I am starting this journal in order to maintain my mental state of discipline for the sake of trading consistency. I aim to be honest about all of my trades to myself and to the journal which is the only way for success and greed control.
I myself am unemployed, and I am trying to trade for a living. By using the term "unemployed", I am referring to the fact that I would prefer office work and not for the reasons of security, paycheck etc. but for the personal fact that I find trading to be quite boring which I find to be a good thing as I get no "buzz" or any sort of gambling feelings when making trades. Been trading live for about 3 years with results being on a slow rise but never bad or falling in the negative. Having been through all of the stages a learning trader faces, I have finally reached the point where I can see the light.
As per the title, I will be trading using only 1 hour Binary Options which I find to be an exceptional tool for intraday trading. I am not going to sell anyone here the idea of trading Binaries as I am not a salesman but I will say that overall my trading has performed much better than with normal Forex methods.
The Rules
My rules are simple.
I myself am unemployed, and I am trying to trade for a living. By using the term "unemployed", I am referring to the fact that I would prefer office work and not for the reasons of security, paycheck etc. but for the personal fact that I find trading to be quite boring which I find to be a good thing as I get no "buzz" or any sort of gambling feelings when making trades. Been trading live for about 3 years with results being on a slow rise but never bad or falling in the negative. Having been through all of the stages a learning trader faces, I have finally reached the point where I can see the light.
As per the title, I will be trading using only 1 hour Binary Options which I find to be an exceptional tool for intraday trading. I am not going to sell anyone here the idea of trading Binaries as I am not a salesman but I will say that overall my trading has performed much better than with normal Forex methods.
The Rules
My rules are simple.
- Trade only when I am mentally 100% sure of an entry (includes no doubt, no feeling of regret, normal and steady heartbeat, it feels obvious)
- Constantly remind myself that there will be other opportunities
- Capital preservance is of utmost importance
- No trades to be made over $100
- Patience IS a virtue (you just have to wait until the next hour)
- Wait atleast 25 minutes into the hour before making a trade to let the candle find its extremes
A plan is good to have, but I know that I am human and I dont have a drill instructor on my back, so room is left for adapting to the situations as they arise with a combination of my above rules drilled into my mind.
The Strategy
- An MT4 1h chart on EU, GU, GY, EY, UC, AU to find general direction.
- On selecting the chart you want to look deeper into, open a 1m or 5m chart and highlight the hour as to seperate it's candles from the other noise.
- Keep an eye on its extreme high or low and wait for it to try and break that area a second or third time and enter or wait.
My strategy is raw, but it works. I am still looking for furthur and better direction and I'm open to suggestions and comments to better this journal, rules and strategy.
Below I have attached this week'slive trading results and I expect to do better next week. From $541 to $1217 in 6 days and thats what I call conservative trading nowadays haha. Lets watch this account take off!!
Attached Image(s) (click to enlarge)
