Close the trades EUR and Cable

EUR/USD closed the trades at 1.4402, gained 28pips. Reason...the bulls are back and as shown on the graph, the price tested the support at 1.4362 and couldn't get through. Furthermore, I worried about the last candle shown. Also I saw forming of small double bottom, will it form? we'll see about that later....if it's formed and the price pass 1.4395 resistance, it may back to my entry level. So I just took whatever profit I had at that time. As for the indicators, the MACD is still bearish but showing some strength. But I mostly observe the price actions.



GBP/USD closed the trade at 1.6376 loss 20pips. Like the EUR trade, the bulls are back, and they came in strong and pass my entry point. I made that channel drawing after I entered the short sell, which was a rash decision for me. But there is a lesson here, never ever jump on the trade based on emotion and always wait for the "right" price, don't chase the market.

Well so far...10pips profit. I don't blow out my account yet...still profit even it's tiny and I'm glad the objective is still on...don't blow out!!

See you on the next trades...

Should I or shouldn't I???

A lot of people have been blinded by the profit from trading and hoping they can make a living from it. Either it's equity, currency, bonds or derivatives underlying...

A lot of people have been searching for the holy grails for taking that profits from the market...

A lot of people have been dissapointed that they couldn't find that "holy grail"...

And...there are a lot of people give up their trading business because of the above reasons....

Including me...

In my opinion, we can make some money from trading..well..some people can make a ton of it..and it's believable and achievable..IF one know how...

To me there is no shortcut and there is no holy grail...well from some book there is...it's our own believe and system..

No matter how many books we reads and how many seminar we attends...if you don't believe a reasonable returns, then we only get dissapointment...trust me, I've been there myself...

Once I attend one seminar selling their system, it cost me about $1500 if I remembered. Then it turned out, I blew out my account in a jiffy...then who's to blame? the educator? the system? or myself? I chose the last one :)

Even though I was a bond trader for one of the local bank in Indonesia, I still can't figure out 100% what's the market is trying to tell me..I'm not saying that being a bond trader was a waste of time, no. In fact I had a lot of lessons and experiences during those time. Especially with the intermarket analysis and how all the pro works. It took me 3 years.

And since I love this trading business since I was a high school, I took a degree in commerce majoring in Banking and Finance. It also took me 4 years.

After the job at the bank, I was an equity dealer. I dealt with a lot of clients during those times. I met a lot of different personality and trading style. Another experiences for me. It took me 3 years.

So...it took me about 10 years to be in the market, and still don't know shit! I still reads about trading and it will keep going.

All I'm saying is, there is no holy grail and create your own system. If it's working then keep it, if it isn't then one need to tweak more. I don't have fix system, all I do is a bit dynamic and that's my system. So I don't think I can use robot or automation trading or EA or whatever...we were given by our maker a brain and a soul. Why should we leave it to a robot??

So educate yourself...the best option would be buy some books...go to seminar if they offer you for free, if it's not then don't do it...think this way, why would people selling their system or holding a seminar for $100 or more??? Is it because they want to share it with you?? please don't tell me that you're so naive...If I have THE holy grail, I will never share it with my anyone!! Why? not only the greed has spoken, but what would you think if the market use it? It will never work again!!

So the system for us is depend on our style, our psychology and most importantly OUR OWN!

GBP/USD 16 August 2011

That's better....I can see bigger picture of 1H GBP/USD.

Meanwhile...I also short sell the GBP/USD pair at 1.6356. I know it's a bad figure...but I just got 30 dollars from instaforex for free with 1:1000 leverage without any deposit! yeay!!

But don't put your live account there...this is my personal opinion. I think, as a broker they are a bit dodgy to me...well some other time with the story...

Anyway...I short sell the pari at 1.6356. Because it tested 1.6400 as its resistance but couldn't pass it. And I think it may goes back to 61.8 or 50% of fibonnaci retracement. All the indicator are showing this signal too, not confirmed yet, but it might be a good short sell opportunity.

I put my stop loss 50pips above the entry and exit target around those fibonnaci retracement level.

Both of my trades were set during the night hour of US market and London will be open in a couple of hour. I know it's very thin market at the moment, but always manage your trading after seeing the entry signals.

I think the price may go down to 61.8 fibo's retracement, IF and only IF it's break that level, it may go sideways between 61.8 and 50 fibo's retracement levels.

Again, those are only my opinions...so Good luck and don't blow up!!

EUR/USD 16 August 2011

First post....yipeee!!

EUR/USD 1H chart...if you don't know what that's mean, grab yourself some trading books...I will post my reading list as well...which I think it's good for us, newbie!!

I just made a short sell on this pair. Why? because I think, after the rally yesterday the price couldn't get any higher than 1.4475 which is the resistance. The euro went into rally because of bad result of one of the US economic indicator yesterday..

Anyway, put the short sell on 1.4430 and put my stop loss 50pips above the entry price. I'd target the exit price would be around 1.4330 - 1.4287. Why? because its on the area of 61.8 and 50% fibonnaci retracement. And it also above my risk reward ratio, which is more than 1:1.

I don't know whether the price will go up or go further below that level, I don't when will it landed on...All I know it may make some correction. How do I come up with this? First, it can't pass thru the resistance, 1.4475. It tested it, but it lost the momentum and volatility. Shown on ATR indicator. And the MACD was starting to decrease. BUT, never ever rely on the indicator alone, one must see the price actions. Because that's trading is all about...

Well...hopefully, it can get to my target zone otherwise I put my stop loss price. Can't risk more than 2%...

Good luck...don't blow it!

Welcome...

Hi..

Welcome..This blog is about my journey to be a currency trader. Yeap, that's right..I'm just a beginner in currency trading. So, in order to show my seriousness of it, I'll be writing all my opinions, my trades during the life of my account..

This blog is only for educational purpose, I am not expecting that the reader agree or follow my opinions, you are welcome though if you want to comment my trading method.

Trading consist risks, life consists risk, everything consists risk..it's just a matter of one's risk preference..if you know what I mean..So again, this blog is about my trading journal, you are welcome to read and give some comments but take your own risk of every outcomes if you tend to agree or use it..but one thing for sure, I don't tend to blow up my account, that's why I choose that saying for the blog's title..It's my reminder!

So good luck to us! Don't blow it!