: GMT 09:35

- Why Exit the trade? Hit Stop Loss

- Profit / Loss: 2.05(41pips)

- What do you learn from this trade? If enough study is made, we can be more confident of the price movement and go for lot size 1.00. Experience does count!

I will improve on my trading skill! yes!

My First Live Forex Trade!

29th October 2008

I enter my first live trade since learning forex trading from Koon Lip, my sifu. Thus I have decided to keep a forex trading diary to keep track of my tradings. Well, my forex sifu has also provided me with a format to record of my trades. The format goes like this:

- Position (buy/sell)
- Currency Pair
- Entry Time
- Why enter the trade
- Entry Price
- Profit take
- Stop Loss
- Exit time
- Why Exit the Trade? (Is it pre-determined or because of certain indication?)
- Profit / Loss
- What Do You Learn from this trade?
- others

Ok, so here it is! My first trade! A rather disastrous one! I loss 25pips on GBP/USD! *heart broken* There goes my USD25 down the drain just I was too nervous and made a stupid mistake by misinterpreting the chart. Duhh!! I should have used smaller size instead of 1.00. Now i understand my Sifu's advice! First you must learn to survive, then made small profits, then only you move on to extraordinary profits!

My trade yesterday:
- Position: Buy
- Currency Pair: GBP/USD
- Lot Size: 1.00
- Entry time: GMT 15:43
- Why Enter the Trade? I saw the EMA lines changing so I saw that there will be an uptrend.
- Entry price: 1.6325
- Profit take: 1.6385
- Stop Loss: 1.6300
- Exit Time: 15:59
- Why Exit the trade? Hit Stop Loss
- Profit / Loss: (USD25.00) Ouchhh!!!
- What do you learn from this trade? Next time calm yourself down before you trade! Alyssa, trade with your brain! not your emotion! painful lesson to be learn!

This is my trade details: