Happy independence Day, Malaysia

Alright, today is National Day, a public holiday in Malaysia. It is 52nd commemoration of independence to be exact.

So again, Happy Independence day.
Also, to all muslims

Happy Fasting and 
Happy Eid-ul Fitr, later.

I wish that everybody's happy. But the truth is, I'm not very happy at the moment., the floats in my trading accounts is HUGE!

All of them, especially since last week

I sometime wanna break loose from hedging trading style. But it has been with me for quite some time, so it kinda automatic thing. Everytime the market gone against my position, I will lock the position by open up the opposite,  instead of closing it.

Huarrrghhhhhhhhh,,,

Some say hedging is stupid, newbie, whatever, cost us more and NFA prohibits it. Well I don't care. First it works for me. Second, eventually what all of us trader wanna see is the absolute figure in their account.

But really, nothing comes easy in forex as well as hedging. It is easy to create, but  took ages to settle them. And it isn't easy to release the interlocking positions.

Try open it in wrong timing, your account gone bye-bye.

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My Trading Pledge

In line with trading day tomorrow, I have to improve my trading discipline if I want trading to become a future career. That's my goal afterall. I want trading as main career and I always believe this can be done.

So I have to update my pledge as trader:

Trading is a job, not a game.
(A job is an act of Devotion to God, while game is an act of Recreation)

Because trading is a job, I have to:

1. Work, Not gamble.

2. To trade with Passion and having Fun doing it

3. Decision making with CONFIDENCE.

4. To understand the situation and ABLE to predict the movement of the market.

5. Will become more skillfull and will not be stagnant without progress.

6. Trading with profit.
That's my pledge.

I believe it is necessary as trading psychology.

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Ikrar saya sebagai trader

Sempena kedatangan hari trading pada esok hari, saya harus memperbaiki displin trading saya sendiri jika ingin menjadikan aktiviti trading sebagai karier saya di masa yang akan datang.

Lagipun memang itulah tujuan saya. Saya ingin menjadikan trading sebagai karier utama dan saya sentiasa optimis bahawa perkara ini boleh dilakukan.

Oleh itu, saya harus memperkemaskan kembali ikrar saya sebagai trader:

Trading adalah suatu perkerjaaan ~ bukan permainan.
(Pekerjaan adalah suatu Ibadah, permainan adalah suatu Riadah)
Oleh kerana trading merupakan pekerjaan, saya harus

1. Bekerja, BUKAN berjudi.
2. Melaksanakan trading dengan Minat dan Seronok melakukannya
3. Sentiasa YAKIN dalam membuat keputusan
4. Memahami keadaan dan BOLEH menjangka arah pasaran
5. Menjadi lebih cekap dan tidak berada di takuk yang sama
6. Mendapat Untung dari kerja trading.

Itu ikrar saya...
Saya rasa ianya perlu untuk psikologi trading.

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Market trend ~ What's your wish for, what you can see

This has to be, I mean the concept, has to be understood well among traders.

It can cloud our mind very strongly, the two.

What you SEE (green pips)
You can see clearly that the market is heading down on the chart, on the screen. But due to some floats in your account, you wish that market movement will clear them as soon as possible.

What you WISH (red pips)

You wish market going up and because the wish is strong, you simply ignore of what is seen on the chart.

You're intentionally ruining your trading account

Right, because you already have some float say, - US200 in your US1,000 mini trading account. Because of this, you really wish that market going up. Instead, market actually going down and the float increasing to -US250. Nope, you think. It will goes up later so you still devout to the belief that the market will goes up.

But the market dip further, and now the float is getting bigger than ever. Say, it eats up to -US500 or 50% of your equity and yet still reluctant to believe of what you see.

Your indecisiveness is killing your account. At the end, after your equity left a meagre sum of few hundreds dollar, you opt for the last resort ~ putting up a lock margin in a terrible state. Lucky that your aren't trading in US brokerage firms, but you aren't so lucky anyway.

This is GBPJPY pair, violatility is high. Your 2 lot BUY position stucked at 162.67 and 2 lot SELL position stucked at 148.84.

You're digging your own grave. Die man ...

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So, GBPJPY settle down at 157.00 for now

I presume that for today, gj already hit the lowest point at 156.83 just now. The support quite clear here by now, so I think it is a wise move to close my deal. its already 11.00 pm in Malaysia. Good nite, lets see where gj will bring us tomorrow. Unless it break this support, gj will rebounce...

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GBPJPY, gj, the beast; whatever

Yup, thats what this pair is being called. And I'm not an expert on forex, or didn't I?

Neither did I am a newbie actually.

I considered myself as having strong economics fundamental as well as decent business knowledge (thats what I think~ if you felt insulted in anyway, I'm sorry).

I know ehere market is heading toward in a long run. Long term prediction is easy. For example, US market is recovering say in a year or so. Japan economy is hopeful. At present they are shaping themselves in politic, LDP may not rule the country in near future as the japanese are getting bored with the party's economic policies.

The problem is we don't live in future, we live at present, breathing on the present air, eating the present food and trading with the existing money that we have.

Meaning, it is about a practical, day to day forex trading.

I think reading the present market swing is important, more important than a simple understanding the movement of the market in a long run.

That exactly that I'm going to tell you from now on.

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