Swordofrue's Day Trading Results

[swordofrue]

The trading week thus far has been slow. But the lesson I learned last week is that the week isn't over until it is over. So I patiently sit and wait for an opportunity to get in. Since I am on week 3 with +15% I am just going to wait for what appears a good trade and not try to force it like I did last week. You don't aim at the prey you wait for the prey to walk into your cross hairs!

[wmcgo1]

can you send me information on how the cable system you posted about. I'm new to the forex and my goal is 70-100 pips per week.

[swordofrue]

There have been a few requests to reveal my trading plan. So I thought I would take a moment to explain why I have not revealed such information. I have been trading on and off for the past year and I was a typical newbie hopping from one trading plan to another trying to find what works for me. After little success at that I finally realized something. You can trade someone else's plan all you want, however, you probably won't experience similar results that as the author. I believe there are several reasons for this. First of all you have different experience and knowledge compared to the author. Also, no matter how well they explain their plan you won't see it exactly how they do. So after these realizations I decided to come up with my own some what original plan. I took indicators from my last plan I was using and then added something I never considered before. I have left my original indicators on the charts, the Moving averages. However, I knew I need something else and so I started searching and then I found something that appears to be promising and I just went with it. It appears to be working decently. However, like any other plan it will fail at times which you have witness with some of my trades. However, it also works very well, and you have witnessed those trades as well. I have yet to do a full back test on my plan so I am just hopeful for the time being. Furthermore, I do not have a complete plan. I just have an entry and some position sizing so of course it is not complete yet.

So for all those newbies out there I recommend you look at all the plans you can get your hands on, because that was a great learning experience for me. I learned how other people use indicators for their view of how to react to the market. However, I also urge you try to make your own original plan so that you see things your way and I think your success will dramatically increase. I am far from having my complete trading plan, but I honestly believe I am moving down the best path for one of my goals (first million after taxes in less than 6 years).

So rock on and define your own plan and trade the plan and I believe you will be just fine

[swordofrue]

Week three wasn't too great. Had no real good signals and nothing really came out of week three except a loss of around 5%. I started real strong and then kept trying to force the trades instead of going for the ideal ideal set ups. Shame on me!

The two trades I did are as follows,
http://home.natefico.com/trade1w3.gif
On USD/CAD I shorted and it would of worked out if I had some better timing or maybe a wider stop.

http://home.natefico.com/trade2w3.gif

I went long on Cable and this was just horrible timing. If I got in exactly when I should of I may of got away with some pips or at the very least got +3 but instead I got -40.

So two trades I got stopped out due to my bad timing and possibly due to my stops not being wide enough for the time frame I am using. Thinking about cutting my lot size down at least by half.

[egypt_pilot]

This is exactly why I say what I say. Just last week I lost a couple hundered dolllars because of the dam nerves. I'm switching to a managed investment, 5% monthly on my 10k is better than losing each and every darn month. dealsjamaica.com isn't bad as well as felix's site but at least with dealsjamaica.com you can take your mind completely off your money plus they grow your account by 5%. I'll tell you guys what happens when I join ok?
blessings

[swordofrue]

I am giving up on day and swing trading. Going for those position trades now. Going for 1000+ take profits and what not. The only bad thing I can see about position trading is that your equity doesn't grow as fast thus you can not increase your lot size as fast. To compensate for this I am probably going to take on two positions and add lots as the trade goes my way. This way my previous lot covers my next lot if it gets into the negative. Haven't really figured out my plan, but that is nothing new. So I probably wont be posting any trade results for at least a few months. However, currently I am short cable and long USD/CAD.

[swordofrue]

Just wanted to post a quick update. My short cable is at +300 and my second position on it is +30. My long USD/CAD is +200. So perhaps over the next 5 or so months Ill prove day trading sucks

P.S. -- If I could day trade I probably would, but you have to take what you can get

[swordofrue]

So here is the screen shot of the cable short. I opened another position on the cable short but I got paranoid and closed it so that it wouldn't eat away at my profits. Since my plan isn't too defined at the moment I am improvising at the moment which isn't a good thing.