I am less than a year old in forex trading. I have been clobbered over the last 3 weeks of my trading experience. But this does not detract me from my belief that I can still be successful trading currencies.
I have been following several threads here at FF and I am so privileged to have come across this forum which is home to a lot of unselfish people gladly sharing their profitable systems.
While studying the various trading strategies described, I did some tweaking of indicators on my own and setting up several indicators used by various traders on one chart. Then I proceeded by studying if I could come up with a system that combines the entry and exit signals generated from these various indicators.
You may ask, "why in the hell were you clobbered to blowing your account these past weeks if you have been following threads that described profitable systems"?
The answer was GREED and LACK OF DISCIPLINE and MONEY MANAGEMENT Program. These are the 3 Grand FAULTS any would be trader needs to do away with.
Looking back at the trades I made, I could see that there were signals and there were lack of it which I should have considered when I made my entries and exits from those trades.
So with that as a backgrounder, I have decided to get myself back on the line and put myself thru the challenge. I do not consider becoming successful here as a TEST which I could fail. But, instead , I consider it a CHALLENGE to SUCCEED with No room for Failure.
I will be posting my trades here to force myself to keep records of how I trade. My goal is to make my trades profitable at least 70% over all. This time I will adhere to the system I have come up with. In addition, I will only open trade positions equivalent to 10% of my purse. Which by the way will be on a demo first.
The system will employ a general 30 pip S/L and the TP level will have to be at least on the positive side. I will follow my trades with a trailing SL only when it reaches 30pips. Prior to this, I will have discretion to close a trade at any positive level. Then I wait for another signal to enter a new trade.
el grande
* the name refers to everything BIG
1. my past - losing big
2. my plan - to stick to a system and employ a money management scheme.
3. my system - which is a combination of systems and individual indicators from systems found in this forum. (thank you to all those who have opened my eyes to them. I will refer to these sources once I write about the system after I achieve my Objective).
4. my vision - which is to be successful.
Now on to the TRADES..........
I have been following several threads here at FF and I am so privileged to have come across this forum which is home to a lot of unselfish people gladly sharing their profitable systems.
While studying the various trading strategies described, I did some tweaking of indicators on my own and setting up several indicators used by various traders on one chart. Then I proceeded by studying if I could come up with a system that combines the entry and exit signals generated from these various indicators.
You may ask, "why in the hell were you clobbered to blowing your account these past weeks if you have been following threads that described profitable systems"?
The answer was GREED and LACK OF DISCIPLINE and MONEY MANAGEMENT Program. These are the 3 Grand FAULTS any would be trader needs to do away with.
Looking back at the trades I made, I could see that there were signals and there were lack of it which I should have considered when I made my entries and exits from those trades.
So with that as a backgrounder, I have decided to get myself back on the line and put myself thru the challenge. I do not consider becoming successful here as a TEST which I could fail. But, instead , I consider it a CHALLENGE to SUCCEED with No room for Failure.
I will be posting my trades here to force myself to keep records of how I trade. My goal is to make my trades profitable at least 70% over all. This time I will adhere to the system I have come up with. In addition, I will only open trade positions equivalent to 10% of my purse. Which by the way will be on a demo first.
The system will employ a general 30 pip S/L and the TP level will have to be at least on the positive side. I will follow my trades with a trailing SL only when it reaches 30pips. Prior to this, I will have discretion to close a trade at any positive level. Then I wait for another signal to enter a new trade.
el grande
* the name refers to everything BIG
1. my past - losing big
2. my plan - to stick to a system and employ a money management scheme.
3. my system - which is a combination of systems and individual indicators from systems found in this forum. (thank you to all those who have opened my eyes to them. I will refer to these sources once I write about the system after I achieve my Objective).
4. my vision - which is to be successful.
Now on to the TRADES..........