Winter Break papermoney practice

12/30/08 - 9 pips

EUR/GBP 6 pips [.9771 S - .9765 B] 21:02:31
Broke Tom Demark's line...but overall daily trend was up...the trend is your friend. Closed position because the trade was against the trend and had to eat...didn't want to leave my money in the game.

USD/CHF 3 pips [1.0587 S - 1.0584 B] 22:59:05

Currency was in a chanel (not possible break in the next hour)...daily trend was down...and last 45 min trend was down. Stochastics was showing the currency was overbought and heading towards to oversold area...Rode the small wave and closed position. Could have left it at a 10 pip stop and a 20 pip profit stop...but wanted to go to bed with a clear mind haha.

01/06/09 74 pips

Whew back in Raleigh...finally I can get away from distractions...and do some long needed trades.

AUD/USD 23 pips [.7074S- .0751.B] 02:43:43

This trade broke bottom support...easy trade. I have added another indicator to my tool belt...the 'Boiler Band' Once it started to touch the bottom wall of the band along with a stabalizing 200 Exponential Moving Average (EMA) I thought this pair would go down during the London open (3 am).

EUR/USD 30 pips [1.3475S - 1.3435B] 02:44:36

Broke Tom Demark Trendline. 200 EMA was trending down. Easy trade.

USD/JPY 26 pips [93.41B- 93.67S] 02:47:19

This pair already popped when I jumped in. The Boiler Bands were constricted...which means it's going to pop...just a matter of when. The USD/JPY 200 EMA has been trending up. Jumped in as fast I could.

*Notice all three trades were place within 3 minutes of each other. I wanted to see how many trades I could watch at the same time without going crazy...testing out my ADD skills.

**The main thing I am paying to at this point (For all three trades in 15 minute view) is trigger candlestick formation and Stochastics crossing each other. I put stops on all trades for 20 pips each...no below but in profit...I am locked in for 60 pips if the market changes and just riding the wave.

AUD/USD 5 pips [.7139S- .7144B] 10:59:23
Broke Tom Demark Trendline...but there was a battle between the bulls and the bears. Not sure where this was going. All indicators were giving me a down trend but the actual resistance was going up. Pulled out the second I couldn't tell the difference.

Winter Break total - 83 pips

Reality

My name is Irwin Ki and I am currently studying Civil Engineering and Entrepreneurship (Minor) at North Carolina State University. I have 'played' with stocks during my tenor at NCSSM but have never really learned/used a strategy used for investing. I have taken a two year break from investing because of recent losses from my naivety and not doing my own due diligence...

During the Fall 08 semester I realized a couple of things in LIFE:

-Everyone in life live in different realities...with different expectations and even different views of entitlement.

-I control my own destiny...if I want to be in business...I alone have to find my niche.

-It is a luxury to work in your passion and make a living doing it...it is good to have a back up way to support oneself...but never stop dreaming and being curious.

-Successful people have the duty to care for those who are less fortunate...reading about John D. Rockefeller, Warren Buffett, and George Soros....gives me hope and inspiration.

-No matter what problems that exists in my reality...there is always someone who has it worse and there is always some who is better than me...stay humble.

-Success is defined differently.

-I am very blessed.

The New Chapter:

I contribute a number of things that pulled me back into the finance industry (Friends getting interested into trading, Tim Sykes, Wall Street Warriors...http://www.mojohd.com/mojoseries/wallstreetwarriors/, The thirst for ways to make money... One of my friends suggested that I look into "Timothy Sykes" a young trader who turned his batmisvah money into a cool 1.6 million before graduating college (http://timothysykes.com/) ...it is stories like those that inspire people. After purchasing his first instructional DVD, subscribing to his monthly e-mail alerts, and researching his trading methods I was confident if I applied myself efficiently the possibilities are limitless!

One evening I decided to trade GBP/USD (forex) on my play money account...I was immediately hooked. I don't want to type out what happened...but it got me very interested in arbitrage. The more I research the more I new that this trading medium is a fit for me...Highly leverage, liquid, volatile, trends very well, and trades 24 hours 6 days a week....perfect for the college lifestyle.

Learning from my previous mistakes...I am going to educate myself to the fullest before using my real money. From what I have learned in the past it is important to have a mentor in any field I am learning in. Tim is my mentor for stocks and Peter is my forex mentor.

Current Goals:

1) Hit 20 pips/day consistently for 5 days straight (My money transfer should be ready in two weeks...enough time to get my feet wet).

2) Develop a trading plan:

Use top down trading (observing the weekly>daily>4 hours>1 Hour>15 min charts to determine overall trend), indicators (MACD...looking for divergence, Stochastic...for scalping and good entry points, Exponential Moving...think trend, Tom Demark Trendlines...look for breakouts!), and fundamentals (News about currency).

Focus on trading 3 currency pairs EUR/USD, GBP/USD, and EUR/GBP.

Trade any waking moment...including the 3 am rush. The London Open.

Trade between 3-8% of my total account value to prevent swings...successful professional poker players have a strict bankroll measurement. Why not traders?

3) Understand Tim's (Shorting Penny Stocks) strategy...

Find overvalue stocks that have had huge recent gains...observe the technical data and short the stock once it breaks it's support point (this is what I have gotten so far).

4) Keep a trading journal (what I am currently doing now).

Format: Currency Pair Traded, Pips profit/loss, Time of Trade

In my opinion Day Trading when 'Winning' is the ultimate adult video game. Wish me luck.