Making consistent money trading make trading great again!

How I plan my trades:

Let me show you the exact method I use to plan and execute my trades:

1. I look at the big picture to see if anything on the macro side.
2. Look at if there are any economic data up for release on the day
3. Look at the level of GOLD, OIL, SPY, USDJPY, and Nikkei are doing
4. See if there is any news that is currently affecting the markets or likely to do so in the next few days
5. Look the currency pair closet to the daily support resistance level.
6. Look for my trade setups.
7. Make a shortlist of pairs that look interesting to me and mark them on the charts and set price alerts.
8. When the price comes close to my zones I trigger the trade setting out clear risk to reward
9. Step aside and the let the trade work for at least 4 hours.
10. After that, if the price is not working as it supposes to I will either adjust my SL or close the trade
11. Let the trade run as per my plan
12. Close half at the nearest support and resistance level. Let the other half run and trail it where possible.
13. After the trade is closed make notes and make sure to review it at the end of the trading day.
14. Rinse and repeat.

New trade Triggered

Long NZDJPY
SL : 78.84

Trade Update: Trade closed at -31.2 pips

New Trade Entered

Long USDMXN
SL: 18.80

You mean SL: 74.84?

Yes.

So have 3 trades running in total

CADJPY Long currently +27 pips
NZDJPY Long currently -22 pips
USDMXN Long currently +41 pips

New trade trigged

Long USDCAD
SL : 1.3194
TP: 1.3260

Trade Update: Trade closed at +35.1 pips

GBPJPY Sell
SL 145.00

Since I can't update on the post itself:

GBPJPY short position update:

Closed for profit + 57.3 pips.

Reason: Support level holding and the Brexit situation is getting too complex. Too risky to hold this trade. It can down a lot and very fast but there could be wild swings as this pair as of now is prone to any news update coming out of Europe. Best to let things settle down a bit and then trade.

Position update:

USDMXN long still running at +142 pips
CADJPY Long running at -11 pips

PATIENCE ONE OF THE HARDEST SKILL TO MASTER

There are some big upside and downside to swing trading and not everyone is prepared to face the downside.

The hardest part of swing trading is to sit on your hands often for days. It even harder when you have a few losses and you are still sitting on the sidelines to open a trade.

You have to master the art of patience when trading. Sometimes the best trade to take is none at all and it's very hard for people to grasp.

The things which helped me become more patient over the years are:

1. Extensive backtesting followed by forward testing which gave me confidence in my setup and my style of trading
2. Money in the bank (this should be the obvious one! ) No more overnight flops and crazy dd after months of profitable trading. Now the drawdowns are always manageable and easy to deal with.
3. When there is no trade concentrate on doing other stuff. Maybe going out or writing a blog post or sth else. Set alerts in the market at specific price levels and only when the alarms sound look at the charts or else just don't look at it. I have a very trigger happy hand so I try to control it the best I can.

New Trade triggered

Long AUDNZD
SL: 54 pips

Position Update:

USDMXN long closed +124 pips

As we have FOMC meeting tonight don't want to hold any USD before we go into the risk event. Although it could have worked in my favor I don't want to take that risk. We can always get into the trade once the event is over.

AUDNZD still running +19.5 pips
CADJPY still running +16.5 pips

Tomorrow is the last day for the free mentoring offer. After tomorrow the free mentorship offer will no longer be valid. Only the people who have signed up before 31st January will be mentored for free.

Those who want to sign up can do so by filling out this form

https://goo.gl/forms/ABV9TgAhWB1yxxWO2

CADJPY trades closed +38 pips
AUDNZD trade closed +19.3 Pips

Due to some family obligation won't be able to trade this week.


Summary of trades this since opening this thread.

8 winning trades and 4 losing trades

Total pips won: 332 pips
Total pips lost: -131.5 pips
Biggest Gainer: 124 pips, Biggest Loser -64 pips

Ending the month of January with a total of +200.5 pips

All trades triggered and posted here on real-time and the exit has also been posted. You can check the timestamps as well.

Very interesting thread. I will be following closely.

good trading, can you please give some explanation? hope it will be helpful for new learners. thank you

Hi All,

Just touching base with everyone.

We are behind schedule and will resume normal operation from Monday the 18th of February.

Those who have signed up for the free teaching session that will also start from Monday.

Sorry to keep you all waiting but as the saying goes fortune favors the patient