Think like George Soros: 2013-02-24

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, February 28, 2013

UsdCadH4 D1 Short position

Pair shows pattern confluence at H4 and D1. Besides candlestick pattern yet to complete, the rest of the conditions are fulfilled. Entered long position and closed at lost of 31 pips. Looks like strategy is better off to confine to trades entered at H4 and H1. D1 will require a much bigger stop loss.

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

Wednesday, February 27, 2013

AudchfH1 long position

Conditions met to enter long position, except for candlestick pattern which has yet to complete. Entered a long position and exited with small profit of 3 pips due to concerns of drastic movement within the entry range and the strong support level.

Later in the day, price movement went up to 70 pips. Huge swings remains.

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

NzdJpyH4 long position

Pattern forming for long position. Other than candlestick pattern pending completion, the rest of conditions are fulfilled. Entered long position and closed at 1pip lost.