It’s all about making meaning full trades I don’t have to trade a lot to make the same profits - Just need to stick with trading what only meets my systems requirements.
Also already on track to meet my 5% quota who knows if I’ll try to go for a 10% gain this month which would be 3rd best month this year.
Got greedy traded against the system - both of them were losses but again I didn’t risk much but this is the learning lesson for all traders.
**NEVER TRADE AGAINST THE SYSTEM - IF YOU WON ALREADY CLOSE IT OUT & JUST WAIT FOR THE NEXT TURN. - I WAS MAD I MISSED OUT ON A HIGHER TP ** Either
Still on track at 3.12% gains this month will close out my trading application & hop back in later tonight.
I hear you there - I had a glass of wine last night (I lie, actually a bottle) and dropped $3k in a Cable trade overnight - a trade that I didn’t even know I placed until this afternoon when I got the alert that my stop was triggered. Ha, there goes a decent weekend away over the festive period 
No way mate! Sorry about that I hope the wine was deliciously worth it. Yeah sometimes we have to smack ourselves on the hands as traders. I know it was against my system that’s why I was mad because I basically resorted to gambling and that’s what happened. We need these type of corrections sometimes so we don’t feel like we are invincible.
It’s all good, I have a bad habit after a few cheeky drinks, perhaps a NY resolution?
Thankfully I kept to my 2% max rule otherwise I’d be on the end of a rope around about now!
Haha exactly like you said always safeguarding those set in stone rules.
This is true, one reason why I paid someone to make me a script that won’t allow me to risk more than 2% on a trade - my god that was the best $500 I ever spent (although i’m sure there is a built in feature in my platform somewhere) 
Haha hey since you couldn’t figure it out you paid for the solution. Not bad at all, I’ve always never risked too much on a trade it’s just I’m more callous to keep trying chase flailing TP & it bites me in the butt. Usually when I follow my system it rarely occurs where the trade goes really bad on me but it does happen. Haha you were suppose to refrain from trading until next year mate now we need to toast on New Years to that resolution of yours.
That’s true, and i’ll accept that 
I know, i’ve already got a rather heavy trade lined up that I need to take before Friday 4th Jan, it’s a six month option to purchase Cable at 1.0000 - expiry date end of June 2019. A rather hefty gamble, but the odds are rather tempting.
Hmmm doesn’t sound bad are you planning on short/long?
Seems like a big decision to make.
Oh it’s a put option at a strike price of 1.0000 - there’s building rumours that parity is possible in GBP.USD, more so likely in EUR.GBP. I have a funny rule that if I have surplus to predicted profits for the year end then I have to risk it on a single trade, medium term, logical and of course possible. So that lead me to GBP.USD, i’m banking on a real shitty Brexit, something that will smash the markets and cause chaos.
So, if it all goes wrong make sure you think of me
Oh I totally missed where you said 6 mo option.
Hehe this whole Brexit is like playing a high scale game of chicken & you just can’t really figure out which way it might go. Myself I’ve definitely been looking at cable trades as far as long term myself just want some more concrete info before I dip my toe in that cold water.
It’s a difficult one, 1.1500 is the area the banks will be protecting as support, it will take serious news to break below that level; and that’s if Cable even comes inside such a level (October 2016 - Flash Crash)
Yeah that’s a hard one like you said it’s definitely possible. Obviously it’s in EU/GBP best interest to try to preserve the economy and any large waves/shocks as possible but it makes it hard when we can’t agree on basic fundamentals of the proposed deal. I mean looking at the Irish backstop in place no matter which way the EU/UK negotiations goes is scary because there has to be a certain level of uncertainty. We all know how economies crumble when uncertainty hits.
Had a trade 100% on EMA/MA cross on USD/JPY took profit & I’m feeling like a true champ at the end of this week. Again if a trade doesn’t meet my system I will not take it at all. I was feeling bullish with USD retail & it outperformed in the retail control group census which pushed my USD/JPY trade up. Again feel like it could reach 700-800 today with the next news being released positive. I don’t need to take any trades though I can sit back and watch for the rest of the day honestly.
Currently at - 3.49% for the month but that’s well in my target range of 5% and might bring me back to my 10% range as well.
Took a quick LONG USD/CAD because I felt CAD was going to throw up some bearish numbers & it did.
So far I’m only at 2 trades this week both were this long USD/CAD but it happened to end up in double profit. Waiting for the FOMC meeting later.
I fully agree with you because I also apply the same. I think that we don’t need to trade every day. If you don’t have an idea, it is better to go out and do some sports activities and then revise your charts. For me, it is important to focus on a profitable deals not on a deals per se.
Oh for sure, technically speaking one good trade could be the equivalent of 10-15 smaller trades. Like for example I only took 3 trades this week but it was equivalent to my 10-20 trades for the week.
It’s all about not forcing it.
Good job! That was actually the best trade that could be made on todays relatively calm market. I think that end of this week will be much more interesting for USD/JPY , due to upcoming fundamentals release. Any trade ideas?
