Choo Koon Lip

1. Learn to trade forex with a disciplined plan and not by hindsight. There is a problem with many traders and that is they take shopping more seriously than forex trading, and I’m serious! An average shopper will not spend a $200 on something without much research or if he/she has not done some research on it. But I have seen tons of people risking their trades with a few hundred dollars based only on their intuition or ‘feeling’.

So what people need to do here is to have a trading plan at the starting of the day and follow it thoroughly. The trading plan should consist of stop loss (it’s a must!) and profit target levels (and preferably with multiple scenario planning), so that your trade is planned to be taken out early when the market goes against you and yet also there is a profit target to aim for if the market goes in your direction.

Stay tuned for next posting!

I was editing the 2^nd edition and Chinese edition  of my book ‘The Lemming Trader’ and thought of sharing this with all of you.

As my book is about trading pyschology and herd behaviour in trading, the contents discussed here are trading in general, not just Forex specific. You will read about 2 key destructive emotions that are always present in the world of trading and that is, greed and fear. I can say that most traders or 95% of the traders are hugely affected by these two emotions and no doubt it’s part of our human’s nature.

Successful traders have those emotions too, but the difference that separates the successful traders and those who failed is the technique of controlling the emotions well. We will look at some of the trading tips that can help you as a trader to control those emotions well and get consistent profits out from the forex market.

As my summary of the books can be quite long, I will split them up into 3 parts here and post here in my blog within the next 3 days. Stay tuned.

Sucker Punch – 2 Apr, 9.30pm @ GV Grand

Source Code – 20 Apr, 9.45pm @ GSC Queensbay (Penang)

Don’t Go Breaking My Heart – 20 Apr, 11.45pm @ GSC Queensbay (Penang)

Justin Bieber: Never Say Never – 21 Apr, 1.00pm @ Cathay Pranglin Mall (Penang)

Chinese Ghost Story – 22 Apr, 11.00pm @ GSC IOI Puchong (KL)

Limitless – 24 Apr, 5.10pm @ Shaw Nex Serangoon

Non-movie: Kitaro – The Silk Road ‘Live’ – 16 Apr, 8.00pm @ Arena of Stars (Genting)

Anyway, I went to Santana Concert with my dad on Monday 7 March. Finally got to see the legendary guitarist!

I’d been super busy this month, preparing the recent Forex Graduates Gatherings. I only managed to catch 4 shows (and a concert)!

I Am Number Four – 1 Mar, 7.20pm @ TGV Cheras Selatan (KL)

Gnomeo and Juliet – 5 Mar @ GV Marina

Ghost: In Your Arms Again – 11 Mar, 3.00pm @ Shaw Serangoon NEX

Rango – 16 Mar, 12.15pm @ MBO KSL City (JB)

I posted now, knowing that it’s unlikely to catch a show on the last day of this quarter. It’s a fulfilling quarter where I have learnt a lot and experienced things I may never dream I will get close to.

Anyway, I went to Santana Concert with my dad on Monday 7 March. Finally got to see the legendary guitarist!

It’s A Great, Great World – 4 Feb, 3pm @ GV Marina

Shaolin – 5 Feb, 8.30pm @ XXI Plaza Indonesia (Jakarta)

The Green Hornet – 6 Feb, 9.25pm @ XXI Plaza Indonesia (Studio EX) (Jakarta)

Burlesque – 7 Feb, 9.15pm @ XXI Plaza Senayan (Jakarta)

Bruce Lee: My Brother – 8 Feb, 2.15pm @ Pulit Junction Mall (Jakarta)

Just Go With It – 12 Feb, 9.25pm @ GV Bishan

No String Attached – 18 Feb, 4.40pm @ Cathay Orchard Cineleisure

I Love HK – 21 Feb, 1.50pm @ Cathay City Square (JB)

All’s Well Ends Well 2011 – 21 Feb, 4.00pm @ Cathay City Square (JB)

Finding Mr.Destiny – 25 Feb, 2.20pm @ GV Plaza Singapura

Sanctum (3D) – 27 Feb, 11.00pm @ First World Cinema (Genting)

January was a ‘tight’ month for me. I was in the Middle East after Christmas and was back on 3 Jan. Immediately on 4 Jan, I was already in the army reservist training already. And hence, less movies for me!

The Tourist – 1 Jan, 7.30pm @ Reel Dubai Mall (Dubai)

A Better Tomorrow (Korean) – 6 Jan, 9.30pm @ GV Plaza

Love & Other Drugs – 8 Jan, 9.25pm @ GV Marina

Burlesque – 16 Jan @ GV Yishun

Shaolin – 22 Jan, 6.10pm @ GV Plaza

Homecoming – 31 Jan, 3.30pm @ MBO KSL City (JB)

Ya, I started 2011 with watching ‘The Tourist’ as a tourist in Dubai Mall (probably the largest mall in the world – like 12 times VivoCity).

‘Homecoming’ is unexpectedly good (initially, me and my mum only agreed to watch it because we were in JB and hence it’s cheaper). Shaolin is a blockbuster level movie and has more in-depth story-telling despite the superstars anchoring the show.

The worst movie is definitely the remake of John Woo’s classic ‘A Better Tomorrow’ – it’s so slow and poor story!

Rapunzel: A Tangled Tale – 10 Dec, 11.20pm @ TGV Sunway (PJ)

Due Date – 11 Dec, 8.40pm @ TGV 1Utama (PJ)

Sammy’s Adventures: The Secret Passage – 15 Dec, 4.30pm @ NEX Serangoon

Tron: Legacy (3D) – 24 Dec, 1.50pm @ Cineleisure Orchard

Gulliver’s Travels – 25 Dec, 1.50am @ GV Jurong Point

The Fighter – 21 Dec, 9.40pm @ Grand CineCity (Al Ghurair City, Dubai)

Just read a news about NFA is instilling a new rule (or a way to tax the brokers)…

Few hours back, NFA just announced that its assessment fees increase. Effective January 1, 2011, NFA’s Futures Commission Merchant (FCM) assessment fee will increase from $0.01 per side to $0.02 per side. In addition, the Forex Dealer Member (FDM) assessment fee will increase from $0.01 per $10,000 of notional value to $0.02.

The increase will mark only the third time in NFA’s 28-year history that it has increased the fee. Conversely, NFA has decreased the fee eight times during the past 10 years.

In January 2008, NFA reduced the FCM assessment fee by 50% to $0.01 per side. When Members were notified of this fee reduction, NFA noted that the fee reduction may be sustainable for two years. In fact, NFA has been able to sustain the fee for the past three years despite a reduction in public trading volume. However, in order for NFA to continue to fund its operations and maintain adequate reserves, an increase in the assessment fee has become necessary.

Bluntly speaking, NFA wants a bigger cut of the very profitable forex business – and who can blame it? NFA is looking to charge 40 cents per each standard lot while most brokers profit around $10 per 1 standard lot.  Conservatively estimating the US market at around $2-3 trillion a year NFA can expect to make around $8-12 million a year. No wonder NFA wants all US clients back in US subsidiaries.

We (as in me and Lowie) just set up OUR blog on 11/11, just thought of chronicling our journey together!

Detective Dee and the Mystery of the Phantom Flame – 2 Oct, 9.40pm @ GSC Pelangi (JB)

The Other Guys – 5 Oct, 2.30pm @ Cathay Cineleisure

Eat Pray Love – 9 Oct, 6pm @ GV Tiong Bahru

Reign of Assassins – 17 Oct, 1.20pm @ Cathay City Square (JB)

71: Into the Fire – 23 Oct, 12mn @ GV Jurong Point

The Social Network – 23 Oct, 11.35pm @ GV Plaza Singapura