"It's a shame it ain't real money ain't it?" my Gran would say, but I just closed my most profitable trade ever in both monetary and percentage terms, which curiously made me exactly £22,500.00 (not bad for a £640 investment) and as a consequence I've now turned £50,800+ into £85,618 in just 4 weeks and I'm edging ever nearer to my target of £100,000+, when I'll grant myself a license to trade professionally.
I don't normally close trades manually, but the GBP had dropped just below the price I'd forecasted it would reach before the reversal I'd forecasted and then sure enough the reversal immediately began. I also know that many traders don't like holding their positions over the weekend, especially if they're shorting a currency against a counter currency belonging to a country or a political union whose central bank has a negative base rate interest rate, most notably the Swiss Franc. For those that don't know because you have to pay an overnight financing fee to do so (something known in the trade as a "negative swap") and from experience I know that such a mass exodus from the market usually causes the price to reverse quite significantly. So I knew that the odds on further profit were against me if I'd have kept my position open.
You know there's a good chance you've got the right temperament for trading, when you're walking home from the beach checking your trade on your phone singing 'The Gambler' by Kenny Rogers almost the whole time.
You also know you're getting older when you have to shift your drinking day from Saturday to Friday night. Because it now takes you so long to shake off a hangover, that you're still hungover when you go through the charts again on a Sunday night in preparation for the week ahead.
I have no idea how I'm slowly becoming a successful trader when I'm analysing the charts under the influence of alcohol. But I think it's safe to assume that my results from hereon in will improve, now that I'm giving myself nearly 48 hours to recover from the joys of drink.
Have a great weekend and I hope I've inspired you to believe that almost anything is possible if you work hard and you work smart.
I don't normally close trades manually, but the GBP had dropped just below the price I'd forecasted it would reach before the reversal I'd forecasted and then sure enough the reversal immediately began. I also know that many traders don't like holding their positions over the weekend, especially if they're shorting a currency against a counter currency belonging to a country or a political union whose central bank has a negative base rate interest rate, most notably the Swiss Franc. For those that don't know because you have to pay an overnight financing fee to do so (something known in the trade as a "negative swap") and from experience I know that such a mass exodus from the market usually causes the price to reverse quite significantly. So I knew that the odds on further profit were against me if I'd have kept my position open.
You know there's a good chance you've got the right temperament for trading, when you're walking home from the beach checking your trade on your phone singing 'The Gambler' by Kenny Rogers almost the whole time.
You also know you're getting older when you have to shift your drinking day from Saturday to Friday night. Because it now takes you so long to shake off a hangover, that you're still hungover when you go through the charts again on a Sunday night in preparation for the week ahead.
I have no idea how I'm slowly becoming a successful trader when I'm analysing the charts under the influence of alcohol. But I think it's safe to assume that my results from hereon in will improve, now that I'm giving myself nearly 48 hours to recover from the joys of drink.
Have a great weekend and I hope I've inspired you to believe that almost anything is possible if you work hard and you work smart.