The number 16 was one of my lucky numbers growing up.
How I came about it, I'm unsure.
I attended art class in my preliminary school, the teachers name was Ms. Davis. Every week or so she would give away stickers to whoever could pick the number she had thought up in her head. Luckily for me the only numbers she would ever choose, were 16 and 6 ( my other lucky number ). Yet somehow, no one would every catch on to it - and I would win every time.
Yet, the same ease of winning and insight which struck me so well in my youth has been a polar opposite in the world of currency trading.
Number 16 is not only a lucky number of mine, but my 16th account.
Some I lost a few thousand on, some I lost a few hundred, and some I lost only a few dollars. Needless to say, I have lost quite a bit of money trading since I started in October 2010.
Alright, introduction completed.
The purpose of this thread is to discipline my trades by exposing them to the light of the public. I have started many "get rich quick" threads on FF to no avail. I hope that with the help of others, and much insight from myself, I can develop a few simple rules to better my trading methodology and provide a future of profitable trading ventures within the Forex world.
Faults which I need to work on:
Stop Loss; I usually never set a stop loss, I then watch the 10 trades I made that day all fall apart as the trade goes 100 pips against me and I bust another account.
Take Profit; I get greedy, and plan for a monster 250 pip gain and retirement by the end of the week!
Trade entry; I go against my entry rules, and enter wherever the f* I want just because it feels good. I then proceed to lose all my money in good favor to the brokers who deserve it so.
In light of the aforementioned I have decisively conjured a few simple rules to manage my trading by. I'm a firm believer in simplicity, and that a minimalistic and clear minded approach to nearly everything in life with reap you with what you yearn.
My remaining capital is $1691.27.
My trades will be logged via myfxbook.com. I will post some set-ups here when I can, and some won't be posted at all.
Some notes about my trading style, I do not use indicators, I rely simply on Support and Resistance. Price Action and some basic Fundamentals will do the rest of the talking.
I look forward to the development of this thread, or perhaps even my lack of dedication to it, and my number16 to hit an equity of 0.
http://www.myfxbook.com/widget?id=10...=1&color=black
How I came about it, I'm unsure.
I attended art class in my preliminary school, the teachers name was Ms. Davis. Every week or so she would give away stickers to whoever could pick the number she had thought up in her head. Luckily for me the only numbers she would ever choose, were 16 and 6 ( my other lucky number ). Yet somehow, no one would every catch on to it - and I would win every time.
Yet, the same ease of winning and insight which struck me so well in my youth has been a polar opposite in the world of currency trading.
Number 16 is not only a lucky number of mine, but my 16th account.
Some I lost a few thousand on, some I lost a few hundred, and some I lost only a few dollars. Needless to say, I have lost quite a bit of money trading since I started in October 2010.
Alright, introduction completed.
The purpose of this thread is to discipline my trades by exposing them to the light of the public. I have started many "get rich quick" threads on FF to no avail. I hope that with the help of others, and much insight from myself, I can develop a few simple rules to better my trading methodology and provide a future of profitable trading ventures within the Forex world.
Faults which I need to work on:
Stop Loss; I usually never set a stop loss, I then watch the 10 trades I made that day all fall apart as the trade goes 100 pips against me and I bust another account.
Take Profit; I get greedy, and plan for a monster 250 pip gain and retirement by the end of the week!
Trade entry; I go against my entry rules, and enter wherever the f* I want just because it feels good. I then proceed to lose all my money in good favor to the brokers who deserve it so.
In light of the aforementioned I have decisively conjured a few simple rules to manage my trading by. I'm a firm believer in simplicity, and that a minimalistic and clear minded approach to nearly everything in life with reap you with what you yearn.
QuoteDislikedRules of Engagement:
Enter trades on a Fibonacci or Psychological level; ie: 1.6000. Round even number.
Set stop losses behind or above a Fibonacci or Psychological level, with a clear distance pertaining to either volatility or the pair in hand. ie: GBP/JPY will be more volatile about exposing resistance and support lines, so I would give more leeway to a Stop Loss behind or above a R/S level with that pair than I would EUR/USD per say which would respect those lines with much less volatility. After 10+ pips, I will always move my S/L to +1. No matter the situation.
Do not trade during news.
Do not over trade.
Trade size; I'm not one to trade 1%, 2%, 5% or what have you. I will start with .5 Lot increments and increase exponentially from that point.
And I might have to reiterate this again, ALWAYS SET A STOP LOSS.
My remaining capital is $1691.27.
My trades will be logged via myfxbook.com. I will post some set-ups here when I can, and some won't be posted at all.
Some notes about my trading style, I do not use indicators, I rely simply on Support and Resistance. Price Action and some basic Fundamentals will do the rest of the talking.
I look forward to the development of this thread, or perhaps even my lack of dedication to it, and my number16 to hit an equity of 0.
http://www.myfxbook.com/widget?id=10...=1&color=black
