The WoRmHoLe

Remaining trade closed.

GBPUSD

1. long @5639 closed @5659 (0.4)

thanks
I was planning to carry my trades but had to kill all of them as I'll be away on business for a few days. Hope you've had a great day.

Today i only trade Dragon and EU, some green pips not the better day, but green, since thursday i focus to manage one bad trade (i had a sell pending order on UJ (yes BOJ help me to fill this order, he he, i just go out this trade today ) what i learn now i check at the end of all my trading day if i dont have some pending order....

I saw also you gave some good advice for holiday, Patong...

okay, when I started out, I funded my live forex account $30k. Prior to that I had only demoed for 2 months. It was a mistake as you know I threw myself way too soon into trading live because I had experience trading other instruments before via proxy so I thought this wouldn't be too difficult. I was wrong on many levels.
I blew almost half of my startup in less than 2 months. And for about a month after that if I remember correctly, I was still trading live but downloading and tweaking and jumping in between different indicators/systems. That didn't work because I got nowhere. So I decided to completely stop trading and I revert back to demo where I developed my own trading system using basic support/resistance & trendlines. I also had bought a few trading books which emphasized more on the psychological side. This is when I realised that I've placed and wasted far too much time on the wrong aspect of trading. So, I concentrated more on managing risk and found my edge. Nothing robust, just that I found that I work better without having to stretch my equity and risk anything more than 2% per trade at any given time. This had helped me accept losses with relative ease. I spent eight months doing this and when I felt ready I then funded a second account which was a mini account with a startup of $5k to test my working system. And before you ask me why not a micro account, let me answer you first. Back in those days fxcm didn't provide the service. So there.
I managed a 70% gain for that account over the next 12 months & I transfered all but $1k into my standard account & started to crawl my way back up & about till where I am today. And oh, the $1k account mini account I left is now $15k. I use that account to test new ideas & setups. I reckon I built the other $14k by accident. But I don't care, the initial risk was $1k anyway And I don't have to tell you about my other working account
A few things I'd like to remind you is that never ever abuse your leverage. Seriously, don't. Even if you're just trading off $100 account because whatever you practise early in your trading career becomes habitual. So if you're used to abusing leverage and gamble your way up it'll become habitual. You don't need me to tell you what becomes of most gamblers. And also be realistic & set a modest target. Don't listen to the 100% a month gains story, they're all bollocks. Those type of gains cannot be sustained every month. Not even 50% gains. No bloody way. I personally have a set target between 3%-5% per month. They're not spectacular but, know that the target I set most of the time are met & to be frank, are usually surpassed. There are times where I hit 10% - 15% in a stretch. It's all in the head.
$5k is a relatively good startup, if it's on a micro than it's almost overkill, but it's okay because it'll allow you to practise not to be greedy, ie still maintaining risk below 2% even with a large account. But word of advise, be patient. It's not all fine and dandy all the time. I've had losing months & I suspect you will too & it's all normal. Don't worry about it, don't avoid it. If you lose, you lose. I see too many people around talking about avoiding losses at all cost, ie tight stops etc. These people are not ready & till they learn to accept it, they'll never turn a corner. I think that's about it. I won't go into TA, because they're all profitable. You just need to work with one long enough to know how they can be profitable for you. Most people don't stay with one long enough to see it work. Don't waste your time doing that. ALL TA/INDICATORS WORKS MOST OF THE TIME, NOT ALL THE TIME.

Hope this helps. Good luck. I'm outta here, catch you all on Tuesday

p/s: btw, the books I meantioned were Trading for a living by Alexander Elder & High probability trading by Marcel Link

thanks for the ivitation.

Nice, interesting and useful trading journal, Thank you for this.

Have a good trip bro. If she can break this trendline and then smash through 1.5730 then there isn't much in the way to get to 1.6000! Your long term prediction may just be coming true.

Peace

GBPUSD

1. long @5655 sl @5630 (1.0)

right, hopefully this one lasts a few days.
Good luck to all of us

Good day everyone..

As i said before it will touch yellow ltl before we break 15730

Good luck

Thanks wormy

Sup all! Started a journal of my own...feel free to stop in.

http://www.forexfactory.com/showthread.php?t=257882

Good day

closed longs at 15885.. expecting retracement...
seeing broadning top on cable

Good luck

right back finally.

GBPUSD

1. long @5811 sl @5690 (1.0)

good luck bro and welcome back i am also long hope today i will be able to recover yesterday Longs loss

Ub

charts. yesterday & current. still very bullish.
let's see how this goes. good luck

thanks bro, good to be back.
good luck to us hopefully.

gmorning

another day passes .. still consolidating. Overall still bullish till 970 test as the monthly supp/res level is being a rock.
Good luck.

very inspiring. thank you for sharing.
btw, how are those books differ from most other ones on the market?

also keep an eye on the D1 as the pa has all the characteristics of a rising three in the making. A bullish close today will confirm it.
Let's see how this goes.

good luck

Stop amended.

GBPUSD

1. long @5811 sl @5780 (1.0)