A couple of notes to start:
1. This is a JOURNAL not a trading system thread. I am not obligated to explain which moving averages I use and why I chose them. What I do hope I can show is that through consistent effort you can take a relatively small account and over 5-10 years grow it into something that can provide a consistent reliable monthly income that replaces the average income of someone in the U.S.
2. Don't expect me to provide you with a template. I mean come on it's 3 moving averages, pick your 3 and put them on your charts.
3. THIS THREAD IS NOT INTENDED TO PROVIDE ANYONE WITH ANY SIGNALS OR ADVICE ON HOW TO TRADE. Please take the time to learn how to trade yourself. What would you do if you became reliant on this thread to provide you with trading decisions and then I just decide to disappear and not update anymore?
4. DO NOT POST YOUR PREDICTIONS AND TRADE IDEAS HERE! It may sound arrogant but I really could care less about how you trade. If you want to talk about how you trade get your own journal.
Goals:
1. Spend less than 1 hour a day evaluating all of the pairs to be traded. Each afternoon just after New York close I will sit down and go through all of the different currency pairs, place pending orders for those that are setting up for a trade and then walk away from the screen and go live life. I will most likely not post something about each pair since I am looking at 25-30 pairs and that would take a long time to post something here about each one.
2. Through consistent effort, grow a relatively small account into a relatively big account.
3. Keep the risk minimal.
4. Do everything publicly with a live TE to show all of the ups and downs of trading.
If there is one consistent fact about currency pairs it is that each one will provide at least one trading opportunity each month. The trick is how do you capture that opportunity. Rather than sit in front of a computer for hours on end waiting for opportunities to arise, why not build a system that uses pending orders that only requires a little time each day? I get distracted very easily and unless I have laser like focus, trading the lower time frames is very difficult. I use to be able to watch charts for 12+ hours each day but as I have gotten older it has become more and more difficult to stay focused long enough to make it worthwhile. It doesn't take me long to start wandering the Internet when I should be watching the screens closely.
I have missed a bunch of opportunities already this month but here is where trading the daily charts requires strict patience. With many pairs in a downtrend the most common thing is to just jump in on the trend and hope for the best. Problem is that you can never tell exactly where the trend will end and no longer be your friend. Because of that, it may take a while before any trades become active. Instead, we will wait for some retracement before looking for an entry. I think I have a consistent reliable way of entering a trade once a trend has begun.
1. This is a JOURNAL not a trading system thread. I am not obligated to explain which moving averages I use and why I chose them. What I do hope I can show is that through consistent effort you can take a relatively small account and over 5-10 years grow it into something that can provide a consistent reliable monthly income that replaces the average income of someone in the U.S.
2. Don't expect me to provide you with a template. I mean come on it's 3 moving averages, pick your 3 and put them on your charts.
3. THIS THREAD IS NOT INTENDED TO PROVIDE ANYONE WITH ANY SIGNALS OR ADVICE ON HOW TO TRADE. Please take the time to learn how to trade yourself. What would you do if you became reliant on this thread to provide you with trading decisions and then I just decide to disappear and not update anymore?
4. DO NOT POST YOUR PREDICTIONS AND TRADE IDEAS HERE! It may sound arrogant but I really could care less about how you trade. If you want to talk about how you trade get your own journal.
Goals:
1. Spend less than 1 hour a day evaluating all of the pairs to be traded. Each afternoon just after New York close I will sit down and go through all of the different currency pairs, place pending orders for those that are setting up for a trade and then walk away from the screen and go live life. I will most likely not post something about each pair since I am looking at 25-30 pairs and that would take a long time to post something here about each one.
2. Through consistent effort, grow a relatively small account into a relatively big account.
3. Keep the risk minimal.
4. Do everything publicly with a live TE to show all of the ups and downs of trading.
If there is one consistent fact about currency pairs it is that each one will provide at least one trading opportunity each month. The trick is how do you capture that opportunity. Rather than sit in front of a computer for hours on end waiting for opportunities to arise, why not build a system that uses pending orders that only requires a little time each day? I get distracted very easily and unless I have laser like focus, trading the lower time frames is very difficult. I use to be able to watch charts for 12+ hours each day but as I have gotten older it has become more and more difficult to stay focused long enough to make it worthwhile. It doesn't take me long to start wandering the Internet when I should be watching the screens closely.
I have missed a bunch of opportunities already this month but here is where trading the daily charts requires strict patience. With many pairs in a downtrend the most common thing is to just jump in on the trend and hope for the best. Problem is that you can never tell exactly where the trend will end and no longer be your friend. Because of that, it may take a while before any trades become active. Instead, we will wait for some retracement before looking for an entry. I think I have a consistent reliable way of entering a trade once a trend has begun.
