What A Friday...
What a Friday, it was suppose to be another amazing profit day but turns out to be the other way. From a flowing(unrealized) profit of USD 100 I can potentially make in an hour, I end up only making USD 2. I'm so damn frustrated with myself.
From Oanda, the funds that I withdraw yesterday was received in my local bank account when I checked it this morning. The service is fast and efficient. Oanda is just wonderful. At least now I can tell it to my clients that they can actually get money from Oanda and knowing that it's not a scam. Throughout my trading history, I've never made a withdrawal and this is only the first time. At least now I know it's working. But Oanda charges USD 40 for international withdrawal (outside US), so my USD 1000 become 960. This is the good part of story that I wished to share with you guys out there that questioned or might have this issue on mind with Oanda. Well issue solved.
For the 'great' Friday, due to my lack of funds, with only around USD 530 left, I made several trades today, I bought silver at multiple prices and added all of them together would be 1300 units. It's well over my 10% strategy. I studied the market strength and analyze it that today would be no weaker than yesterday and the bull will continue it's run. In an hour, my profit trades has reached USD 100. I was so confident that the strength will continue, I let my profits flow. Meanwhile, without observing the trades, I went out testing the Oanda PAMM module (the new Oanda Money Manager's platform, which enables trader to manage funds from several trading account.) and I didn't realise that there was a possibility of a market pulling down. Before I knew it, it came down so fast that I closed all my trades with only USD 2 profit. Just great. I was over-confident.
Silver market has reached a 2-month high since December 12 and the trade is starting to get tougher because as the price is too high, many investors and traders would be entering the trades carefully not wanting to be in a correction period which could possibly last for a month of 2. The correction period we're talking about is a big correction which could possibly cost 20000 to 30000 pips in less than a month. I definitely wouldn't want to be in it as even with my full flow of margin, I can't afford such a drop. So my trades from now has to be extra cautious. As prices of silver has continually rise up to such a high price in such a short time. I'm expecting a possible correction/retracement of around 2000 to 3000 pips to around 13.6500 - 13.7000 area. This is the best scenario that could ever possibly happen. If this doesn't happen, I would still continue to make trades at the high prices but I would limit my self on the aggressiveness to place trades.
Today's lesson is well paid for. From USD 100 to USD 2 in just a couple of seconds and withdrawal from trading accounts. Both of the problems are correlated with each other. I've learnt that insufficient funds that could possibly trigger a margin call in account has a role in mental psychology. If I haven't withdraw the funds that could possibly support the drop of even 5000 pips, I wouldn't have chickened out. It plays a mental strategy even with withdrawal of funds and how much you have in your balance. I did this as a mistake. The price is now back up at the level which I was making USD earlier... Damn... This lesson caused me USD 98.
Is there any advice that someone can provide me? I'm getting some hits from possible traders worldwide and I don't get any emails or reply or you guys. This blog has slowly beginning to lose it's meaning without you guys participating. I feel that a 2nd opinion would really help sometimes. Thanks.
From Oanda, the funds that I withdraw yesterday was received in my local bank account when I checked it this morning. The service is fast and efficient. Oanda is just wonderful. At least now I can tell it to my clients that they can actually get money from Oanda and knowing that it's not a scam. Throughout my trading history, I've never made a withdrawal and this is only the first time. At least now I know it's working. But Oanda charges USD 40 for international withdrawal (outside US), so my USD 1000 become 960. This is the good part of story that I wished to share with you guys out there that questioned or might have this issue on mind with Oanda. Well issue solved.
For the 'great' Friday, due to my lack of funds, with only around USD 530 left, I made several trades today, I bought silver at multiple prices and added all of them together would be 1300 units. It's well over my 10% strategy. I studied the market strength and analyze it that today would be no weaker than yesterday and the bull will continue it's run. In an hour, my profit trades has reached USD 100. I was so confident that the strength will continue, I let my profits flow. Meanwhile, without observing the trades, I went out testing the Oanda PAMM module (the new Oanda Money Manager's platform, which enables trader to manage funds from several trading account.) and I didn't realise that there was a possibility of a market pulling down. Before I knew it, it came down so fast that I closed all my trades with only USD 2 profit. Just great. I was over-confident.
Silver market has reached a 2-month high since December 12 and the trade is starting to get tougher because as the price is too high, many investors and traders would be entering the trades carefully not wanting to be in a correction period which could possibly last for a month of 2. The correction period we're talking about is a big correction which could possibly cost 20000 to 30000 pips in less than a month. I definitely wouldn't want to be in it as even with my full flow of margin, I can't afford such a drop. So my trades from now has to be extra cautious. As prices of silver has continually rise up to such a high price in such a short time. I'm expecting a possible correction/retracement of around 2000 to 3000 pips to around 13.6500 - 13.7000 area. This is the best scenario that could ever possibly happen. If this doesn't happen, I would still continue to make trades at the high prices but I would limit my self on the aggressiveness to place trades.
Today's lesson is well paid for. From USD 100 to USD 2 in just a couple of seconds and withdrawal from trading accounts. Both of the problems are correlated with each other. I've learnt that insufficient funds that could possibly trigger a margin call in account has a role in mental psychology. If I haven't withdraw the funds that could possibly support the drop of even 5000 pips, I wouldn't have chickened out. It plays a mental strategy even with withdrawal of funds and how much you have in your balance. I did this as a mistake. The price is now back up at the level which I was making USD earlier... Damn... This lesson caused me USD 98.
Is there any advice that someone can provide me? I'm getting some hits from possible traders worldwide and I don't get any emails or reply or you guys. This blog has slowly beginning to lose it's meaning without you guys participating. I feel that a 2nd opinion would really help sometimes. Thanks.
posted by 4xTrader at
12:37 PM
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