10 December Trading

It a bad day. I lost 10% today. A valuable lesson: Don’t trade when it is in consolidation. It’s just like gambling. So here’s the current strategy:

• Make a rule when to buy and sell. Enter position when the candle direction is the same like the trend. And it is in early stage of the trend or a reversal of a pullback. Don’t buy if it has the same direction like the trend, but it has moves a lot, because it often have pullback.
• Follow trend which is made by MA 8 and MA 14. So it the trend is going down don’t buy.
• Avoid news announcement
• Proper stop and loss. SL 5, TP 12
• Write trade log
• Avoid long tail candle and consolidation, shown by oftenly MA cross over.

8 December trading

Today’s news: The yen may extend its advance versus all of its major counterparts after a reduction in Greece’s debt rating by Fitch Ratings and a Dubai developer’s $3.65 billion loss discouraged demand for riskier assets.

Currently, today’s profit is 30%. Remember my rule:

• Make a rule when to buy and sell. MA cross over and W and M rule.
• Follow trend
• Avoid news announcement
• Proper stop and loss
• Write trade log

Here’s the implementation

• Make a rule when to buy and sell. Enter position when the candle direction is the same like the trend. And it is in early stage of the trend. Don’t buy if it has the same direction like the trend, but it has moves a lot, because it often have pullback.

• Follow trend which is made by MA 8 and MA 14. So it the trend is going down don’t buy.
• Avoid news announcement
• Proper stop and loss. SL 7, TP 12
• Write trade log

This post is to remind me that forex trading is profitable if you follow the rule. Just follow this post and I should win.