My Latest Trading Weapons

Caripips.Blogpsot.Com - Plan Trade and Only Trade According to Plan… Objectively approach the market… No more Flip Flop…

Strategies & Weapon:

1. Swing Trade; Entry at 1hr; Trend 4Hr SL: 100 Pips

2. Short Term Scalp; Entry 15M + SL 60 Pips.

3. Chart Patterns

4. Weekly HiLo

5. DIBS - Trial Stage

Time to trade: 8.00 AM to 11.00 PM (Malaysia time).

Broker: InterbankFx

Pairs: Exclusively GJ for weapon 1 & 2. All majors for on the rest...

My Daily Mantra....

"I am a professional trader. My job is to take risk. I am able to honor my stop losses because I am a professional trader. It is my job to trade consistently. If I manage my losses I will be profitable because I am a professional trader. I pride myself in my ability to let my profits run until the market tells me to cut. I feel good about being able to not let my emotions rule my actions. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my stops and profits to conclusion and not allow my emotions to overrule my actions. I am a professional trader and therefore flexible in thinking and will not allow my current position in the market to overshadow new information being accumulated. I am allowed to make mistakes as it is part of being a professional trader, I forgive myself easily for making mistakes and move on to the next opportunity. Letting losses run is not in my own best interest. Cutting profits short is not in my own best interest. What I have read here is the truth and I believe in my own ability as professional trader to always act in my own best interest."

Rules to be remember...

1. Remember that; you should always assume a trend continuation rather than reversal esp in bigger TF unless you have evidence whether from technical (reversal chart pattern only) or fundamentals that point to a reversal outcome.

2. Do not try to pick the top or the bottom. Try to bottom fishing is very risky strategy.

Role of fundamental in my trading - I don’t bother about Fundamental except the direction of interest rate of USD, GBP, YEN and EURO – by Fed Reserve, BoE, BoJ & ECB.

Two main focuses for their decision:

1. Growth Concerns.. or

2. Inflation Concerns.

If they are more worries about Inflation – then the may increase interest rate to reduce money supply in circulation… so the direction of interest rate is up trend…

If they are more worries about Growth – then they may reduce interest rate to increase money supply to circulation to promote growth... So the direction of interest rate is down.