Trading last friday - Non-Farm Payrolls

:slight_smile: Hello everyone,

My system finally ‘clicked’ for me a few weeks ago after struggling to break even for 8 months and this past week I actually made healthy inroads at getting back to where I started (I did the newbie mistakes like everyone and lost 80% of my initial account in the first 2 weeks of trading. Can anyone say money Management? :o ) My self inflicted punishment was to learn, learn, learn and go for small pips to build and compound my account back up to it’s original level with lots and lots of work and trading. So far so good.

Anyways I have been consistantly very healthy profitable for a few weeks now - about 10% return on account per week (I trade for hours and hours a day as I work from home on my computer all day and night and my work is BUSY at the moment) (am a scalper also as that style suits me best I have worked out even though it takes a lot of work - I do about 10-30 trades per day)

BUT in this last week especially on Friday due to the volatility in the AUD/USD pair I made a return of 25% on my account. I am dead scared that it is random reinforcement and not skill that did it. Obviously a few weeks of profit isn’t convincing enough that I have worked out the quirks in my system as yet.

SO anyways… my question is did anyone else make good profits last friday and if so how was the take (either $$ or pips) RELATIVE to other trading periods you have undertaken? Was Friday ESPECIALLY volatile and easier to trade than normal? Just looking for some experience of others to try and gauge my day’s trading in the right context.

I am here for the long haul so ALL advice welcome.

Thanks for your time and patience. :slight_smile:

Well yeah! it was special for me this week too, friday included, but I was already in two positions since thursday London session. Since I don’t particularly aim for a specific take profit target, let my profits run, and trail my stops every new swing high/low, I closed my positions for 400 pips each, when normally I can bank 80 - 140 pips.

I love trending markets, but I think these are conditions that don’t present themselves very often. But since you’re already profitable I think you probably already know your system/method and how it works, and apparently you had the skills to let your profits run, and/or to identify profitable trading opportunities, not just for this week, but for the past ones.

So in conclusion, not just the market presented great conditions to be traded, but you saw them and you took advantage of them. That’s a good thing you should give credit to yourself.

Now let’s preserve that profits and make them grow.

My two cents.

Thanks for the comments - I appreciate it. Yes one of my initial stumbling blocks was jumping ship too early and I have worked on controlling my mental state to stop myself and let the trade run and reworking my TP levels WHEN I feel the confidence to back up my trade reasoning. THAT was hard to overcome - it has taken me months to acknowledge that feeling and get it under control.

thanks again. :wink:

Well it didn´t take you a long time! :slight_smile:

hehehe guess not!

Pipcounterz, good going, I arrived at something like that a while back then I stopped trading! I had made around 100% over 2 months, but like you my swings could be around 25% a day, at this point I came to a few conclusions.

It was definitely possible to earn a great living from forex.

I was able to do it.

I could control my emotions.

My profit curve just wasn’t smooth enough to be comfortable with this long term.

It was too stressful, I mean I don’t want to be stressing and thinking too much about this and spending tonnes of time in front of the computer in a 5 years time.

So I stopped took on board everything I had been through, learned, got used to etc etc. decided exactly what I was going to do and went for it. Now I trade 10 hours a week max, I put on a maximum of 10 trades a week, and I am totally unstressed.

Taking a few days off now, congratulating your accomplishment, having a little break will give you a new perspective that may well help you more in the long run rather than ‘practising’ all week, however if you don’t do this, why not demo trade for a day or two? anything to take the pressure off to give you time to put it all in perspective.

And don’t get disheartened if all blows up, I’ve seen so many comments like ‘I thought I’s turned the corner’, but there was one more to go.

wise words… thank you.