AUD/USD Chart (31 Oct 12)

Planning (9.30am)

AUD/USD -- 4 hours Chart




- Blue lines indicate potential reversal zones... (reversal zones are determined based on a relatively larger reversal move after hitting the area) .... A small retracement is not a reversal.

- These lines usually form as a support/resistance..

- Currency has been trending up gradually over the past few sessions..


AUD/USD -- 1 hour chart




- Red dotted lines are the 1 hour reversal area...

- Strong resistance is at the 1.04 area... with the main trend going upwards though it seems like ranging.... Its too early to make a trade judgement now so I will see how the price reacts on the areas I drawn before deciding

Trading Mantra

I have chanced on the below mantra from forex factory and I think it is very useful and appropriate to assist me in my journey so I thought of writing down here to remind myself everyday.

"I am a professional trader. My job is to take risk. I am able to honor my stop losses because I am a professional trader. It is my job to trade consistently. If I manage my losses, I will be profitable because I am a professional trader. I pride myself in my ability to let my profits run until te market tells me to cut. I feel good about being able to not let my emotions rule my actions. I am a professional trader and will make money by ear end". I will achieve this by following my stops and profits to conclusion and not allow my emotions to overrule my actions. I am a professional trader and therefore flexible in thinking and will not allow my current position in the market to overshadow new information being accumulated. I am allowed to make mistakes as it is part of being a professional trader. I forgive myself easily for making mistakes and move on to next opportunity. Letting losses run is not in my own best interest. Cutting profits short is not in my own best interest. What I have read here is the truth and I believe in my ability as professional trader to always act in my own interest"

My first post

A short introduction on myself.. I reside in Singapore and up to date, I have been trading for close to 4 years but somehow, I felt like I have learnt everything wrongly... I was wired with bad trading habits and it has already been so deeply ingrained in me that I find it very difficult to "unlearn it"... My largest weakness in my own trading lies with the psychological aspect.. I have blown so many accounts in forex and the total losses is relatively huge thus dealing a big emotional blow to me...

I am a greedy and emotional person.. Instead of treating trading as a serious business, I am pretty much gambling every time.. blindly cost averaging... hoping of recouping from every losses immediately, seeking instant gratification.. I was very impatient.. I am pretty much just using trading to avoid the real world sometime... taking it as a tool to get over boredom, seeking thrill and everything... I believe my mind was pretty much damaged over this course of period thus I think a turning point is very important else the ending will be definitely very miserable. The past or present cant be changed but for the future, I still have a choice and I need to work hard to ensure past mistakes wont be repeated again

I am trading with a very big psychological burden... I have to unlearn the bad habits and rewire my brain to pick up the good characteristic of trading again... Trading is about probability so I have to think in this aspect too. Losses and consecutive losses are normal so I should be prepared for that.. The win/lose rate dosent matter much to me as long as I practice good money management to ensure I can be still in the game.... I aspire to be a trader freed of my emotions yet at the same time, having the ability to make discretionary trades.. That will only be possible if I trade on my analysis and not letting the monetary gains/losses affect me.

The reason for me to start this blog is for me to write down on my trading journey and hope it can be used as an inspiration for myself in future or anyone who finds it useful.. At the same time, I also hope to connect and learn from like minded people..

I aspire to take on the trading journey to discover myself more and till now, I have know many things which I am not aware of in the past (greedy, impatient and etc).. I hope I can be an enlightened trader one day and that will be a dream come true.