Some Updates
8th February 2006
Sorry, not updated the journal for about a week now, but here you go:
3/2/06 0800 Short Cable @ 1.7775
7/2/06 Closed @ 1.7452 for a gain of 317 pips after costs.
Now that was a nice trade to catch
Out of the market, awaiting re-entry.
Cable running total: +321 pips.
8th February 2006
Sorry, not updated the journal for about a week now, but here you go:
3/2/06 0800 Short Cable @ 1.7775
7/2/06 Closed @ 1.7452 for a gain of 317 pips after costs.
Now that was a nice trade to catch
Out of the market, awaiting re-entry.
Cable running total: +321 pips.
General Update
20th February 2006
Closed my cable short from 1.7344 at 1.7378 for a loss of 34 pips, bringing my cable running total to +117 pips.
Well, I'm enjoying this, not making wads of cash, but I'm enjoying refining and learning, watching the markets as they move.
My original plan of 'trading for a living' by June this year is looking less and less likely, but that's not a worry to me. If it takes me to the end of the year to get things just right then so be it, I'm willing to wait and make sure I'm making the right moves, then I'll know when I'm ready to take the plunge that I'm doing it with everything on my side that I can get.
From today, I'm changing timeframe, from 4H to 1 Day. This will make me even more of a swing trader, taking positions from 1 day to 15 days, still mainly with Cable, but I'm also looking at EURUSD, FTSE and DOW, now that I have an idea of what I'm doing.
The other reason for the change, is that from the end of this week, I'll be off work for 3 weeks on Paternity/Holiday leave as our new baby will come into this world next Tuesday, 28th. The change to EOD trading should fit around this event nicely, as I'm sure I'll be awake at midnight for a while to check EOD FX prices if the last one was anything to go by.
So, trading wise, I'm currently:
17/2/06 Long cable from 1.7390.
All the best all.
20th February 2006
Closed my cable short from 1.7344 at 1.7378 for a loss of 34 pips, bringing my cable running total to +117 pips.
Well, I'm enjoying this, not making wads of cash, but I'm enjoying refining and learning, watching the markets as they move.
My original plan of 'trading for a living' by June this year is looking less and less likely, but that's not a worry to me. If it takes me to the end of the year to get things just right then so be it, I'm willing to wait and make sure I'm making the right moves, then I'll know when I'm ready to take the plunge that I'm doing it with everything on my side that I can get.
From today, I'm changing timeframe, from 4H to 1 Day. This will make me even more of a swing trader, taking positions from 1 day to 15 days, still mainly with Cable, but I'm also looking at EURUSD, FTSE and DOW, now that I have an idea of what I'm doing.
The other reason for the change, is that from the end of this week, I'll be off work for 3 weeks on Paternity/Holiday leave as our new baby will come into this world next Tuesday, 28th. The change to EOD trading should fit around this event nicely, as I'm sure I'll be awake at midnight for a while to check EOD FX prices if the last one was anything to go by.
So, trading wise, I'm currently:
17/2/06 Long cable from 1.7390.
All the best all.
Closure
29th March 2006
Hello all.
Well, I'm back in the office after 3 weeks off to bring my new son into the world, it's been a very busy time and I've had no time to trade at all.
Actually, I feel quite good about that, I am certainly less stressed, not having to worry about positions and making a profit or finding the ever elusive holy grail.
As such, I've made the momentus decision that trading is not for me. I'm basically break even, having not lost much money and having gained some valuable experience and friendly contacts.
I'm going to go off and further the things I'm best at, i.e. IT, computing, database analysis an software development.
I've tried to make something of trading, realised its not easy and that I'm not going to make a million overnight, so I'm going to move forward with some other plans to set up my own IT business, an area I know very well.
I offer my thaks to all who have helped me on my trading journey and humbly bid you farewell and all the best with your trading.
Be lucky.
Dave
29th March 2006
Hello all.
Well, I'm back in the office after 3 weeks off to bring my new son into the world, it's been a very busy time and I've had no time to trade at all.
Actually, I feel quite good about that, I am certainly less stressed, not having to worry about positions and making a profit or finding the ever elusive holy grail.
As such, I've made the momentus decision that trading is not for me. I'm basically break even, having not lost much money and having gained some valuable experience and friendly contacts.
I'm going to go off and further the things I'm best at, i.e. IT, computing, database analysis an software development.
I've tried to make something of trading, realised its not easy and that I'm not going to make a million overnight, so I'm going to move forward with some other plans to set up my own IT business, an area I know very well.
I offer my thaks to all who have helped me on my trading journey and humbly bid you farewell and all the best with your trading.
Be lucky.
Dave
I'm Back and Firing On All Cylinders
17th October 2006
Well, look at that, my last post way back in March said I was done with this trading lark, but I quickly came to realise that I cannot stay away!
I've been through a lot in the past 6 months, emotionally, I've grown up and as a 32 year old man, its probably about time I did.
I have a sort of inner peace thing going on, that has helped tremendously with my approach to life, and what I want out of it.
I've spent a long time over the past 6 months examining my past trading approaches and what my aims and objectives of trading are. One thing is clear, I have a passion for trading, I love it and that alone is a key factor to my current and future success.
I'm now very focussed. I trade ONLY GBPUSD mainly off 5 minute charts with 15 minutes for some confirmations. I trade very selectivly, I wait for opportune times where I know I have a high probability of success.
My mantra if you like, is 'high probability, low risk' trading. I use both technical and fundamental analysis to look at key events and timeframes and take my trades from the volatility they provide.
My initial aim was to average 50pips per week, on a consistent basis - which I have been achieving with very low exposure, low risk coupled with a high probability of success.
I now feel as if I'm reaching the stage I've always wanted to be at, I'm not afraid to get into the market, I'm not afraid to get out of the market and above all, I have an instilled level of patience and discipline in my life which, as mentioned, helps tremendously with my trading style.
This week has started well, I'm +80 yesterday (16/10) and so far today, noon on 17/10 I'm +40. Some days are working out really great, way exceeding my weekly average and some days are around breakeven, I very rarely have had a losing day (although I have had losing trades).
Taking a breather just now, waiting for the 1330 timeframe and the reports to kick in then, at which point I'll update my blog.
Its good, no great, to be back.
Good trading everyone, it can be done.
Dave
17th October 2006
Well, look at that, my last post way back in March said I was done with this trading lark, but I quickly came to realise that I cannot stay away!
I've been through a lot in the past 6 months, emotionally, I've grown up and as a 32 year old man, its probably about time I did.
I have a sort of inner peace thing going on, that has helped tremendously with my approach to life, and what I want out of it.
I've spent a long time over the past 6 months examining my past trading approaches and what my aims and objectives of trading are. One thing is clear, I have a passion for trading, I love it and that alone is a key factor to my current and future success.
I'm now very focussed. I trade ONLY GBPUSD mainly off 5 minute charts with 15 minutes for some confirmations. I trade very selectivly, I wait for opportune times where I know I have a high probability of success.
My mantra if you like, is 'high probability, low risk' trading. I use both technical and fundamental analysis to look at key events and timeframes and take my trades from the volatility they provide.
My initial aim was to average 50pips per week, on a consistent basis - which I have been achieving with very low exposure, low risk coupled with a high probability of success.
I now feel as if I'm reaching the stage I've always wanted to be at, I'm not afraid to get into the market, I'm not afraid to get out of the market and above all, I have an instilled level of patience and discipline in my life which, as mentioned, helps tremendously with my trading style.
This week has started well, I'm +80 yesterday (16/10) and so far today, noon on 17/10 I'm +40. Some days are working out really great, way exceeding my weekly average and some days are around breakeven, I very rarely have had a losing day (although I have had losing trades).
Taking a breather just now, waiting for the 1330 timeframe and the reports to kick in then, at which point I'll update my blog.
Its good, no great, to be back.
Good trading everyone, it can be done.
Dave
Another Few Pips In The Bag
17th October 2006
Update at 1505.
Ok, I've been in and out the market since the news release at 1330 and 1415. Long Cable, 2 contracts at 1335 @ 1.8676 (inc spread) sold 1 contract at 1.8686 for 10 pips, scratched the second lot out at 8676 for a breakeven on the balance. result +10 pips.
Long Cable, 2 contracts at 1418 @ 1.8692 (inc spread), sold 1 contract at 1.8702 for 10 pips, sold second at 1.8706 for 14 pips, overall 24 pips from the move.
Total for period: 34 pips. Total for day: +74 pips.
Just to be clear here, my strategy is to trade 2 contracts, out 1 after 10 pips and out the second when my gut/indicator/expectation is reached - this second contract can and has run on for up to 40 pips, or has turned, in which case I never take a loss on it, exiting at the entry level for a breakeven on the second contract.
So, although there wasnt a move of +30 in the second period of trading, the use of multiple contracts allowed me to get more out of the smaller move, i.e. 34 pips out of a 24 pip move.
Thats me done for the day, another good day on the books.
Happy trading all.
'Inner peace, it works for me.'
17th October 2006
Update at 1505.
Ok, I've been in and out the market since the news release at 1330 and 1415. Long Cable, 2 contracts at 1335 @ 1.8676 (inc spread) sold 1 contract at 1.8686 for 10 pips, scratched the second lot out at 8676 for a breakeven on the balance. result +10 pips.
Long Cable, 2 contracts at 1418 @ 1.8692 (inc spread), sold 1 contract at 1.8702 for 10 pips, sold second at 1.8706 for 14 pips, overall 24 pips from the move.
Total for period: 34 pips. Total for day: +74 pips.
Just to be clear here, my strategy is to trade 2 contracts, out 1 after 10 pips and out the second when my gut/indicator/expectation is reached - this second contract can and has run on for up to 40 pips, or has turned, in which case I never take a loss on it, exiting at the entry level for a breakeven on the second contract.
So, although there wasnt a move of +30 in the second period of trading, the use of multiple contracts allowed me to get more out of the smaller move, i.e. 34 pips out of a 24 pip move.
Thats me done for the day, another good day on the books.
Happy trading all.
'Inner peace, it works for me.'
News Brings Pips
18th October 2006
Well, the 0930 announcements provided a good move and I've taken 30 pips again using my 2 contract strategy, the first trade was short 2 contracts at 0935 @ 1.8721 (inc spread), exit 1 contract at 1.8711 for 10 pips and exit the second at 1010 @ 1.8701 for 20 pips off the second contract, total 30 pips.
No more action from me until the 1330 US announcements.
Happy trading,
Dave
18th October 2006
Well, the 0930 announcements provided a good move and I've taken 30 pips again using my 2 contract strategy, the first trade was short 2 contracts at 0935 @ 1.8721 (inc spread), exit 1 contract at 1.8711 for 10 pips and exit the second at 1010 @ 1.8701 for 20 pips off the second contract, total 30 pips.
No more action from me until the 1330 US announcements.
Happy trading,
Dave
News Moves This Market
18th October 2006
Nice 1330 announcement and subsequent move.
Entered short at 1335 @ 1.8715 (inc spread) 2 contracts, first off at 1.8705 for 10 pips, second off at 1.8695 for 20 pips, total 30 pips from the move.
Could have stayed in and let the second contract run, but sometimes just like to take my pips and get out.
All in all, another great day, 90 pips up, a little hard to work it in the morning session, but the later trades were sweet and easy.
No other real opportunities for me today, so I'm done, see y'all tommorow.
Dave
'Inner peace, it works for me.'
18th October 2006
Nice 1330 announcement and subsequent move.
Entered short at 1335 @ 1.8715 (inc spread) 2 contracts, first off at 1.8705 for 10 pips, second off at 1.8695 for 20 pips, total 30 pips from the move.
Could have stayed in and let the second contract run, but sometimes just like to take my pips and get out.
All in all, another great day, 90 pips up, a little hard to work it in the morning session, but the later trades were sweet and easy.
No other real opportunities for me today, so I'm done, see y'all tommorow.
Dave
'Inner peace, it works for me.'
An Easy Morning
19th October 2006
Just finished my morning session, an easy 20 pips in the bag after an initial 10 pip loss this morning, a little hard to work, but no stress and no exposure after the initial downside hit.
Some news today at 0930 and 1330 due, but maybe not all that interesting, we'll see what happens.
Dave
'Inner peace, it works for me.'
19th October 2006
Just finished my morning session, an easy 20 pips in the bag after an initial 10 pip loss this morning, a little hard to work, but no stress and no exposure after the initial downside hit.
Some news today at 0930 and 1330 due, but maybe not all that interesting, we'll see what happens.
Dave
'Inner peace, it works for me.'
More Pips From The News
19th October 2006
Another nice news reaction brings another 30 pips.
Entered 0933 short 2 contracts at 1.8688 (inc spread) exited 1 contract at 78 and the second at 68 for 30 pips.
Running total for the day, 50 pips.
Nothing more from me until the 1330 US announcement.
Dave
19th October 2006
Another nice news reaction brings another 30 pips.
Entered 0933 short 2 contracts at 1.8688 (inc spread) exited 1 contract at 78 and the second at 68 for 30 pips.
Running total for the day, 50 pips.
Nothing more from me until the 1330 US announcement.
Dave
Patience Pays
19th October 2006
Well, a strange news reaction today, a bit of upward momentum prior to the news then a reversal.
Lost 10 pips on the initial reversal, then just bagged 30 on the long action again using my standard 2 contract approach, took a little while, but we got there, result +20 pips.
Out of the market for the rest of the day now with a daily tally of 70 pips.
Dave
'Inner peace, it works for me.'
19th October 2006
Well, a strange news reaction today, a bit of upward momentum prior to the news then a reversal.
Lost 10 pips on the initial reversal, then just bagged 30 on the long action again using my standard 2 contract approach, took a little while, but we got there, result +20 pips.
Out of the market for the rest of the day now with a daily tally of 70 pips.
Dave
'Inner peace, it works for me.'
