Monday, February 1, 2010
Black's January Review & Some Thoughts
This is basically my trade p/l graph for the month of January generated from my MT4. Interestingly, a full scale Eilliot's Wave can also be witness from a p/l graph - one pretty important chart pattern, but something irrelevant in this case. Well, it looks good as obviously it was a profitable month, but thru' thorough examinations and reviewing of my trades, i still find it pretty unstable. Profitable trading has to reach some kind of consistency.
Summarizing my result for January:
43 trades: 27 winners, 14 losers, 2 b/e.
i am happy for the number of pips reaped for the month, although it was way off my target (50 pips per week), considering other commitments at hand, and also school lessons resuming, it is good enough, but still, it can be better.
for the percentage gain on my capital, it is pretty small. i was focusing on the pips earn for January, and had been using the micro lots on my trades. in fact, the gains practically can't even buy u two set meals from Hungry Jack's.
thankful for a profitable month of Jan, as for February, i will be giving a little more focus on Money Management. in another words, i think i shd be focusing on the risk-to-reward in terms of percentage of my capital. will take it slowly, hopefully wouldnt blow up my account lol. i'm still digesting a post though, from fxmadness.com's Mike, on increasing Forex returns through compounding. i guess that is one of the most important factor on profitable forex trading. he is a great writer, and a trader of course, u should find more useful information in the link.
some time back, i bought two motivational posters and stick 'em up at the door of my wardrobe. it may be something u've heard all the while but i still find them very meaningful, in terms of life, work, and even trading.
ATTITUDE: Your Attitude Determines Your Altitude. (Kinda reminds me of attitude trader lol)
This is basically talking about discipline. In life, in the corporate ladder or even in trading, u need discipline. u need the positive attitude, to learn, to overcome obstacles, and not to give up! the more positively inclined u are, the higher u can achieve. master traders don't slack and became what they are, without going thru' ups and downs and overcoming obstacles.
RISK: Take risk. If you win, you will be happy. If you lose, you will be wise. Nothing ventured, nothing gain.
I love this phrase. Especially the last part. Nothing ventured, nothing gained. If you had been to my blog at the beginning few months, you would've notice i used that quote as the captions for my page header. all of us have ventured here, into the currency market, and we're all exposed to risk. i AM here to take risk, when i win, i am happy. when i lose, i am sad of course, but whether u will be wise or not, depends on whether u learn from ur losers. a quote from a friend, "Wisdom however... is a collection of experiences that has been converted into knowledge."
i am here to seek financial freedom. the will to learn this unique skill under this fast-paced environment as a currency trader, has slowly turn itself into a passion. and i believe passion can overcome a lot of things, the interest to learn, the ability to overcome difficulties and the will to excel.
considering the drawdowns me and Bottle have experienced, giving up is still not a part of our options.. although i have to admit, at some point of losing streaks, i felt intimidated juz by opening the chart and see the price movements.. we're looking ahead. and the next step, is, to simply have profitable months all the way thru' to mid-2010.
Happy trading, let's have a great month ahead!