19-23 February 2007 Summary

I've not been able to blog as much as I thought I could. I've been terribly busy with, well, trading obviously ;) Other than that, I'm also running a software company, and so my day is hectic as hell, from looking at the charts and fundamental news, placing some orders to meet my daily target to coding C#, attending meetings and so on.

However, here's a summary for last week's trading activity:
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Target Pips: 250 Pips
Total Pips Accumulated: +297 pips

My main instruments are EU & GU. I don't think I can do others at the moment. The daily trend for EU is UP, however, there might be a possibility of overbought soon. Thus, some cautions should be taken. The trend for GU, on the other hand, is down, I believe. However, the US economy is pretty bad (some say it might go into a recession soon), you will see that GU is rising, and the trend might change.

Some mistakes I did that are worth noted:

• Always look at the trend before placing any order. Do not go against the trend.
• If possible (although the temptation is hard to resist), do not trade during news releases.
• I would not recommend using Stop Order. I had one or two triggered by spikes and the movements were reversal which resulted in negative pips.
• To look out for Pre-London which usually occurs at 3:30 PM GMT +8.
• To always look for Pivot, Fibo retracement points when placing an order to maximize pips
• Don't be greedy. Set a TP for each trade, and don't keep changing the TP unless tipped. Take your profit to reach the day's target and go to bed.

Remember, a good trader always plans his trade and trade his plans, well, not really ;)