Trading updates...

Having been updating on my trading status lately... thought it will be good to do a review/ recollection of what i have been doing.

1stly, i am still trading actively, except that I have taken a slightly more laid back approach. With my swim classes going on decently, n me getting more and more confident to extend my coaching work, i approach trading almost like my part time work. The only difference is that I do my "Part time" work on weekdays (5 days almost office hours) n my "Full time" work on weekends (Sat 6hrs, Sun 4 hrs). It helps that i am more relaxed abt trading, I dun stare at the computer anymore... I scan for oppty in the morning, if there is any, gd! If there isnt, I'll come back later. I'll then check on my positions abt every 1 hr. Tat's abt it. I dun shiver in fear when I receive an sms (it could be a Price alert sms sent by my brokerage). I can go able doing my stuff, go to the museum, go for BF, go to the park! how niceeeeeeeeee! I am reminded of why I want to go into trading again! Have more better time mgt on my hand, not glue my eyes to the comp!

2ndly, I am able to do so cos I am so blessed to be enlightened by trading friends to look at trading differently. I have been told to "treat it like a Business" etc... but it's tough. Cos I am 1st a Trader, then a Businesswoman. But being 1st a Trader is not so advantageous to me, cos the Leo Ego n Pride comes in.... big mistake: I want to know that I am Right! & the most frustrating part is this - alot of times I am right abt the direction (buy/sell), but i just cant seem to get the timing of entry right alot of times! So after I get kicked out (Stop loss hit), then i will sit out n wait, then i will see it go in my favour eventually -of cos i m already out of the trade. But it's hard for me to accept "See! i am right!" cos this doesnt pay my bills!

Trade has been sometimes 3 steps forward, 2 steps backward, or 3 steps forward, 4 steps backwards. After 1 year of trading, i am still seeing RED in my trading account. How frustrating can it get!?

3rdly, my trading friends highlighted the importance of being the Businesswoman in this trade. We explored the use of some indicators for more confirmation on timing of entry. Namely the stochastics, Keltner channel and RSI. I must still empathsize this: basics of trading is still  TECHNICAL ANALYSIS , namly Price action (candlesticks pattern, support resistance, HigherHigh, HL, LL, HL etc). That is like the OS of a computer, cannt function without it cos the indicators dun make any sense if u cant read what the charts is telling u!

4th, we also employed a very business approach in our trade management/expectation.
Out of every trade u entered, the probability of getting 5pips or 10pips profit is of cos the highest (due to price movement regardless if the direction is up or down), then probabillity decreases as the number of pips u can expect from the trade. So the decision is analyse the direction, get in the position, get a decent no. of pips out (e.g.20pips or 30pips) for majority of the position u entered (e.g. 60% - 80%  of the lot size entered), leave the rest to ride the trend (since u have done the analysis n direction is right). You could trail the rest of the positions, or u could practise tight Protective stop movement. It's ur choice, ur expectation to handle.

I like to take it tat the bulk of the profit i pocketed 1st is the main Profit, the rest that rode the trend(mayb it will get stopped out prematurely or even hit a Stop Loss) as the Bonus. Generally statistics show that Many small Wins can still cover 1 Big Loss. From the business aspects, I only need to be concern with the Net Profit Win at the end of the day!

5th, my trading policy have alwis been this: Whatever works man! 
Be it u use an expert advisor to help u look out for trades, use price actions, use indicators, use robots etc... at the end of the day, ur account must show GREEN! n showing GREEN is not enough, it must be GREEN enough for u to justify the energy n time u take to do this Business! Else, why do it?!

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So far i am still in the midst of testing it out... i hope this is really the breakthru for my trading... i am so blessed to have truthful friends who highlighte n guide me in this trading journey!

Will report when time is ripe!