I added another position to my NZD/USD trade. Luckily it went my way. I got my stop loss set to break even and now my capital is preserve. It doesn't matter if they scratched. If they indeed turn out to be scratches, I will just be glad that I am not losing my capital. Capital & L = Real Money P = Credits PA
No trading today. Just adjusted my stops, that's all. Did some studying on economics. Learned about the 3 economic growth theories--Classical, Neoclassical, and the New Growth Theory. Learned a bit about the triangle arbitrage in the forex. It's a little bit complicated, but I'll do my best to fully understand it. Tomorrow is gonna be a retracement day for the NZD/USD. I think I am going to have to say good bye to all of my unrealized profits. PA
No trading today. NZD/USD didn't retrace the way I expected. The down trend may be stronger than I anticipated. However, I do anticipate a huge retracement sometime in the future before my target is hit. Until then, I'll just let it ride, and look for other opportunities. Beside analyzing the NZD/USD, I spent most of my time applying for jobs. It was a bit frustrating, because for a couple of positions, I had to apply through a website and it keeps giving me errors. At the end, I don't even know if my application went through or not. :/ I also learned more about forex and the things that cause currency to appreciate and depreciate. Not very applicable to speculation, but it's good to be able to see things from an academic/governmental perspective. I am gonna finish the economic section tonight and attempt some questions tomorrow. PA
No trading today. I was just watching my positions and did some questions on economics. Gonna do more tonight. My capital is still being preserved. So far so good. PA
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/LiE1VgWdcQM&hl=en_US&fs=1&color1=0x2b405b&color2=0x6b8ab6"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/LiE1VgWdcQM&hl=en_US&fs=1&color1=0x2b405b&color2=0x6b8ab6" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object> I love this song! I am so pumped up from hearing this song. It just makes me want to be disciplined in trading!
Thanks PA! Bighog posted this one for me quite a while back and looks like I need few more "listens" :eek:
You are welcome! Ed Seykota is one of my favorite Market Wizard. Although in the book, he didn't really mention much about trading, but in this song, he pretty much gave away on how those guys in the Commodities Corporation (now Goldman Sachs) made their fortunes. This is a great contribution to the trading community. PA
I did some questions from the economic section. It's tough. I am getting confused about the various assumptions of interest rate parity and purchasing power parity. I think I will have to re-read the economic part to ensure I know how they are linked together. I also applied for a couple of accounting jobs. I am gonna send out more applications tomorrow. PA
No trading today. I just watched my position and was tempted to close it for a gain, but then I know I got to stick to my plan. There is really no difference between being in a trade and not being in a trade. Every open position is a trade every time I look at it, and I have to evaluate my position as if I just entered into a trade. Every realized profit is really unrealized profit until I take my money out of the market for good. I got to stick with this mentality! As for studying, I did some reading, but not enough reading to get myself through my studying schedule. Tomorrow I will do more studying and catch up. I gotta leave a couple of weeks for me in May to study for the exam. PA
I got myself set up for an interview for this Friday and I am so excited about this. The whole day I was doing research and preparing myself for the interview. I am going to do more research tomorrow and try to bring myself up to speed with all the technical stuffs. No trade today. I am still hanging on to my position. I am not getting out of it until either someone puked or my stop get hit. PA