"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Sunday, October 30, 2011

October Review & Why I Can't Scalp

FXDD: -12%
Oanda: +12%
Poker: b/e

The account size between FXDD & Oanda is quite different. I thought about withdrawing from my FXDD funds and put into my Oanda, but what makes me stay put is the fixed spread FXDD provides even during news trade. But I can't download MetaTrader into my iMac anymore, so it is still hard for me to trade through the iPad.

Overall, the first half of the month was inactive. Most of my actions were very last two weeks of the month. I hope to keep the focus and maintain. Will still be using the same position size for my trades until I can move up further. I have also decided (countless times) to keep an excel for my monthly profit & loss, for all the above.

While calculating my October profit & loss, I was browsing through my year-to-date Oanda transaction history, and I learned something about myself. I can't scalp or take short-term trades, nor can I position trade. What worked best for me so far has been between intra-day trade to swing trade. Here is why I have to place my orders and walk away (not in the cafe):

Started the year with good grinds. It was consistent and I was up about 20%. During March, my capital was -30% or more in ONE night. Sitting down there firing n firing n firing trades like playing Strikers 1945 the more you press the better. Until one big super revenge trade that made a lucky come back.

Cooling period came and then I come back n started trading in June. I grind my way up again slowly and even reached the greenery! Until August, everything busto my account met another -20% tear-down.. in ONE night.

As for why I can't position trade, I think I can't step away from watching my trade progresses. If my trade is 200 pips away from take-profit, I will be watching the price at every thought of it. Very paranoid if you ask me.

Going forward, I hope I am not currently at the middle of my yearly vicious cycle and see another November ONE NIGHT BUSTO again (touch WOOD). Mid-November I will be out of job. So I will have so much time to trade & blog.

Meanwhile, you can take a look at a nice article by fxmadness.

Happy Halloween!


No comments:

Related Posts Plugin for WordPress, Blogger...