Archive for April, 2010

No breaks


Today was a pretty tough day all round trading wise and emotionally. Several setbacks in regards to finding my dog and cats new homes have fallen through and the grim reality of having to put them down is looking my only option. It just feels like everything is conspiring against me to have a good run.

Trading got off to a shaky start with a loss followed by a win followed by another loss and finally in the afternoon a win. TUFXP had a loss and two wins for a +15 day so a respectable day again. It was interesting to note on the last trade that the 100% stop-loss was a godsend as the previous fixed 25 SL would have resulted in loss. It went to -30 before engaging maximum thrust to hit the win, but not before it missed my scalp by spread (again) but thankfully it never made it back to breakeven to knock me out.

I best get on with trying to sort some accommodation for my animals so I’ll leave it here.

A Tribute


To my friend Christophe; you will never be forgotten.

“See the lights out on the water – Come and go, to and fro – In the time it takes to find them – You can live, you can die – And nothing stops the river as it goes by – Nothing stops the river as it goes – – – All alone and all together – Every day, come what may – By the time we find …each other – We can live, we can die – And nothing stops the river as it goes by – Nothing stops the river as it flows…”

Spread


With the Greek debt being downgraded to junk, I had a feeling the markets would see some pretty volatile moves today and so it proved! TUFXP didn’t quite go to plan today, after hitting the official scalp, it missed my scalp by 0.5 of a pip due to the spread. I moved my stop to breakeven as turning a winner into a loser is not only bad for the balance but more destructive for my confidence. Unfortunately I never re-entered despite it going to -15 then all the way back to scalp. Whilst frustrating, I was happy enough with my decision as it could have easily of kept going to a full loss. Thankfully a couple of other trades hit their respective targets a good day was seen. With only two days left of the month, I should be on track for another profitable month which is a step in the right direction.

On a note of TUFXP, the fxcm feed seems to be going from bad to worse with constant outages and for a brief period this afternoon, it was displaying the completely wrong prices. For $88 a month, I expect better and also from TUFXP management to implement a more reliable and cost effective alternative. I realise there is a substitute feed but that produces different results and that just complicates matters even further.

I’m absolutely starving so I’ll end it here. My plan is to keep trading the London session despite being in Australia and some 9 hrs ahead. I’m comfortable trading this session and I know it’s characteristics and generally what to expect. The Asian session doesn’t appeal to me as of yet but I’ll keep an eye on things.

Redemption


Normal service resumed today with TUFXP and whilst conversing with CM yesterday about his dubious winner, it did appear that we occasionally get different signals. He didn’t have the PTP on the 15th April that I did. It was still a bit deceiving to declare a trade pre 6am as within TESS you can set the start times and they appear as a green line. I have mine set to not show PTPs outside of trading hrs so whilst it was a winner it certainly didn’t fit the criteria I’ve been following. Anyway, a solid win today that recouped some of the lost pips yesterday.

My own particular Dubai Strategies are going through a mixed patch. One is doing well whilst the other is treading water, it’s neither performing terribly or well. At least one of them is still going well despite the trades being fairly rare of late. Overall I’m pleased with how my portfolio is looking, the usual downside being my discipline and trade management. It’s getting there but it is a desperate battle to stop myself from over trading. I am my own worst enemy by trying to hit a homerun everyday and as a friend mentioned, this attitude will lead to failure eventually. Slow and steady wins the day not sporadic mammoth days followed by mammoth losses.

Last few days now left for me in Dubai and I’ve been doing a lot of reflecting on my time here, I came here as a young 20-year-old without a care in the world and leave a married man and a  father to a beautiful girl and a whole heap of responsibilities. Time for the next chapter..

Bad Start


Well the good winning streak had to end for the new TUFXP method and end it did! -60 for the day time to call it quits for the day I think with plenty of other stuff to be getting on with. I’m still struggling to come to terms with the loss of my friend but I’m trying to keep myself busy and occupied. I should be leaving within the next 7-10 days and the mad rush to get everything finalised is dawning on me.

Hopefully TUFXP can strike back tomorrow and return to winning ways. I hope everyone had an enjoyable weekend and I’ll try and update in the next few days before I leave. Thanks to the people who have been kind enough to email me and leave comments, they are much appreciated.

You have to laugh. I’ve just checked the CM blog. Surprise surprise!!! Talk about bending the rules and moving the goal posts to suit your audience! He quite clearly states trading times are 6am-10 am for the morning session. Yet today he decided to take a trade before 6 am. I will bet my house he didn’t take it at all and is merely posting it to improve results and sales. For example, on the 15th April, whilst the test has been running there was a trade pre 6am that qualified after 6 am but lost. Why didn’t he take that one?

Cruel


It’s been a miserable week and haven’t felt like blogging at all. A friend lost his life yesterday on the racetrack and it’s knocked me for six. I’m really struggling to come to terms with it. I also found out my Uncle has malignant cancer which is taking hold very quickly.

Not much else to say except I’m trying to sort the house out and the pets and also trade and it’s not mixing so well. Going to try and relax and get my head round things over the weekend and try and focus on the future.

Over and out.

Rocky


Yesterday turned into a nightmare. I can hear the groans already! Whilst I was content with my early +20 I did have one other trade and what should have been an elementary win turned into a farcical loss and a big loss. An errant lack of concentration when placing my stop cost me dearly. Without going into further drama I completely messed up the TP and SL levels and ended up taking myself out for -40 instead of a +20 win. I also failed to cancel a pending trade from much earlier in the day as I rarely have the terminal showing within MT4 as I like to keep as much space free for the graphs. It just touched the entry and spiralled to a loss for another -30. This all happened whilst I left to go and do some grocery shopping for literally 30-45 minutes and the shock when I came back was unreal. Needless to say I was pissed and went about trying to rectify it and make back the losses immediately. A further loss ensued and I was staring into the abyss before some sense got into me and I took a step back and evaluated things.

Mistakes can and will happen but it isn’t the first time I’ve got my SL wrong and more care and attention is clearly needed and I’ll be looking to do just that when I’ve completed the move to Australia. A couple of strong trades today have eliminated yesterday’s disaster and even a small profit. TUFXP hit the mark again today but took a little longer than usual to signal a trade. Very, very early days yet but I think this could be a decent replacement for my old TUFXP method. What is worth mentioning however is the fact that it is 99% identical to ATM-FX which costs 1/10th of the price. Unless you can find other uses for TUFXP which at the moment I do then I really can’t see the advantage of paying an extra £1,900 for the software. Sure it’s helpful having a nice little circle but with practice ATM-FX could equally become second nature and a few programmers could probably even organise an indicator to highlight a trade.

A quick note: It appears I’m using a different MA to CM. I emailed him last week asking which MA he’s using and he said standard which he thought was 20. I’ve tried various settings and I was briefly on 8 but now switched to 20 and looking at today, they appear to match. If anyone knows for sure if it’s 20 then it would be good to hear from you.