The Last Account

I took a trade today, based upon a news release in the UK and it didnt go well for me. As you can see in the charts the trend was clearly down with strong momentum but I went long because the news came out in favor of the GBP. I watched as price continued down to stop me out. Overall loss for today: 18.90
Lesson learned: Dont trade off the news release, go with sentiment.

THis is todays first trade that stopped me out. I saw the strong upward momentum and the weak retracements so I went long only to see price do an about face and run straight to my stop.

This trade was taken because of the strong momentum as price bounced off support and shot back up. The retracement was weak so I expected a continuation up. Still in the trade now, waiting for higher prices to exit.
SL moved to Break Even.

I stayed in the trade because of the strong upward momentum and the weak retracements. Overall profit for the day $43.5

Todays first trade and loss. Stopped out within minutes. I thought price would continue downwards because of the previous large swing down with momentum and the sideways grind of consolidation that didnt take price higher.

Downward Momentum is there, the retracements are weak so I went short again. I placed my stop too close last time. We'll monitor closely now.

The last trade shown was not profitable. It turned around and shot up. I was at work and could not monitor the trade.
End of the day result -47.70 $

I took a longer trade, based off the 1 hour chart. I saw sharp momentum to the downside and long consolidation that didnt have any momentum. So I went short based on previous movement at the top of the consolidation.
Made $8.68 for the day.

Here are the numbers for the week:

Total Trades Taken: 8
Wins: 3
Losses: 5
Average Win in Dollars: 32.69
Average Loss in Dollars: 17.40
Overall Profit for the week: 11.08
Days Traded this Week: 5
Average time traded each day: 1hour

Here is my trade for the day, once again it is based on previous momentum showing down and current price unable to make new highs so I am going short.

Good luck mate- Hope you do come across something to make you profitabke again! Arent we all!

Thanks for the support, here is the result of the previous trade. Overall profit for the day $22.10

In this trade I went against the trend because I saw momentum slowing and three attempts to move lower fail. I took a quick profit when price shot up because I was trading counter trend.
In the picture you can see price decelerating as it approaches resistance, and I circled the three attempts that failed to move lower. This could only mean one thing to me, price would go up, at least briefly.
Overall profit for the day of $5.20

I have had a lot of success over the last couple days with short scalping trades from the 1min chart. It is easier to see the tide changing on this chart.
In the example below you will see the consolidation that followed a break out above resistance. In the circled area you see price attempted to go back below resistance then failed. The candle labeled T was my trigger to go long as price retraced. I took a quick profit and got out.

I hate to be a Negative Nancy here, but this line in your original post really stood out. Ron, I don't think you have the right mindset to be trading live money. You don't invision yourself winning.

Have you considered trading a practice account with a $2000 limit? Trade your system just like you would live but without the fear of losing real money. Once you achieve a goal you set for your self (like doubling the account, or having 3 winning months) then go live. Even then, maybe only trade half of your capital.

That's the great thing about forex, every broker has a practice system in place. Why risk real money when you're still learning? Just my 2 pips, either way I wish you the best of luck.

Thanks for the advice and the wishes. In the past when I traded with demo accounts I found that I wasnt as committed as I was with a live account because the money was not real. Its easier for me to get up in the darkness every morning and make myself consistent when I know its for real.

Just wanted to display the figures of the weeks trades along with the accompanying data for 07 Nov to 11 Nov:

Total Trades Taken: 11
Wins:7
Losses: 4
Profit in Dollars: 213.40
Profit as a percentage of the account: 10%
average win: 39.00
average loss:-14.9
Average trading time per day: 1hr
days traded for the week: 4

I took two trades today, I will explain them in two post.
In this first trade the trend is down but price is near resistance and new momentum came into the market in the long direction.
I waited for price to retrace and hesitate, then I bought.
I took a quick profit when I saw the trade go my way and hesitate.

In this trade price is consolidating above resistance that it broke, before the large move up you see traders get caught, the people that went short and had price reverse on them immediately.

I wish you good luck even though trading has nothing to do with luck. I also wiped out some accounts and was off trading fx for over 6 months. Started with demos and switched to live again. My problem is overleveraging, and trading emotionally.

I hope you will be on the plus side. I personally use the Ichimoku system which is free and has been around since the 60's.