Trading, a new week.....

Looking forward to the next trading week....
Monday will be the last day for Feb, so a start of a new month a brand new start in FX...
Leaving behind scalping, I decided to add in a slightly more active chart so as to introduce more entry opportunities for myself. As of next week, I will swing trade both the 15M and 30M charts, both using the same trade strategy.
Just like previous idea on the 30M, I will be looking at only EUR/USD and USD/CHF. Risk amount per trade, regardless of number of pips, will be kept at 3% for 30M and 1.5% on the 15M.

Expected entries per month for 30M = 3~4 trades; 15M 5~7 trades.
Wish me luck!

No trades...

Not a single trade yet after moving back to swing trading. Knowing that im not going to enter 10 trades a day and camping in front of my computer all day long seems more relax. Really prefer this kind of life, trading should be fun. Update once there is a new trade.

No Scalping

Tried out scalping for a week now; realised that scalping is actually not for me. I dont have much time camping in front of the computer everyday; resulted in many missing trades. Overall unprofitable.
Decided to be on full time 30m; trying out 15m.
Rules set for next month of march:
Trading on only EUR/USD & USD/CHF.
30m - 3% risk amount
15m - 1.5% risk amount
Hope to achieve; 3 positive trades on the 30m & 5 positive net trades on the 15m.

S: -65 Pips 30M: +1 Trades

Wow killer day, only one green on my chart. What's wrong?
Got stop twice today. Decided to introduce trading in the morning; to scalp for 20 pips. The continue with the Europe session for another 30 pips.

Manage to limit the EUR/USD 30M trade
EUR/USD: +3, -1
USD/CHF: +2

30M Trades

Base on the month of FEB:

EUR/USD: +2, -1 trades; 1 pending

USD/CHF: +2 trades

S: -10 Pips 30M:-1 Trade

Kinda bad day... Looking at the scalping chart, the last few hours had wipe out my earlier gains + losses. Need to revise the trading hours, last trade to be before ET0900, to avoid the choppy price movement.

30M: got the EUR/USD stopped. As I trade the longer time frame with a limited risk of 3%, thus the number of pips is not really important. Current open position: Long EUR/USD.
 -1 EUR/USD; 0 USD/CHF

S: +40 Pips 30M: 0 Trade

Manage to achieve a good 40 pips for scalping today. I only scalp on the EUR/USD 1M. My max gain is limited to 40 pips a day.
No close position for 30M: currently one open position(EUR/USD) in red.

Scalp

Technical analysis

Even though I do read a lot on the financial news and announcements, however when it comes to trading; I am 100% technical. I only trade base on technical analysis. My past experience with news, especially between ET0900 - ET1200, has made me avoid trading in this choppy period. News will definitely allow you to achieve the max profit in the shortest time due to volatility, however it might be the reverse if the news go against you. Calculate your odds of winning before entering any trades.
Check out Greg Mcleod from DailyFX - one great scalper.

" Forex is like an ATM machine, You only need to know the password to withdraw $$ everyday"
The one and the only problem........ Forex change the password everyday ( if not every hour)

Trading and Investing

Many people have the wrong concept between trading and investing. Many will say that they are investing when they are actually trading and vice verse. Investment is based on prospect when trading is based merely on price actions of any particular instrument.
Know what you are doing and you will do it well.
In this blog I will mainly share about trading of financial instruments(spot FX)

Start of this blog...

Glad to start this chapter in trading. Hopes to record all P/L in this blog as a log for future reference.
Current active in spot FX; scalping EUR and mid term trade on the EUR & CHF 30M charts.
Projected target:
Scalping: 10 - 20 pips a day
30M: 4-6 Trades a month
Risking not more than 0.8% per trade for scalping and 3% for the 30M trades.