Think like George Soros

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.

Monday, February 4, 2013

AudJpyW1 Pending open position

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

Waiting for confirmation before entering.

Cautious entry due to pattern forming at 1 week chart.

Watch out for it.

Friday, February 1, 2013

AudNzd H4 successful trade

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

Highly tradeable pair.

Harmonic pattern forming within another harmonic pattern.

Confirmation occurred early this morning.

Spread was 6pips when I open entry.

Position closed with +29pips when candlestick showed price weakness.

AudUsd at H4 successful trade

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

Trade primarily uses harmonic pattern as basis for trade identification.

Using other indicators as tools to confirm that the harmonic pattern is a valid one to open a position.

This particular pair AudUsd at H4 was closed at profit of 35pips.

More trades to share after this.

Tuesday, August 31, 2010

Small profits for two days straight

It was not the best of my performance but at least they are in the money for straight two days. Was not sure how market is moving and only took small profits for EUR/USD.

Today marks the third straight profit month for me. Well done!

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

Monday, August 30, 2010

Quiet Friday with dramatic moves at night

Market last Friday was very quiet as investors are watchful over what Bernake has to say.

Interestingly, he did not say much and market just go haywire for a good 2 hours. Market dived and surged with no reason, simply chaotic.

As there is no clear sign of where the market is going, it is best to just take small profits and exit. There's always another day to take money off the table.

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

Friday, August 27, 2010

3 months straight profits

System is getting stablised and for the past 3 months, the account has been staying positive. Profit has been ranging from 7pips to 15pips. Looking at possible increase of profit target.

Looking forward for another 3 months of straight profits to confirm that the system is sustainable.

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