Pathetic returns continue from NSFG

Finally, I'm making an HYIP post after a long time. I do check some HYIP blogs once in a while. The most often news being posted is about programs closing down. I'm glad I'm out of this mess ;)
Anyway coming back to NSFG, these guys started out with a bang and they don't even whimper these days. Their return for last months was a pathetic 2.41%. God, even I did better than that for last month. For the last few months we just keep hearing excuses FXCM stealing money, Korean crisis, Lebanese crisis etc. Eventhough I criticize their results, they are the one honest program which I still believe in. Hopefully they will last long and improve their performance. Hey who knows, if I start getting better results I might say adios to them. I don't really care how NSFG performs since I have such a teenie amount invested there.

Whoa, I just noticed that I have 2 posts for the day and it's been so long since I posted 2 posts in one day.

Dull Week

I have placed just one trade for the week so far and it ended up as breakeven. I wanted to scalp a quick 100 pips on the pound. Everything was going well till I placed the stoploss order as I wanted to leave the trade alone and go sleep. I placed the stoploss the price went up exactly to knock me out of the trade and headed down again. Sometimes, I wonder if the broker's software is so set to hunt for stops. I've heard that this happens especially during news announcements. Well, always be wary of these brokers as forex is not regulated as much as the other markets. Anyway, I could just be fantasizing here, but you never know. I just entered a short on the Aussie. Let's see if that could earn me a few pips. Well, the month is still young...

Missed the Money train...

Oh man, this was a terrible week in a good way. It wasn't terrible because I had a huge loss, but I missed a great opportunity which would have netted me 300 pips. I was playing the GBP JPY and went short at 215.20 with 3 minis with a stop at 215.80 and target of 214.20. It was very likely based on my analysis that the pair was heading south. I set myself a 100 pip profit limit and waited for the big drop. My plan was to take 2 lots out at 100 pips and let the the 3rd ride.

The entry couldn't have been more perfect. The price was hovering around 215.00 and I didn't want to enter at that price. Usually I have seen on this pair that when price hovers around a price level before it moves on there is a small upspike/downspike in the opposite direction. Since the price had been hanging around around 215 for while, I entered an sell order at 215.20. If there was an upsurge before the price bottoming then I would have a better price. Well guess what, the price did spike upto 215.35 and I got in at 215.20. The price dawdled around 215 again for a while and finally broke through.

Everthing was looking good and the pair was dropping down nicely and heading towards my target. I moved my stop to break even point. When the pair had dropped had dropped down 40 pips I moved my stop to 216.10. Then when it moved down further to 215.50, I moved stop to 215.00.


Did I do anything wrong by moving my stops? Did I move them too early? I don't think I did anything wrong by moving my stops. The cardinal rule is never to let a Winner turn into a Loser. With everything going my way I went for a good sleep. Well the price dropped all the way to 215.33 and reversed. It stopped at 215.94 before heading down. But because of the huge 9 pip spread my stop order was hit and executed taking me out with a net 60 pip profit. The money train left me because of a lousy 3 pips.

The pair then happily moved down into 213 territory. Initially I felt very bad and upset in the morning when I realised that I had missed the killing move. At one point in time I had a net 220 pips on paper. I was cussing myself for having moved my stop too early.

But after everything sank in, I realized that I had lost nothing, infact I had 60 pips in the bag. What was I crying about then? Yes, I had missed the 100 pip move which would have netted me 300 pips. I had missed a big opportunity today, but there will always be numerous opportunites around every corner. I just have to wait for another one. I have to stop crying over my spilt milk and move on. I have come to value these great lessons taught by the market.

Apart from this I had 2 more trades for the week one with a 60 pip profit on the EURJPY and another with a 120 pip loss. So overall, I'm still at the same place for the month with 200 pips profit.

Smooth sailing for the week

I put in two trades for the week and ended up for the week. The first trade was on the EURJPY ended at breakeven. The bad thing was that I was up 120 pips on this one before the market turned back on me. Well, did I do something wrong not to lock in my profits. I thought about it and came to the conclusion that I was right sticking to my trading plan. I had set a profit limit and I will wait for the market to go there. As long as I break even, I have not lost any of my trading capital. So that's good enough for me.

The second trade was on the GBPJPY. Somehow all my recent trades have been EURJPY and GBPJPY. The GBPJPY pair is kind of moving sideways now on my charts and I'm going to leave it alone for a while. Both are pretty volatile pairs which could do you good or bad. Well this was a home run and I made 147 pips on this one after the spread. The only thing I hate about this pair is the spread which is 9 pips. I'm happy to end the week on a positive note. I'm up almost 200 pips for the month.

Swinging back into Action

So after a good long vacation, I'm back in action. During my vacation, I had been reading a lot on trading. I have made some changes to my trade plan. I have switched to 4hr charts rather than the 15 min charts which I was trading off of before. Man, what a differnce it has made. If I want to stay longer in this game, I have to switch to the longer time frames. I don't have to stare at the charts for a long time like before. I can spend my time usefully on other things now. I have officially changed from a day trader to a swing trader. Hence my swinging back into action.

I opened up a real account with GFT. I like GFT's dealbook platform a lot. Their charts are very good and I can place orders off the charts too. I'm still trading mini lots but I'm trading mulitple mini lots. I have read in several places that it is hard to make money consistently trading with one lot. One of the advantages of trading multiple lots is you can take out some lots when certain levels are reached. This also helps with letting your profits run. If the trade eventually goes bad on you, you atleast have some pips locked away.

I have started by trading 2 to 3 mini lots and will slowly increase them as my account and confidence level increases. My trading strategy still needs some tweaking, but I'm still positive for this month and that is really good.

I made a total of 9 trades for this month so far. The number of trades I made is in itself a big change for me. Out of the 9 I have 5 winners and 4 losers. The pros and con are that the winners have good earning potential and the losers have good losing potential. I made a total of 547 pips on my winning trades and lost 505 pips on my losing ones. So I'm slightly ahead by 42 pips for the month so far. On my loosing trades I was up most of the time and the trade finally went away from me. I have to learn to identify when to get out sooner if a trade goes bad.

If I can cut down the pips lost on my losing trades I will be in good position...

Enjoying the worldcup live...

Its been a while since I posted anything. I have been on vacation for over 3 weeks now. I travelled to Europe to catch the worldcup live. It's been a wonderful vacation so far. I have not been trading during this period, not even thinking about trading. I will be back in July off to a fresh start.
Hopefully my time off from trading has recharged me and will do me a lot of good when I return to trading again.

One thing for sure is that it is very expensive to have a vacation in Europe at this time with the forex rates at this time. I truly am able to appreciate this fact now. London just killed me with its exorbitant prices. The prices are same as in the US but with a conversion rate of almost 2 it is just so expensive to do anything worthwhile here.

Anyway, I am hopeful that I can recover all that I have lost on this vacation when I start trading again next week ;)

Mixed day

Well, I started off making 2 trades yesterday night on the yen and loonie. I set it up and went off to sleep. I woke up this morning to find that one had made me richer and the other had made me poorer. The one that went against me came down to within 3 pips of my target limit before taking off in the other direction. Man, that was really terrible. I was at the same place where I had started last night.

Then in the morning I saw 2 setups on the pound and the aussie. I took them both. The trade was going well in my direction and I was up 30 pips total. I made a terrible mistake. The pound hit the 200 EMA. I usually cash out when I see the 200 EMA because there is a bounce. Well today I wanted to let the trade run and I moved my stops to break even and I got stopped out. Seeing my pound trade stopped out I panicked on the aussie trade and I got out with a 2 pip loss.

Why can't I stick to my trading plan sometimes? Both the trades retraced and then reversed and came back in my direction later to make myself some decent profits.

Lesson learnt today - DON'T BE GREEDY and STICK TO YOUR PLAN

So, I end the day with a 2 pip loss.