Kinabalu Forex University

Thursday, October 22, 2009

Trading Psychology - It isn't easy!

Psychology matter isn't comes handy in forex trading.

I experience it the worst this week.

Thing goes as I wanted on Monday, as the market gone ranging since last Friday.

Alright, Here's what I mean

Monday.
It moved within the daily range beautifully and I managed to get some pips.

Tuesday.
Still predictable and I got some nice pips.

Wednesday.
I became cocky as I was already in profit for 3 consecutive days. I assume that market will goes within the same range, so I decided to open short position. I analyse the candlestick, and it seems reluctant to goes down. Here's the mistake I have commited. I should have to trust my eyes, not my expectation. So after I lost more than a hundred pips, then I decided to do switching. Luckily I successfully did it and not only recover the loss, but in profit.

Psychology I meant here
- Try to trust your eyes, not what your expect

Thursday.
This is the worst day in my trading week. I have an experience mentor - trader, and he is good in trading. Furthermore, I can see his life trading account. So, if I wanna play the easy way, I might just replicate on whatever he is doing in the chart.

That exactly what I did. I look at the chart, it is still bullish, and I double check it with his trading position. I assume he was highly confident as the position he opened was huge and I did what we ALWAYS do. Monkey see, monkey do. For this, I have to pay a price, I blew one of my account.

Psychology I meant here.
- Do not blindly follow whatever signal that you get from whoever expertthat it may comes from.

See you next week. Cheers
- Do not hesitate in your trading decision making, or you ended up in loss.

Monday, October 19, 2009

My trading Journal 20 Oct 2009

Here's my trading journal for the past two weeks
12 - 14 Oct, I focused on intraday trading.
15 - Because of the strong uptrend I did the switching and managed to recover the loss.

I expect the market will not make significant move today, but anything can happen as GJ won't be friendly to me many times already. I may have to reconfirm this with scheduled economic news later this afternoon. Can't be sitting on the comfort zone longer than 6 hours in forex if you focus on intraday trades, unless you will see the float balooning very fast

Wednesday, September 9, 2009

Diagonal? Here it is

I'm not an English speaker,, so I have to keep this term in my trading journal as reference. Remember, I'm learning EW now ;^)...

Diagonal

A 45 degree angle offset from either 0 degrees or 90 degrees

In a polygon, a diagonal is a line segment connecting two nonadjacent vertices. A diagonal is also a horseback riding term used in posting. Your diagonal is when you rise and fall while posting on either the outside or inside leg of the horse.

GBPUSD ~ does this make sense?

I kinda interested with my new study on EW, so here I try to come up with my own reading on market chart once again.

The reading based on h1 chart, today.

One thing still puzzled me by the way, why on earth I keep on ending my reading on a complete wave??? Someone has to criticize me on this.

Back to the reading.

I believe the uptrend won't last longer than tommorow.

If the reading is correct, GU will going down after reaching yesterday high.

Gud luck in your trading

What EW says on h4 chart GBPJPY?

An EW expert wrote this phrase, but couldn't remember where I read from

"Try put 12 EW gurus in a room and ask them to make a market review, then they will surely come up with 12 different predictions".

Well, I have nothing to complaint about EW, I'm learning it now.

This is yet another view on GJ based on h4 chart.

The market was on bearish preasure until yesterday. It's on C now, and I wonder why in every reading I ended up with C. Something must terribly wrong with my EW skill.

But nevermind, the market is now in choppy area as I believe (I should believe as I make the reading possible) the pair is making new wave 1. GJ will be down first, before going up again.

Up to you to decide.

Tuesday, September 8, 2009

My first Attempt on Elliot Wave

This is my first attempt on Elliot Wave EW, GBPJPY on h1 chart (yesterday trade session). I never used EW in my trading before, and I don't think this method is a must-have in trading. A modest manual trading, in a real sense, can be made out of plain Candlestick and all those bundle mt4 tools (if you use mt4), believe me. Read on to see my commentary

So why the suddent interest?
My trading skills, I must say, is sharpening and it has nothing to do with EW, but by forcing myself to stare upon a plain candlestick most of the time.
But I choose to learn EW since last week.

Because I have time to learn at the moment.
Because I'm sick of some EW gurus keep on swearing by EW as their reasoning and when their prediction fails, they find excuses using EW too.

Some EW experts choose to display a very ambiguous daily prediction. Too ambiguous that even a plain candlestick movement is clearer than those messy waves and subwaves that they drew upon.

And because I love argument in my free time
And if I wanna argue with somebody, I need to understand their language. So I will keep on learning... ha ha..

Opps, I forgot about the chart.

Now I'm reading and making prediction based on the drawn chart. I believe GJ is now on correction wave C, but I couldn't see the diagonal triangle between 5 & C, or maybe I didn't do it right. So if my identification is correct on this 1h chart and another wave is in the making, gbpjpy will be on the rise again in the next few hours.

The target? I can't see any target using EW. But using other common tools, the next target is 157 area.

What if I'm wrong?
Well, I made wrong prediction everyday, ....big deal anyway.