PokerStars - Raise Money for the Philippines Typhoon Relief Fund

I'm sure most of you have read the news of the devastating typhoon that hits Philippines. We may not be able to help them personally there, but your funds and donation will contribute to their shelter, clothing, food etc.

PokerStars will match total amount raised when you donate thru' PokerStars client. << click here

..a little contribution from my sis and I.

Else, you may contribute directly here.

Please help.

Thank you!

Black.

Just another post to remind myself

Not sure if its just me or it happen to everyone else...

Ok this is a story of the difference between what i want, what i expect and what will actually happen. Or rather, a little true story of greed and fear.

I believe most of us would have read stuff like having a system, or a set of rules to follow strictly to, be it online or books we grab off bookstore shelves... Yes, im just like the majority of self learning traders-wannabe out there.. i came out with a system that (i hope) suits to my style of trading.

Imma skip the part whereby we came up with that signal entry and exit thing. We all have our own different way of entry and exits. What im actually want to talk about... is the part where we set the stoploss and take profit level.

So generally, we all have a certain percentage of our account that we are willing to lose and also... not to mention, the best part.. the part where we plan how much we can rip from this trade. That is the profit part.
Ideally, profit should be bigger than the loss. We read stuff like 1:2 or at least a 1:1.5.. worst to worst... 1:1.. right? Well logically thinking, we wouldnt want to have our risk of loss higher than that of profit. Very safe i would say. Because that is what i am doing.

So there we are, entering a trade when the entry signal came, we try to set the parameters for SL and TP.

Subconsciously, i will have in mind where i want my TP to be... We all know that our system will give us an exit, like the last peak? Or at one of the major resistance level? But what if these level doesnt rip u the amount of pips you want? It could be like 10pips away to your ideal ratio of 1:2... Greed perhaps.. i will sometimes set my TP at the level where I WANT.. L O L... As im typing now, i know it is stupid... but in the midst of making that decision during trading... Emotions come in.

So well sometime my greed pays off.. but usually, there isnt any good ending.. HA HA

Not only did greed affects my decision. sometimes fear also makes me set my TP at safe level. So the ending is of cause, wasteful. I will waste a chunk of the profit due to my bad decision to be safe and not go for more. Amateur mistakes.

As for SL, discipline and past bad experience tells me that i should just set it at a point where its the amount of loss that im willing to risk. Simple as that.

Fortunately, that was the past me.. It seldom happen now. Occasionally i still have the itch to.. you know, get back to old self.

If you did what i did, and still doing what i did... You are not alone............ I know that feel bro. Keep resisting the temptation yea?

"This is John Connor. If you are listening to this,you are the RESISTANCE."


Regards,
Bottle

Bottle's crystal ball speaks

Did something pretty stupid earlier.. I set an order to BUY EURUSD pair, but instead... It became a SELL due to my carelessness.. Clicked wrongly i guessed, and without double checking... of course.

Order filled, price plummet about 50pips down... i thought to myself OMG.. what a bad entry... Couple of hours later the price went back up to my entry level. I check my trade again.. DAMMIT WHY IS IT A SELL??? Which means.. i was in +50pips earlier... Mother of goddddd.... If i had checked earlier, i would have close it and earn those accidental profits. MUhahAHAHAHhaha


Close my SELL trade and lose several pips. Did a BUY trade at a lousier price. Keep cursing at my carelessness while executing all these.

Went to sleep. And i dreamt that my BUY trade is still ongoing with +85 pips.. Exactly near where my TP is.

HMMMMMMMMMMmmmmmmmmMMMmmMM

I entered 1.3050. TP at about 80 - 90 pips up. Will my dream come true??? Current price at 1.3070.

Stay tuned...

Bottle

My Friend the Trend

Did a guerilla counter-trending as you can see on the above image. My step by step thoughts on how i did the trade.

1. Identified the trend to be a down one.
2. Notice a shift in momemtum, a retracement is coming.
3. Get in trade and TP level at purple circle with stop loss 40pips away.

As time passes by, my desired result is not achieved yet.. Major market is opening and realize the ball isnt in my court anymore. It is taking too long. Felt uneasy as im going against my friend the trend. I entered the trade while major markets are closed. Market was quiet. But now the market has awaken and so is my friend... I backstabbed my friend the trend while he is asleep!

I felt guilty and exit my position with a +5pips.

After which, i went on to sell the pair right after my signal appears. Retracement over, time to go back into the supposingly downtrend that i think it is.

Entry on that red arrow... exit circled in green. Around that area which i cant rmb exactly where. Just rmb i got a tidy +60pips.

I hug my friend again~~~~

All my plannings and thinkings and assumptions of the market may not be right. It maybe laughed upon by the experts. But at least i do what i know and plan what i know. Im trading with a plan.

It rrrrreaaaaaalllyyy feels good to plan a trade, carry it out... best of all, end up with a profit.

Bottle
Trade to trade well.

Judgment Call

Gbp/Usd: Short trade.... long yellow lines are my imaginary support and resistance lines. Consolidating for a while and pooof.....

I closed the trade 10 pips short of my take-profit.. and one of those times my gamble is correct. The further it went was 5 pips short of my take-profit.

Orders for Aud/Usd at 1.0200 did not hit.

Very tired from work..

Black.

Lucky but Backside Itchy

This summary is not available. Please click here to view the post.

Cockteaser Part 2

Usd/Jpy current position.. another cockteaser which frustrates me a bit.. 5 pips away from take-profit and by the time I checked back it went far away. Manually trailing stop at the moment. 

Stop-lossed Eur/usd last week at -61 pips. Bad bad.

Might close out positions before NFP.

Black.

Cockteaser

5 pips shy from my take-profit and off it went, there goes my 100 pip profit. It happened when I was still busy in the office and did not realise, until the FOMC statement this week reversed the fate. Closing this position out at -30 pips.

Current position: short Eur/usd.

Gbp/Usd

Been watching the drop for a while but didn't have the confident to enter trade. Came back home "early" after knocking on Tuesday for U.S market. "Felt" the fall of this pair might reach it's "max", there long this pair and closed my position during Asian market today when it hit the 20 SMA. Took this trade & closed it out solely on daily timeframe. Bagged a +220 pips, so happy for a come-back trade!!

As you can see this pair is continuing to go up, which gives me an "urGhh.. what if I held!?!" feeling. But feels good to be back in action especially winning. Memories of previous trades were all losing lol.

Been away for quite some time as like I said previously, I'm still working in this brokerage firm. Working almost like 11-12 hours per day. I'm tired to the max after knocking off. Went home bath and slept. Basically there goes my trading days.

What to do, need to earn to make a living. Cost are rising, monies are depleting - part of the reason why some of us are here too. Time to turn in, have a good weekend people!!

Black.

The Mental Game Poker 2

Came back to blog just to update you guys on the sequel of this wonderful Mental Game of Poker by Jared Tendler.

Here is my review of book 1

http://blackbottleforex.blogspot.sg/2012/01/mental-game-of-poker-book-review.html?m=1

I have pre-ordered for a signed copy already here

 http://jaredtendlerpoker.com/thementalgameofpoker2/

CAnt wait! :)

Btw, Im long Gbp/usd... Back in a bit of action after ages..

Black