Hey FF members and spectators,
I been around a little while on FF, have started a few threads, disappeared and reappeared for a while, life happens. But I thought its time to start a new journal on here again. Get quite a few messages throughout the week from traders who have seen some posts or wants to ask some questions etc, but due to time restraints, thought i'd just post on here as much as I can for what I'm seeing and what I'm trading, with my simple, straight forward PASR FIB trading style which I have implemented over the last few years to make a consistent return on my investment.
For those, probably most, who don't know about me, I have been trading since 2009, full time since February 2014, just over a year now and trading forex is my main source of income. I get asked for access to my trade explorers etc a lot but a mans vault is mans vault so I do believe that some things should remain private. Don't feel the need to gloat or show the glory when at the end of the day my earnings are my earnings, I'm not here to sell or tell you to do anything, therefore if my trades and my trading plans match the style of trading you do, you can chop and change it as you wish to suit you, in no form whatsoever am I telling you how to trade or what trades to take in this thread - whatever I post on here is for information purposes only, my trades are set with my money management based on the amount of risk I am able to take on my positions. I just need to make that clear because no one ever profits 100% of the time, and I know there are ALOT of newbies on these forums that are looking to trade others plans - you can do this but you won't ever be successful. Trust me on that.
Heres a screenshot of one of my smaller live accounts from which I withdraw everyday leaving equity of around £1000 per day in to trade with:
This is just to show that my trading style is moderate to high risk and not suitable for most traders.
My trades last anywhere between 2 minutes to 72 hours. Recently, I have become more of an intraday traders, I don't like to class myself as a scalper as I do not look for 5-10 pips for a trade, however I like to gain at least 30 pips [3%] when opening a position. My stop losses also vary trade to trade. I do not have a set stop loss plan. I do not recommend not having a stop loss for beginners or for anyone who does not have enough equity to cover their risk on a trade without blowing their account. I have been there and done that over and over again at the start of my journey of trading.
Another screenshot from last week around 4th Feb 2015 of some trades:
In 2014, I made a killing at the beginning of the year. I was focusing my attention on buying/selling Gold and Silver. Literally, for the first few months of trading full time, I managed to make more money than I have collectively in the past few years. Life tasted good. Thankfully I was wise to implement in my trading plan to withdraw X amount of cash whenever I reached X amount of profit, the money was saved, capital was in my trading accounts and I have the margin to play with fairly large contracts. The buzz didn't last for very long, 2nd quarter of last year I went of my first losing streak as a full time trader. PA was not respecting my levels, fibo was being thrown around and disrespected almost as much as S+R, my position sizes were the same or slightly larger but my stops were getting hit more and more frequently, only to figure a few trading days or a couple of week at the most, PA was where anticipated. When you loose quite a lot consistently, you become more fearful of position sizes and that one single thing that kills a lot of traders, over trading. When you loose, mentally you want to recover your losses by any means, see the right set up, enter the market, trade goes your way, you see your account balance recovering, and boom, it goes the opposite way and you actually end up loosing more, risk wasn't controlled, money management was disrespected and account balance goes lower and lower.
As Sylvester Stallone told his son in his last Rocky movie, the famous words, "its not how hard you hit, its how hard you can get hit and keep moving forward, how much you can take and keep moving forward" - I had given up my business which I had built from scratch for the last 14 years which was giving me a steady income and allowing me to survive in the world to committing myself to become a full time trader when I felt I was ready to but the results were starting to fade away month on month in the 2nd quarter of last year.
"Plan your trade and trade your plan"
Quite simple really, but saying something is one thing, doing it is another. The biggest flaw in my trading strategy was that I was missing the number one thing.
When you are a trader full time like myself or thinking to be, what is first question you need to ask yourself? What is the first thing you need to ensure you are doing with your mindset and how you are seeing the markets? Why do you choose to trade forex?
I'll continue writing once I have received a few posts with answers from you guys...
I been around a little while on FF, have started a few threads, disappeared and reappeared for a while, life happens. But I thought its time to start a new journal on here again. Get quite a few messages throughout the week from traders who have seen some posts or wants to ask some questions etc, but due to time restraints, thought i'd just post on here as much as I can for what I'm seeing and what I'm trading, with my simple, straight forward PASR FIB trading style which I have implemented over the last few years to make a consistent return on my investment.
For those, probably most, who don't know about me, I have been trading since 2009, full time since February 2014, just over a year now and trading forex is my main source of income. I get asked for access to my trade explorers etc a lot but a mans vault is mans vault so I do believe that some things should remain private. Don't feel the need to gloat or show the glory when at the end of the day my earnings are my earnings, I'm not here to sell or tell you to do anything, therefore if my trades and my trading plans match the style of trading you do, you can chop and change it as you wish to suit you, in no form whatsoever am I telling you how to trade or what trades to take in this thread - whatever I post on here is for information purposes only, my trades are set with my money management based on the amount of risk I am able to take on my positions. I just need to make that clear because no one ever profits 100% of the time, and I know there are ALOT of newbies on these forums that are looking to trade others plans - you can do this but you won't ever be successful. Trust me on that.
Heres a screenshot of one of my smaller live accounts from which I withdraw everyday leaving equity of around £1000 per day in to trade with:
This is just to show that my trading style is moderate to high risk and not suitable for most traders.
My trades last anywhere between 2 minutes to 72 hours. Recently, I have become more of an intraday traders, I don't like to class myself as a scalper as I do not look for 5-10 pips for a trade, however I like to gain at least 30 pips [3%] when opening a position. My stop losses also vary trade to trade. I do not have a set stop loss plan. I do not recommend not having a stop loss for beginners or for anyone who does not have enough equity to cover their risk on a trade without blowing their account. I have been there and done that over and over again at the start of my journey of trading.
Another screenshot from last week around 4th Feb 2015 of some trades:
In 2014, I made a killing at the beginning of the year. I was focusing my attention on buying/selling Gold and Silver. Literally, for the first few months of trading full time, I managed to make more money than I have collectively in the past few years. Life tasted good. Thankfully I was wise to implement in my trading plan to withdraw X amount of cash whenever I reached X amount of profit, the money was saved, capital was in my trading accounts and I have the margin to play with fairly large contracts. The buzz didn't last for very long, 2nd quarter of last year I went of my first losing streak as a full time trader. PA was not respecting my levels, fibo was being thrown around and disrespected almost as much as S+R, my position sizes were the same or slightly larger but my stops were getting hit more and more frequently, only to figure a few trading days or a couple of week at the most, PA was where anticipated. When you loose quite a lot consistently, you become more fearful of position sizes and that one single thing that kills a lot of traders, over trading. When you loose, mentally you want to recover your losses by any means, see the right set up, enter the market, trade goes your way, you see your account balance recovering, and boom, it goes the opposite way and you actually end up loosing more, risk wasn't controlled, money management was disrespected and account balance goes lower and lower.
As Sylvester Stallone told his son in his last Rocky movie, the famous words, "its not how hard you hit, its how hard you can get hit and keep moving forward, how much you can take and keep moving forward" - I had given up my business which I had built from scratch for the last 14 years which was giving me a steady income and allowing me to survive in the world to committing myself to become a full time trader when I felt I was ready to but the results were starting to fade away month on month in the 2nd quarter of last year.
"Plan your trade and trade your plan"
Quite simple really, but saying something is one thing, doing it is another. The biggest flaw in my trading strategy was that I was missing the number one thing.
When you are a trader full time like myself or thinking to be, what is first question you need to ask yourself? What is the first thing you need to ensure you are doing with your mindset and how you are seeing the markets? Why do you choose to trade forex?
I'll continue writing once I have received a few posts with answers from you guys...
To live a successful life, we must lose our fear of being wrong