A FOREX JOURNAL

Okay the withdrawal is complete so here is my new balance.

The above activity log show the withdrawal gone through on 1st Jan 2010. Now I just have to wait for the transfer process to complete before the money goes into the bank. Meanwhile hope the streak of good luck extend to 2010. Happy pippings everyone!

Today is the start of a brand new year so I am taking account of the final status of my trading account after 12 weeks.

Lets take a look at the balance at the moment. It is sitting at $17059.66. I started with $13245.87 on 7th Oct 2009. The profit stands at $(17059.66 - 13245.87) = $3813.79. If I take into account of the current unrealised P&L, it would be $(3813.79 - 393.77) = $3420.02. That would be close to 25% gain over a 12-weeks period.

I am doing another withdrawal as of now. I am banking in $2059.66 into my bank account leaving behind $15000 to start for 2010. Its important to me to do regular withdrawal so as to lock in the profit. One can never know what can happen in the future right?

Okay its Christmas Eve here in Singapore now. Wishing all a Merry Christmas and hope 2010 would be a year full of peace and wealth! As for trading the past week, volume has been thin and spread has increased. It is not really a good time to trade from mid-Dec to early Jan so cut down your trading. Most of the big players are off for their vacation.

I am planning to do another withdrawal at the end of the year. Just got myself a iPhone as well so am taking the money to pamper myself a bit.

The bad news on the debt crisis in Greece is not helping EUR. Furthermore I heard Spain could be in a similar situation as well. This together with the technical chart showing EUR/USD uptrend has been broken makes me decided to switch out of EUR long at a loss.

This move dropped my realised profit back to $2.6k but it could be worse. If I have not cut loss at 1.47+, my losses now would have been greater. I have since reversed my position to short EUR to cover back some losses. Its also high time I have some losses. I am just glad its not too heavy this time round.

I am still holding on to long USD/TRY positions. These are the carry trades where I am holding for interest return purposes.

What was originally a great week turned bad on the final day of the week. USD suddenly strengthened on friday even though the unemployment result was great and that completely turned my positive opening positions into a loss. Even though I have make a good $600+ for the week, my open position now is also at a negative $600+. I will try to do some damage controls this week to close out the open positions slowly.

Today I got a chance to meet up with the people from Oanda Asia Pacific as they arranged a gathering at Ya Kun Kaya Toast at China Street. Would Like to thanks Jan for the invitation, Cheryl for the explanation on oanda mobile app, Stephanie for the order book explanation, Darrel for his sharing of Oanda’s directions and the rest of the OAP staffs that were present there.

Hope there were be more such events in the future.

Got 200 pips out of my AUD/JPY positions as I closed them prior to the rate announcement. Now I watch in amusement as it drops even though the rate went up as expected.

I have broken the $2000 profit convincingly this week. In fact this was the best week for me with profit on the week alone hitting over $600. I have to say I was lucky to escape the onslaught of the YEN’s strength. I was out of the AUD/JPY position when it reached over 82.50. Now with it dropping below 80 again, I have open up a few positions for the 1st Dec interest announcement. Note that usually I do not hold till the interest rate is announced. I typically will closed off (or at least half) the winning positions before the annoucement.

Personally I think the passiveness of the Japanese government in controlling the strength of the YEN worrying. There is no fundamental reason for the YEN to be at such a high value and this is causing a huge strain on an already weak Japanese economy.

I am putting a bet that the Japanese will step in soon so am starting to set long term short position on the YEN (especially against AUD) for fundamental reason. The Japanese are seriously putting their massive export market at risk if they don’t do something to rein in the YEN.

I didn’t realised the default timezone for the blog was -7 GMT. I have just set it to +8 GMT to correctly reflect my time of posting.