Archive for January, 2010

Shoulda, coulda, woulda.


A definite case of what could have been yesterday. As I’m still on babysitting duties I have to finish an hour earlier than I usually do which resulted in missing two very profitable trades; one on GBPUSD and one on EURUSD. It would have equalled close to 10% gain! Whilst it’s very frustrating especially with the month it’s been I have to accept it and move on. Dwelling on it and wishing for it won’t change reality and I’ll just have to be patient and wait for further opportunities.  My daughter is hilarious at the moment anyway and whenever I’ve had a bad day she can cheer me up no end which is always a good thing. She’s trying her hardest to speak and she’s waffling all sorts of things.

So today marks the last day of January and it’s been one hell of a test and it’s not quite over yet with a couple of open trades running as I speak so they will either make me very satisfied with a decent comeback or set me on the back foot for February so here is hoping to a couple of decent trades..

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Without getting excited or overboard about the situation, the last few trades have been very favourable and I’ve pulled back a very decent chunk of the losses. I’m still a long way from where I want to be but I’ll keep taking one step at a time and see how I go. I’m certainly not going to be taking any liberties and I’ll be very thankful for further gains.

Cannonbury publishing who are responsible for The Ultimate Forex Predictor, are preparing for release of an updated TUFXP. The improvements are still being kept quiet but I’m sure they’ll be sending out their customary emails soon enough claiming it to be the World’s best forex signal system. As I’ve said before, it certainly does not perform any where near what they claim it to, especially on bog standard settings and it requires plenty of fettling.

Apple had everyone looking in their direction yesterday with their anticipated release of a new product for 3 years. What was it? A bloody massive iPhone! I’m sure it’ll sell in the millions but everytime I look at it I think of the oversized calculator:

iPad:

It amused me anyway!

Can't Stop the rot..


Nothing can stop the rot right now and things are getting serious in a big way. I have been triggered into trades by 1 pip 3 times in the last 24 hrs only to see them disappear into oblivion and leaving me stressed and annoyed. I am going to put in the £1,000 as right now the situation is uglier than I don’t know what. This is most definitely the most testing time I’ve been through trading wise and it just happens to be when I’m trying to set myself up again! Murphy’s Law and all that…

So absolutely nothing positive to report on the trading front but I am deeply trying to take this with a pinch of salt and hoping that this horrid run of trades comes to an end. Am I wishful thinking or living on a dream? We’ll soon see at this rate.

Can’t Stop the rot..


Nothing can stop the rot right now and things are getting serious in a big way. I have been triggered into trades by 1 pip 3 times in the last 24 hrs only to see them disappear into oblivion and leaving me stressed and annoyed. I am going to put in the £1,000 as right now the situation is uglier than I don’t know what. This is most definitely the most testing time I’ve been through trading wise and it just happens to be when I’m trying to set myself up again! Murphy’s Law and all that…

So absolutely nothing positive to report on the trading front but I am deeply trying to take this with a pinch of salt and hoping that this horrid run of trades comes to an end. Am I wishful thinking or living on a dream? We’ll soon see at this rate.

Incoming..


Whoa! It’s about to get real ugly with GBPUSD not playing ball and it’s desperate times at the minute. TUFXP has totally blown me to pieces this morning and I’m still trying to recover missing body parts! This is not what I had planned for this week and I could well be hitting a new low of the bank at this rate. I do have an emergency £1,000 top up but would prefer not to use that until 50% has been depleted. At times like these I begin to question what it is I’m trying to achieve but nothing was ever meant to be plain sailing and today has just been an awful day as fas as TUFXP is concerned.

Am I concerned/worried? I can’t deny I am a little and confidence is at new low for a long time but I just have to grit my teeth and knuckle down and see where the road ahead goes…

I’ll report back when GBPUSD has decided my fate..

Update: Well GBPUSD couldn’t clear 1.6167 properly and left me with a big deficit and a very tough recovery is on the cards. Feeling pretty low so I wont’ go on as I’m not one for dwelling on the past.

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A few figures


So with a fresh week ahead I thought I’d get down some basic figures about my challenge. The most important factor of the challenge is going to be compounding good results. Einstein called it the 8th wonder of the World and he’s a lot smarter and wiser than I’ll ever be so I’ll take his advice and use it smartly and intelligently (he hopes).

These are very linear estimates and need to be taken with a pinch of salt as trading is rarely as straight forward as these numbers make out but they should give me a rough guide of what to expect and how I can make my money work for me.

Taking the most basic of compounding models of increasing my pip amount at the start of a new month will mean I need to average 37% growth a month to hit my target by December without a month off in August. However, by stepping the compounding up to weekly, if I average 8% per week I will hit my target by week 36 of the challenge. As you can see that is a good 12 weeks ahead of monthly compounding. I am fully aware it will be nearly impossible to hit 8% every single week as there will be weeks of negative growth but I am also banking on the fact I’ll have weeks which smash the 8% target so hopefully if I keep my head together and my nerve, the target should be hit before the year is out.

It will hopefully be good entertainment and a serious challenge for me so win, lose or draw I’m looking forward to the weeks and months ahead. Place your bets now..

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2010 Challenge


Hopefully I’m going to look back at this post at the end of year with a smile of satisfaction. I’ve decided to end the trial of myfxbook demo account and switch to my recently opened live account which is now displayed on the right hand side. The balance is open to public and during Monday-Friday will be constantly updated. Now that I have all the account details I’ve been able to verify the neccesary things on myfxbook and I’m good to go.

There are literally hundreds of challenges that appear on forums, websites and blogs but this is a personal challenge as much as anything. My Dubai strategies e-book has a bold title of 2,300% profit in one year. So considering that I use those strategies and a couple of TUFXP ones, I should be able to replicate my bold claims. Therefore my target by Friday 17th December 2010 is £150,000. Myfxbook is not only a great tracker of results it’s also an incredibly useful tool which shows any weakness in a traders strategies.

As you can see by the chart it has been less than ideal start with various circumstances going against me but I am ready for the challenge and confident in my ability to succeed. Due to looking after my daughter this morning I was late to the trading desk and unfortunately missed out on a nice GBPUSD winner but not to worry there are plenty of days ahead of me. It is a very high target I’ve set myself and there is always a chance I’ll miss it but I do believe deep down that it is achievable if sticking to my rules and methods so let the games begin…

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