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My 60 day challenge (Yes i know another hero...)

  • #1
  • First Post: Edited Jan 14, 2011 1:18pm Sep 24, 2010 12:27pm | Edited Jan 14, 2011 1:18pm
Hello again,

2011 just started so i will pick up my challenge again.
The first intention was to get from 100 to 10.00 in 60 days. Well we all know what happend, i got busted!.

I learned a lot form the first journal, espescially my bad habbits.
My weakpoint is my mind, so i worked on it, but is still need a lot more practice.

So the goal of this thread / journal is to be profitable after 60 days. There is no timeline to get from xx dollar to xx dollar.
My main goal is to be profitable every week.

Let see if i can reach that this time....

Quote
Hello All,

My goal for this journal is to prove to myself and others if it is possible for someone to start with $100 and try to reach $10.000 in about 60 days of trading.

Through this forum i met two very good-skilled guys (digger1 and G).
I learned from them to use the so called SFT method (simple farmer trading method).
I´ve practice a few months this method, but not with to many success. I had some good runs, and nice earnings, but my biggest problem is my emotions and mindsetting. Because of emotions i´m still struggling...
BTW english is not my native language, so apologize for my bad english.
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  • #2
  • Sep 27, 2010 3:39pm Sep 27, 2010 3:39pm
Hi,

I told in the first post that i would start with $100. But last friday my account went to $126,93.
So my start will be $126,93.

Well today was not a good day. Took a trade but forgot to take profit. After that i was struggling, but i ended up with a profit of $0,51.
That's not near my daily goal of 8%.

Well tomorrow is a new day.

Cheers.
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  • #3
  • Sep 27, 2010 5:50pm Sep 27, 2010 5:50pm
Hi , Glad too see your jurnal here and welcome.

first thing I should say that I really like too know what is your Money management ? 8% !

so , you dont want too send live signals and post on your trading time or you will post after you positions closed and target or sl's riched... ???
A little beginner trader since 2006
  • #4
  • Sep 28, 2010 11:27am Sep 28, 2010 11:27am
Quoting Naseri13
Hi , Glad too see your jurnal here and welcome.

first thing I should say that I really like too know what is your Money management ? 8% !

so , you dont want too send live signals and post on your trading time or you will post after you positions closed and target or sl's riched... ???

Hi,

Thnx for your post.

My money management is not the usally 1 or 2%. I calculate my trade size this way.
balance / amount of pips = trade size. (based on leverage of 400)
My daily target amount of pips is about 40.
This would mean 127/40 = 3,2 = 3
3 * 40 pips = $12.

I know this is very risky and you can blow up your account quit fast. (It has happened to me).

But with this method, you can be wrong. My problem is to determine if i'm really wrong or when i have a chance to defend my bad trade.
Also overtrading is sometimes my problem (like today).

Because i also have a daily job, i will not put live trade signals here. Also my understanding of a journal is to keep some sort of track record.
I will post daily when my trading day is over.

Regards.
  • #5
  • Sep 28, 2010 4:10pm Sep 28, 2010 4:10pm
Hi,

This day started okay. The first three trades were ok and ended up with a nice profit of 14,74%.
I should have stopped at that time. But i went on trying to earn more........ So this is one of my weak points, overtrading. But also greedy and lack of patience are bad habits of mine.
I took the 4th trade at a wrong point. Waited too long for the news. Price dropped down a lot, took another trade to get BE at a lower point, but price went much lower.
After some bad news from the usa, price turned into my direction. I did not add another position to lower my BE point more.
Just clossed all my trades and my profit of 14,74% turned into a profit of 2.59%.

So lessons learned today, if you got a good profit / daily target just close the trading platform and enjoy your day. Saves a lot of stress and time!

Tomorrow another chance to get 8%!

Cheers!
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  • #6
  • Sep 29, 2010 3:43pm Sep 29, 2010 3:43pm
Hi,

Today started ok. 1st and 2nd trade where ok.
3rd turned to be a loss .

Although i've said it yesterday, i didn't stop trading when i reached my tgt. So no trades after tgt especially when it is almost closing time for London.

Today i reached my target for the first time. I ended up with a profit of $12.09 = 9,25%

Regards
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  • #7
  • Sep 30, 2010 1:32pm Sep 30, 2010 1:32pm
Hi,

Another trading day.
When i woke up, price was above the NY rollover, pp and band , but also at H4. This could mean price wanted to go up until London open. But there was also GBP news around 6:00 GMT. So i decided to stay out. Well price went up......

My 1st and 2nd short trades were entered too early, but after some time it turned ok. Need some more aptience. 3rd was ok also.
4th was wrong. Entered a long while price was at (downmoving) band. What was i thinking . Well i could get out at BE.

Result of today $24,03 profit => 16,82%

Regards
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  • #8
  • Sep 30, 2010 1:45pm Sep 30, 2010 1:45pm
dude, seriously, how do you trade with such charting?
  • #9
  • Sep 30, 2010 1:58pm Sep 30, 2010 1:58pm
Quoting fxvoilaaa
dude, seriously, how do you trade with such charting?
LOL, well in the beginning i had to learn to use this chart setups. I did not create them myself, but one person i learn from made these templates.

This is not the only chart i use. I got several ones with higher timeframes (and not all charts are squeezed like this one).
I use a lot the daily/weekly and monthly pivot levels and NY rollover.
Based on those levels and some bands on the charts i take my trades.

Today was not a really good example of my entries...., but the R2 is always good resistance (and target) also the WH3 was at the same level as R2, so i kept my shorts.

And it is ofcourse easier to analyse the chart when it is already created .
  • #10
  • Oct 1, 2010 10:56am Oct 1, 2010 10:56am
Hi,

Today was ok.
1st trade was long, during Franky it was in a loss, but when London opened it turned into profit. Nice to see franky make a down move (franky fake) so there was a good chance London would go up. I could have added a long during Franky, but i noticed it too late when price was already turning up again.
Target for 1st trade was around daily PP.

2nd long was ok, took it when price was at band and aimed for another 20 pips so that my goal was reached.

Result of today $24,40 profit => 14,62%

Result of this week $64,33 which means an average of 8,5% profit a day.

Have a good weekend, cu next week.
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  • #11
  • Oct 4, 2010 10:29am Oct 4, 2010 10:29am
Hello,

Monday's is always a bit difficult for me. Do not right know in the morning where the market is going to do.

1st trade was ok, but i didn't trust it after the upward move (franky fake). So i closed it at BE.
2nd trade was taken on a top (yes i got a talent for that, lol). After news and the fact price stayed above NY open, added another long and closed the trades just before WClose.
4th long trade was ok, but i didn't have enough patient, so closed it at BE (price went my way after i closed it)
5th short trade was also ok. Closed that short at Wclose.

Lessons learned today, have more patient!

Results of today is $ 28,64 profit ==> 14,97%

Regards
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  • #12
  • Oct 5, 2010 1:24pm Oct 5, 2010 1:24pm
Hi,

When i watched my charts this morning i saw the big spike down, after some japanese news.
Price went down fast, but also moved up fast. Difficult for me to choose a direction until London opened. Because price stayed below the daily rollover of NY i choose to go short.
My entry could be better, but my 1st trade was ok.

2nd, 3rd 4th and 5th trade were al longs, because trend was up for today. (price stayed above NY rollover and above the band. Btw the 5th trade was taken after London closed. Was better not to take that trade, but managed to close it at almost BE.

Result of today = $ 31,60 profit ==> 14,37%

Regards
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  • #13
  • Oct 6, 2010 1:57pm Oct 6, 2010 1:57pm
Hi,

Well today was not really a good day (altough the end result is ok).

My 1st trade was a long. This was ok but i had put my tgt too high. Because of that i missed my first 30 pip of profit. Price went down to the daily NY rollover (1.5888). I added a long around that point. Price went back to 1.5916, that would mean also a profit, if i had closed my trades. But i didn't, still hoping that price would go to 1.59400.

Well price went all the way back to the weekly close (1.58333). Added another long at that point to get even (would be around 1.58800). On the other hand, if the weekly close would break i would close my trades just below the WC. But price went up again.
After a while and using the formation tool (ABCD) i calculated a tgt of 1.59100 again (if price would move up above the NY rollover).

Price went eventually to my tgt. I closed my long from the WC earlier then the 1st two trades of this morning.

Lessons learned today ==> don't be to greedy, don't set your tgt to high (especially before LO opens)
Close trades when the are in small profit or BE and price won't go the way you want.

Result of today = $ 39,35 ==> 15,65%

Regards
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  • #14
  • Oct 7, 2010 1:43pm Oct 7, 2010 1:43pm
Hi,

Today was a bad day, if you look at the way i traded.
Started this morning with a short, which i should have closed BE or with a little loss. Somehow my mind refused to give me the signal to close.
Added another short one. Manage to get again BE, but thought price would move down further. But price went up. Almost decided to close my trades in loss, but also noticed some divergence on the 8 hour chart. Also the fact that price did not stay that long above 1.600 gave me some hope (hope is bad in this business). I decided to keep the trades a bit longer to see how price would develop. Fortunately price went further down. I projected a price around 1.587 with the ABCD formation tool. Did not excpect price would drope much further then that but it did.
3rd trade was a bit late, but price of 1.58300 (H1 200 ema) was a good target.

Lessons learned, just close the trade if price won't move in the way you want after some time. Also anything can happen in Forex!

Result of today = $ 32,28 ==> 11,10%

Cheers.
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  • #15
  • Oct 7, 2010 2:16pm Oct 7, 2010 2:16pm
love the concept, good luck.
  • #16
  • Oct 8, 2010 3:01pm Oct 8, 2010 3:01pm
Hi,

Today started ok, but i messed it up. Could have closed all trades with some profit, but the GREED in me refused.
I just did not pay enough attention to the chart.
Just closed my bad trades before the weekend.
So today i've lost all my profit of this week.


Result of today = - $132.51 ==> -41.01% loss
Result of this week = -$0.64 ==> average of 0% a profit a day
Total result = $63.96 ==> average of 4.2% profit a day.

Lessons learned ==> Don't be to greedy! Stop trading on time on friday when NFP is released.

Have a nice weekend.

Cheers
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  • #17
  • Oct 9, 2010 5:01pm Oct 9, 2010 5:01pm
I am following your journal and I really would like to see you reach your goal. However if you lose all your weekly gains in one day it will pose a challenge to reach your goal in 60 days.

Lets buckle down and get serious here.

Study the chart. Lets try and avoid another blunder like today.

Regards

Jeremy
"More important than the quest for certainty is the quest for clarity"
  • #18
  • Edited 11:50pm Oct 9, 2010 7:08pm | Edited 11:50pm
Your charts hurt my eyes and make my stomach uneasy..........
  • #19
  • Edited 2:54am Oct 10, 2010 2:38am | Edited 2:54am
Quoting JeremyMoore
I am following your journal and I really would like to see you reach your goal. However if you lose all your weekly gains in one day it will pose a challenge to reach your goal in 60 days.

Lets buckle down and get serious here.

Study the chart. Lets try and avoid another blunder like today.

Regards

Jeremy
Hi Jeremy,

Thanks for your post, you are right. I cannot really loose another weeks profit to get my goal. But i'm still struggling with my mind. Somehow the greed in me ruins everything.

Looking at the chart you can see that the weekly close was a good support. It stopped the downmove twice and after that it formed higher lows. Also after NFP news price went up above NY rollover and the band on the chart, also a sign of price going up again. Should have closed my trades there, so my loss was less.

I think i was focused too much on a down move because of the down move on thursday.
Hard lesson learned this week. Hope this lesson pays me out in the future.

Regards
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  • #20
  • Oct 10, 2010 2:39am Oct 10, 2010 2:39am
Quoting tradestar1
Your charts hurt my eyes and make my stomach uneasy..........
Sorry man, but i wear sunglasses when i'm trading

On the other hand, my charts look better in real life, then the pictures posted here.
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