As the title says money where my mouth is.
So as started in other threads, just coming back to trading. I’m learning MT5 for the first time so just a small demo account to get the skillset honed back in. Cause I’ve traded real funds I now the emotions so trading demo is the same for me. Hopeful it won’t take long to learn other assets and the features on MT5
First up I trade Price Action. I look with my eyes, I think with my mind. With that said its a no brainer to enter into a EURUSD long for a few pips @1.17665
and out @1.17851. profit 19 pips
Day trading T. No mujik 1.5 TP target here
Money where my mouth is.
Im going to trade a demo account.
Oh great the thought police are here.
Never thought I needed saving from myself but
geez weez thanks @TP89 I have now seen the light and the error off my ways. You are legend
Ok. Time to sell folks. Just set up some pending orders for the EURJPY. Limit @123.050 and Stop @122.834
Well that didn’t take long to trigger the stop order. Limit order cancelled
Now the real work starts
Couple of hours in things are looking good. A bit of backing and filling going on but that is to be expected at this time of day as London positions itself. Where will it go??? Nobody knows. But I’ll set a break even at 122.79 so I at least make a small profit. I can always re-enter if it does retrace back.
@Blackduck just my eyes, bit of grey matter and time of day, thats all I need. As you can see I didn’t set a stop until the trade progressed, my risk is minimal. The market is dynamic and there is plenty of room for this to head south to 121. This, to me, is what it’s all about. Screentime, appreciating paint drying and grass growing.
I am eyeing 122.74 as an exit level, if price moves that way and as I said, I can always re-enter.
Now life is interesting. Round numbers is what institutes play in. Price broke down through 123 very easy but now its at 122.5 life could get interesting. Got a solid profit here and hate to see it disappear. Makes the heart pound and I love it.
If it closes the red line Im taking profit and closing.
Some will remember how I preach fluctuating over trending, this is what I’m talking about
Well, Ive be closed out with an 18 pip profit. Thats represent 0.15% profit for me in AUD.
Do that every day and thats 3% a month, 36% a year. Lots of people will start to notice if you can do that.
Hindsight propably could have closed at 122.50. That would of almost double the profit but hey, might be an opportunity to re-enter later. Price could also head straight back to 123.00. Who knows? I don’t. Markets are dynamic and if day-trading, one must stick to the here and now. And now I’ll stay out and live to fight another day
I’m not a Guru. I’m not a mentor. I just do and this is what I do. Naked, raw, uncensored.
Well done a profit is a profit.
Cheers, hope that gives you an insight. I see price has just touched 122.5 again, looking for another short entry. If I miss the bus, not to worry, another will come along
So, I make no secret I don’t trade for a living, this is my office TheRealInsideBar's office at sunset
Today is a work day but I’m home now and gee wiz I’ve milked this EURJPY move for all its worth. Loaded up on the retracement last night and remember these words
Well thats what it did and it’s filled my coffers with a massive 22% return.
121.00 is where my analysis becomes void. It is a well known fact that institutes love these round number levels. Price could very well bounce around 121 for the next few days. It might head straight back up to 122-123, it could equally head straight down to 120 or lower. We simply don’t know. Even as I type price is heading north eating into those unrealised profit if I had left my trades open.
The gurus will preach fib levels, risk reward, sexy entry points, probability, VSA, trend lines, supply and demand - do I need to go on. What a load of shite. The simple fact is that there is no single strategy that will give you the edge in the market. The only way to beat the market is to TAKE ON RISK and have faith in yourself.
Its like my golf swing. When I step on the1st tee I must simply must have faith in my swing. How do I have that faith, hours upon hours of training on the range. No different to speculating, how do you have faith in yourself, not hours, not weeks, not months but years of training. Its damn hard work and not for the faint hearted. As I mentioned before, 5 years of it burnt me out.
This single day trading could very well be my only big profit day for weeks/months to come. The best I can hope for is to break even until the next big move comes along.
It is the best any of us can do is survive in between.
My mouth is playing with a mil atm, on a demo obviously