What a ride it has been.
After a dismal performance in Forex Trading in 2013 I just had to take a break. It was just the right timing as well as I had a long before scheduled trip to another continent in the world!
Came back refreshed and energized around October and then just forgot about Forex for a while to enjoy the Christmas holidays.
It's now February 2014. And I haven't written any entry in January so I thought I'd start writing again since I started to trade the Forex market again.
Mid January, after the hang over from the holidays has finally lapsed. I funded my account with 600 USD.
This time I traded more carefully and just bought 1 to 2 lots per currency pair. My trading strategy was to try out currency baskets. I would first observe the market and see which currencies are strong and which are weak. In addition to observing them, I also applied the techniques I learned from Mark So.
First week back into trading, I was very fruitful. The new strategy is working. I was able to successfully isolate the weak currencies - that time it was AUD and CAD. I then shorted these currencies against all other currencies. Luck was on my side and my timing was perfect. As a result, in 1 day I gained about 1000 pips. How I wish I traded with more than just 1 lot in each pair! hahaha Nonetheless, the total pip count produced an additional 100 USD for my account.
I was ecstatic and was very eager to try out the strategy again.
In the succeeding days, even with the new strategy, it wasn't all working well. The problem with the currency basket was when my analysis was incorrect, then all trades would likely be losing as well. An advantage though is that the loses wouldn't be as big because it would spread out over other currencies. I mean, there will be days when one currency will be so strong that when paired with your weak currency, the currency pair will outperform all other pairs. The opposite would be when your weak currency is paired with another weak currency. In this instance, this pair could still possibly gain or the loses wouldn't be as big as the previous pair. This is one advantage of a currency basket.
In summary, in those days I gained a little and then lost a little as well. It was a see-saw battle. But I was happy because I was able to preserve the 100 USD gain I achieved the previous day.
With an extra 100 USD, I decided to try and withdraw through credit card. This was a test on how long FXCM would process the withdrawal. I am pleased to announced that in about 3 working days, the withdrawal was already credited in to my credit card account. There is no fee to withdraw through credit card so I didn't think twice about doing this even when I am merely withdrawing 100 USD.
In January, the USD has soared and is now very expensive against the peso. When I funded the account, it was definitely at a premium which is usual for credit card rates. Nonetheless, I was happy to see that when my withdrawal was credited to my credit card, the exchange rate was higher than local bank rates as well.
This is what happened this January.
I'm optimistic that this year will be a good trading year for me.
I hope to end the year with a positive balance on my account.
Let's see how I'll do in February.
I would be ecstatic if I can make another withdrawal in February.
Pips Be With Us!
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