My 30 pips Daily and my 45% Weekly Journal

I was very new to forex then and i dont think any system would have helped me. My a/c is better than 500. My name is iansqo on skype.

RT I like your style,

HAHA I was looking for that pic, thanks for that . Perfect.

Turns out I was wrong on this trade and had to cut my losses short abd reverse my position

Trade 1 Specifics:

Long entry @ 1.42292
Sl@ 1.41800
TP @ 1.426
Exit @ 1.41861 (-43 pips)

Short Entry @ 1.41849
SL @ 1.4285 (-100)
Tp @ 1.41099 (+75)

I have to admit I am nervous about my open trade especially after having taken a loss. i know I am following the system's rules but I have a high level of doubt about the trade. Obviously I cant go closing trades because i feel this way.

There is a squeeze on the 30 min chart and its not very easy to tell where the breakout will be. The problem is, if price breaks on the upside, ill take another huge loss since my open is at the bottom of the squeeze.

Also, I know I dont want to be in the market at nfp. Seems like today is going to be one of those days.

Anyway, i will update as soon as any newsworthy developments occur

I have made a fortune on this news release but I once lost a whole account to it. I bet my a/c on it and lost the whole account. i came home later to find my account at $0.72 down from around $250. I think Id have trippled that account if I had gone long that day.

Anyway, I want to probably get out of the way today, cut my losses short and call it a week. I dont know, Ill be closely following progress and sentiment in the next two hours to see how it turns out.

Im currently short the EURUSD as indicated in trade 2 above and if the figure comes out as high as expected, i wouldnt be surpised to it my TP easily.

Whats your figure. Im going for +25k

You might get there, and I hope you do, although there is a fair bit of S/R at that level.

Im done for the week. Made my 30 pips everyday. Update to follow. Im on skype for the NFP release though Ill not trade it. My skype name is iansqo.

http://makaveli.mt4stats.com

Congratulations. A great weeks trading.

I have been logging into Forex factory for some years without expressing any opinions other than posting the odd joke to lighten things up((lurking))
I have traded stocks, futures and FX on and off since 1986 with mixed but positive results, turning some small accounts into some VERY large numbers over the years
Despite the naysayers and negativity that many have expressed I believe that your goals are VERY ACHIEVABLE other than any constant long term compounding effect. (that would require a team of full time traders to monitor and manage) I personally know a couple of traders that, every financial year ((Aussie financial yr 1st of July to end of June)) kick an account off with $10,000 and end up with generally well over $100k at the end of 12 months. The one thing they do((myself included)) is trade and not get involved in debates, positive or negative on the various forums, there is a very old proverb that I believe comes from Henry Ford "IF YOU THINK YOU CAN YOU CAN, IF YOU THINK YOU CAN'T YOU CAN'T
The world in general is full of people who would prefer to believe that what they don't believe is achievable is impossible for any body else to achieve.
Don't know where I got this but I read it once or twice a year to gee myself up.Is eight figures a realistic goal? It has been done by private own account traders for years. Paul Rotter from Germany, 32 years old, is one trader that has made €50-60+ million ($65-78 million) per year for 10 years trading the most liquid contracts at the biggest futures exchange in the world, Frankfurts Eurex debt futures, primarily the Bund contract.

In 2003 I received an email from a former Man Financial broker in London who said, "One of our private customers has been the highest volume trader on Eurex for the last 8 years. He trades approx 3 million lots a month and makes himself €50 million a year, which he has apparently been doing for the last 10 years." In 2004 I learned that it is Paul Rotter. He is notoriously called "the flipper".

The bottom line is there are other traders, we never hear about, making 8 figure profits. If Rotter's trading style did not attract attention then we would have never heard of him. If Rotter and others can do it, then maybe you can to. Remember, trading is very risky and you will lose all your money if you do not know what you are doing and when to do it. So please do not trade unless you are ready and willing to accept and take personal responsibility for the outcome.

In January 1998, Kinski, Rotter and some other traders formed a Dublin-based prop-trading firm, Greenhouse Capital Management.

Rotter's balls-to-the-wall modus operandi helped Greenhouse prosper, but not without some tense moments. The firm began life with $1.3 million in seed capital and featured, in addition to Kinski and Rotter, two other standout own-accounters, Pino Curcio and Florian Albrecht, the latter one of Rotter's closes boyhood pals. As a unit, they worked well together, though Rotter was clearly the star. "It was do or die," Kinski recalls. "We knew Paul would have these large positions -- in one day we could have been out of business."

By the end of its first day, Greenhouse was up $526,000. Within three months the firm had made $6.5 million, though not without ruffling some feathers. "Paul has sometimes played a controversial role," Kinski acknowledges. "Some traders didn't like him because he was changing his position so quickly." In 2001, Rotter formed Rotter Invest and eventually moved his operations to Zug, Switzerland, an affluent town that's home to its share of traders..."

WORK HARD! STAY POSITIVE! GOOD LUCK!!

Im done for the week. Made my 30 pips everyday. Update to follow

Brilliant post Bearman, thanks for that.

Well done Machi, you deserve your pips mate, EU was a pig to trade this morning for me also.

Thank you. I only broke the rules yesterday for the whole week. Im happy to say Im really leraning to be disciplined. the skill and experience is obviously there, i guess, so its just about consistency now.

Great post here. I like to read about stories like this because they help me realize that what Im trying to do is not an IMPOSSIBILITY. I like the fact that there are people elsewhere oon the globe who are making some good pips (Points) everyday and are consistent.

Im glad you posted this Bearman52, its a real eye-opener. i know that if i keep up the discipline and consistency, i could join the likes of Kinski and Rotter.

IMHO, trading is about probabilities but its different from a coin toss. A coin toss probability does not change based on the previous result. I think that the next trade, if a loser has a direct impact on the next. Dr. Van Tharp will disagree with this but thats how I manage to keep my losses to only one in a row.

Thanks for the post. Ill be looking to research on the guys you just stated. I hope to harness the power of the markets.

What you are dong bro is achievable as long you stick to your plan and rules you have set out. I have done that of recent and people were saying that i wont make it, but here i am raising a 100$ account to almost 1000$ . Something i have never done because i never used to follow my plan and rules which i lay down to enter a trade. I have started another project of 201$ trading conservatively for three months and see how far i can take that account. So nothing is IMPOSSIBLE in fx as long as you FOLLOW YOUR PLAN AND RULES OF YOUR SYSTEM TO THE LETTER.
Wish you all the best.
Regards.

totally right. we don´t have to regulate oureselves to tiny profits, there is more available !

i´m now also at that stage to strictly follow my rules and this works, trading is all about psychologics and mind strength.

please have a look at my blog and my results and observations

It has been a nice 4 weeks and as I enter week 5 with this account and week four on this journal, I feel that I am learning a lot. I am always learning new things and making my trading system better. I know Ive had four great winning weeks and they say that 'if it aint broke don't mend it', but I want to work on my menatality and my system;the end product being consistency and discipline.

I have a deep passion for the Forex market and even as I celebrate my 22nd birthday today, I know that 3 of those years have been spent doing what I like. Okay, maybe they haven't been the happiest given my losses, but I am happy to have gone through the learning curve.

My story is quite an intriguing one having started trading at the age of 18, with litle capital from my part-time jobs but it is one that I hope can only get better. I will, maybe one day, write my journey, if I become a successful trader.

I have read your previous posts Edonya and hiiqtrading and I agree with your statements, but I want my trading, the rules, the discipline and the pips to do the mentoring in this thread. Let the results and their analysis be the mentor. That way, we will know where we went wrong when we lost, and where we were spot on when we won.

I will be updating as the day goes on and I hope and know we will all make some pips today.

Happy Birthday