My path to financial freedom

On that occasion I was long from break of the resistance and took profit at falling TL and reversed for a short...so not quite the same. I agree, being able to cut a loss and reverse it psycholgically touch it requires mental toughness to realise very quickly that your original analysis was wrong or is no longer valid and the right analysis is now the reverse. Being able to act quickly when wrong or conditions change is important on intra-trading, but not always easy mentally. Trading what you see at the current moment and not holding onto what you saw previously is key. It's all psychological and emotions that stop you acting like you should.

Hi lj,

that's live or demo?

Live...given myself 6 months to make enough so I can then consider myself a full time trader.

Nice and very impressiv!

Thanks, though the losses from yesterdays short will cause a dent in account today thats for sure.

back at home ready to trade the US morning session. It's a friday and end of month and US plus CAD GDP figures...volatility springs to mind lol.

GBP has been weak this morning...GCHF had a great 1HR pin / 4HR BEOb which I would have traded if around. Other than tat just waiting for US news to get out the way and see what US open brings us.

Some charts...

Us GDP will really be the driver this afternoon I reckon. An outstanding figure and with it being month end we should see increasing risk appetite and thus a weakening USD and JPY after the whipsaws and weak figure and risk appetite will disappear and we'll see see a stronger USD and JPY - flight to safety. Month end will heghten volatility so I'd expect some moves today.

Summary of current positions - short EU, AU, AJ, GU, GJ and long UC...some underwater and close to SL with GU/GJ doing ok. Suffered losses on AU, SJ, EJ, EU shorts over night / this morning.

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If I just traded on days when there were strongs signs of a sell of in equities and thus strong jpy and usd and used increased risk I'd probably double my account every 2 weeks

Current moves were very predictable...I doubt we'll get strong moves we saw earlier in week when we had euro news to help us on the way but this will make up for losses from last night.

LJ,

IYO what was more important factor the negative GDP or the already declining DJ?

Or again a combination of the 2 planets with GDP being the switch.

TX

Another one. We already discuss this subject.

Why instead of going short on AJ, EJ, CJ, UJ you did not just pick one pair and load it with more lots, i.e CJ ?

You said last time it has not to do with diversifying the risk.

Just T understand.
Cheers

Technically there was a lot of divergence across the charts and with pairs being at or near highs this was a warning to expect a pullback. The dow went up a hell of a lot yesterday wihtout taking the ftse or dax with it and you saw my divergence dow chart above. fundamentally US GDP not as good as expected but not bad to be honest, CAD numbers we worse.

It is also the last day of the month lots of month end flows and lots of volatility.

That might be a bit of wishy washy answer but there were some signs that we would get a sell of...was it a picture perfect setup...definitely not and it was 24hours later than I expected from a technical perspective but there was going to be a retracement by the divergence across the board at or near highs.

I've taken some profit added a couple of reverse positions and have set final TP then I'll call it a day It's not a day to get huge runners as we'll probably bounce of support levels now.

I've defintely madde up for yesterdays losses and made a little profit so happy with my first week. Will update stats after all positions closed.

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Last lot before I close for the day, week and month

And what a month, huh?

Wish I had Nasri's and your analytical skills. Slowly getting there, with a big help coming from your journal.

Keep up the good work, may you have another (and another and so on) month like this.

Yeah it's been good if I add up all my results etc.

It takes time and a lot of dedication to succeed in this business...I started 'trading' 3 years ago and it was noly this year that I started to become consistently profitable. Everyone's learning curve is different - mine was probably rather long compared to Nasir...but of course I'm still learning and still need to improve.

Thanks, I hope so...the next 6 months are make it or break it for me and failure is not conceivable.

Right closed positions now and doubt IO'll trade any more today...will have quck look after US lunch but unless something really good crops up I'm done of the week.

Totted up my results and for today I made 1.68%...all this afternoons trades just made up last nights losses. I could have left yesterdays trades open as they would have ended up in profit and I know some traders use pretty much the same lot size for each trade and only exit when completely proven wrong i.e. willing to suffer drawdown and although I knew we re very likely to see a drop today...I got the timing wrong yesterday as Dow went far higher than I expected and I jkust cannot sleep with drawdowns so have to let trades hit SL and then re-enter today.

A good start to first week on new account...I still maintain that trading conditions now are tougher than they were in february and march but we had a really good day with the drop earlier in the week where I made decent gains...but I could have made double that.

I've not had any decent runners this week as the market is still relatively choppy so had to do more trades than I would like and cut them quickly but I feel more in control than the previous two weeks and less stressed. I feel that I've been in and out the whole time and must mkae sure that when the market becomes more trendy I dont get into this habit. I'd much rather play trends and just leave them and add in further positions when viable than ben in an out between S/R levels. But if I can continue making these returns then when the market becomes more trendy I'll clean up.

Week 1:

167 trades
60.5% win rate
Account growth +45.8%

Remember my 6 month goal involves making a return of 24.1% per week compounded for 6 months.

Dont want to focus on weekly results going forward though, just focus on monthy results so I can concentrate on trading what I see on my charts rather than letting my results affect me.

Attached is closed balance graph - you can see how today's trades just about made up for last nights losses.

I have one open position...an EU short which is a small postion with a large SL so will be leaving this open for a bit.

Not trying to tell you how to suck eggs but I believe You will trade much better without the pressure of this deadline you have created for yourself. You have made it much harder by adding this psychological line in the sand. It is meaningless. If you are able to consistently achieve only 10% of your target every month you would be able to get well paid work with any hedge fund Likewise private investors would be very keen for your services. The average return from these expert managers is a paltry 3.7% per year! and most people are relying on them to retire on, I am talking millions of dollars waiting for the consistent trader. You have no idea what the future holds or where this will take you. Can you make 5% a month consistently with little draw down? - then relax and have only the next trade to concern yourself with. Emotional attachment to a specific outcome as "do or die" is counter productive in trading. Im not trying to be a smart arse and I know you are probably well aware of what you were doing, just trying to help if I can. I want you to win and would kick myself if you failed because of this and I had said nothing - carry on