Somewhere to document my thoughts...

invalidated

Invalidated...

instead we have

GBP/USD long

Wouldn't be surprised if these trades only get filled around london open - 4:42am here wouldn't be awake if I could fall asleep :/ COFFEE at night is a bad idea.

Can you tell who will be a successful trader and who will not?
Yes, based on how well they match the profiles of successful traders in regards to the areas just discussed: beliefs, perceptual filter, strategy, emotional-state management, and operating metaphors. On a less technical level, I can say that after years of studying traders, the best predictor of success is simply whether the person is improving with time and experience. Many traders unconsciously acknowledge their lack of progress by continually jumping from one system or methodology to another, never gaining true proficiency in any. As a result, these people end up with one year of experience six times instead of six years of experience. In contrast, the superior traders gravitate to a single approach-the specific approach is actually not important-and become extremely adept at it.

http://olesiafx.com/economics/day-200803-03.html

Develop and trade your own systems!

Both my systems are developed by me using inspirations from many sources and from assimilating what I understand from market structure. You can only truly be comfortable with something you understand.

Time spent learning how to trade to date: 6000 hours and counting.

First trade set-up of the day was actually this.

I placed my limit order 0.4 pips away from the low, because I drew my fib tool wrongly (didn't not connect the lows properly) and ended up missing the trade. That's why precision is so important in trading.

My intra-day trading philosophy is to be as defensive as possible. Don't take losses and don't let winners turn into BE or losers and let profits evaporate because it's more important to survive and trade the next day then to hope to catch a large move. Go for 20 pip gains daily, consistently.

Without this philosophy, I wouldn't have gotten out break even on my aud and nzd shorts just now even when market moved so much against me. It's about knowing the limits of your system.

My swing trading philosophy is different. staying power is important to capture trends - you want to stay in the trade until support breaks.

No fills yet.

eur/usd and gbp/usd filled.

The mindset: I don't know where this will go, but I know what I will do if it goes up and what I will do if it goes down.

Be an active winner and loser, don't sit on your hands, that's the worst advice. Hope is not a substitute for proper planning. in fact it is detrimental.

no trades on at the moment.

still looking for that 20 pip today - market yet to do any damage to me.

four pending orders (AUD,NZD,EUR,GBP) , 3 buy limits and 1 sell limit - at least two should be filled during london open.

AUDJPY gave me 20 pips. done for the day for intra-day trading, all pending orders closed (there are some very good set-ups on EUR/USd and GBP/USD though!) next up swing trading set-ups.

Looking to trade for 4H swing trade:

NZD/USD short
GBP/NZD long
AUD/JPY short
EUR/NZD long

Be back in 1 and half hours when 4H candle closes.

Trade of the day

AUD/JPY long


Good luck to all traders! Green pips to everyone

Today's swing perspective

Don't underestimate the power of 20 pips a day.

By the end of 20days/1 month it will triple my account if I maintain it.