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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