Saturday, May 9, 2009
Come Come Join Me!
I'm back after MIA a while, main reason is because i lent my laptop to my brother, and although i still have a desktop PC, i only prefer to blog using my laptop, also don't know why leh ...
Completed my 3 days Forex course last week, woo definitely enriching stuff learnt, till today i am still figuring out the strategies and studying the market movement, but i am confident once i understood all these and mastered the market, it can only mean one thing. There were games played during the course, more interesting were 2 of them - The "Lose Money Game" and the "Win Money Game". As their names meant, the objective of the games were to lose and win the most amount of money in a stated period of time respectively. We started off with a capital of USD50000, and will trade as we wish. Winner groups for both games will win real cash of $260, and there are two people in a group.
Me and Neo were in a group, and we came in third in the "Lose Money Game". We eventually ended up as runners-up because the original runners-up group did not follow some of the rules exactly, but of course, all of the games were played in good spirit. After we checked the results in terms of the amount they lost, we only lost by a close margin of around few hundred dollars! (In this case, it means they lost slightly more than us by a few hundred dollars, as the objective was to lose money). Argh ...
Later on in the day we had the "Win Money Game", where the end result was a total of around 20 groups, only 2 groups managed to make money, and the profits were in hundreds only. The rest all lost, including us. Lessons were learnt, and here are the basics:
1) What you did when you were trying to lose money, you can't just reverse your actions and expect to win. It will not work. At all.
2) In trading, it is not the quantity of your trades, it is quality that matters.
3) You will fail without a plan and strategy, something i am still working on.
And i was pretty surprised that in the "Win Money Game" we actually had a winning rate of 85% in terms of the number of trades we did, why we still lost money overall is because the losing trades we had are of higher value, so they are still not enough to cover the winning ones. Of course, this is only demo account with fake money. What i like about Forex trading is that you can actually put a "Stop Loss" to your trades, which means you can set the maximum amount you can lose and once that amount hits, the trade will close. We never used this during the game as we wanted to see what will happen. Nevertheless, i just hope my winning rate can be maintained at 80% when i moved on to real money. I will really be satisfied enough.
And lastly i'm also glad i made some new friends in the course, and all share the common goal as i do, all are so eager to make money and we already formed groups to trade together and share our thoughts and lessons learnt during the weekly review lessons. An interesting fact was that in the course all the people my age are guys, there are no young ladies below age of 30. I guess what Ryan, a new friend who is same age as me, told me is correct: "Girls our age is only concerned with one thing, how to package themselves better so as to find a better husband in the future, they are not concerned with how to make money for now." Well, judging from what i see, i have to agree with him. The reason why he joined also is to make more money for marriage, as he said his girlfriend who is older than him is "stressing" him already. Woo.
Group Photo
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Thought of the day:
Too much Mas Selamat in the news lah
5:11 PM
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