Back in action. It gives me so much adrenaline, although the market is relatively quiet tonight. As a comeback after my major lost on the Aud previously, I placed very small size trading but sticking to my system.
I still prefer meta trader though, now I have switched to an iMac I mainly charted with the web-based Oanda. Using Fibonacci Retracement, Simple Moving Averages for my price making decision. I use what I understand at the moment and do not want to complicate myself.
I love Fibonacci retracement to determine support and resistance, and moving averages to determine the current trend.
Minor downtrend, and I sold Eur/Usd on price breaking support see picture screenshot. Mistake here is price has not exactly broken down below the support dotted line. Price bounce back actually, even at the point of writing.
Right now I am placing risk:reward ratio as my no. 1 priority - to seek 1:2 risk:reward ratio at my every trade and stick to it as closely as possible. I do now know how discipline I will follow. But let's give it a try.
Second trade, sold gold at $1,805.54
Closed $1,789.20
Unable to show the chart as it was traded in mobile platform. Anyway FXDD iPad app is really unrecommended. I wanted to enter Xau/Usd at 1,815 by the time I successfully login after 5 minutes was 1,805. When I was trying to close the trade at 1,784 it has 3-4 errors and it closes at 1,789. Grr...
Side track, we do receive personal emails from readers occasionally. Critiques, advertisements, advices and invitations. We appreciate all of them :) Recently to address Mr G. W. email on advices and views on poker. Although I still think forex news releases are important, even if you don't trade them, they work like a land mine, if major ones, avoid them. But we do went to seminars of successful traders who are our technical traders. So it works for individuals.
I sincerely agree with him on the part on poker heads-up, playing the player instead of the cards. Perhaps this is where I need to change in my mind set. Instead of working on what cards to play in a hand and what raises you should do in what position and playing every player using the same system, we should be adapting to play against every different opponents.
How often when you are focusing on crushing on your opponents, a "nh" or a "friggin' luck box" comment by your opponent affects your match? Admittedly, I think I am affected in some ways. Trash talking does makes me eager to crush my opponent ASAP (only end up messing my focus) but it does not affect me as much as when u meet a gracious friendly opponent (so rare) who gives u a "nh" on a big win. I don't know why I inadvertently go soft (not down there). As the saying goes, "nice guys finish last". And so do I, only at times, and yes I think it sound stupid.
I like the way he put it about eliminating opponents and sending them off without giving a f*** about them. It reminds me of the book I read last year by Donald Trump - Think Big & Kick Ass.
Anyway thank you very much you for highlighting these points.
Good luck to us in charts & tables!
Black.
