Taking it back to basics

I've been learning/trading for around 2 1/2 years now, did surprisingly well for a couple of months right at the start just trading what I saw no money management, no signals/systems and I was around 600 pips up after 2 months. Then I got bored and started reading... All went downhill from there

Ever since then, I've done the usual system hopping, losing money, watching videos etc and early this year worked on a daily trading strategy as trading dailys meant I could go back to working and doing what I enjoy (Building). But after a few months, I've decided that I miss the daytrading I used to do and would much rather get back in front of the charts

So I've built up a small wedge of money to put in another account and will be going back to daytrading (With Money management) from tomorrow, London session only, mainly support & resistance, possibly trend lines and just general common sense. Hoping to get back to my beginners luck stage!

Good luck Mike !

That's sure to get you in trouble.......

Don't take it personally but this is why I started this, I don't give 2 hoots what should/shouldn't be done, I saw on someone's sig on here the saying "95% of traders fail because they come onto forums and get taught how to lose" and this is exactly what I've found, as soon as I started listening to others, that was when things started to go t*ts up

Short EUR/GBP
Entry: 0.8589
SL: 17 pips
Exit: 0.8606
Result:-17 (-1 Risk:reward)

Short EUR/JPY
Entry: 104.13
SL: 22 pips
Exit: 103.975 (1/2 at 104.01. 1/2 at 103.94)
RR: 0.7

Short EUR/CAD
Entry: 1.3928
SL: 11 pips
Exit: 1.39215 (1/2 at 1.3915, 1/2 at 1.39215)
RR: 0.59

Short GBP/CAD
Entry: 1.6273
SL: 16 pips
Exit: 1.6253
RR: 1.25

Long GBP/CAD
Entry:1.6241
SL: 13 pips
Exit: 1.6241
RR: 0

Total: 25 pips
Total RR: 1.55









I'm risking roughly 1% a trade and did better as the day went on but even so, I think I'll try and cut down and not have quite so many trades as I had to have my eyes and ears everywhere today!

I really hope it works out for you.
Ive been trading a simular amount of time with some coaching.
Month one of real money trading was a disastrous one, but rather than start again I decided to rescue the account.

I just re-evaluated my tactic - I decided on risk first, as in never trade with more than a 1% risk, and then worked on the basic rules. From there my system kind of made itself. (18% up in Oct, 8% this month).

I was going to go away and study the market in more detail but then after reading trading in the zone decided against it for now - I feel sticking to my system and rules is far more important than my market knowledge as no one can know what the market is going to do no matter how much they know.

Trading certainly is a humbling experience but it does give you a bug that never goes. I Love IT.

Really wish you all the success in the world.

Im in the 'keeping it simple' stage at the moment as ive only just started (demo 2-3 weeks ago) so would be very interesting to see how you find the basic techniques compare to the bulk of systems you read on here!

Keep us updated, good luck!

Thank you for the comments, that's what I sometimes think, the markets are so complex and 'deep', it can seem almost impossible to decipher what might happen but hopefully just having a slight edge will win through over the long term.

Bit of an easier day today, just the 2 trades. One went well although I jumped the gun a bit on exiting and possibly could have got some more pips out of the trade. Second trade on the GBP/CAD was a bit of a wreck, straight in and straight out within about 15 minutes! Losing £200 that quickly isn't too nice but I've become pretty resistant to emotions with regards to investments/trading, just take a look at how the big banks of the UK have done recently... I've got shares in them

Short EUR/JPY
Entry: 104.29
SL: 10 pips
Exit: 104.14
Result: +15 pips (+1.5 RR)




Long GBP/CAD
Entry: 1.6228
SL: 11 pips
Exit: 1.6217
Result: -11 pips (-1 RR)




Totals:
+4 pips (+0.5RR)
Not a bad start this week

Slight loss today, started off pretty badly on the USD/CHF, got stopped out straight away but made a bit back later on on the NZD/JPY

Short USD/CHF
Entry: 0.9162
SL: 13 pips
Exit: 0.9175
Result: -13 pips (-1 RR)



Long NZD/JPY
Entry: 57.16
SL: 11 pips
Exit: 57.22 (Panicked a bit and took half off at BE, then half at 57.28)
Result: +6 pips (0.55 RR)




Totals:
-7 pips (-0.45RR)

Another slight loss today, one trade went really well, one I got stopped out just before things turned my way and one was just bad

Long GBP/USD
Entry: 1.5501
SL: 11 pips
Exit: 1.5490
Result: -11 pips




Long EUR/GBP
Entry: 0.8583
SL: 10 pips
Exit: 0.8583
Result: -10 pips



Short EUR/USD
Entry: 1.3409
SL: 10 pips
Exit: 1.3393
Result: +16 pips



Totals:
- 5 pips

But still, onwards and upwards!

... as long as you are consistent.

Just the one trade today, was a pretty good one so thought I might as well end the week on a high

Long GBP/JPY
Entry: 119.44
SL: 15 pips
Exit: 119.58
Result: +14 pips



Could have left it for muuuuuch longer to make more pips but hindsight is a wonderful thing!

Totals for the week:
+ 31 pips


Better than I was doing on the systems/methods/crap!!

Nice little start to the week...

Short EUR/USD
Entry: 1.3395
SL: 12 pips
Exit: 1.3375
Result:
+20 pips

Long AUD/USD
Entry: 0.9920
SL: 11 pips
Exit: 0.9909
Result: -11 pips





Total: +9 pips

Had just the one trade today, could have been so much better but I bottled it and took a slight loss

Short EUR/JPY
Entry: 104.37
SL: 11 pips
Exit: 104.403
Result: -3.3 pips




Shame I didn't trust myself as it had a lovely big drop just after I exited!!