The Backyard Trader - CopyFX at RoboForex - Medium Risk

USDJPY last push to try and recover some of today's losses....

Not a great day, but an okay week at +11.8%.

Luckily next week will bring new and exiting opportunities to make some money!!!

Have a good weekend all

I recon this was a good day with 14.9% return!

Now moving on to tomorrow I'll be watching GBPUSD and I've marked 2 Zones I'll trade. I really hope I can break that mental $300 acc balance..... then the next level is $500....., but I'm not focusing on that right now, we need to trade day by day and concentrate on banking profit daily while maintaining reasonable risk!

After further analyses I've decided to trade GBPJPY today and might jump into GBPUSD later. For now I have 1 open order and 1 pending order anticipating a retest of the upper key level as per chart.

Made it!!!

$300 Acc balance reached..... now next level is $500!

Here we go!

Here is one of my setup taking me out of NY Session into Asian Session with a 75pip TP and 25pip TS...

My entry might be a bit late, which is why I have a 30pip SL to allow for a retest of lower level as indicated on the chart.

So I closed these orders early, simply because I made enough profit off them and I also learned from the past - sometimes you have to take what you can get..... tomorrow will bring new opportunities..... and here we are...... tomorrow.....

Very please with my performance today.... AUD/GBPUSD treated me well.

Going into NY close I'm looking at AUDJPY..... Long? Short?

Let's watch it!

#AUDJPY has been bullish since the end of May and today I think is a good day for a retrace to lower levels..... I'm only looking for 35pips in this move with a 20pip SL and TS.

GBPJPY looking to go short for only 20pips as I do not expect much momentum today. I have a second order in as well for 10pips with a tight SL trying to bank 30pips in total on this pair as I'm anticipating a retrace to previous resistance level broken

After the day I had I'm very, very pleased to walk away with 3.3% profit for the day!

You are a MASTER thanks for sharing the signal . And keep up the great work

Thank you for the kind words..... I will do my best!

I know.....I said I'm not going to #trade today, but when a setup like this one comes along you have to look at Risk/Reward and also keep in mind I've made about 48% profit this week so far. If you consider all that and you look at the chart then surely this is a #trade I cannot pass on by.... #AUDJPY

And this brings us to the end of the week! Very pleased with my performance this week especially the control on risk.

64% Profit for the week

This also brings me to my $400 goal..... next week I'm aiming at $500 to $600....

For now I'm going to relax and enjoy my weekend. Will be back at the charts Sunday evening to start analyzing for Monday's trading.

I want to stand still for a moment and discuss Risk. We all know Forex Trading is Very Risky. We all know if you are not careful you can loose/blow your entire investment in a matter of hours or days if you don't control you risk. If you did not know that then you know it now.

How do you control your risk?

You can only control your risk through discipline!

1. Discipline to always trade with a SL
2. Discipline to not move your SL hoping for price to swing
3. Discipline to accept your loss and move on
4. Discipline to not seek revenge the day you loose money
5. Discipline to not over trade your account
6. Greed = A Lack of Discipline

This is an aspect I have been working on very, very hard these last couple of months of my trading career. Looking at the stats below you will see that with my current trading style there is a 15.76% chance I can loose only 10% of my account and a 2.0% chance to loose 20%. Now look at the Weekly Return of 64.10% and the YTD return of 167.69%. For me the risk is definitely worth the gain? Even if I loose 10% of my account twice during a trading week I still walk away with a decent amount of profit and that is what is most important. Not so much how much money you can make, but how much money you can make while risking as little as possible.

I'm not saying I will always make money and I'm not saying I will never loose 10% or 20% of my account. I'm saying my trading strategy is of such a nature that currently it has proven to be successful in the most important departments, which is Risk and Discipline!

Here is my setup for Monday's trade. Will trade when price is in this zone...

So my goal for this week is to take the account from $400 to $500, however I will only do this if I can control the risk. I will not increase risk to reach this goal, if not this week then next week.....

Patience and Discipline!

Here we go!

This is quite interesting..... does anybody else see what is happening here with GBPUSD?

I predict the next couple of days is going to be quite interesting....... keep an eye on this chart!

You might ask why I am holding on to my Buy Orders and why I Hedged myself out of yesterday's Volatility?

Well, my analyses is still showing me a very good opportunity for long orders. Also looking back at previous rate increases by US you will notice similar price patterns. Some economic factors might have prevented this to play out yesterday, however there are 2 more trading days left for this week and I see price making it's way up to my TP levels

$500!!!! Yes I made it!!! I squeezed 2 trades on USDJPY and AUDUSD and reached my goal of $500!!!

However..... this is only the beginning.... next target is $700..., but I'm putting no time line on this, because I'm not going to put myself at risk to make a certain amount of money in a certain amount of time.....

Lets Trade!!!

Some of you might remember I talked about USDCAD pushing to a Weekly Sell Zone.... well 3 weeks later I can see us reach that zone TODAY!!!

Here we go!