Trading system

It never ceases to amaze me how new traders (including those who have been trading for many years) keeping on chasing the holy grail. You know ...the system that allows them to print monies without working. The system that would make them rich beyond their wildest imagination. The search for this holy grail is being perpetuated by the Internet 'trading' gurus. I once downloaded a free stuff from the website run by this internet trading guru and how much I regretted it. Let just name this guy Bill P. Bill P  seems to produce nonstop trading course. Every 1-2 months, I would get special invitation from him to buy his course at a 'discounted rate'. I need to buy the 'earth shaking course' fast as he will only release a limited copy. Everytime he produces this 'trading' course, he will invariably say that the course is the ultimate and I would retire very rich by using his course. I'm very confused here. Ultimate means the best, the final. You couldn't have 10 ultimates, could you? Anyway what annoys me so much is that I couldn't unsubscribe  from his mailing list. I tried numerous times to get off from his list and all I got is more emails from him. Sigh....

Back to the trading system. It has to be simple and it has to be yours. When I say 'yours'; I mean that you got to know its strength and its weaknesses. How do you know its strength and weaknesses? Simple..backtest and fowardtest. By backtesting and foward testing, you'll learn a lot about your system. You would know what to expect from the system. You'll know its win/loss ratio, reward risk, expectancy etc. When you align your expectation with the system's performance, you'll be more discipline in your trading. You'll then treat your trading as a business. Only then it is fair for you to expect consistent income from your trading. Take care.

Trade Alert

Long EURUSD 1.4018. SL 1.3972 and Target 1.4089. This is a quick trade based on 1 hr chart.

Update:
Price has moved in our favour. SL moved to BE. It's now a free trade.

Update:
Trade exited at 1.4104 for 86 pips. Reasons: Resistance level and this was a quick trade (1 hour chart-I try not to over extend my welcome on 1 hour chart.

Trade alert

I'm looking to short USDCAD tomorrow. If the trade triggers, I'll post the target and stop loss. Good nite.

Update:
Price is rising. Still thinking to short but waiting to get in a better price.If price climbs up to 1.600 level and reverse, it'll be fantastic shorting oppurtunity.

Update:
Short 1.1554. Stop Loss 1.1656 and target 1.1300.

Trade Closed at BE
Price moved in our favour by about 110 pips but suddenly reversed and took out the BE stop. I would be watching USDCAD as mkt is approaching a serious resistance zone. Hoping for another shot at this pair.

Desire to be right

In all my conversation, 1 thing that never escape my attention is the desire to be right in your trades. After those indicators lined up superbly and the trade is taken, many of you couldn't understand why the market didn't move the way it is supposed to be. And the blame game started. Blame the insiders, blame the forex brokers, blame anyone. The truth is..Market couldn't careless who we are, what indicators we are using, how confident we are on our trades etc... It (the market) will do what it wants to do. Think about it for a minute. There are hundreds of indicators, thousands if we were to include those exotics. Even the most popular indicator has so many different settings. If that is the case, why on earth do you think that market has to conform to your indicators? We can only control ourselves, not the market. The better indicators are those that can better reflect what the majority see so that we can capitalize on their thinking. This simple fact alone could bring in numerous profitable trades to you. You'll be hearing a lot more on this issue in the future.