Friday, December 31, 2010
Monday, December 27, 2010
Tuesday, December 21, 2010
One of my encounter with him below. I didnt expect him two have two pairs on flop (due to his past aggressiveness), but probably wan to chase me away with a huge bluff, or made two pairs on river.
With his All-in on the Turn, give me a hard but straightforward decision. I was on both open-ended straight and flush draw. In total, I had about 9 (spades) + 6 (8s and kings excluding spades) + 3 (aces) = 18 outs? Right? 15 of them for the nuts. Although I seem passively calling, but I think I made a pretty good call here when the fifth spade came. And so that was it for me.
Sunday, December 19, 2010
I won this pot below and left. I wanted to get him out of the pot at turn but he had a flush draw (I didnt read, I thought he had two pairs). river queen made us a pair and I scoop the pot with an ace kicker.
Maybe I left quickly because I dont want my winnings taken away as usual so that I can finally say "hey I won tonight"!
Wednesday, December 15, 2010
Wednesday, December 1, 2010
Monday, November 29, 2010
Monday, November 8, 2010
Thursday, November 4, 2010
Monday, November 1, 2010
Wednesday, October 27, 2010
Saturday, October 23, 2010
The primary similarity between traders and carpenters is that both have, or should have, a detailed blueprint, and then they simply execute this blueprint. Therefore, the first step in preparing for the trading day is to look at your blueprint.
Examine Your Trade Plan
The fact that you should have a detailed trade plan written out goes without saying. Assuming that foundational block is already laid, it is good to briefly review your trade plan each morning before you even open your charts. Refresh in your mind exactly what types of setups you are looking for. Although you know this already, a brief review of your trade plan will further emphasize and reinforce proper trading behavior to your subconscious, which is very powerful.
Open Your Charts
Next, open your online forex brokers trading platform and spend as much time as you need analyzing the market according to your style of technical analysis. Pay attention to all the price developments that have occurred since the last time you had your charts opened. Have certain key levels been broken? Have certain key levels held? Where is the order flow bias? Is the overall market bearish or bullish? Is risk on or off? It is essential that you are in sync with the market flow. Remember, you are not looking to take a trade yet, you are simply conducting analysis. This point is very important. If you conduct your analysis as you are looking for rates, your analysis will be skewed.
Review The News
Take a look at all the major news developments that have occurred over the last few hours in order to identify what is currently driving market sentiment and order flow. Did any news releases come out during the overnight session? If so, how have they affected the market? Also, make sure you are fully aware of any key economic data that will be released during the day while you are trading. This is essential. You never want to get caught with open positions during a major economic release such as Non-Farm Payroll or a Federal Reserve Interest Rate Announcement.
Begin To Look For Setups
Once you have spent adequate time preparing for the day by following the preceding steps, now you are ready to begin trading. However, if you skip through preparation, and simply sit down at your computer, open your charts, and open a trade within a few minutes, you are playing with fire. That is a very dangerous approach to financial markets. Remember, fx trading is a business, and it must be treated as such.
Preparation is Key
There is a saying in construction: measure twice, cut once. This holds up in trading quite well. If you are going to err, err on the side of preparation. You may miss a few trades over time, but you will also keep free from overtrading and trading without a plan, which are two of the most common causes of failure for many traders. Reviewing your trade plan, conducting technical analysis, and briefly reviewing the news to determine key economic drivers will help place you in the proper mindset for trading.
Friday, October 8, 2010
It suddenly comes to my thoughts one day.. u know, im a dreamer... always dreaming and particularly, Daydreaming. I believe im not alone though. We all dream to have a better life, that particular model of sport car, that dream vacation at some weird corners of the world etc etc, the list goes on and on. After some thinking, it comes down to only 2 possible ways i can thought of to make that dream comes true. Its either u earn with close to 5 digits figure a month (USD MIND YOU! NO RUPIAH NO YUAN!!) or being a super lucky dude who win any lucky draw even when u r chewing gum, holding that wrapper that says You won yourself a trip to bla bla bla.
Bottomline, blunt but true. Money
A Daydreamer, but one that got the drive to make them come true, like a handful out there, i picked up trading to fulfil that dreamy part of my life. Started reading on dudes who make it BIG trading and i really mean BIG. They are my idols. I told myself i wanted to be like them~!~!
After trading for 8 to 10 months, i find that i am still way behind them. Almost thinking that its impossible to be like them. Even till now, no significant progress. Slow i would say.
Whenever my mood got affected by a lousy trade, bad thoughts like shit im not going to make it big with this bla bla bla and all that negative stuff, i try to make myself feel better so as to go on this long journey to success.
I try to relish on the first day of learning to drive @ the driving center. Remember the first time trying to move off the vehicle like a pro? And keep failing and frustrating, feel like grabbing that instructor seated beside u by his head and yank it for not able to teach u the "holy grail" to driving?
How bout riding a bicycle? Being amazed at how adults able to balance themselves on just 2 wheels while going so fast?? U keep trying n trying, ur dad keep teaching n teaching... TADA!! Now u ride like a pro with just 2 wheels. 2 months ago u were amazed by how it is possible, 2 months later you r part of the impossible and thought nothing of it.
Both the above example are 2 of the simplest things that we can do. But that little boy who saw u riding a bicycle thinks that u r super cool! How the hell he balance himself with only 2 wheels so well? And maybe that teenager who just started his first lesson on driving, amazed by how smoothly u moved off while driving a manual car.
Both scenarios, first timers thinking what possible techniques that u possess and they did not. For me on the above 2 scenario, been there done that. But now, in trading, im the first timer. That little boy, that young chap.But I know whats the technique, PRACTICE. Though i used to be like that little boy before, seeking the holy grail/technique to successful trading.
Practice makes Perfect,. Can you remember how many trade u have executed already? Of all that SLs and TPs hit, all that analysing u did since day one? These are all practices. I cant remember how many trades i had so far, all i can remember is, most are bad trades........ =(
Lol, but at least i found out many bad habits of mine and try not to commit them again! (Thats comforting......)
So yes, to me, its really simple... Practice! Try to keep going for as long as possible. For as long as u can go, the more u can trade and every trade is a practice session. No matter the amount. My progress since day one hasnt been significant, but definitely slowly and steadily. One of the most obvious yet forgotten improvement is the amount of trades i execute a day. I used to trade so much like 5-10 times a day. The urge to trade and fail badly. This bad habit is starting to disappear as far as im concern. Now i trade once a day or nothing! Comes to me so naturally that i forgotten about it till i review my monthly trades.
Keep doing something over and over and over and over and over again. You can only get better and better and better and better at that something.
Practice Makes Perfect
Saturday, October 2, 2010
Wednesday, September 29, 2010
Friday, September 24, 2010
Went into hiding and meditate. Reflect on every aspect of my trading style, learn from mistakes.
My first trade with my account is a disaster as i chose to place a bigger lot. Reason being, FIRST TRADE MUST MAKE IT BIG!!! The success of this trade will be a good omen for a start!!
Hell yea im so wrong... big lot = bigger pressure = unwillingness to place further stop loss. Hence my stop loss was being triggered by "noise" when actually my trade should turn up profittable had my stop loss been slightly further.
Then thereafter i became PUSSIFIED and starts placing much smaller lots, and fortunately enough, they are profittable. Then i tot to myself, all these small wins cant or bearly make up for my big loss i had earlier... Something has to be done..............
Finally, i make an effort to do a calculation on my capital and came out with a lot size that is much more acceptable, not too big, not too small. No pressure n no regrets. No regrets as in i wont whine about "IF I HAD PLACE A BIGGER LOT" bla bla bla...
Fortunately again i made it! It hit TP and im over the moon and sun and stars and comet and meteor and space shuttle and and whatever u find up there. GODLY! From all the small wins till now, i had quite a streak... i almost forget what my dad's name is dammit... I lost myself and start to look for a position to get into again........... aiming for a "MONSTER KILL" (If u play DOTA, u will know wat that means)
DANG!!!! Wrong move... bad price bad position. Got shot in the head. The devil inside me came out from my ass again... My placing of stop loss.. i totally ignored stop loss placing, instead i went in another position so as to offset my previous losing position should the price go in my way again.. I GOT RIPPED... Picking up myself together, i got the courage to close both position at a big lost... All my profits earlier dissolve together with my ego. Fall back to earth with a bang... AGAIN?!?!?!?!?!
The above totally sounds familiar...was it like 6 months ago? Cant remember...
Put the past behind, take a step forward
Tuesday, September 21, 2010
Monday, September 13, 2010
This post is more on my trip to local casino I was talking about in a few post back. SGD100 have to be paid as a levy for locals. So you basically lost 100 before u even start to gamble. That prevent a lot of small rollers like me from entering the casino at will.
Friday, September 10, 2010
Friday, September 3, 2010
Tuesday, August 31, 2010
Monday, August 30, 2010
Saturday, August 28, 2010
Monday, August 23, 2010
Thursday, August 19, 2010
Monday, August 16, 2010
Thursday, August 12, 2010
Friday, August 6, 2010
I was pretty bullish with the pair. I did not do a single sell in the movement. I lose too much to know that such news release is not for you to catch every kind of move in every direction. I just kept buying. Like the "catapult" in my June NFP, I juz kept buying at every pull back.
Monday, August 2, 2010
Saturday, July 31, 2010
Thursday, July 29, 2010
Monday, July 26, 2010
Thursday, July 22, 2010
I watched the movie Rounders (1998) on Texas Hold'em recently, after gettin' quite interested into poker. Very nice show with a lot of quotes. One of them he mentioned I find it quite true. He experienced a bad beat at the start of the show (lost his $30,000 bankroll with a full house of nines over aces to Teddy KGB's hidden aces over nines), and had never touch poker for the next nine months.
Before he sat down in his first poker table after such long break he said to himself (narrative): " In Confessions of a Winning Poker Player, Jack King said, "Few players recall big pots they have won -- strange as it seems -- but every player can remember with remarkable accuracy the outstanding tough beats of his career." Seems true to me, 'cause walking in here I can hardly remember how I built my bankroll, but I can't stop thinking how I lost it."
How true that is, even in trading sense, as it's exactly how I felt about myself. Thanks for sharing with me your experiences too Jules. Learning poker/trading rules are definitely easy, but mastering ourselves is another story. But that is what I want to do, I hope to see myself succeed some day.
I had LIVE poker for the first time with my family over last weekend for fun, and we really enjoyed ourselves. My brother-in-law went fanatic and went to buy a set of poker chips the next day and we're looking forward to another round of battle this weekend.
Taking it easy tonight. I'm playing fake money poker online for some leisure time.
+$1 million (well, fake money)
Wednesday, July 21, 2010
Thanks everyone for the encouragement after the "tilt" night last week, like what FX called it. You want a better overview of my tilt night, other than going back to my previous post, you can read an insight here on what kind of behavior I was experiencing in the process of a losing night, for traders.
As always, after such night, the next trading day will be taken slowly. I had 20 minutes trades (about there) tonight, no tens of time in between this time. :) I took 2 trades, one in Eur/Usd, one in Aud/Usd. It went against me at start. Good thing was, I didn't went against myself. I held. Price went towards my take-profit and I was out peacefully.
Below is a shot of Eur/Usd in 1M chart. I traded 15M chart for both btw, for screen-shot sake. More significant downtrend off Eur/Usd. Bounces off 20SMA beautifully.
Aud/Usd in 15M. Short after reversal. Take profit at previous support.
+22 pips. Long way home.
Friday, July 16, 2010
Just take a peak at the number of trades I took. Anyone will call me crazy. Any pro-trader watching me trade will smack me in the back of the head and say "Go home and sleep Black! You are not fit to trade!". Now I start to have doubt in myself on this journey of trading.
Summing up the night, basically my winning (or rather losing) went like this:
+3 (struggling again)
..and the list goes on.
The more I want it back, the lower my bankroll became. hmm.. emotionally unstable right now. I should learn from Jules not to dwell into losses, its a hard process though especially when it just happened. Sorry L&W, seems like my kit kat break is inevitable. :)
Obviously, under this kind of transition (big loss), I myself is to blame, although another part of me feels like gunning down the chart. Seems like the more you want to win, the harder it gets. The market is simply a formless figure everyone is trying to grasp. Like the sand in the palm the more you want it the faster it slip out of your hand, well maybe it only applies to me.
I'ma go get a drink. Criticism are welcomed, else I will take it as you have given up on me.. getting pessimistic here.. :D
Please. Don't try this at home.
How I stopped out just on the point when market reverse.
Thursday, July 15, 2010
Wednesday, July 14, 2010
I feel that in tourney, when ur stakes are running low, you have to push forward as long as you have great cards eg. AA, AK, KK, KQ, or suites pictures - at least for me. Otherwise, the blinds will eat you up alive.
Tuesday, July 13, 2010
One of those days. Traded and traded again.
I had poker in the night too, before this awful trades. I played two tourney tables, Hold'em Turbo Double or Nothing again. I dominated the first table and lost the other at 6th place, damn. Although the river came an Ace that paired with my A+Q, the turn had already spell out the game when his third 9 came out. I had to give it a shot as my capital is running out and the Blinds are very very high.
Very very bad night again.
FX: -50 pips.
Monday, July 12, 2010
Back trading my FXDD account above with my MT4. Well, I felt a lot calmer trading with this. I know it is more "expensive" due to the spread cost. But I don't find myself jumping in all the time. Important thing tonight is to pick myself back first.
Sold the Eur/Usd pair on after a little pullback on the generally downtrend. Picked up my first position with +5 pips on full size. I still have running trades with smaller size position and tight stop-loss. I find that once it break 38.2 fibo level I should be out of it, else I should let it run.
Congratulations to Spain on World Cup 2010! Watching the match (2:30am in a Monday morning) makes me a zombie at work today. :)
Gonna get some rest.
PS: Closed all @ +21pips.
Saturday, July 10, 2010
I did badly since July. I think I need to take a break and do some self-study and re-focus. I did bad because of noob reasons. In my last post, my aussie trades failed me, or rather I have failed myself. The pair I longed, moved all the way down 80+ pips after barely touching my take-profit 10 pips away. I got stopped out.
Firstly, I forgot the fact that take-profit should be targeted at price R/S level, not where I want. I put my take-profit at 0.8800 typical double-zero level and stubbornly holding it even when price was about 0.8780 area. I should know better that it's not everyday Sunday kinda thing.
Secondly, I should only be trading at my usual time. New York session and when I'm most comfortable, not anywhere when I can log-in and do it. I need some serious cut down.
I may post some poker results if I do play but I will take things easy. Time for theory lessons (my ordered books are here :)) and I'm halfway through in Zen And The Art of Poker.
Good luck guys!
Thursday, July 8, 2010
Traded most of my day. Scalp a lot. This and that. Basically, I think I need to cut down the number of trades and take each position more seriously. Less words more screens today.
Scalp couple of trades in Eur/Usd.
Got killed by the cable bad data release on Halifax & Manufacturing Production.
My only hope now lies with Aussie. Take-profit @ 0.8800. But it seems awful. It went up to 0.8790 and now back at 0.8758. :(
Monday, July 5, 2010
Well, here's a strange encounter I had with Oanda customer service. Oanda Asia Pacific here in Singapore conduct a bi-weekly platform training in their head-office. So I receive an email and decide to ask Bottle along. I send an email to them to register for two seats this month-end. It shd be useful. Here was the email correspondences:
Me: Hi, I'm registering for 2 seats for your 30th July session, Black and Bottle, looking forward to your confirmation.
Oanda: Dear Alan, Thank you for your interest in OANDA Asia Pacific (OAP). We are pleased to confirm your attendance for our platform training on 30th July. Looking forward to see you.
Me: Hi, This is Black, not Alan. I have registered for two seats in my previous email. Please confirm, thanks.
Oanda: Dear Black, My apologies on that. Yes, we have confirmed your attendance for tomorrow. Thank you.
Me: In my previous email, it was 3 attendance, for 30th July, not tomorrow!!!! (exclamation mark added in this post)
That officer called me the next morning and apologize to sort things out. Well, I wasn't angry, just find it interesting. I wouldn't say the same if it's talking about funding/withdrawing my money lol.
Anyway, today I mobile traded again and got punched in the face. It seems that the market was trying to tell me to take him seriously. It's not something I can simply buy/sell while sitting in the office. I longed the cable and it went 4 pips before my take-profit and went back all the way down into the drain. I came home to recover a little bit back. But was out too early, due to fear brought in from the day.