Forex Mistress

Forex Mistress has moved to a better place!

2010-03-07T10:54:00.000-08:00

Hello World! Thanks for visiting forexmistress.blogspot.com

I’ve recently moved to my own domain! More stories, tips and other writes-up to come so check 'em out!

Forex Mistress:
Learn to Live with Forex Trading

Week Two Review

2009-08-31T10:36:00.000-07:00

Trade 1: http://www.meetpips.com/czarinacleopatra/entries/8958#all

Good Point:

- I followed the Inside Bar rules.

Bad Point:

- I didn’t read the news! :P Ha-ha, what a shame! I just jumped in and entered a trade – just an hour before the release of some important US events. *sigh* He-he... so my poor trade went down that quick. I finally noticed that the market reacts quite early. Did I just ignore the doji? Anyway… rooooar.

Trade 2: Unfortunately, I wasn’t able to update this trade on MeetPips (again). I’ll just upload the chart before my entry (155.41).

Good Point:

- I followed the Inside Bar rules. (Why am I following rules now? He-he)

Bad Points:

- I entered the market late…
- And I exited early. (Roar! I was threatened by that green IB!)

Bambibambibambibam… So to sum up my trading week… I’m on the negative this time. There have been crazy inside bars showing. And I really found them really scary! Haha

Also, this week has been very busy… woah! Good thing, our midterm exams are through. :D Yay!

Last Week's Review - Trade #4 & #5

2009-08-16T09:38:00.000-07:00

Trade #4 : http://www.meetpips.com/czarinacleopatra/entries/8813

Well done! He-he, ok no bad points here ‘coz I followed the trading plan.

Trade #5 http://www.meetpips.com/czarinacleopatra/entries/8853

Mmmm, I tried to apply the long wicked candle pattern using a 30-minute chart. On this trade, it did well because I exited late. (LOL, my bad habit saved me, huh?) I was able to catch 20 pips before the weird candles appeared. Hmmm, good thing I exited early. It should’ve been the same old story… stopped out and then take profit hit.

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Woah! So to sum ‘em up, I did well this week! He-he, joke! Hopefully, I’ll be able to change my bad habit and instill more self-discipline in future. =) Yup, it’s still a long journey for me. There’s still a lot more to learn.

Last Week's Review - Trade #3

2009-08-16T09:37:00.000-07:00

Trade #3 http://www.meetpips.com/czarinacleopatra/entries/8794

Good Points:

1. I took the trade even though it’s late. Hehe, yea, this is counted. It’s still a 70-pip trade. :P
2. I adjusted my stop loss… just in case the market would move against me.

For the record, here’s the computation on the adjusted stop loss:
IB Low - .15 = Short Entry
159.90 - .15 = 159.75
IB high + .08 = Stop loss for Short entry
160.25 + .08 = 160.33

The above computation should be the entry and stop loss, if I traded the IB the moment it came out; but I was able to enter the market late at 159.40—which had cost me 35-pip.

Note: I just subtracted those 35 pips to the original stop loss.
Original Stop loss – Opportunity Cost = Adjusted Stop loss cost
160.33 - .35 = 159.89

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Yehey! No bad point for czary… :D

Last Week's Review - Trade #2

2009-08-16T09:36:00.000-07:00

Trade #2 : http://www.meetpips.com/czarinacleopatra/entries/8774

Good Point:

1. I followed the Inside Bar entry rule—which is to entry long if price break the IB high, plus 8 pips.

Bad Points:

1. I wasn’t able monitor my trade! He-he, entering a trade when you’re in a hurry is really a bad idea. And it’s a terrible mistake when you intend to leave the trade alone! :P (Lesson learned)
2. I did not trade the new inside bar. This is another mistake caused by not monitoring my trade. On hindsight, I should’ve closed my trade and enter another.

Last Week's Review - Trade #1

2009-08-16T09:26:00.000-07:00

Trade #1 : http://www.meetpips.com/czarinacleopatra/entries/8733

Good Points:

1. I followed the magical entry formula. (Short Entry: Low of Inside Bar less 15 pips).
2. I waited for the break. Yay! This is my first problem. =) I used to jump on a trade without waiting for the break.

Bad Point:

1. I did an early exit—again … grr… I don’t know how to remove this bad habit of mine. They say you should follow your trading plan. But then, they also say: “Don’t let a winner be a loser.” Ha-ha! So I’m confused. OK, discipline, discipline! Trust your trade and follow your trading system. (I wish! *sigh*)

Trading day after GBP day

2009-08-12T11:23:00.000-07:00

Woah! I’m glad I was able to get some pips today even though my trade that gave me 104 pips was taken last night. I didn't trade much today. Because of the GBP economic releases scheduled earlier. This evening, I was able to take one trade. 30 minutes before the Great Britain Jobless Claims was released, I was planning to short the pair. (Ha! Good thing, I did not trade.)

There are lots of speculations that the Pound would be weakened by the expected negative results from inflation data. It's still a mystery to me why GBP went up, instead of going down.

Hmm, I was imagining that--maybe, a big bunch of traders also expected GBP to get weak so they all shorted GBP/JPY... Ha! (again) I'm glad I didn't look at the negative side of the UK data. Who knows, Great Britain could still be in a good shape despite all the noise.

Frustrated Trader

2009-08-10T11:54:00.000-07:00

Oh yes! I am. Hehe, what’s the most frustrating thing that can ever happen to a trader? Ahhhhhh! First, spot a trade but did not trade it! Second, exiting a trade without giving a chance for your TP. Hehe, the second one could be acceptable. There's a thing called 'gut feeling' he-he. Sadly, the first one just happened to me today. I've spotted a trade but couldn't trade it. *sigh*

Just learned a lesson, I guess.

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Although my day is not really bad. Hehe, I was able to catch some pips today. Sorry for late posting.

Pair: GBP/JPY
Entry: 162.54
Stop Loss: 163.09
Take Profit: 161.64
--
Early Exit: 162.05 (I did not wait for my TP!)

“The Return of the Come Back”

2009-08-10T06:23:00.000-07:00

OK, here I am again after ten years of non-trading. I know my title is kind of weird. It should be “New Set-Up, New Trading Style” actually.

To start with, I admit I’ve been trading blindly before. My knowledge in trading is very limited and, I must say, blurred. I feel odd when after trading for a couple of months, I realized I’m not learning anything. I’ve been trading using my guts alone—without any technical or fundamental reasoning at all. I mean no rules or strategies… I just trade and trade and trade!

Now, speaking of trades, here is a brief description of my “new set-up”:

Time Frame: 30-mins

I think this is temporary. I’m planning to trade NickB’s method; he uses only 4-hr chart. (I just hope I can integrate NickB’s method with this current experiment method of my trading. Hehe.)

Indicator: No Indicator

I’m not sure if Pivot Point is considered as an indicator. I’ve removed OscE, RSI, and ATR from my previous chart. I’m not really a fan of indicators because I don’t understand them. It’s as simple as that. Oh yes, many traders say: “KEEP IT SIMPLE” and that’s what I intend to do with my trading style from now on. I’ll just make use of Pivot Point for Entry and Take Profit. And we’ll see how it goes.

Pairs: GBP/JPY

OK, GBP/JPY! I’ll stick to yah! Ha! I removed other pairs in my AccuCharts so that I’ll trade GBP/JPY only! And that’s final. Yikes!

That’s all, for now—nope, I won’t discuss my trading style yet. Coz I don’t have any right now. Haha. Plus, I’m feeling lazy… the effect of that brain-melting addition and subtraction for Entry and Stop! Yup… give me a break! LOL

P.S.

Have a glimpse of my new chart. Plain and Simple. =)

How to Trade Forex – Where to Start Learning

2009-03-23T10:51:00.000-07:00

Hey, wait! What is Forex, anyway?

The term ‘forex’ refers to the Foreign Exchange market, which has a volume of over $4 trillion a day—making it as the largest market in the world. Forex is also nicknamed as ‘FX,’ ‘FOREX,’ ‘Retail forex,’ and ‘Spot FX’ or ‘Spot.’ And the New York Stock Exchange has a volume of only $25 billion a day. Wow! Forex is so big!

Simply put, forex is a cash market made by large banks from different countries; thus the different foreign currencies involved. Forex trading is the exchange of one currency for another. In theory, Forex Trade is viewed as a ‘spread’—to buy one currency, you must sell another.

The default leading currency is the USD or US Dollar. Therefore, all currencies are measured in units per 1 USD. In a pair like USD/JPY, only the USD is appreciated in value not the JPY. In a position: to own USDJPY, you are ‘long’ the USD and ‘short’ the JPY.

Examples: 1 USD is equivalent to 125 JPY (Japanese Yen); or 1.5000 CHF (Swiss Francs)

Still have questions about forex? Yes, plenty but the next one is: ‘Where can I start learning Forex?’ You can learn everything about forex thru online schools because there are lots of sites that offer free opportunities to study forex education.

You must have heard about the BabyPips School of Pipsology. They are the best site to acquire education in Forex. Huh? You haven’t yet? Ooh, you must be a complete beginner. The best move for newbies is to start reading in the School of Pipsology.

Hey, don’t jump to this site at once ‘coz I’m not through with my forex tips yet. Please, hold on to your excitement for just a few more minutes.

Tip 1: You won’t be billed by BabyPips because they offer all crucial forex information for FREE.

Tip 2: The School of Pipsology is tailor-made for beginners. Newbies will learn all the basics or fundamental stuff about forex, namely; how it works, what are the different forex ‘lingos,’ how to understand the various technical indicators, and many more.

Tip 3: There’s the lively BabyPips Forum. Meet the traders who have extensive expertise in the forex arena. You will surely learn a lot from these veterans. All traders meet in the Forum to exchange ideas, strategies, and tips. The exciting part is: all new and future traders are welcome to participate.

Tip 4: The BabyPips has useful stuff like—Economic Calendar, Forexpedia, and the Forex Blogs. There are 12 blog categories and here are the popular 5: Pick of the Day, Piponomics, Chartology, Currency Currents, and Pipsychology. Yes, you guess it right. They are my favorites. Ha ha.

Ok, now, I think you’re ready to check out BabyPips. Enroll now and enjoy!

P. S.

Watch out for more forex tips about related sites. There are a lot of news and review sites that also play important roles in the world of forex trading. While studying in the School of Pipsology, you’ll discover that the News and Brokers reviews are the next lessons in line.