Trading Report Card – Nov 09

I had quite a bad month for FOREX trading. It wasn’t the market but myself to blame.

Stock Trading Plan

Since the market hasn’t been moving much, I decided to take the back seat to watch the market movement. I became more strict with entries and hence, very few trades have been made this month. In fact, 3 trades were made only during the last week of the month and they are mainly commodities related. All entries were due to low k-line, rising volume and breaking of resistance.

Results

SATsvcs was a trade carried forward from previous month. It broke support and was closed with a -S$200 loss. Epure was exited on 30/11/09, which was expected as SGX open in the shadow of Dubai debt problem. I am glad that at least I have 2 counters still open.

FOREX Trading Plan

With 3 strategies of varying time frame, I decided to focus on the longest one – swing trade (close trade within days). The reason is because I do not have time to monitor the hourly chart everyday, hence the time frame of a swing trade is more suitable for me.

Results

I would give myself a big F for FOREX trading this month. It was as good as a newbie driving on the expressway ignoring all the traffic rules, killing myself in the end. None of the trades were made by following the rules. I am so angry with myself.

Firstly, the first 2 trades were entered based on Shifu’s directions (he did mentioned it was purely educational before hand). Instead of finding out the meaning of the trade and what prompted the entry, I just followed blindly. Worse, I was greedy and traded 5 minis on USD/CHF on my stock CFD account. It became a big loss and depleted my capital for stock trading. I must have the discipline to trade only 1 mini until I can make positive expectancy from my trades.

Secondly, after the losses, I lost control of myself and wanted to get “revenge” on the market. Good traders know that revenge can only make things worse. True enough, I lost 2 intraday trades. I told myself to trade for the longer time frame yet I traded the hourly charts and I entered without checking some of the rules. I did not check the 4 hourly stochastic and MA direction before I entered. I did not check the 20 pips rule. I was just too anxious to get something bad from the market.

I must remember this lesson and also hope that this can help other traders learn on my expense. I am contemplating to post individual trade and provide more details. Doing it monthly like this is difficult to evaluate whether a trade is a good trade. Let me think about it what is the best way to do it.

You may also like:

1. Trading Report Card – Oct 09
2. Trading Report Card – July 09
3. Trading Report Card – Apr 09
4. Trading Report Card – May 09
5. Trading Report Card – Jun 09
6. Trading Report Card – Sep 09
7. Trading Report Card – Aug 09
8. Recording your trades

Tagged as: Trading Results

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