Going Strong at FXCB, but FXCM still a disaster

Hi,

I will post the attachments from FXCB for this post, because I am on a trade in FXCM.

The hangover trades at FXCM were a disaster as well, which means, trading 1 micro lot, I have to come up with 650 pips to break even. Well, to be perfectly honest, I lost only around 150 pips, but I lost them trading 6 to 10 micro lots.

But FXCM is another story, all about leverage and managing money. I will see what I can do next week. Maybe get 400 pips initially and then take it from there. It actually had to do with an inclusion of eur/jpy pair along with cable in my trading portfolio, as you can see from my FXCB trades.

Over at FXCB, the week had been good. Over the past two days, I made 105 pips. Yes, believe it or not, I made 105 pips.

Here is the attachment for FXCB:

Now I am looking to withdraw some money to see how the withdrawal works. And then there is another fxdrive competition on Feb 7th, which should hopefully be a good round. I intend to break the top 10, and at least qualify for the price.

Peace…

Alright, Disaster Day 35 pips profit, 110 pips loss @ 10 micro lots

So, My run of green days is finally over. While I made healthy 35 pips over at FXCB, FXCM account was a disaster.

A few things that I did that I KNEW I shouldn’t have done:

1. Gamble on Forex.
2. Get back at the market.
3. Use more than 25% of account at once.
4. Expecting price to move rather than catching the right train and getting off at the right time.
5. Trade the news, expecting it will go to my side.
6. Over leveraging.
7. Not logging out when it was required.
8. The most dreadful mistake, not seeing price action, which meant all I did was step 1.

In the end, I did get some sense into me to stop trading after wiping 60% of my account clean at FXCM. At one point, I was determined to wipe my entire account, just to get back at the market for eating my money.

What good it would have done? Thats right, that is when I quit trading for today.

Here are the attachments:

Anyways, I will only be trading on FXCM tomorrow. Well, not to get back, but I need to make a good number of pips this weekend to restore my account to where it was at the beginning of the week. Still, I do hate over leveraging.

And what is it with FXCM? I thought FXCB was slow. The stupid thing is taking ages just to print today’s trading report.

Anyways, got to make 250-300 pips tomorrow to clear up the losses, trading 2 micro lots and 2 micro lots only. And if not within tomorrow, at least by the weekend I intend to rake up 400 pips. This is damage control.

Peace…

Contest Round Up-Not Good & Todays Trade-Positive!

Hi,

The contest was a sort of disaster. I managed to get the $1000 up to $3000, but then, things got sort of out of hand emotionally, due to several reasons. But that was that.

As for today’s trade, I made 44 pips on FXCB. I didn’t trade on FXCM today, just really don’t feel good to take that risk, even though the market is really appealing.

I might perform another trade today, but that is just in case.

Here is the attachment:

I might be changing the blog onto a new domain. I have owned a domain and hosting for some time now. I figure it would be much better to host blogs on one’s own domain rather than on a public blog, not that wordpress is bad. I just want things to be tidy, thats all.

Peace…

Weathered a storm!

Hi,

Phew…!!! What a day. To be honest, I am in the red today sheerly in terms of pips. 30 pips loss, and that too on a flat market, when I had around 20 to 30 pips easily in my pocket. I can’t believe I have been an ass today. The most dumbest thing I have ever tried was to get into the tug of war between bulls and bears. I know I am just a speck in the clouds and I should let the giants decide the trend for the day, instead, I tried to tag along, only to find that my tight stops gave me around 55 pips loss on FXCM and 20 pips loss on FXCB.

I also didn’t listen to my inner voice, which I knew to be right almost all the time. It was telling me not to trade for the rest of the weekend. Well, if I had listened to that… No point in pondering over the past!

But tell you what, I wasn’t really going to give in. That is not my style. Of course, I am impatient, hot headed, short tempered, emotional, and in your face, but I am certainly not a loser. I wanted to end the day in profit, at least in terms of account balance. And I did just that. Instead of the single micro lot that I trade on FXCM, i traded 3 micro lots, and settled for 20 pips profits. This limited my loss, and had break even day with $.40 in the green.

Similarly on FXCB, I traded 3 lots, and managed to rope in around 31 pips, and $.50 in the green. Cool! So, I would say that I am -30 pips for today, but what the hell, at least, I managed to keep my account from wiping out.

Here are the attachments. As I promised, I will post all my trading details here, immaterial of whether I gain or lose money. Losing is only a part of life, and as someone once said to me, ‘he who dares loss will succeed’.

And just for a heads up, I won’t be trading tomorrow, and for mostly the next week as well. For this week, I do have some work that I need to finish, and that will take time. I would rather not trade, than trade, lose, and be behind schedule on work.

For next week, I am taking part in a trading competition, FXDrive, being organized by FXCB. They are giving away respectable prize money, and just thought that I will try out my luck there… Maybe, I will post my weekly trading report for next week’s competition here.

Till then, have a great week.

Peace…

Two days combined, Tue & Wed-30 pips profit again!

Hi Folks,

Hope you all had a great weekend. I couldn’t trade on Monday, since I had to attend a family occasion, and was tied up with work as well.

Tuesday wasn’t great either. I don’t know what got into me, but I took some drastic decisions and kept tight stops. As a result, I faced a 25 pips loss. Even though my decisions were fairly accurate, my tight stops and the moving averages didn’t help. Eventually, I managed to break even, and got around 25 pips more than I lost, which gave me some confidence to face the world today!

Today started well, and my first trade was on FXCM. As you know, the cable was bullish today, and if it weren’t for my tight stop, I would have made some remarkable amount of pips. I set my stop to break even at the same time that some traders decided to take the profit. Resulting in 5 pips profit. Not bad I guess, but I went on to make another 25 pips on FXCB. So 30 pips on a trading day once again, and this time, we are making progress!

Here are the attachments:

Lets see what tomorrow holds. Good luck everyone, and have a happy day and a good night’s sleep.

Peace…

Weekly Round Up Jan 4-10, 2010

As you can see, I had a positive week, and I can confidently and proudly say that I have pips in the bag, rather than losing money. And that would be 150 pips in total.

This is indeed the first of its kind for me, as earlier on, when I started trading, I used to lose my entire money/account balance in a week. Let me provide you with a brief history.

I started trading with $400 with the worst broker that i ever encountered in my trading life. I am sorry but I can’t really publish the name of the broker here. ( Of course, I do understand that I need to be factual, and I do want to help you guys. Let me pitch in with a brief advice. Visit Forex Peace Army, they have one of the best broker reviews online. Also visit Baby Pips, they have some of the best forex advice and tutorials available online).

And to resume with the history lesson, after depositing the money, I traded using their demo account for some confidence and experience. This was done without technical or fundamental trading knowledge. When I see green, I pounce on the pair to go long, and seeing red, I go short. Eventually, I started losing money, rather than winning some.

Ultimately, I got the wrong notion that high leverage pays. In the end, I lost all the money in my account, and hey presto, I started to suffer emotionally.

Then I gathered up some lost confidence to get back at the forex market, and deposited another $300. I always wanted high leverage then, but this time, was armed with some technical indicators such as MACD, RSI, Bollinger, etc. Well, yes of course, these were lagging, and not really suited to my kind of trading, which as you can see, is mostly scalping. I managed to multiply my account with some kind of luck. When I reached around $800 in profits, things started to go wrong. I had the worst judgement of trades, and multiplied with forex broker and platform issues, I managed to lose this money as well! ;p

But I had a day job to keep my head above water. I even managed to deposit a couple of hundred dollars into FXCM and other brokers now and then, without luck of getting profits. My account balance usually ran out by thursday or friday of the first week at the very max. I even had a record of wiping my account clean with my first trade!

Hence, in the light of these events. I can safely say that I am progressing here. Hopefully, if I succeed in the coming months, I can also reveal my trading strategies for your benefit.

Peace…

Another Positive day, Wohoo!!!

Hi,

I had another positive day, raking in almost 50 pips. Not too bad I guess, but I didn’t have the confidence to trade more than a single lot today. That doesn’t leave me with much profits, but still, hey, I am in the green and 50 pips sound excellent for me.

Here are the attachments of today’s trade:

I will let you know that my accounts are at FXClub and FXCM. These will be mentioned as FXCB and FXCM respectively in my future posts.

The account at FXCM is leveraged at 400, while the FXCB is leveraged at 100. Today I concentrated on FXCM, since I wanted more control over my trades, and they allow trading directly from the charts.

Good Luck!

Peace…

Another positive day

Hi,

I made around 30 pips today from a possible 100 pip move, but am not feeling very good about trading further. Just one of those days, I guess. I feel relatively satisfied that I managed to get some profits rather than lose out some money.

Slow and steady wins the race. But man, isn’t this tough????

Here are the attachments.

Peace…

A relatively good day :)

Hi,

So, here I am resuming the posting. Today was rather a positive day, and I was surprised. I just hope the luck stays.

I got a total of 70 pips today, and that is gross. I made around 85 pips, but lost 15, but that is alright.

I am attaching two images. Well, sure, let me explain, I have two forex accounts, one had the $30 that I first deposited, and the other one was opened as part of a promotional campaign, getting me a free account balance of $20.

The difference is in terms of leverage, where one has 1:100, the other has 1:200-1:400. Hence, obviously, I use the account with 1:100 more frequently.

Nevertheless, lets look forward to tomorrow!

Good luck. Peace…

New Year

So, apologies once again for not posting for quite a long time…

I was taking some time off, having a vacation (sort of) and been learning a bit about trading better.

Tomorrow is the day that I start my real trading, with an effort to get to grips with the intensity and effort required for bringing my dream to reality.

Once somebody said that money is not everything, and that money earned should be spent. That is somewhat of a cycle of life. Lets see.

Good Luck everybody and wish you all a happy new year…