Back to Basics

After these 2 whole weeks of bad trades, I've decided to go back into trading "safer" pairs; this means totally not touching pairs like GBP/JPy, GBP/CHF and EUR/AUD. These are killers man. Make you rich overight, and then take away double of whatever you earned the next day.

Been trying out EUR/USD after not touching it for sometime, and things seem to be working out. Being a lot more prudent, trading and earning a smaller cut out of the movements, and consistantly reminding myself not to bother about making a killing. 30USD for an account like mine would do well everyday, that makes me 1000SGD richer every month. Good enough for a student trader. But of course, this would only be carried out for the next 2 to 3 months or so.

I need more capital, so that I could trade bigger sizes. This is the key to it, and I must never forget. Of course, this blog has been set up to ensure discipline, but look at what happened, I haven't been blogging for approximately a fortnight or so, which also means I have been losing money for a fortnight already.

Currently I'm watching out for good movements in mainly EUR/USD, USD/JPY and GBP/USD, kind of ignoring other pairs already. If I can make it in these 3 pairs, I don't see why I would have much of a problem with the rest.

For now, I'll just be trading on a demo account until next year. Total balance/equity is standing at 250usd now, lost half of my capital already. But 250usd gives me eligibility to hit on next month's IBFX's competition. Things should be pretty intense by then and I wouldn't be surprised if my t/p objectives are being limited at 20 pips with a pretty lousy R/R. But 20 pips is always better than nothing, right?