Basic EMA Retract Plan

It's me again!

So I've given it more than a month and the reason for this is that's it's taken me longer than a month to figure out how I want to trade.

I've finally got a plan of action and I'm going to blog it here. My first action is to get myself out of some bad trades I'm already in.

I'm pleased to say that the plan is simple - it has a limited amount of risk to each trade, a positive R:R, wins more often than it loses (according to my backtesting) and it has clear targets on when to exit with profit or exit with a loss.

So once I've cleared the table and I've got my first trade underway - I'll be sure to keep a diary here.

Keep on keeping on!

Lol.
These diary entries, man. They seem like a lifetime ago...

So - I'm still around and I'm still searching for how to make this consistently profitable.
As you can see from my trade explorer, I've bled myself dry. This isn't too much of a problem as I only ever used money I could afford to lose. It's also not great - what with the idea being to MAKE money. C'est la vie.

I'm back once again though. This time I'm trading sugar. There's a number of reasons for this, but a quick list goes;

 

1. Opening house - they're perfect for me. I can have eyes on the market whilst it's open so no checking my phone in the middle of the night!
2. It's a real world commodity - sugar is not a safe haven. It's not really something that fluctuates with the news. It's a pretty simple commodity that follows the idea of 'supply and demand'
3. Leverage - my broker offers great leverage on this product, so I can trade with small values
4. Volatility - None of the above would matter if the market didn't move. But it does! I see enough movement (nearly) every day to be able to make some cash.

So there it is.

I'm not going to bother explaining my ideas or how I trade. For one, I don't trade well enough for anyone to care and for two - I find it boring to write.

I will simply use this as a diary to show that I'm still trading and to hopefully mention milestones I'm hitting.
We'll see...

Well - I'm still here.

My trading system has developed ever so slightly. It means I'm in the market every day but if I hit my target, I can close my charts. Which is always nice when that happens!

I'm more confident of this trading system than any other I've had in the past. There are a number of reasons for this - and if I can go three months of making profit, I'll write the reasons down!

For now, it's such early days that I'm simply writing this post as proof of life and that this SHOULD be the start of my journey to finally being profitable.

How many times have you heard someone say that!?

I'm still plugging away here.
I've now experienced some difficult periods with my trading - but managed to come out the other side with my account still intact.
So - in another couple of months I'll check back in and will explain my trading method. If it's still worth explaining that is!

One thing I've got better at over the years is doing nothing. Sitting on my hands. Just being bored.

Today - price is super flat. Been watching this chart for nearly 4 hours now. Nothing happening...

Being bored is better than being broke though. Always remember!

So - I've yet to hit 3 months of consistently profitable trading. But - I'm not broke and I'm not giving up!

I've altered my system yet again and it has made things much more slow. I'm spending whole days sitting out of trades. I'm taking a much more long-term approach to my trades and as a result, my trades are taking much more time to happen (or not).

Still. I'm here and I'm not giving up. Will report in when there's actually something worth reporting.