May just decide to sit down and build a weekly trading excel file or something. Bummed Oanda took away the trade summary section. I had to sit down and count out all of my trades.
“In the chaos of desperation, find the calm of control”.
I had a good couple weeks, and I definitely see the merit of the shift in my trading style.
That just waiting at least 15 minutes before you close a trade in profit, or wait further before opening a trade in a moving period; letting the trade impulse extend or retract a little more.
Similar to fishing, and waiting to cast into calm waters.
Threw $600 in an account on May 11, up to $1,900 now, roughly a 218% return in like 11 trading days.
Stay a perpetual student, nobody is above learning new insights from anyone. Stay humble.
Just got Edgewonk, so this is what that time period looks like, the data seems off from what actually happened, not sure if there’s settings that are messing with the data from the .crv file I pulled from Oanda. https://profile.edgewonk.app/profile...f64dd3f191d613
Still, cool to see it finally after so long with such limited information.
That 74% win rate is probably a good running average, as I grow my account, my win rates tend to go up, because I can spread out my risk better, and still hit my weekly profit goals, I am a much more aggressive trader on accounts under $5-10k.
Part of why I am brief in posts/content is that I just get tired of writing after spending 40-50+ hours a week at my job doing this lol.
I love forex, enjoy talking, and teaching people in person both in jobs/life and with how to trade, so maybe the time will be in the future I really focus on youtube someday.
Like I have said here, and across most of the other forex forums using this same screen name, I typically have pulled out money from my forex account to fund monthly discretionary spending.
Now that I don’t need the money, I have been able to let it “compound” more, and reap larger profits.
Life happens.
Things have come up, I am not going to bare my soul too deeply to strangers, and go into depressing dialogues about personal/family problems/issues/drama.
Some of which necessitated me to help me/them with unexpected financial problems.
The point being, that you should be skeptical of me, and anyone else online. And I am not even trying to sell anyone anything lol. Oanda took away the main tool I had available to easily summarize my trades.
Please if anyone knows of a software/forex site that lets you easily parse trades like my older posts show let me know.
My trading strategy/insight is derived the most, from the fact that I have read literally hundreds of investing and financial books;
from personal finance skills/process, to financial independence, retirement strategy and planning, tax rules/laws, credit management, estate planning, stock trading, dividend stock investing, psychology, sociology, specific forex books, commodities, Macro and Micro Economics, real estate investing, and on and on.
I used to write a dividend investing blog, and have been planning to publish a few different types of books when I ever have time to finish them, curated hundreds of articles.
And have over 6k bookmarks in Chrome and meticulously categorized tabs and folders going back to around 2005.
Everyone is going to trade a little different, because the YOU that makes up you as a trader, your individual trading psychology is pretty much the most important thing you need to gain control over, before you will ever be consistently profitable.
To use myself, as a contrarian intra day price action trader, I set up weekly looks usually Monday morning, because Sunday night is so thin on orders, and setups usually.
I only trade that if I have already in profit trades open and not closed out.
I like to sell out by 3pm Friday 99% of the time, if not by the same time on Thursday.
Over trading is just as bad as under trading, just from different impulse points. You have to maintain your locus of control at all time.
Never revenge trade.
Never trade with the same pair after a defined lost trade/close out/stop loss is hit, UNLESS it is able to show a trade setup that you are able to profit from.
And as a rule in that instance I tell people to only trade with 25% of their typical opening/first trade.
To circle back to the YOU part, if I open a trade with my favorite pair, EUR/AUD
Nowadays I start with at least $500 a trade, so a good setup is one that is within the range of the previous close, depending on if I want to go long/short i.e. buy or sell the pair.
Since I do not care about where a pair goes, only that I am positioned to have the most likely percentage of profit, from the statistical outcome and the best probabilistic range, this again is how I limit the variables, and maintain my locus of control.
The way I trade is part in how I look at things, context is key.
To me, the markets move in wave like patterns, just like people move in herds.
I don’t care about where it goes, I just want to be able to “surf” the next most likely wave’s crest/trough, based on the amplitude of the pair, the impulse of the market, and the way the trades “wavelength” is trending.
The great thing about this method, is I can just sit here and look at any pair in real time and see if it is in a position to trade, with usually no indicators needed at all.
The only ones I use, just provide context to the time frame I happen to be in, which for me, because of how I trade is usually the 8h, because I like to see each 24 hour market day broken up into easy to see quadrants.
Visualization, conceptualization, your mental framework, how you approach each trading day session is very important things to make daily habits around.
Why you should only trade when you are happy/positive.
There’s always another day to trade coming, NEVER force trades.
Start the day off right, no need to gorge yourself, but a simple light breakfast is a good way to help maintain energy/focus.
( I spent the first 12 years of my life wanting to be a scientist, and study the brain, and in particular early childhood development, and what made some kids flourish/ develop into Gifted kids, and others to struggle well below their age range.)
Take care of your brain, maintain proper macronutrient and vitamin levels.
Make your bed, take a shower etc, clean and tidy your trading area first, before you ever make a trade.
A zen desk, leads to zen trades
Had an ok week, still adjusting my trades after only been trading for the last month and a half after taking a break to invest funds in stocks from my last cycle.
Will see if there’s any good trades today, but I don’t expect much on a Friday usually, I mainly trade Tuesday through Thursday.
Impressive track record. Would be nice to know a bit more about how you do it. Those runs of 40 trades with only one loss are amazing If your still looking for a way to track your trades you can try Myfxbook website (it's free) It's always inspiring to see treads like these
Ignored
Oh my methods are really simple and boring, just basic wave/impulse reverses, trend shifts. The "market structures" just make sense to me.
I don't have time for long drawn out analysis, I just play to my strengths, which is reading naked charts, and determine positions from a top-down perspective.
It does help that I have a good handle on the trading psychology, and usually strict funding rules, where I trade set block amounts of units to protect profits and enter/exit trades quickly, i.e. 15,000 units for every trade of $150/$200 or something.
Why I always say to focus on your locus of control.
Think better, so you can determine and evaluate, decide and act in trades/life without second guessing yourself.
How I trade is a simple thing. The best way to trade well is to control the mental side.
I am a contrarian price action intraday trader.
I scale into my trades with a top down approach from monthly/weekly.
Look for good setups versus daily levels and entry off the hour, maybe down to 15 min if I really want to watch for the “shakeouts”.
But this usually is the type of thinking that is like trying to save money by driving to a much further away gas station to save a penny per gallon. When your bigger problems are all the other things you spend money on.
Really simple setups, why complicate things? I use naked charts even, TA didn’t help any of my relatives with stocks, etc or the guys I learned forex from.
I do read a lot of macro trends and news each morning, and read Bloomberg/WSJ/reddit.
I have no ulterior motives, there’s tons of people who trade better than I do/make more money.
I am still learning and improving.
I just got comfortable trading over a $10k account size in 2020.
