Think like George Soros: 2009-07-12

My Trading Mantra

1. Objectively identify my edges - I have a system here that works.
2. Pre-define the risk of every trade.
3. Completely accept the risk. Consider the money GONE.
4. ACT on my edges without reservation or hesitation. Follow the rules and take every trade that meets the conditions.
5. Pay myself as the market makes money available. Take the profits and be happy. Even if compounding my account, pay myself something out of my profits each month.
6. Continually monitor my susceptibility for making errors.
7. Understand the absolute necessity of these principles, and therefore I never violate them.

Thursday, July 16, 2009

Observing pairs at 4hrs - Asia Timing

Its being crazy at work, so I am switching to observe 4hr timeframe. There are a couple of pairs that have symptoms to move downwards - in line with overall downward trend. I placed a green arrow on entry point. Let's see if they move inline with the overall trend at the end of today. EuroUsd probably is a weak downward movement.

Checked out the positions for the charts above. USDJPY did well on Thursday - more than 100 pips. Only EuroUSD is not doing well, other than that, the rest of the charts are in the directions I wanted.

Your trade results will show if you are doing what is correct or you are doing what you like

Tuesday, July 14, 2009

Short coz bb just turn blue, cci seem quite low below -100,
EMA looking to turn down, TTL line also look down trend
I have a good feel,
win 15 pip

Your trade results will show if you are doing what is correct or you are doing what you like

Monday, July 13, 2009

13 July 09 Good Trades at 5mins

Look at how the candlestick move when CCI hits -100 and +100. Good profits!

Your trade results will show if you are doing what is correct or you are doing what you like

Do you trade on news at 15mins?

Did a trade with straddle method last Friday on news release at night for Euro/USD. Result was good. Bag around 30pips. However, it did not hit target profit so I let it run over the weekend. This morning, market was on a uptrend. Not sure how strong this uptrend will be. Let's see it at the end of the day.
End of the day check on the open position and was surprised to see profit ran up to 50pips! Straddle method is really good for trading on news. It is widely used for options trading too

Your trade results will show if you are doing what is correct or you are doing what you like

Strategy: Harmonic Pattern Trading