I must say overall im happy with the results, i’m very glad I made the transition from binary to forex as so many times as soon as I take my trades it goes in the wrong direction for a day or 2 and the next couple days it comes out to hit my TP. The only frustrating thing is some trades can feel like forever, I have 1 trade going into 2weeks now, but overall the trades look good and I must just be patient and wait for it to run its course. I never see people posting real results but here are mine im not scared , its anyway a micro account compared to all " serious "traders.
The money might not be much but % wise it’s allright, I only started halfway threw the month, I screwed up lot sizes and should have won more and also I only risked 0,6% per trade.
I still have 4 trades running from September, all still just hovering around break even but still positive that I can book wins from them.
Ok so October is here and this is my plan.
Trade 1% risk per trade.
No more then 5 trades open at a time.
Only 1 trade per pair. ( I have 2 open on one pair atm and I dont feel happy about it )
Only take trades that I can take a risk of 2:1 on minimum.
Stick to the 6 pairs from September. ( Only trade other pair if taken from signals coach but agreed with analysis)
Read Millionaire traders + Naked forex. ( I have some books i saw Lexys recommend also in mind but ill leave it for next month )
-Follow each closing candle of the H4 chart if possible starting 7am Monday and ending 3pm Friday, if not on the road. ( My local time )
Also on the side im working on a facebook page, im going to use it as a journal as well. I like interacting with people, it will be like a blog/journal type thing where I will post my analysis and discus so that I dont flood this page with too many pictures.
I will be doing my analysis tomorrow so that I can start the week fresh.
Ideas for the up coming week.
The USDCAD is on a daily, so it might take longer to happen, wasn’t looking too clean for me on the H4 but ill keep a eye on it threw out the week.
So I climbed on this trade, leaves me at a total of 5 live trades open atm so im just gonna chill and let them run their course. Ill be trading once one of them close
Hey this will be my first trade being stopped out, and as the trading gods would want it it will be on the pair I had a double entry.
I felt it was going to continue going down as it broke a trendline, went for a retest and went down. The trendline completed a triangle that was making LH/HL’s.
The only reason I can see not to take this trade is the last HL before I took my trade, is that really enough reason not to take the trade or am I missing something?
Stopped out on GBPUSD as well, October starting off ****. However I do still have 2 trades running from September that are looking good and can make up for these losses, lets see :).
I cant see anything wrong with the trade. Price broke below your trendline and then used it as resistance. With lower highs on your down sloping trendline it might have convinced me to take the trade as well but I probably would have waited for price to rally nearer to the bigger downtrend line for a short (not that it would have helped in this case as price broke through that as well).
Ok cool, ye I dont mind losing it, im just scared im missing something.I appreciate the feedback and I will keep in mind waiting for the bigger/ clear trend line to hit and then take it and if I did wait it would have broke the line with 1 candle so I wouldn’t have took it either. Anyways now im gonna consider taking it up a bit
So far for this month 2 wins and 4 losses and yet im still in a profit haha. I have 3 more trades open, all 3 looking good so far, I prob wont be taking much trades as it will be my first NFP as a forex trader so I will monitor it first.
Stopped out on EN. Something I’ve noticed is that not losing is a form of winning. Basically my impatience and lack of analysis is costing me money. But that being said, im still up for the month and have 3 trades looking very good ITM.
This was a very bad trade from me. Overall the chart was making LL’S/LH’S and a double bottom with a recent LL.
Bad analysis costed me here, and I will wat for it to break and retest the trendline before I go ahead and sell it.
Overall im still up over 3% for October with 3 live trades still going. But this month I have lost a lot of trades I could have not taken, I feel I should stop this greed and stick to my “swing” trade way’s and only take at the best possible situation.
Stopped out on UCAD. -4% for the month so far. Been a bad month, but mostly got myself to blame, looking back analizing my losses its just a lack of good analysis missing. However last week and over the weekend I learned a lot and saw my mistakes.
In short not using longer time frames to determine the actual trend etc. Ive also figured out things im gonna add to my analysis so im excited for November, I have 4 trades open, 1 more then likely will stop out and the other 3 look good and should hit my TOP and even with my predictions now i can end the month in a small profit but i doubt the trades will close before next week Monday.
Ill be posting a recap of October next week, cheers.
October has been a **** month, the biggest reason is that i was looking for way to much action. So this month I will passive up a bit and take it from there.
My goals will stay the same. 1% risk, max 5 open trades.
I have 4 open coming from October, but this month i will prob take 1/2 the amount i took last month.
So, I learned today, maybe its best to get out of the market if major news is coming up.
I had 3 EUR pairs, all 3 very nicely itm as i was short on them, then boom, the elections sent the EUR rocketing up and I hit my SL on all 3. It happens, and so you learn. Bad start to the new month however, but ill come back stronger, all im trying to do is set myself to find a good grove so that I can have a good 2017.
“Sometimes avoiding trades is just as important as taking
trade opportunities when they arise”
Something I read in the naked forex book im reading. It’s something im trying to focus on, leave all the so called “50/50” trades, and wait for the decent setups to come up. At least untill I have improved more as a trader.
So here are my November results, a losing month, however I did hit some nice TP’s early in December.
So, the thing I have had the biggest issue with was over trading I think, Ive made so much mistakes trading bad setups and it has costed me a lot of money, thats why I’m changing my goals a bit.
I want to up my risk 2% per trade but my overall trades will be 3 open at all times. I think this way it wil let me focus on good setups rather then volume and im sure it will have a better result for me at the end of the day.
Holiday is around the corner so Ill start reading a new book in January, for now ill just be checking a youtube weekly analysis or 2 and tradingview. Cheers
After reading a post that’s doing the rounds here and also reading more about win rates etc, i’ve learned that you musn’t focus on it specially not when you are a noob, in general it will be total random and cannot be set in stone.
Im going to make it my goal to focus on improving, doing a limited amount of trades once I identify good setups and focus on the small wins. When I stepped into trading I was sold on the make 200% gain pm idea and I honestly thought it was realistic specially coming from binary option, but now, the more I dig into it all I see that the people who are winning and making a living are scraping together small %'s every month 1-5% and its working for them.
I guess the biggest issue with that is , if you want to make it a full time job, is to have a lot of capital behind you. Im fortunate enough to have people around me that in time, or so I hope at least, will be able to invest in me once I can show a consistent profit and that way I can make decent money by only gaining small % each month.
Ill post more about my goals for 2017 in January, but one that already decided is that I will focus on showing consistent small gains threw out the year and forget about the get rich quick mindset.
Ive decided to focus on what exactly are my trading rules. I want to identify them, and focus on them 100%, I will not fade away from them and will stick to them 100% of the time. So far this is what im thinking:
R/R 2:1 minimum ( always aim for more )
Trade zone to zone.
Only 1 trade per pair ( If im doing longer term traders and the H4 has created another zone within my trade I can do a 2nd trade)
Identify trades via daily/weekly and monthly.
Enter on H4.
Do not enter early. wait for a reversal candle in our zone.
Look for 3 solid reasons minimum before taking the trade. ( S/R zone,Trendline, Fib, Harmonic,)
-Follow the trend.
Use max 2% risk and max 5 open trades.
-Screenshot all my losers and winners for later review to improve.
These are my trading rules, I will stick to them no matter what.
Finding my edge and stacking the odds as much in my favor is what im trying to figure out, good luck
I feel like 2017 is going to be a sick year, i’m feeling very positive about my trading and I feel like im starting to understand it much better. That being said there is a lot I must improve on, for instance entries, exits, SL/TP levels etc. Im going to try work on those the next couple of months and take it from there.
I added the big shadow trade to my trading plan, so that has opened up a door for me to study more of Walter Peter’s work, so ill be going threw all his youtube video’s this month to learn as much as I can from him and take it from there. My trading rules will remain the same.
I have 1 goal in mind and that will be to make 50%+ return for the year, im trying to set myself up as a profitable trader and maybe with the track record and decent results I might be able to find a way to trade a bigger account for a company or so by 2018.
Good luck traders and let this be our best year yet!
**** month so far, reconsidering the big shadow trades. The RR is max 1:1 and also it requires a lot more screen time.
Im just sticking to swing trading. H4/D/W, I know I can get and edge there, patience is key. Big setback this month but still focusing on the main goal which is 50% gain.
