Forex Journal: Week of May 10 to 16, 2010

Finally! After a long time of waiting, my mt4pips.com account for FXStreet’s contest is now up and visible for everyone’s eyes! Can you see my awesome chart? Haha. I just discovered that trading with different currency pairs is so exciting!

trade composition

However, this week was not so good for me. (But why am I grinning instead of crying? Hehe!) My weak points were slowly showing up—which is actually good, in my opinion! LOL

Here’s a short list of my weak points:
1. Money Management
2. Aggressive Trading
3. Trading with undeveloped trading plan

There should be more but three’s enough for now! :P

Theories are easy to learn—but so hard to implement. A lot of tips and tricks on money management are available all over the Internet but, as I realized in a painful way, they are quite difficult to adapt in my own account. Almost all professional traders say money management is the key to successful trading – and I definitely agree with them. Making money with trading forex is somewhat easy (hehe), but losing money is easier especially without proper risk management (haha) :P

My trades this past week were perfect pictures of my negligence as a trader. I had a total of 11 trades and it took only 1 trade to ruin everything! (omg) The risk on this 1 trade was greater than the other trades I had in the first few days or the earlier part of this week. Yuppie, I listed all the weak points and they could be seen in my statement. Ha! I had been a stubborn little lady again! Repeating the same mistakes: trading against the trend and without any semblance of risk management. That’s ha! again!

trade statement

As for my penchant to aggressive trading… Should I blame myself again? I believe that ‘taking risk’ is the soul of forex trading. Therefore, aggressive trading combined with a sensible money management is a good thing, right? Right? Right? For me, it is right! :P But still, I have to tackle my money management more closely ‘coz it is my big problem here. =) Also, I really have to develop my own personal trading plan. ;) And my biggest question to myself: will I include ‘aggressive trading’ as part of my personalized plan? Hmmm… we’ll see…

Most readers would have this kind of reaction: This foolish forex babe had been trading with still undeveloped trading plan? Winning should be a surprise. And no wonder she lost. Haha!

Okey, enough bashing myself. I am currently onto scalping, using Stoch, RSI, and Moving Averages on a 30-minute chart. I simply buy the oversold and sell the overbought while aiming for a quick 10 pips. Yup, I turned into a mad scalper.

I still have my eyes on some higher timeframe – mostly the 4-hour charts – to spot the really ‘big’ moves and breaks out. Unluckily, I missed any significant events this past week. :P

Woah! That’s all for now. I hope I could improve on all my trading weaknesses next week! =) Good luck to everyone and may you all get tons of pips!

~Czarina Cleopatra

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  1. Marvin says:

    How about focusing on less currency pair for a start? Different pairs have different characteristics, the price action varies greatly, usually due to the different market open time. for example the USD/JPY is pretty mild throughout the day as the New York session and Tokyo session doesn’t overlap. For scalping, try the standard value Bollinger Bands and also set the Round Number marker. They tend to be huge stops gathered at these round numbers so pay special attention to price action around them, which is usually +-20pips away from the round number.

    Scalping also require a broker with ECN and STP with no dealing desk. Not to mention also the must have fast price feeds. Smoothed feed some brokers have aren’t going to help mad scalping technique. Try demoing with Dukascopy, Saxo Bank, or MBtrading. MBtrading offers MT4 while the other two use it own platform.

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  4. Ira Gettings says:

    Thank you for a well written blog dedicated to forex. I lost a bundle until I stopped getting married to my trades. I now trade with less emotion.

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